Jun 2010 Financial News

Jamaica still attractive to US investors

Jun 18, 2010

Jamaica continues to be attractive to United States investors, despite the recent civil unrest in west Kingston, says Rick Wade, senior adviser and deputy chief of staff at the US Department of Commerce.

Wade gave the assurance on Wednesday evening after his arrival in Kingston with a trade delegation of seven investors seeking to forge partnerships with Jamaican businesses.

"We are here, that is a testament that we will continue to do business with Jamaica," he said, when asked by the Financial Gleaner whether investors were still attracted to Jamaica given the upsurge in violence in west Kingston.

The civil unrest erupted after Prime Minister Bruce Golding changed position and opted to approve a extradition request for one of his constituents, Christopher 'Dudus' Coke, who is wanted by the United States for drug trafficking and gunrunning.

But Wade, who reports directly to US Commerce Secretary Gary Locke, is insisting that the country's internal problems are not a turn-off to the Americans. He said the trade mission will give participating US companies the opportunity to meet with potential business partners and network with key Jamaican Government and industry officials.

The United States is Jamaica's largest trading partner, where exports last year to that market reached US$560 million, while US exports to Jamaica totalled US$1.85 billion.

According to Nathan Carter, economic officer in the Political and Economic Section of the US Embassy in Kingston, there are more than 60 American firms invested in Jamaica - with their capital spread largely across the tourism, bauxite, manufacturing, and services sectors.

The current trade mission is here for exploratory talks only, but "it is hoped that they will lead to concrete agreements," Carter said Thursday.

The seven small- and medium-sized American companies from the states of Georgia, Florida and Idaho, are in the business of cosmetics and software develop-ment, among other areas.

Wade said the trade mission is part of recent a National Export Initiative which is being pushed by the US President Barack Obama. The trust aims to double US exports within five years to support the creation of two million jobs.

The mission comes one week behind US Secretary of State Hillary Clinton's visit to the Caribbean in what was seen here as fence-mending by the Obama administration, which has largely ignored the region since taking control of the White House in January 2009.

Wade said Jamaica was not the only Caribbean country being targeted under the export initiative. Similar visits were made to the Dominican Republic and Haiti, he said.

While here, the delegation will meet with members of the business sector and with Karl Samuda, minister of industry and commerce.

The group leaves on Saturday.


Source:
Dionne Rose, Business Reporter
Jamaica Gleaner
Friday June 18, 2010

http://jamaica-gleaner.com/gleaner/20100618/business/business9.html