Jamaica now boasts the highest ranking in the Caribbean and sixth place in Latin America and the Caribbean.Jamaica implemented 16 regulatory reforms during the review period, the largest number in the Caribbean.However, Jamaica was cited for making taxes more costly for companies by introducing a minimum business tax in the World Bank Report.
Jamaica ranks 85 out of the 175 countries surveyed globally on Transparency International's Corruption Perception Index. Openness To, and Restrictions Upon, Foreign Investment Attitude toward Foreign Direct Investment The Government of Jamaica is open to foreign investment in all sectors of its economy.
Both the governing People’s National Party (PNP) and the opposition Jamaica Labor Party (JLP) have committed themselves to attracting foreign direct investment (FDI).
Suffering from a stagnant economy for more than two decades and one of the highest debt-to-GDP ratios in the world, the government began a four-year International Monetary Fund (IMF) program in May 2013.
With the IMF’s blessing, the Go J replaced discretionary incentives with legislation that simplifies the income tax regime and codifies tax benefits for all investors.
Measures that once inhibited foreign investment, such as the Foreign Exchange Control Act, were eliminated decades ago, and Jamaica applies the principle of national treatment to foreign investors.
The Go J signed a four-year, USD 932 million Extended Fund Facility (EFF) with the IMF in May 2013.Business process outsourcing (BPO), including call center and other technical support, has become an emerging sector for local and overseas investment - most prominently from the U. - and the government recently approved a five-year plan to expand the sector. security is required to protect the physical infrastructure of most properties and Jamaica's murder rate remains one of the highest in the hemisphere) and challenges in navigating the government bureaucracy.Jamaica features electricity costs 4-5 times higher than in the U. primarily due to expensive and inefficient petroleum-based power plants and outdated energy infrastructure. Additional risks can be attributed to the stagnant economy, low labor productivity, and labor disputes – some of which have mushroomed into protests in the past.During 2014 the government continued its reform agenda with the passage of an Insolvency Act to make bankruptcy proceedings more efficient.The establishment of credit bureaus and a Collateral Registry under the Secured Interest in Personal Property (SIPP) legislation are improving access to credit.While this could be an impediment for investment in many fields, the energy sector itself has become increasingly attractive to U. Legislation was recently enacted to allow for flexi-work arrangements intended to enhance productivity.