Jamaica is solidifying its reputation as a prime destination for business and investment, with Minister of Industry, Investment and Commerce, the Honourable Aubyn Hill, spearheading the charge. The island nation is actively attracting global investors and bolstering its domestic entrepreneurial ecosystem through a series of strategic reforms and enhanced support mechanisms.
Minister Hill has consistently reaffirmed Jamaica’s appeal, citing the country’s stable macroeconomic environment, investor-friendly policies, and a robust framework designed to facilitate growth. Key economic indicators underscore this positive trajectory: Jamaica boasts a low unemployment rate, recently reported at 3.3 per cent, with inflation holding steady at 3.3 per cent. The nation has achieved a significant reduction in its debt-to-GDP ratio, now standing at 68.7 per cent, a dramatic decrease from 147 per cent, and has recorded positive GDP growth, with 1.4 per cent in the second quarter of 2025. Furthermore, Jamaica stands out in the region for its absence of currency restrictions, a distinct advantage for international investors.
This commitment to fostering a conducive business climate is further evidenced by recent credit rating upgrades, with Standard & Poor’s (S&P) Global Ratings elevating Jamaica’s rating from B+ to BB-, reflecting steady economic progress and fiscal responsibility. The nation has also consistently achieved fiscal surpluses, reinforcing investor confidence.
Empowering Entrepreneurs and MSMEs
A cornerstone of Jamaica’s strategy involves comprehensive support for Micro, Small and Medium-sized Enterprises (MSMEs) and grassroots entrepreneurs. The Boosting Innovation, Growth and Entrepreneurship Ecosystems (BIGEE) Programme, a joint initiative supported by the Inter-American Development Bank (IDB) and the European Union (EU), has been instrumental. To date, BIGEE has provided direct assistance to over 1,400 MSMEs and 50 ecosystem institutions, with beneficiary MSMEs reporting an average 20 per cent increase in sales. The programme also aims to strengthen the broader entrepreneurial ecosystem through funding, technical assistance, and mentorship.
In parallel, the Social Development Commission (SDC) is making significant strides in formalizing local economic initiatives (LEIs). As of recent reports, 268 out of 390 LEIs supported by the SDC’s Local Economic Development Support Programme (LEDSP) have successfully formalized their operations. The SDC is actively engaged in providing capacity-building programmes, including digital marketing, business branding, and practical skills training, to equip these entrepreneurs for greater economic participation. Thousands of MSMEs and individual entrepreneurs have also been engaged through the Ministry’s business roadshow series, bringing government agencies directly to business owners across eight parishes to foster better understanding and utilization of available support.
Financially, the government allocated $13 billion in affordable loans and credit guarantees for MSMEs during the fiscal year 2022/23, with the National Export-Import (EXIM) Bank offering special soft loans at attractive interest rates. The Ministry of Industry, Investment and Commerce actively promotes export capacity, encouraging MSMEs to identify new markets and meet international standards.
Regional Leadership and Global Engagement
Jamaica’s ambition extends to regional leadership, as demonstrated by its hosting of the Caribbean Investment Forum (CIF) 2025. Prime Minister Andrew Holness, in his address to the forum, underscored the Caribbean’s unified vision for “investment-led transformation,” emphasizing a regional commitment to becoming “Smart, Green, and Connected.” Minister Hill echoed this sentiment, calling for increased collaboration among Caribbean nations in critical sectors like energy, technology, and finance to enhance regional competitiveness.
These forums serve as a platform for Jamaica to showcase its progress and position itself as a gateway for regional integration and innovation, attracting global investors interested in the Caribbean’s burgeoning opportunities.
A Diverse Economy Poised for Growth
Jamaica’s economy is diversified, with services forming the largest sector, complemented by contributions from tourism, agriculture, mining, and manufacturing. The government’s strategic economic policies encourage foreign direct investment (FDI) that generates employment, earns foreign exchange, and utilizes local resources. Vision 2030, the nation’s development plan, outlines ambitious goals for sustainable economic growth, aiming to transform Jamaica into a global logistics hub and an innovation leader.
With a skilled, English-speaking workforce, a stable political environment, and a business-friendly atmosphere, Jamaica offers a compelling proposition for both domestic and international businesses. Minister Hill’s proactive engagement and the government’s ongoing commitment to reform and support signal a clear path forward for Jamaica as a premier business hub in the Caribbean and beyond.