Jamaica on track in being place to live, work, raise families and do business - JAMPRO
President of Jamaica Promotions Corporation (JAMPRO), Diane Edwards, says the country is on track to achieving one of its main Vision 2030 targets, which is “being a place of choice to live, work, raise families and do business”.
Edwards was speaking at the Jamaica Employers Federation’s (JEF) annual conference at the Moon Palace Jamaica Grande Resort in Ocho Rios on Friday.
The head of Jamaica's chief investments promotion agency said that the Government continues to make the necessary reforms in order to improve the country’s competitiveness and attractiveness as an investment destination, and has set an ambitious target of achieving top 10 ranking in the World Bank Doing Business Report (DBR) within a few years.
The annual report ranks economies based on how easy it is to do business, taking into account trading regulations, property rights, contract enforcement, investment laws, the availability of credit and a number of other factors.
In the 2019 DBR, Jamaica is ranked 75 out of 190 countries, and while this is a five-point slide from 2018, it shows the progress made from 2013, when the island was ranked 91 out of 185 countries.
Currently, Jamaica is the top-performing country within the Caribbean and is in the top six within the Latin America and Caribbean (LAC) region.
“When you look at starting a business, Jamaica is number six in the world…yes this little island,” Edwards said.
“We are now starting a business in three days. Five years ago we were starting a business in 31 days. That is a huge achievement for a small country. That is the type of thing that puts us on the investment map. This is something we should be proud of,” she noted.
Edwards further pointed to the improvement in the country’s distance to frontier (DTF) score from 64.89 in 2013 to 67.47 in 2019.
The DTF measures an economy's own progress in reforming business regulations and practices over time and the scoring ranges from 0 to 100 points.