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MCMORRIS and HYLTON JAMAICA PROMOTIONS Corporation (JAMPRO), in an effort to foster deeper economic ties between China and Jamaica and encourage investment from entrepreneurs in the visiting Chinese delegation, hosted a Business Forum earlier this week, at its Trafalgar Road head office.
Business leaders from the local private sector joined the visiting delegates at the Forum, as well as representatives from the Port Authority of Jamaica (PAJ), Jamaica Freight and Shipping (agents for China Shipping), the Jamaica and Montego Bay Chambers of Commerce, the Jamaica Manufacturers' Association (JMA), the Jamaica Bauxite Institute (JBI) and the Kingston Freezone.
Among the Chinese organisations represented by their top management at the event were Great Dragon Information Technology Co., Ltd (GDT), Suntime International Techno-Economic Co-operation (Group) Co., Ltd., China Minmetals Group and The Haier Group. GDT is the high-tech developer of the large-scale digital switch that occupies 10 per cent of China's telecoms network, with sales volume of over 20 million lines. Suntime International is one of the biggest agricultural development/tourism enterprises in West China with assets totalling over US$375 million. The China Minmetals Group is the leading Chinese enterprise in import and export trade in iron and steel, metal and mineral products. The Haier Group, rated 6th by Forbes Global in the manufacturing of major household appliances, had total sales of over US$7.3 billion in 2001.
In his opening remarks, Michael McMorris, JAMPRO's executive director of Markets, welcomed the visitors and local business interests, expressing the hope that meaningful dialogue would ensue and concrete business relations could be forged from the discussions.
Mr. McMorris went on to outline in his presentation the critical factors in Jamaica's macro-economic framework that influence investors to work with the country "towards the mutual goal of economic prosperity". Among the factors mentioned were single digit inflation for five consecutive years, Net International Reserves (NIR) totalling US$1.6 billion, diverse and sophisticated financial services, legislation providing tax and duty exemptions as incentives for target industries, double taxation agreements with twelve countries including China and increased Foreign Direct Investment (FDI) inflows into the country.
Mr. McMorris attributed Jamaica's phenomenal FDI growth in part to "an aggressive divestment strategy as well as a winning foreign company attraction effort." Among the fruits of this effort are the six Chinese-owned companies operating within Jamaica's freezones. He further highlighted various opportunities ready for investment in areas such as advanced agricultural production, lime production in mining, the development of Liquefied Natural Gas (LNG) as Jamaica's fuel alternative and international voice and data telecommunications services emerging from the imminent full liberalisation of the telecoms sector. Other opportunities cited for joint ventures and partnerships were the development of steel mills that harness the iron ore by-product of alumina production and the assembly of consumer goods in Jamaica to service the CARICOM market and eventually the wider FTAA region.
Noel Hylton, chairman of the Port Authority of Jamaica (PAJ), also addressed the gathering, and spoke about the operations of the Port Authority and its plans for establishing a distribution centre. The centre, through the PAJ's vast translocation network, will enable manufacturers to penetrate the markets in this region. Already involved with Chinese businesses in the supply of cranes for the PAJ's expansion work, Mr. Hylton availed himself for further discussion with the attendees on this project.
Jamaica Freight and Shipping (JFS) is the local agent for the China Shipping Line, and Marjorie Kennedy, Office Manager for the company, delivered her remarks on shipping services to and from China. China Shipping is under the control of the Chinese central government, and has a fleet of over 100 container vessels that traverse 40 shipping routes.
In order to facilitate further discussions on industry-specific investment opportunities, five breakout meetings were held to focus on the areas of light manufacturing and distribution sales, information technology, banking and finance, mining and agricultural development.
