Top Business News in Jamaica for Q1 2021
2021 has so far been an eventful period for Jamaica’s business sector, with several notable events provoking a surge of investor interest. Here’s a rundown of the top business news in Jamaica’s Q1 2021.
The Launch of the Jamaica-Guatemala Business Council
The Jamaica-Guatemala Business Council was launched on January 13, 2021, as an initiative aimed at promoting bilateral trade and investment between the two countries. The council will function as a collaborative platform for businesses in both countries to explore commercial opportunities, share best practices, and work towards a strategic alliance in the region.
Development of a $5.4 Million Shipping Hub in Kingston
In partnership with Mexican Port operator SSA Marine, Kingston Wharves Limited announced its intention to establish a $5.4 million regional logistics hub in the Jamaican capital. The hub will become the seventh facility under the SSA global subsidiary and the first in Jamaica, providing a vital commercial conduit for trade between the Caribbean and Latin America.
Continued Investments in Jamaica’s Renewable Energy Sector
Jamaican regulators continue to promote an environment conducive to the investments in renewable energy. As such, there has been a surge of significant investments in this field, further augmenting the country’s ambition to become a “renewable energy superpower.” For instance, Martam Limited announced on March 2, 2021, its plan to invest $80 million USD in solar generation plants in the country, with completion expected in 2023.
Key Takeaways
To summarize, in Q1 2021, the Jamaica-Guatemala Business Council was formed to promote bilateral trade and investment. The development of a regional logistics hub worth $5.4 million in Kingston is poised to become the country’s gateway to the global market. Finally, the country’s continued investments in renewable energy inspire significant interest from across the international community. These events show the potential for Jamaica’s business sector and reflect the groundwork in place for a vibrant future.
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