By Noel Thompson, Freelance Writer 
Morrison
LONDON:
REMITTANCE INFLOWS from Jamaicans overseas have spiralled over the last five years, surpassing its forerunners the tourism and bauxite industries in foreign exchange earnings.
Speaking in London, chairman of the Jamaica Tourist Board (JTB) Dennis Morrison said that remittances from Jamaicans in Bri-tain and from counterparts in the United States, Canada and other parts of the world had doubled the earnings gained from tourism and bauxite over the past five years.
Mr. Morrison, a leading economist, was addressing a large turnout of Jamaicans at an
Investment Seminar sponsored by the Jamaica National Building Society (JNBS) in London last Friday night. JNBS is holding a series of seminars which are geared toward sensitising Jamaicans in the UK about the vast number of investment opportunities which currently exist in Jamaica, particularly in the real estate market.
According to Mr. Morrison, "In the 1990s when we liberalised our foreign exchange system, I recall that the annual inflows into Jamaica did not exceed US$200,000. Last year, the figure was over US$1.2 billion, so we appreciate the contributions our brothers and sisters are making to the country.
"Particularly in Britain, you, your parents and grandparents came at a difficult time when that country had to be rebuilt and we played a significant part in the building process and allowing the society to be developed to the point where it has to date," he said.
In seeking to bring Jamaicans up-to-date with the state of the country's economy, Mr. Morrison said the present situation in Jamaica was similar to what was experienced in Britain in the late 1970s through early 1990s, when it suffered problems of high inflation.
"You have to go through a process of reform in order to adjust the economy and to modernise it and that is exactly what is taking place in Jamaica at this time. It is a very difficult process, painful at times, but it brings with it tremendous opportunities."
