- CONTRIBUTED
Minister of Foreign Affairs and Foreign Trade, Senator Anthony Hylton greets Sharon Abrahams, a delegate from Canada, who was attending the Jamaican Diaspora Conference at the Jamaica Conference Centre on Thursday. The two-day conference attracted over 500 delegates from Canada, the United Kingdom, the United States, Central America, and Africa.

Nicholas Richards, Gleaner Writer

THE ROSTER of wealthy overseas-based Jamaicans investing at home is an illustrious one having names such as Michael Lee Chin, Raymond Chang and Chris Blackwell.

Presently some 2.5 million Jamaicans and their descendants live abroad, last year remitting $1.6 billion to the island. But there are many who still hestitate to invest in the island due to painful memories of several stunning financial failures.

These reservations were expressed during a session at Jamaican Diaspora Conference (JDC), held at the Jamaica Conference Centre (JCC) on Friday, moderated by Capital and Credit Merchant Bank chairman Ryland Campbell.

Amidst this, Vilma Daley, a resident of the United States for over 30 years, said that she still has reservations about investing in Jamaica.

"In the '90s I lost thousands of dollars in Century National Bank ... even my investments in Cement (Caribbean Cement Company), Eagle (Merchant Bank), and Telecommunications of Jamaica (Cable & Wireless) went to nothing," she said. "At this point I feel safer investing my money in the US," continued Daley.

'TOOK A BEATING'

Delbert Daley, also residing in the United States, said that he also "took a beating" from the financial meltdown, "so Idon't think I can invest here again."

For Wilton Adams the crash of Dyoll Insurance Company Limited last year affected his decision not to invest in Jamaica.

"When we lose our money there is no hope of getting it back, no one goes to prison... so that gives me no incentive to invest in this country," said the real estate agent from Ontario, Canada.

Concerns were also expressed that the Government was not tough enough on white collar criminals, "which has done a lot to scare me away," said Adams. "These people do a lot of damage and just seem to get away with it scot free."

However, panellist at the conference, Patrick Hylton, group managing director at the National Commercial Bank (NCB), said while he was aware of their concerns, Jamaicans overseas should be assured that the country has come a long way since the financial debacle, and expressed the need for dialogue between the business community both in Jamaica and overseas and the Government if they are to form any meaningful ties.

He continued, that there is now "much more confidence in the Jamaican economy" as they have overcome many of the hurdles during that era.

GOVERNMENT BUREAUCRACY

For former JAMPRO Trade Commissioner in Canada, Cherita-Williams, the main obstacles to investing in Jamaica are government bureaucracy, high customs duties, the high cost of establishing a business, and, "most of all the high crime rate," which she said was one of the biggest deterrents to investing in Jamaica.

In her presentation, Sancia Templer, acting president of JAMPRO, acknowledged that, "while she is aware that Jamaica faces many challenges, there are still many opportunities for investment in Jamaica."

Among the sectors she mentioned were, IT, agriculture and the service industry, "which could see tremendous gains for Jamaica," she said.

In bringing the session to a close Campbell said that the success of forging a lasting link with the diaspora, rests on the extent to which the drive and determination to do so is kept alive.

The JDC was initiated two years ago by Jamaicans overseas to forge greater ties with the motherland, in the way of social and economic development.