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Stabroek News

LETTER OF THE DAY - Barrage of hostility to investment
published: Saturday | May 3, 2008

The Editor, Sir:

One can't help but notice the barrage of direct and seemingly orchestrated attacks on the Spanish investments in Jamaica. This is really very ungracious, insulting and uncharacteristic of our nation. I believe that these articles are pandering to the worst zenophobic sentiments among us, and will serve only to discourage future investors from coming here.

Jamaica, for some unexplained reason, presents itself as a maze of stumbling blocks to any investor, while we should instead be welcoming and rolling out the red carpet for all reputable entities who take the considerable risk of bringing direct investment to our volatile shores.

Factory closures

It must be borne in mind that the entire manufacturing sector was completely wiped out during the regime of the 1970s when it was said that 'tek han and tun fashion' was the way forward, while, at the same time, the Government (and successive governments) turned a blind eye to illicit imports from China. This caused the closure of hundreds of garment, shoe, textile and furniture factories, resulting in the loss of thousands of jobs. A tremendous void on the employment market was created which can now be filled by employment in these new labour-intensive additions to the tourism product.

The last government gave away many things and hopefully, they will be held accountable. It is hoped that the current Government will leave a cleaner track record, but foreign direct investment is investment no matter how the cards are cut, as long as it represents a clean hand.

Far-sighted thinking

Our all-inclusive hotels which are Jamaican-run and owned have been blessed by the virtue of their far-sighted thinking. They were the originators of this wonderful vacation package which is now copied worldwide, and indeed was probably the only real success story of the 1970s and '80s, and this phenomenon occurred without any assistance from any government.

Notwithstanding the introduction of foreign investors in the same field, our Jamaican hotels are shining examples of modern-day Jamaican expertise. There is no need for us to be having 'red eye' on foreign investors who have brought millions to our island.

It's time we all work together to encourage legitimate investment, whether foreign or local, and make our approvals process more user-friendly to encourage further investment in the future.

I am, etc.,

E. CHARLES HANNA

18 King Street

Kingston

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