Spanish Ambassador to Jamaica, Jess Silva. - file

Lavern Clarke, Business Editor

Spain's confederation of companies last week explored investment potential in Jamaica, beyond tourism, out of which a 20-member trade mission of potential investors in energy, construction technology, and air charters, among other sectors, will visit Jamaica in May in search of business.

"These are companies that will need Jamaican partners," said Spanish Ambassador to Jamaica Jess Silva, on his return from the 'future investor' seminars organised by his country's foreign ministry. Meetings were held separately in Majorca and Madrid.

Silva told the Financial Gleaner, in an interview Monday, that several of the investors have already made exploratory contact with Jamaican firms.

Companies in search of business include Cofares, a distributor of pharmaceuticals and a supplier of hospital equipment, and Soltur, an associated company of hotel group Pinero, which is organising four weekly air lifts from Portugal, Madrid and Barelona that will likely bring about 1,000 Europeans to Jamaica, possibly more, per week.

Another player, whose identity Silva refused to disclose, is considering a health tourism project on the north coast to serve the hotel sector. The company, said the ambassador, tracks Spanish hotel groups and sets up clinics in countries where they invest, Jamaica being the latest locale.

Energy companies are seeking opportunities in solar and other power generation sources, but are also keen, said the ambassador, to explore the possibilities for a gasification plant, arising from the preliminary agreement for Venezuela to supply Jamaica with natural gas, 150 million cubic feet of gas per day, by 2009.

Silva says he will be finalising details of the trade mission with Jamaica Trade and Invest (Jampro).

"We are hoping for a second wave of investment out of the May visits," he told the Financial Gleaner.

The first wave began in the twilight of the 1990s, which up to the end of last year carried with it investments that in 2006 topped US$1.5 billion. It also brought serious competition for existing hoteliers, whose European clientele has always lagged their North American market.

Using current building technology, the Spanish hotel groups erected cheaper rooms in record time. With the lower building cost per room, the foreign-owned resorts could market their rooms at cheaper prices than properties offering comparative products.