Events > LATAC Opportunities Brochure

Latin America & the Caribbean

Opportunities for UK companies

Jamaica

With a population of 2.9 million people[1] low operational costs, and an abundance of unique material inputs. Boasting an impressive telecommunications system, road network, and air and sea connectivity, Jamaica is also home to the Kingston Harbour, the 7th[2] largest natural harbour in the world, making Kingston the natural logistics hub for large parts of the Caribbean and beyond.

Jamaica is a signatory to the CARIFORUM-UK EPA, which provides preferential tariff rates for bilateral trade in goods and services between the UK and the CARIFORUM States.

In 2017, the Jamaican Government  embarked on an ambitious US$160 million Public Sector Modernisation Programme[3] designed to expedite trade. Recent tax measures and the establishment of Special Economic Zones seek to incentivise business and economic activity.

Ease of trading has steadily improved with the implementation of systems such as the Trade Information Portal and the Jamaica Single Window for Trade (JSWIFT)[4] an electronic platform, allowing traders to submit transactional information through a single access point, thereby efficiently supporting the regulatory requirements for cross-border trade in Jamaica.

Market Detail

Jamaica’s growth has been attributed to major investments in the tourism, logistics and Business Process Outsourcing (BPO) sectors. The country ranked 1st in the Caribbean and improved its ranking to 71st place in the Ease of Doing Business index, as a result of strategic business reforms, enhanced management of all ports and improved fiscal consolidation[5].

Total trade in goods and services between the UK and Jamaica was £373 millionin the four quarters to the end of Q3 2020[6]. This Logistics Hub will be the fourth global logistics node, joining Singapore, Dubai and Rotterdam and will establish the country as a significant player in the global shipping and logistics industry.  Given its proximity to the United States and Latin America, this hub will help traders and investors reach a market of over 800 million[7] people across the Western Hemisphere. The market is demonstrating an uptick in improving efficiency through automation, digitisation, Innovation and technological solutions.

UK companies exporting to Jamaica will find:

  • Robust telecommunications network and infrastructure
  • Political stability
  • Direct sea-freight link to the UK
  • Double taxation agreement with the UK
  • Significant local demand for overseas goods and services
  • English established as the official language
  • Low operational costs
  • Abundance of natural resources and raw materials
  • Laws and systems similar to those in the UK

Opportunities in Jamaica for UK companies:

  • Healthcare
  • Renewable Energy
  • Education (TVET, Education technology and Higher Education)
  • Distribution (Food & Drink and Consumer goods)
  • Fin-Tech
  • Clean growth
  • Automation/digitization
  • Innovation and technology

[1] World Bank Data [LINK]

[2] Jamaica information service: [LINK]

[3]Inter-american Development Bank, 15/11/2017: [LINK]

[5] World Bank, Ease of Doing Business 2020, [LINK]

[6] DIT Trade and Investment Factsheet [LINK],  ONS UK Total Trade [LINK]

[7] The Cleaner, Growth & Jobs: Taking flight: Jamaica’s logistics hub initiative looks to transform the country’s economy, 3/9/2018: [LINK]