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U.S. Department of State
1996 Jamaica Country Commercial Guide
Office of the Coordinator for Business Affairs
1996 COUNTRY COMMERCIAL GUIDE
JAMAICA
This Country Commercial Guide (CCG) presents a comprehensive look at
Jamaica's commercial environment through economic, political and market
analyses.
The CCGs were established by recommendation of the Trade Promotion
Coordinating Committee (TPCC), a multi-agency task force, to consolidate
various reporting documents prepared for the U.S. business community.
Country Commercial Guides are prepared annualy at U.S. Embassies through
the combined efforts of several U.S. governement agencies.
TABLE OF CONTENTS
Chapter I: Executive Summary
Chapter II: Economic Trends and Outlook
Chapter III: Political Environment
Chapter IV: Marketing US Products and Services
Chapter V: Leading Sectors for U.S. Exports and Investment
Chapter VI: Trade Regulations and Standards
Chapter VII: Investment Climate
Chapter VIII: Trade and Project Financing
Chapter IX: Business Travel
Chapter X: Appendices
Appendix A: Country Data
Appendix B: Domestic Economy
Appendix C: Trade
Appendix D: Investment Statistics
Appendix E: US and Country Contacts
Appendix F: Market Research
Appendix G: Trade Event Schedule
CHAPTER I: EXECUTIVE SUMMARY
Jamaica is the largest English-speaking island in the Caribbean (area -
4,411 sq. miles), with a small but diversified economy and natural
resources. Although the island's small population (2.5 million) and low
per capita income of roughly USD 1,560 limits investment for the
domestic market, it offers good potential for export-oriented
activities.
The U.S. continues to be Jamaica's primary trading partner. In 1994,
total imports to Jamaica from the U.S. grew to USD 1.15 billion,
representing 52.6 percent of Jamaica's total imports (USD 2.2 billion).
By the same token, the U.S. has been Jamaica's principal export market
over the last two decades. Major U.S. imports from Jamaica in 1994 were
bauxite and alumina (USD 146.9 million), food (USD 36 million), and
garments under the 807 and Cut, Made and Trim (CMT) provisions.
Exporters should find good opportunities in Jamaica's expanding tourism
sector, the bauxite/alumina industry, textile assembly operations,
agribusiness, and telecommunications. The principal barriers for
exporting to Jamaica are occasional foreign exchange shortages, poor
internal transport infrastructure, and declining real incomes for the
majority of the population.
The Jamaican government welcomes foreign investment and offers a variety
of incentives for investments that facilitate foreign exchange earnings
and savings, offer employment opportunities for Jamaican labor, or use
local raw materials. The government hopes that a larger number of
foreign investors will take
advantage of pro-investment policies and the liberalized foreign
exchange regime implemented in September 1991. In addition, other major
attractions include low wage rates, proximity to the U.S. market, and
preferential market access to the U.S. (through CBI), Canada (CARIBCAN),
and the countries of CARICOM. Disincentives include high local interest
rates, high utility costs, and periodic delays in foreign exchange
conversion.
Country Commercial Guides are available on the National Trade Data Bank
on CD-ROM or through the INTERNET. Please contact STAT-USA at 1-800-
STAT-USA for more information. To locate country commercial guides via
the INTERNET, please use the following world wide web address: WWW.STAT-
USA.GOV. CCGs can also be ordered in hard copy or on diskette from the
National Technical Information Service (NTIS) at 1-800-553-NTIS.
CHAPTER II: ECONOMIC TRENDS AND OUTLOOK
Major Trends and Outlook
------------------------
The Jamaican economy grew by 0.8 percent in 1994 following a modest
growth of 1.2 percent in 1993. This resulted from growth in the
agricultural sector, mining, tourism, financing and insurance and other
service sectors. The pace of economic growth in 1994 slowed somewhat
due to tight monetary and fiscal policies, high inflation, and declining
real incomes for the majority of the population. In addition, the
servicing of a heavy debt burden, the deterioration in earnings from the
bauxite/alumina industry (soft international market), and high interest
rates have further constrained economic growth.
The mixed economic outlook is expected to continue into 1996. While
agricultural exports and tourism are expected to remain sound, growth
prospects are likely to be constrained by an uncertain international
market for aluminum, and the impact of the government's restrictive
fiscal and monetary policies.
Principal Growth Sectors
------------------------
Tourism has been Jamaica's primary foreign exchange earning industry
since 1983. Total visitor arrivals have remained well over one million
annually. Stopover visitors (visitors staying one night or more)
average 65 percent of total arrivals, two-thirds of which come from the
U.S. Hotel room capacity on the island is 19,760 and is expanding. The
tourism infrastructure will benefit from the North Coast Development
project which will improve the roads leading from the port of entry to
Montego Bay to major resort areas, such as Negril to the west and Ocho
Rios and Port Antonio to the east.
Jamaica has large commercial deposits of mineral resources such as
limestone (two-thirds of the island), bauxite, gypsum, marble, silica
sand and clays. The mining and processing of bauxite continues to be
the major economic activity.
The agricultural sector generates about 8 percent of GDP and employs
over one quarter of Jamaica's employed work force. Jamaica has a
favorable climate and varied soil types. Major traditional export crops
are sugar, spices, bananas, coffee, citrus, allspice, and pimento.
Other crops of growing importance include yams, tropical fruits and
vegetables, legumes, and horticulture.
Government Role in the Economy
------------------------------
The dependency of the Jamaican economy on tourism and bauxite makes
economic growth sensitive to regional and global economic conditions.
Major policy initiatives include downward revision of the CARICOM trade
area's Common External Tariff (CET), a revision of general consumption
tax (value-added tax), the acceleration of privatization of government
companies, and banking and securities industry regulation. The
government has announced macroeconomic policies aimed at achieving a one
percent per month rate of inflation by the end of fiscal year 1995/96
(i.e., March 1996), although this goal is widely viewed as unrealistic.
Balance of Payments Situation
-----------------------------
Jamaica's balance of payments improved appreciably from a surplus of USD
98.1 million in January-December 1993 to a surplus of USD 385.4 million
during January-December 1994. This was due mainly to notable
improvement in the current account from a deficit of USD 212.2 million
during 1993 to a surplus of USD 116.6 million at the end of 1994.
Improvements in the current account included 14 percent growth in the
merchandise account, and 53.7 percent growth in net transfer payments.
The capital account posted a surplus of USD 268.8 million during the
review period (mainly from private capital inflows, including net errors
and omissions), but remained lower by 13.3 percent over 1993 due mainly
to net outflow of official loans.
Further, despite reduction in Jamaica's external debt to USD 3.65
billion over the last three years (resulting mainly from debt
forgiveness), debt servicing accounts for about 40 percent of the fiscal
budget, limiting economic expansion. Jamaica passed the December 1994
IMF test under the Standby Agreement; the current program, ending on
September 30, 1995, could be its last. Privatization of public entities
has been one of the strategies used by the government to strengthen the
private sector and to reduce the budget deficit.
Infrastructure Situation
------------------------
Jamaica's infrastructure rates highly among developing countries.
Islandwide transport is facilitated by 9,000 miles of primary and
secondary roads and scheduled domestic flights. There is a railway
system comprising 242 miles of track but it has not been operative since
October 1992. The government is attempting to privatize the railway and
thereby restore rail service.
Transportation: There are two major international sea ports - Port of
Kingston and Port of Montego Bay - servicing over 20 international
shipping lines. Norman Manley International Airport in Kingston and
Sangster International Airport in Montego Bay are the two major
airports. The inland transportation system is underdeveloped, and
transportation of goods within Jamaica and to ports is problematic. As
mentioned above, there is a nonfunctioning railway system across the
island. Public transportation is inadequate and is an impediment to
optimal business siting.
Cargo and passenger transportation are carried through modern and well-
equipped international air and seaports. Ten major airlines and over
thirty international shipping lines link Jamaica with worldwide
destinations.
Electricity: The government-owned Jamaica Public Service Company
(JPSCO) is the sole producer and distributor of electricity in Jamaica.
Over 90 percent of electrical power is generated from imported fuel oil.
Due to an explosion in June 1994, JPSCO has a current capacity of 526 MW
slightly lower than last year. The present peak demand is about 403 MW.
Government divestment of JPSCO is in an advanced stage.
Water: Jamaica has an adequate water supply from sources above and
below ground. However, occasional droughts can reduce the levels of
water supplies in the Kingston metropolitan area.
Energy: Jamaica depends on imported energy for about 94 percent of its
needs. Petroleum consumption is about 20 million barrels per annum.
Banking: Jamaica has a well developed - and expanding - financial
system, including a central bank, commercial banks, and various other
financial intermediaries. Due to recent financial irregularities of the
Blaise Trust Merchant Bank, the government is now considering measures
to safe guard depositors. A new regulatory system for finance companies
is being formulated.
Telecommunications: Jamaica has a complete digital network offering a
wide range of telecommunication services locally and internationally,
including direct dialing to most international locations.
CHAPTER III: POLITICAL ENVIRONMENT
Nature of Political Relationship with the United States
-------------------------------------------------------
Bilateral relations between Jamaica and the United States are good. The
two countries occasionally disagree over issues such as Cuba, but on
most other important issues such as the return of democracy to Haiti,
Jamaica has agreed with our own objectives and supported them.
Major Political Issues Affecting the Business Climate
-----------------------------------------------------
There are no major political issues affecting the business climate in
Jamaica. Both political parties are in favor of attracting foreign
investment. There may be sporadic political violence surrounding the
next general elections which must be held by 1998.
The Political System in Jamaica
-------------------------------
Jamaica is a member of the British Commonwealth and follows the
Westminster Parliamentary model. The head of state is the Governor
General, representative of the Queen. The Prime Minister, leader of the
majority in the elected House of Representatives, is the head of
government. The Prime Minister may call general elections at any time,
but in no case later than five years after the previous election. There
are two major political parties, the People's National Party (PNP) and
the Jamaica Labour Party (JLP), which have alternated in power since
independence in 1962. Differences in orientation between the two
parties have declined steadily since the 1970's, and ideologically they
are now virtually indistinguishable.
CHAPTER IV: MARKETING U.S. PRODUCTS AND SERVICES
Distribution and Sales Channels
-------------------------------
Distribution sales of imported merchandise in Jamaica are done
principally through importers, distributors, and agent representatives.
In addition, a large share of materials and supplies including machinery
and equipment is imported directly by end-user firms. It is essential
to maintain close contact with end-users and provide excellent quality,
after-sales service, and competitive prices.
Use of Agents/Distributors: Finding a Partner
---------------------------------------------
There are no specific laws in Jamaica which dictate contract terms for
agents/distributors. The parties involved formulate their own terms and
conditions of agreement with or without the assistance of an attorney.
However, irrespective of the terms of the contract, every
agent/distributor is required to observe the Fair Competition Act (FCA).
The FCA, passed in September 1993, was designed to have the effect of
invalidating contract clauses designed to restrict competition. Once an
agreement is
reached and signed, it becomes a legally binding document, breaches of
which may be contestable in a court of law (generally in the country
where the agreement was signed, or as per the contract agreement).
Requests for agents/distributors can be made through the district office
of the Department of Commerce. To find a business partner, it is
advisable to go through the local government investment agency, Jamaica
Promotions Corporation (JAMPRO), or the American Chamber of Commerce of
Jamaica.
Franchising
-----------
Franchising ventures have been moderately successful in certain service-
oriented sectors such as hotels and fast food. JAMPRO should be the
first point of contact for assistance in terms of registration,
trademark, and other requirements.
Direct Marketing
----------------
Liberalization of exchange controls and further easing of licenses and
price controls over the last two years have made the Jamaican market
much more approachable for U.S. exporters. However, it should be noted
that the market is fairly small, with a population of only 2.5 million,
weak purchasing power, and wide income disparity. Market statistics are
often not easily available; hence, special surveys must be conducted to
obtain information. Personal contacts are very important in the
development of a close working relationship between the Jamaican sales
representative and the U.S. exporter.
Joint Ventures/Licensing
------------------------
Nonresident partners, including corporate partners, are subject to
Jamaican tax on their share of the partnership profits that accrue in or
are derived from Jamaica. Nonresident foreign corporations pay tax on
their share of profits at the same rates as resident corporations.
Double taxation relief is available under the Convention for the
Avoidance of Double Taxation which entered into force in December 1991.
Steps to Establishing an Office
-------------------------------
JAMPRO is responsible for facilitating the establishment of businesses
in both the productive and service sectors of the Jamaican economy. A
potential investor should present the project proposal to JAMPRO for
assessment and guidance. The information should include costings,
financial projections, and production levels. Registration or
incorporation of the business (e.g. sole proprietorship, partnership or
company limited by shares) should be made with the Registrar of
Companies. JAMPRO will assist with obtaining applications to the income
tax department (for an income tax number) and for a business/trade
number, to the trade board for import licences, identification of
business location (factory space or land),
applications for concessions under incentive legislation, applications
to the revenue board for a Business Enterprise Number (BENO), work
permits for nonresident personnel, and registration under the
consumption duty and/or excise duty acts.
To form a private limited liability company, there must be at least two
and a maximum of twenty shareholders. There are no restrictions
regarding the nationality of the subscribers. Two legal documents must
be prepared in order to complete incorporation of a company in Jamaica:
a memorandum of association and articles of association.
Selling Factors/Techniques
--------------------------
Setting up local representatives of the firm for government purchases of
a particular product line could boost business opportunities.
Advertising and Trade Promotion
-------------------------------
Advertising is primarily done through radio, television, the press and
billboards. There are a number of advertising agencies with national
coverage. Radio is the most wide-reaching mass communication with seven
authorized radio stations. The two local TV networks are the
government-owned Jamaica Broadcasting Commission (JBC) and the private
Communication Videomax Mediamix (CVM). Jamaica is contemplating the
implementation of cable television. Jamaica has three morning dailies
and one afternoon tabloid. There are several weekly and bi-weekly
periodicals and magazines.
Some of the major newspapers and business periodicals are:
The Gleaner Newspaper
7 North St.
Kingston
Tel: (809) 922-3400
The Jamaica Herald Newspaper
29 Molynes Rd.
Kingston 10
Tel: (809) 968-7721
The Jamaica Observer Newspaper
2 Fagan Ave.
Kingston 8
Tel: (809) 969-6245
The Star Newspaper
7 North St.
Kingston
Tel: (809) 922-3400
Investor's Choice Magazine
12 Merrick Ave.
Kingston 10
Tel: (809) 929-2993
Trade missions and catalogue shows are excellent means of assisting U.S.
suppliers in selling their products.
Pricing Product
---------------
Prices are freely determined by the market forces of demand and supply
for all products and services except domestic kerosene, and bus fares.
Prices for these items can be changed only after ministerial approval.
The government is presently considering the removal of subsidy on
kerosene oil.
Sales Service/Customer Support
------------------------------
After-sales service is an important competitive advantage in the
Jamaican market. If it is difficult/not feasable for the U.S. firm to
set up its own distribution system, a local agent or distributor should
be required to maintain a trained service staff with a reasonable stock
of spare parts. Alternatively, the supplier could offer the customer
quick service from the United States.
Selling to the Government
-------------------------
Government procurement is generally effected through open tenders,
direct advertising, or by invitation to registered suppliers. U.S.
firms are eligible to bid. The range of manufactured goods produced
locally is relatively small, so instances of foreign goods competing
with domestic manufactures are very limited. Companies interested in
supplying office supplies to the government must register with the
central supply secretariat, a unit of the inspectorate division of the
Ministry of Finance. Companies interested in supplying other kinds of
equipment or materials should contact: the National Water Commission
(water), Jamaica Public Service (electricity), the Jamaica Commodity
Trading Company (for the purchase of certain basic food items and
fertilizer under concessionary loan programs), and the pharmaceutical
division of the Ministry of Health (medicines and medical supplies).
Protecting Your Product from IPR Infringement
---------------------------------------------
The Jamaican Constitution recognizes property rights. There are laws to
protect property rights, including intellectual property. In order to
obtain patent rights, the individual will have to apply to the Ministry
of Industry, Investments and Commerce. Trademark rights are granted by
the Registrar of Companies. Copyright is monitored and administered by
the Prime Minister's office.
Need for a Local Attorney
-------------------------
It is advisable to retain professional advice at an early stage of a
business venture to ensure smooth start-up and compliance with local
laws. The Jamaica Bar Association has a membership of over 550
attorneys. The association is located at 78-80 Harbour St, Kingston
(phone: 809-922-2319). A list of members can be obtained from the
association.
CHAPTER V: LEADING SECTORS FOR U.S. EXPORTS
AND INVESTMENT
Geographic proximity, mutual commitment to democratic systems, and
significant trade and investment relationships have led to a close and
extensive relationship between the U.S. and Jamaica. Over the last
several years the U.S. government, through the U.S. Agency for
International Development, has supported Jamaica with significant aid to
strengthen the private sector and to encourage export-oriented economic
activities. The U.S. continues to be the major bilateral source of aid
for Jamaica. In FY94 Jamaica received USD 47.8 million in loans and
grants for food aid and project support.
Best Prospects for Non-Agricultural Goods and Services
------------------------------------------------------
The United States continues to be Jamaica's primary trading partner. In
1994 total imports from the U.S. grew to USD 1.15 billion, representing
52.6 percent of Jamaica's total imports. Some of the major import
categories include petroleum, grains, machinery and transport equipment,
chemicals, cut and formed fabric (for assembly and export), and poultry
parts. Although foreign exchange shortages and the high cost of
borrowing will defer some larger projects, there is potential for
exports of a wide variety of raw materials, capital goods, spare parts,
low-cost housing material, and other intermediate inputs for the
development of hotels, agriculture, telecommunications, and
manufacturing.
Most raw materials and capital goods (except cement, steel, and food
items) are imported into Jamaica; hence, prospects for these items are
good. Proximity, quality and service have led Jamaican businessmen to
purchase from the U.S. The Jamaican market is limited by the small
population and the availability of foreign exchange. Imports of the
following US products are high in demand and face virtually no local nor
third country competition:
-- Chemicals and related products: inorganic chemicals; medicinal and
pharmaceutical products; essential oils and perfume materials; toilet,
polishing and cleansing preparations.
-- Machinery and transport equipment: power generating machinery and
equipment; general industrial machinery and equipment; road vehicles and
parts.
-- Manufactured goods and raw materials: textiles; iron and steel;
paper and paper products; furnishings; toys and gifts;
telecommunications; sound recording and reproducing apparatus and
equipment.
Strong growth is also anticipated in the areas of environmental
management and pollution control. The Natural Resources Conservation
Authority was set up in 1991. It is the government agency responsible
for the management, conservation and protection of Jamaica's natural
resources. Solid waste management is one of Jamaica's most troubling
environmental problems. The government has initiated several programs
to address this issue. The Inter-American Development Bank and the
Ministry of Local Government and Works are implementing a Solid Waste
Management Projet aimed at developing a strategy for short, medium and
long-term solutions. Size and scope of the market for pollution control
equipment are not yet available. For solid waste, some experts estimate
that the country generates 2,500 to 3,500 tons of solid waste per day.
Best Prospects for Non-Agricultural Products
--------------------------------------------
Autos/Light Trucks/Vans (AUT)
US$ (000) 1994 1995 1996
TOTAL MARKET SIZE 183372 190000 200000
TOTAL LOCAL PRODUCTION 0 50 200
TOTAL EXPORTS 821 800 800
TOTAL IMPORTS 184193 190750 200600
IMPORTS FROM THE U.S. 27106 32000 35000
(IMPORTS FROM THE U.S. 20451 1/)
Market information is extracted or inferred from external trade figures
obtained from the Statistical Institute of Jamaica.
1/ Data from the NTDB.
Comments: Over the past several years, demand for motor vehicles in
Jamaica has been met largely by growth in imports from Japan and Korea.
Motor cars from these countries are aggressively marketed in Jamaica.
This, coupled with the fact that Jamaican motorists show a preference
for right-hand drive motor vehicles (one drives on the left-hand side of
the road in Jamaica) has resulted in American cars suffering a drastic
fall in market share. More recently, there has been a surge in the
large-scale importation of used motor vehicles, primarily from Japan.
In early 1995, the government put policies in place to regulate the
importation of used motor vehicles. With the relative strength of Asian
and European currencies compared to the U.S. dollar, industry experts
expect that the demand for American vehicles could increase.
Drugs/Pharmaceuticals (DRG)
US$ (000) 1994 1995 1996
TOTAL MARKET SIZE 32000 36000 40000
TOTAL LOCAL PRODUCTION 1122 2000 3000
TOTAL EXPORTS 2000 2500 3000
TOTAL IMPORTS 32878 36500 40000
IMPORTS FROM THE U.S. 7722 10000 15000
(IMPORTS FROM THE U.S. 5082 1/)
Market information is extracted or inferred from external trade figures
obtained from the Statistical Institute of Jamaica.
1/ Data from the NTDB.
Comments: The Common External Tariff (CET) on certain categories of
drugs and pharmaceuticals has been removed. In addition, the General
Consuption Tax (GCT) is no longer applicable for most items. The
government has announced that it intends to ensure that there is
competition in this category. The free availability of generic drugs is
also being encouraged. In terms of products for therapeutic and
prophylactic use, imports are primarily from the U.K., Canada and the
U.S. In addition, Trindidad and Tobago made significant gains in market
share in 1994.
Automotive Parts and Service Equipment (APS)
US$ (000) 1994 1995 1996
TOTAL MARKET SIZE 12438 14500 17000
TOTAL LOCAL PRODUCTION 143 150 150
TOTAL EXPORTS 318 300 300
TOTAL IMPORTS 12613 14650 17150
IMPORTS FROM THE U.S. 4185 5000 6000
(IMPORTS FROM THE U.S. 2042 1/)
Market information is extracted or inferred from external trade figures
obtained from the Statistical Institute of Jamaica.
1/ Data from the NTDB.
Comments: Car imports to Jamaica increased by 36% in 1994 over 1993.
However, the percentage of new cars dropped in 1994 in preference to
cheaper used car imports. In 1993, approximately 12,000 of the 19,000
vehicles imported were new. in 1994, only 6,000 of the 26,000 motor
vehicles imported were new. With the large-scale importation of used
vehicles, a problem has developed regarding the availability of spare
parts. Importing spare parts from Asia is expensive and slow. In early
1995 the government required registered used car dealers to maintain
inventory consisting of at least 10% spare parts.
Food Processing/Packaging Equipment (FPP)
US$ (000) 1994 1995 1996
TOTAL MARKET SIZE 8850 9500 10000
TOTAL LOCAL PRODUCTION 0 0 0
TOTAL EXPORTS 0 0 0
TOTAL IMPORTS 8858 9500 10000
IMPORTS FROM THE U.S. 4796 5000 7000
Market information is extracted or inferred from external trade figures
obtained from the Statistical Institute of Jamaica.
Comments: The Jamaica Manufacturers Association (JMA) is optimistic
about prospects for growth in the food and agro-industry sectors.
Especially important is the introduction of new technologies in food
processing and packaging. Significant imports of specialized packing
and wrapping machinery are coming from Europe.
Paper/Paperboard (PAP)
US$ (000) 1994 1995 1996
TOTAL MARKET SIZE 65985 68000 70000
TOTAL LOCAL PRODUCTION 2000 2000 2000
TOTAL EXPORTS 8000 8000 8000
TOTAL IMPORTS 71985 74000 76000
IMPORTS FROM THE U.S. 37874 40000 44000
(IMPORTS FROM THE U.S. 28834 1/)
Market information is extracted or inferred from external trade figures
obtained from the Statistical Institute of Jamaica.
1/ Data from the NTDB.
Comments: This is a big market category which has been showing steady
growth over the past few years. The U.S. already has good market share
in some subsections such as paper and paperboard covered with plastics,
craft paper, uncoated paper and paperboard in rolls and sheets. There
is strong competition from Canada in other areas such as corrugated
paper and paperboard, newsprint, and paper for the printing industry. A
significant quantity of toilet paper, paper towels and sanitary napkins
is imported from Trinidad and Tobago.
Telecommunications Equipment (TEL)
US$ (000) 1994 1995 1996
TOTAL MARKET SIZE 52479 55000 60000
TOTAL LOCAL PRODUCTION 0 0 0
TOTAL EXPORTS 0 0 0
TOTAL IMPORTS 52479 55000 60000
IMPORTS FROM THE U.S. 23495 26000 30000
Market information is extracted or inferred from external trade figures
obtained from the Statistical Institute of Jamaica.
Comments: Telecommunications of Jamaica Limited (TOJ) is the monopoly
telephone company. In early 1995, TOJ altered its connection policy to
allow for a less highly restricted telephone and telecommunications
equipment market. Among the products that should do well are telephone
handsets, cordless phones, modems and credit authorization machines.
TOJ currently has approximately 230,000 customers. There is a drive to
bring on more customers.
Best Prospects for Agricultural Products
----------------------------------------
The United States continues to be a major supplier of agricultural
products to Jamaica accounting for 47 percent of total agricultural
imports in 1994. Traditionally Jamaica fills its domestic need for
corn, soybeans, sugar and products, hatching eggs, poultry parts and
rice with imports from U.S. suppliers. The liberalization of the
Jamaican market has led to increased interest in high value consumer
food products and this has resulted in increased imports from both the
Caribbean Common Market as well as third party countries. Some U.S.
companies have already become players in the market and have established
exclusive distributorships with Jamaican companies as their market entry
strategy. Brands such as Ocean Spray, Green Giant and Goya are now
prominently displayed on Jamaican store shelves. Given the ease in
foreign exchange availability and the reputation of the United States
for quality and reliability, the Jamaican market is ready for further
exploration by U.S. companies interested in exporting to the Caribbean.
Although no market research data is currently available, indications are
that opportunities exist for increased U.S. imports of items such as
snack foods, cereals, canned fruits and vegetables, canned fruit and
vegetable juices, and fresh/frozen fruits and vegetables. Jamaica
maintains high import duties on agricultural commodities in order to
protect local production. Current USG assistance to Jamaica includes a
$10 million P.L. 480 program and a $30 million GSM 102 program.
Pineapple Juice Concentrate (1000 liters)
1994 1995 1996
Total market size 399 490 600
Total local production 0 0 0
Total exports 0 0 0
Total imports 399 490 600
Total imports from U.S. 20 40 42
Comment: Pineapple juice concentrate is imported primarily from
Thailand. It is used by food processing companies as a base for
blending fruit juices for local and export markets. With local
processing moving toward the production of ready-to-drink products,
imports of pineapple juice concentrate should increase in the long run.
Pineapple juice concentrate receives preferential duty rates when
imported as a raw material.
Wheat (1000 metric tons)
1994 1995 1996
Total market size 215 215 218
Total local production 0 0 0
Total exports 0 0 0
Total imports 192 200 203
Total imports from U.S. 65 50 45
Comment: Jamaica has traditionally been a good market for U.S. wheat.
Consumption of wheat-based products - particularly bread and flour - is
high. There is no local production of wheat. The United States
position as the dominant supplier of wheat to the Jamaican market has
been successfully challenged by European Union suppliers who have used
extremely attractive (subsidized) prices to attract the Jamaican
importer. With aggressive marketing and competitive pricing the U.S.
could easily reclaim this market.
Wines (1000 liters)
1994 1995 1996
Total market size 1850 2000 2200
Total local production 540 600 650
Total exports 311 330 350
Total imports 1621 1730 1900
Total imports from U.S. 123 200 250
Comment: The market for wines in Jamaica continues to be dominated by
imports from France, Germany, Italy and more recently Chile. The
primary market segments are the hotel and restaurant trade and
households. Imports from the U.S. are mainly of California wines, which
are perceived to be the best quality American wine. Wine imports into
Jamaica face a rigid tariff system designed to afford some protection to
local production as well as provide revenue to the government.
Carrots (1000 Kilos)
1994 1995 1996
Total market size 507 520 530
Total local production 61 70 75
Total exports 0 0 0
Total imports 446 450 455
Total imports from U.S. 121 125 130
Comment: Canada and the Netherlands are the main competitors in the
market. Locally produced carrots, though often cheaper, are often
overlooked because of the nicer appearance of the imported carrots. The
Government of Jamaica imposes a ninety percent duty on imports of fresh
or chilled carrots.
Potatoes (1000 Kilos)
1994 1995 1996
Total market size 14765 16500 18800
Total local production 12211 13400 14500
Total exports 0 0 0
Total imports 2554 3100 4300
Total imports from U.S. 596 775 1075
Comment: With the expansion that is currently taking place in the fast
food industry, the demand for potatoes should increase to meet the need
for fries and potato salads. The latest addition to the fast food
chains on the island is McDonald's which will start operations in
September 1995. The import duty on fresh or chilled potatoes is 40
percent.
Significant Investment Opportunities
------------------------------------
-- North Coast Development Project. This USAID/Japanese co-financed
project consists of the design, construction and start-up of five
infrastructure projects targeted to overcome major constraints to
tourism development, e.g., upgrading roads, water supply, and sewage
treatment. Project financing includes a Japanese loan of USD 63
million, a USAID grant of USD 5 million, and approximately USD 15
million in counterpart funding from the GOJ.
-- Expansion of Sangster International Airport in Montego Bay. The
design phase is well advanced, but the process of finalizing a finance
package is still underway. Assistance in this effort is being provided
by Citibank N.A.
The Government of the United States acknowledges the contribution that
outward foreign direct investment makes to the U.S. economy. U.S.
foreign direct investment is increasingly viewed as a complement or even
a necessary component of trade. For example, roughly 60 percent of U.S.
exports are sold by American firms that have operations abroad.
Recognizing the benefits that U.S. outward investment brings to the U.S.
economy, the Government of the United States undertakes initiatives,
such as the Overseas Private Investment Corporation (OPIC) programs,
investment treaty negotiations and business facilitation programs, that
support U.S. investors.
CHAPTER VI: TRADE REGULATIONS AND STANDARDS
Trade Barriers
--------------
The principal barriers for exporting to Jamaica are occasional foreign
exchange shortages, poor internal transport infrastructure, and
declining real incomes for the majority of the population. There are no
trade or investment barriers, except certain areas of
telecommunications, and the proposed licensing on cable T.V. As part of
the continuing process of reform of the trade regime, the government
embarked upon a tariff reform program in 1986 whereby the duty rates
were gradually reduced from as high as 200 percent to the present
maximum duty rates of 30 percent and 40 percent for agricultural items.
There have been some improvements as a result of the Government of
Jamaica's efforts to streamline customs procedures. In order to
facilitate the movement of goods, the government simplified the
documentation and clearance requirements for exporters. Computerization
of the entire system is in progress.
Tariffs and Import Taxes
------------------------
Customs taxes represent government's third largest source of taxable
revenue. In February 1991, the government implemented the new CARICOM
Common External Tariff (CET), the first customs union in the Caribbean.
Goods originating in a Caricom member state are not subject to the CET
in other member countries. Presently, the CET ranges between 0 - 30
percent (an additional 5 percent in the case of agricultural produce).
In addition to CET, all items carry a 15 percent general consumption
tax. Alcoholic beverages and tobacco imports carry an additional stamp
duty of 25-56 percent and special consumption tax of 5-39.9 percent.
Non-basic, finished goods, and goods competing with those produced in
Caricom states carry higher duty rates. Duty rates will be gradually
reduced to a maximum of 20 percent by 1998.
Customs Valuation
-----------------
Valuation is based on the cif value of the item imported.
Import Licenses
---------------
There are about 97 items that now require an import licence. These
items include milk powder, refined sugar, plants and parts of plants for
perfume or pharmaceutical purposes, gum-resins, vegetable saps and
extracts, certain chemicals, motor vehicles and parts, arms and
ammunition, certain toys such as water pistols, and gaming machines.
The Trade Board, under the Ministry of Investments, Industry and
Commerce, is responsible for granting licenses.
Export Controls
---------------
Certain items are subject to export licensing. These include
ammunition, crocodiles, crocodile eggs, eggs, antique furniture, gold
bullion and fully or semi-manufactured gold, minerals and metals
including bauxite, alumina, gypsum, antique paintings, pimento, sugar,
plasma, lignum vitae and log wood, petroleum products, live animals,
motor vehicles including bodies and auto parts, and shells subject to
convention of International Trade for Endangered species administered by
NRCA.
Import/Export Documentation
---------------------------
If an item requires a license, it must be obtained from the Trade Board
before effecting the sale. While export licenses are free, import
license carry an application fee of jdols 103.50 for commercial items
and jdols 34.50 for personal effects. In addition, a fee of jdols
776.25 is charged for imports valued over jdols 100,000 and jdols 345
for imports valued below jdols 100,000. For customs purposes, required
documents other than the import license include a tax compliance
certificate, invoice, Business Enterprise Number (BENO), bill of lading
or airway bill. In the case of meat imports, a phytosanitary
certificate is required. Imports below USD 1000 do not require a formal
entry certificate.
Temporary Entry
---------------
Importers may obtain authorization for temporary admission for a period
of three or four months. To claim temporary admission of merchandise,
regular import documentation and the C25 form with customs authorization
must be presented by the importer upon the arrival of the merchandise.
In addition, the importer is required to deposit either full or one and
half times its duty, which is refunded on exit of the merchandise.
Labeling, Marketing Requirements
--------------------------------
The Bureau of Standards administers the Standards Act, Processed Food
Act and Weights and Measures Act. Product imported into Jamaica must
meet the requirements of these Acts. These include requirements for
labelling. Items sold in Jamaica must conform to international quality
specifications.
Prohibited Imports
------------------
The following items are prohibited for import into Jamaica: amusement
machines known as "one arm bandits"; dogs for racing; dog racing
equipment; tablets containing a combination of methaqualone and
diphenhydraine hydrochloride; certain brands of crayons from China and
Thailand; all items banned under the Customs Act and the Plants
Protection from Disease Act; all goods prohibited entry into the United
Kingdom under the Anthrax Prevention Act 1919; animals and carcasses of
animals prohibited under the Animals Diseases and Importation Act; arms
and ammunition, except with the permission of the Commissioner; brandy
of a lower strength than thiry degrees per centum under proof, unless it
is proved that it has been matured for a period not less than ten years;
base or counterfeit imitation coin of any country; coin, silver, or any
money not of the established standard in weight and fineness; opium and
dangerous drugs; essence of brandy or whisky or flavoring essences
except as approved by the minister; indecent or obscene prints,
paintings, photographs, books, films, etc.; oil of gin or cognac, except
as approved by the minister; rum coloring solutions; spirits and wine,
unless specifically reported with casks or other vessels of at least
nine gallons content or in glass or stone bottles with each case
containing not less than one gallon; fictitious stamps and instruments;
and sugar, except under licence.
Standards
---------
There are many mandatory standards to which products must conform before
they can be exported to Jamaica. Copies of these can be purchased from
the Bureau of Standards. Jamaica generally follows U.S. standards in
most cases. The quarantine division inspects and determines standards
in the case of live animals. Meat imports may be inspected by the
Ministry of Health.
Free Trade Zones/Warehouses
---------------------------
Jamaica is a member of the Export Processing Zone Association (EPZA).
Under the Jamaican Free Zones Act, investors are allowed to operate
solely with foreign exchange in certain activities such as warehousing
and storing, manufacturing, redistribution, processing, refining,
assembling, packaging, and service operations such as insurance,
banking, and professional services. Incentives offered include a 100-
percent tax holiday in perpetuity, no import licensing requirements, and
exemption from customs duties on capital goods, raw materials,
construction materials, and office equipment. Free zone companies that
wish to sell a part of their production on the local market are required
to send their request through the Free Zone Administration for approval.
Jamaica has four active industrial park/free trade zones -- the Kingston
Export Free Zone, the Montego Bay Export Free Zone, Hayes and Garmex in
Kingston. These free zones are government-owned and -managed. Kingston
Free Zone has a total of 790,470 sq. ft of factory space. About 60,000
sq. ft is still available to investors. Factory space is made available
in modules of 6,000 sq. ft. at a cost of USD 49.51 per sq. meter per
annum, including services (security, external lighting, maintenance of
common areas, and garbage collection and disposal). Montego Bay Free
Zone has a total of 397,000 sq. ft. of office and factory space. About
7,000 square feet of vacant space for offices is still available.
Factory space is rented to investors in varying sizes but an average-
sized unit is 24,000 sq. ft. and rental cost is USD 72.22 per sq. meter
per annum, including services for office space and USD 47.22 per meter
for factory space. Garmex Free Zone has a total building area of
697,000 sq. ft. Factory space is rented at USD 38.88 per sq. meter per
annum, including services. Another free zone, "Hayes Free Zone," built
in 1989, has factory space of 120,000 sq. ft. It is located in the
parish of Clarendon, 38 miles from Kingston. The cost is USD 3.50 per
sq. ft (negotiable). Hayes Free zones has an unused capacity of 80
percent.
The government in its 1995/96 budget indicated that final preparations
were in place for according Free Zone status to a company not located in
any of the existing Free Zones. Hence, individual companies satisfying
certain criteria will be able to apply either to the Kingston Free Zone
or the Montego Bay Free Zone for a single entity free zone status.
Special Import Provisions
-------------------------
Samples of commercial value brought into the country are dutiable at
normal rates. However, the importer is entitled to reimbursement when
taking the sample back or out of the country. This is effected on
completion of a Revenue Deposit Receipt (RDR form) at customs at the
point of entry.
Membership in Free Trade Arrangements
-------------------------------------
Preferential Tariff Arrangements: Jamaica has preferential tariff
arrangements with the U.S. under the Caribbean Basin Inititative (CBI),
with the countries of the European Union under the LOME Convention, with
Canada under CARIBCAN, and with other English-speaking Caribbean states
under CARICOM.
CBI provides indefinite customs-duty-free entry to qualifying products
of Jamaican origin to the United States (excepting textiles, footwear,
handbags, luggage, work gloves, leather apparel, tuna fish, petroleum
and petroleum products, and watches and watch parts from countries which
do not enjoy Most Favored Nation status). An amendment was made to CBI
provisions in 1990 (CBI II) allowing duty reduction on certain leather-
related products, including handbags, luggage, flat goods, work gloves,
and wearing apparel. To meet CBI eligibility standards, products must
contain 35 percent value added in Jamaica, of which U.S. materials may
comprise 15 percent of the value of the finished product. Articles
assembled in Jamaica from 100 percent U.S. components are also given
duty-free treatment (with certain exceptions including textiles/apparel
for which the US duty is levied only on the value-addedin Jamaica).
Under the Caribbean Basin Economic Security Act currently being
considered by the US Congress, Jamaica could be eligible for additional
benefits for textile trade.
Because Jamaica has signed a Tax Information Exchange Agreement (TIEA)
with the United States, U.S. taxpayers are allowed to deduct legitimate
business expenses incurred in attending business meetings and
conventions in Jamaica. By signing the TIEA with the U.S., Jamaica also
has access to 936 funding for development projects. Under this program,
qualifying investors have the opportunity to borrow tax-deferred funds
belonging to U.S. corporations which are on deposit with Puerto Rican
financial intermediaries and which are generally lendable at below-
market rates.
Goods of Jamaican origin or those partially produced from extra-regional
materials and sufficiently transformed can enter CARICOM markets duty-
free. Efforts are being made to boost trade within the region through
integration and regional cooperation. The first step was taken in
February 1991 when the Common External Tariff was implemented; cross-
trading of securities among Jamaica, Trinidad and Tobago, and Barbados
started in April 1991. Efforts at integration are being made by the
Community in areas such as travel within the region, free movement of
skilled persons, common currency, enlarging investment, and coordination
for international negotiations.
Jamaica exports certain duty-free items to Canada under CARIBCAN.
Eligible items must meet a national-origin standard of 60 percent of the
factory price originating in Jamaica, Commonwealth Caribbean countries,
or Canada. Textiles, garments, lubricating oils, clothing, footwear,
luggage, handbags, and leather garments are excluded from CARIBCAN.
Processed and fresh vegetables have provided most of the trade under
CARIBCAN. Alumina is the largest export to Canada (approximately 80
percent), but was already admitted duty-free prior to the establishment
of CARIBCAN.
Jamaican exports also benefit from either zeroor reduced-duty treatment
of several products sent to the European Union under the LOME
Convention. The system is not a simple one as there are special
arrangements for certain agricultural products, and the value-added
component varies depending on the type of product. The unification of
the single European Market has caused some concern in Jamaica,
particularly for Jamaican exports of sugar and bananas. Thus, efforts
are being made by private-sector and government representatives to
explore and understand the dimensions of future trade into this market.
CHAPTER VII: INVESTMENT CLIMATE
Openness to Foreign Investment
------------------------------
The Government of Jamaica welcomes foreign investment and there are no
policies or regulations reserving areas exclusively to Jamaicans. While
foreigners are not excluded from participation in
privatization/divestment activities, the government appears to favor
sale of these assets to national investor(s).
Each investment proposal is assessed on its own merit. However,
investments in areas which may increase productive output, use domestic
raw materials, earn or save foreign exchange, develop linkage
industries, generate employment, or introduce new technology are greatly
favored. The government's initiative in opening up the economy,
increasing reliance on the private sector, divesting most of the
government-owned enterprises, and offering an attractive package of
incentives has generated increased capital investments over the last few
years. Foreign investors are now encouraged to invest in almost any
area of the economy except insurance, where the ownership is limited to
49 percent; however, individual cases with investors who are interested
in investing over 49 percent are assessed on their merit. The
government is considering the lifting of this limited ownership in the
insurance sector. Telecommunications of Jamaica company, a subsidiary
of the British firm Cable and Wireless, enjoys monopoly rights. The
government has a debt/equity swap program under which government debt
paper, purchased at a discounted rate, may be applied to local
investment. Under the new cable T.V. policy licences will be granted
companies that are incorporated in Jamaica and in which majority
ownership and controlling interest are held by Jamaica/Caricom
nationals. Post is not aware of any economic or industrial strategy
that has discriminatory effects on foreign-owned investments.
The screening mechanisms are standard and nondiscriminatory. The main
criterion for screening is creditworthiness of the company.
Environmental impact assessments are required for new developments. All
foreign investors are treated the same as domestic investors before and
after the investment is made. Businesses operating in Jamaica, both
local and foreign, are required to adhere to a regulatory framework to
promote better quality goods, practices and processes. There are no
constraints involving foreign investment with regard to acquisitions and
mergers except where there will not be an expansion of capacity. The
sole exception is the insurance industry. Where negotiations, mergers
and takeovers are concerned, the Companies Act and rule of the Jamaica
Stock Exchange (if entity is listed) would apply. A new Securities Act
was passed in March 1993.
Generally, investors are required to establish a local company or
register a branch office of a foreign-owned enterprise under the Jamaica
Companies Act. However, for those seeking incentives, applications have
to be made to JAMPRO, the main Jamaican government agency responsible
for promoting and processing investment proposals.
Conversion and Transfer Policies
--------------------------------
The legislation regulating exchange control, the Exchange Control Act
1954, was repealed in July 1992. Since that event, there are no
restrictions on transferring funds associated with an investment.
However, dealings such as buying and selling of foreign currency must be
done only through an authorized dealer. Although foreign exchange is
freely available under the new, liberalized regime, there is generally a
waiting period of two to six weeks depending upon the sum demanded, as
demand usually exceeds the availability of foreign exchange. However,
some of the U.S. companies recently surveyed indicated that since the
recent increase in number of cambios, the sourcing of foreign exchange
has noticeably improved and has facilitated the accessing of funds
within a week. During the tourist winter season (from December to
April) the inflow of foreign exchange -- and hence its availability --
is generally greater than during the rest of the year.
There is no limitation on the inflow or outflow of funds for any
transaction including remittances of profits, debt service, capital,
capital gains, returns on intellectual property, or imported inputs.
Expropriation and Compensation
------------------------------
Property rights are protected under Section 18 of the Jamaican
Constitution, which allows no expropriation except for public purpose.
The law states that the purpose of any expropriation must be transparent
and requires that principles be established regarding compensation for
any expropriated property. Where private negotiation fails, the
investor has recourse to the courts to establish his right to the
property and to determine the amount of compensation. The Embassy is
not aware of any serious litigation between the government and a private
individual/company on expropriation or on compensation.
Dispute Settlement
------------------
The Embassy is not aware of any major investment dispute handled by the
government since 1990. Disputes between two enterprises are generally
dealt with in local courts. Arbitration of investment disputes between
Jamaica and nonresident investors may be referred to the International
Center for Settlement of Investment Disputes, of which Jamaica is a
member. Its award is enforceable in the Supreme Court of Jamaica.
Political Violence
------------------
There have been no recent incidents involving politically-motivated
damage to projects and/or installations. Any civil disturbances which
might damage foreign investment would be caused by general economic
unrest, and would not be politically motivated, i.e., directed against
foreign investment.
Violent crime is a concern to the whole society, and the government has
not been able to curb it. Crime is fed by poverty, hard economic times,
and the drug trade. Other major political issues primarily relate to
the economy. These issues include how to bring down the high rate of
inflation and how to ensure stability in the exchange rate. While the
government has been fairly successful with the latter, inflation was
26.8 percent for calendar year 1994. In addition, the government is
struggling with a high debt burden which is pulling scarce resources
away from badly needed social services.
Performance Requirements/Incentives
-----------------------------------
There are no specific performance requirements imposed as a condition
for investing in Jamaica. However, investments bringing in foreign
exchange and expanding employment are favorably considered in granting
incentives.
The Government of Jamaica offers a wide variety of fiscal and nonfiscal
incentives to attract investments which have the potential to develop
industry, save/earn foreign exchange, and provide employment. The
principal fiscal incentive instruments currently in operation follow:
(a) The Export Industry Encouragement Act (EIEA): An approved company
that manufactures products exclusively for export to countries other
than the Caribbean Common Market is entitled to benefits which include
exemption from income and dividends taxes for up to ten years and
exemption from import duties on raw material and machinery during the
incentive period. Since 1990, service industries have also been
included for incentives.
(b) The Hotel Incentives Act (HIA): The owner, tenant, or operator of
an approved hotel enterprise is entitled to relief from income and
dividend tax for a period of up to 10 years. The owner may also benefit
from a duty exemption on imports for constructing or expanding hotels.
To be eligible for benefits, hotels must have at least ten rooms as well
as facilities for other activities. Relief from income tax for 15 years
is granted for approved hotels with 10 - 350 bedrooms, facilities for
holding conferences, and those operated by a qualified general manager
and which maintain adequate security, among other requirements.
(c) The Resort Cottages Incentives Act (RCIA): This act allows for
income and dividends tax relief and duty-free importation of articles
required for the construction and equipping of resort cottages for a
period of up to 7 years.
(d) The Motion Picture Industry Encouragement Law: An approved motion
picture producer benefits from duty relief on imported goods and
equipment for use in motion picture production and income tax exemption
from the date of the first release or exhibition of each motion picture
produced in Jamaica for a period of 9 years. The incentives are granted
for six-month intervals and are renewable. In addition, a producer is
granted an investment tax deduction of 70 percent of the capital
expenditure incurred in acquiring facilities either in the year in which
the cost is incurred or in any subsequent year at the option of the
producer.
(e) Approved farmer status under the Income Tax Act: Any certified
person or company engaged in growing food or seed crops, trees for
timber, tobacco, horticulture, fish farming, and animal husbandry is
eligible for income tax relief for a period up to 10 years and is
renewable. Approved farmers are granted reduced duty rate of 20 percent
on farm vehicles and concessionary duty rates on tractors.
(f) The Factory Construction Law: Companies which construct factories
and lease them to approved manufacturers operating under the EIEA may be
provided relief from import duties (for items that are not locally
available) and income tax on income from factory leasing or gains made
on sales.
(g) The International Finance Company Act: To be eligible for benefits
under the Act, the finance company should be a corporate entity carrying
on business only with foreigners. It may deal with Jamaican residents
only in relation to domestic operations, and at least 95 percent of loan
capital must be held by nonresidents. Profits made by an approved
corporate body are taxed at a rate of only 2.5 percent.
(h) Venture Capital: Investment activities including loan financing in
new or developing enterprises (with a high risk element) that benefit
the economic development of Jamaica are subject to special tax
treatment.
(i) The Shipping Incentives Act: Under this act, approved shipping
corporations are granted import duty and income tax concessions for a
period of ten years.
(j) The Foreign Sales Corporation Act: This act provides exemption from
income tax for qualified income arising from foreign trade transactions.
This Jamaican incentive is reinforced by U.S. law in that it is one of
the benefits provided under the Tax Information Exchange Agreement which
the United States has signed with Jamaica. American companies
seeking to protect some of their export income from U.S. taxes may
consider forming a Foreign Sales Corporation (FSC) outside the U.S.
customs zone. An FSC is a foreign corporation that is allowed to earn
some exempt and nontaxable income on its exports from the United States.
(k) The Industry Modernization Program: This program was instituted to
assist some manufacturing firms to adopt productivity-oriented
techniques. It provides exemptions from general consumption duty for
capital goods acquired in relation to the modernization program.
(l) Moratorium on Duties: The Minister of Finance may award a period of
moratorium on the payment of import duties on capital items for a period
of up to three years.
(m) Nonfiscal Incentives: Several organizations have been established
in Jamaica to assist the process of industrial development. The
National Development Bank, the Agricultural Credit Bank, and the
National Export-Import Bank provide different types of concessionary
financing to investment projects. Investment projects engaged in
exports are greatly favored in terms of loan financing. In order to
facilitate greater investment, the interest rate rebate scheme, started
last fiscal year to reduce the cost of investment financing was revised
from 30 percent in 1994 to 17 percent in April 1995. Loans of up to
J$3.2 million for each qualifying project could be financed for new and
expanding enterprises in agriculture, manufacturing, and industrial
sectors.
Right to Private Ownership and Establishment
--------------------------------------------
Both foreign and domestic private entities have the right to establish
and own business enterprises and to engage in all forms of remunerative
activity. Private entities are free to establish, acquire and dispose
of interest in business enterprises. All companies are required to
register with the Registrar of Companies.
Public and private enterprises have equal access to markets, credit, and
other business operations, such as licenses and supplies. However,
according to recent proposed operation of cable T.V., licences will be
granted to companies that are incorporated in Jamaica and in which
majority ownership and controlling interest are held by Jamaica/Caricom
nationals.
Protection of Property Rights
-----------------------------
Jamaica is a member of the World Intellectual Property Organization
(WIPO) and respects intellectual property rights. The constitution
guarantees property rights and has laws to protect and facilitate
acquisition and disposition of all property rights, including
intellectual property. Jamaica and the United States signed an
Intellectual Property Rights Agreement in March, 1994.
Patents: Patent laws in Jamaica are based on old English laws (1857
Act). There are plans to modernize the patents legislation. However,
under the present regulations, patents are available for all areas of
technology for a duration of 14 years and can be further extended by
seven years. The periods of examination are generally long and it can
take years for a patent to be issued.
Copyrights: The Senate passed a new copyright act in February 1993, and
it came into force September 1, 1993. The new Act adheres to the
principles of the Bern Convention and covers a wide range of works,
including books, music, broadcasts, computer programs, and databases.
Trademarks: Protection under trademarks law is granted to distinctive
marks. Users are required to register with the Registrar of Companies
in Jamaica. Trademark rights are initially granted for seven years and
may be renewed from time to time for an extended period of 14 years.
Trade Secrets/Semiconductor Chip Layout Design: There is no statute
with regard to trade secrets or semiconductor chip layout design.
Jamaica follows common law principles as established in the U.K.
Breaches of such laws may be dealt with either by court order or through
filing damages.
Regulatory System: Laws and Procedures
--------------------------------------
In order to foster competition, Jamaica's Parliament passed the Fair
Competition Act in September 1993. It deals with consumer protection,
misleading advertisements, price-fixing, collusion, unfair trading
practices, and interlocking directorships.
There are tax, labor, health and safety, and other laws and policies to
avoid distortions or impediments to the efficient mobilization and
allocation of investment.
Bilateral Investment Agreements
-------------------------------
Jamaica has treaties with eight countries - the United States (Feb.
1994), Argentina (Feb. 1994), France (Jan. 1993), Italy (Sep. 1993),
Germany (Sep. 1992), Netherlands (Apr. 1991), Switzerland (Dec. 1990),
and the United Kingdom (Jan. 1987), and is presently in negotiations
with five other nations - China, Republic of Korea, Mexico, Spain, and
Russia.
OPIC and Other Investment Insurance Programs
--------------------------------------------
OPIC has insured a variety of manufacturing, services, and hospitality
industry projects in Jamaica. OPIC insurance of investment projects is
subject to a USD 50 million cap. OPIC insurance of Section 936-funded
projects is subject to a USD 20 million cap. As of December 1993, 13
projects (telecommunications, metal and related products, tourism, low-
income housing, food, and other services) with 936 funding of USD 278.8
million were being implemented in Jamaica (latest figures available).
Labor
-----
Jamaica's labor force in 1994 was estimated at 1,090,000, of which 15.4
percent were officially unemployed. Jamaica's unemployment is heavily
concentrated among youth and women. Labor is generally available at
relatively low cost. However, there is a shortage of technically-
skilled labor. Although the general education system (including
vocational education) has improved local job placements in most sectors,
top managers are almost exclusively educated overseas.
Jamaica has an active trade union movement with membership of an
estimated 15-20 percent of the employed workforce. The Government of
Jamaica adheres to ILO conventions, which protect workers rights, and
encourage the private sector to follow suit. The minimum wage was
increased from jdols 300 to jdols 500, effective July 1994. Further,
the government also raised the income tax threshold from jdols 18,408 to
jdols 22,464, effective January 1994. It will be raised to jdols 50,544
effective January 1996. Wages and salaries have not kept up with
increases in inflation (26.8 percent in 1994) and high interest rates,
which has resulted in increased strikes and work stoppages.
The availability of low-cost, semi-skilled labor has tended to attract
lower-technology firms such as garment assembly and keypuch/data entry
operations. Proximity to the United States and an English-speaking
labor force are perceived as advantages by investors.
While the size of Jamaica's labor force has remained fairly constant
over the past few years, the overall stability of the numbers has
disguised two divergent trends: older, more skilled workers are retiring
and being replaced by younger, less skilled workers. The nation's
education system, geared in the British mold to produce a few well-
trained university students each year, is a major cause for concern
about the future face of Jamaican labor. The thousands who are
graduated each year from "new secondary" (i.e. non-academic) schools are
essentially unemployable. Meanwhile, efforts to establish meaningful
technical training at the secondary and post-secondary levels have
lagged due to resource constraints. Jamaica's per-capita foreign debt
load remains among the highest in the hemisphere.
In the agricultural sector, the increasing average age of the sugar
worker is sparking concerns that producers here will be forced to
mechanize harvesting operations over the next 4-5 years, despite strong
resistance from organized labor. Other agricultural workers
(principally banana and citrus) are in many cases small farmers as well
as wage employees of agricultural concerns. Commonly, neither source of
income constitutes a living wage by itself.
Employees in the bauxite industry are among the best-trained and best-
compensated in Jamaica. The industry has an admirable health and safety
record over the past five years. Growth prospects are limited, however,
given the continued perception of soft international demand for
aluminum. The tourist industry, which encompasses large resorts, medium
and small hotels, and private villas, offers workers access to foreign
exchange wages in the form of tips. Competition for positions at the
top establishments is fierce. A perception exists that the Jamaican
hospitality worker is not trained to the same standard of customer
service as his or her counterpart in many other resort locations around
the Caribbean littoral.
One bright spot for employment has been the garment assembly sector.
This industry has provided thousands of workers, usually single,
unskilled heads of household, with the opportunity to receive industry-
specific training from producers. Wages allow these employees to
support an average of 4.5 persons per household. Over the past two
years, however, inflation has reduced the average wage offered in
Jamaica's export zones to a level at or below the poverty line. As a
result, hundreds of entry-level jobs now go begging at garment-assembly
plants.
Foreign Trade Zones/Free Ports
------------------------------
Jamaica is a member of the Export Processing Zone Association (EPZA).
Under the Jamaican Free Zones Act, investors are allowed to operate
solely with foreign exchange in certain activities such as warehousing
and storing, manufacturing, redistribution, processing, refining,
assembling, packaging, and service operations such as insurance,
banking, and professional services. Incentives offered include a 100-
percent tax holiday in perpetuity, no import licensing requirements, and
exemption from customs duties on capital goods, raw materials,
construction materials, and office equipment. Free zone companies that
wish to sell a part of their production on the local market are required
to send their request through the Free Zone Administration for approval.
Capital Outflow Policy
----------------------
The Exchange Control Act (amended in September 1991) contains no
restrictions pertaining to capital outflow. The present policy does not
include particular measures designed to encourage outward investment by
Jamaican residents. However, financial service agencies have opened
branches/subsidiaries in the Caribbean region and some developed
countries with large ethnic Jamaican populations with a view to earning
foreign exchange. Financial institutions, insurance companies, etc.,
have to obtain prior approval from either the Bank of Jamaica or the
Superintendent of Insurance before diversifying their investments
overseas.
Major Foreign Investors
-----------------------
Jamaica has a record of partnership with various foreign investors in
the development of a wide range of productive industries. Some of these
are:
COMPANY NAME OWNERSHIP SECTOR
Air Canada Canada Transportation
ALPART US/Norway Bauxite mining
Aluminium Co. of America US/GOJ Bauxite mining
Aluminium Co. of Canada Canada Bauxite mining
American Airlines US Transportation
American Life Ins. Co. US Insurance
Americana US Tourism
Addis UK Manufacturing
Arnold Otto Mayer Germany Manufacturing
Berec UK Manufacturing
Berger UK Manufacturing
Bike Athletic US Apparel
Bush, Boake, Allen UK Manufacturing
Burger King US Food
British Insulated UK Manufacturing
Bank of Nova Scotia Canada Banking
Beecham Products UK Manufacturing
British Airways UK Transportation
British West Indies Airline Trinidad Transportation
Cable & wireless UK Communications
Carreras UK Manufacturing
Canadian Imperial Bank Canada Banking
CITIBANK US Banking
Coates Bros. UK Manufacturing
Colgate Palmolive US Manufacturing
Coopers & Lybrand US Consultancy
Daemyoung S. Korea Apparel
Diversey-Wyandotte US Manufacturing
Econ Industries US Manufacturing
Esso Standard Oil US Petroleum
Evergreen Line Taiwan Shipping
Goodyear US Manufacturing
Heinemann Publishers UK Publishing
Henkel Germany Chemicals
Hofman & Leavy US Apparel
Holiday Inn US Tourism
International Computers Ltd UK Computers
International Bus. Machine US Computers
Int'l Telephone & Telegraph US Communications
Johnson & Johnson US Manufacturing
Kajima Corp Japan Construction
Kaiser US Bauxite mining
Kier International UK Construction
Kentucky Fried Chicken US Food
Liquid Carbonics Corp US Manufacturing
Lipton UK Beverages
Landell Mills UK Consultancy
McCann-Erickson US Advertising
Mead-Johnson US Manufacturing
Metal Box UK Manufacturing
National Employers Mutual UK Insurance
Neal & Massey Trinidad Manufacturing
Norsk Hydro Norway Bauxite Mining
Ononda Engineering Japan Construction
Peat, Marwick, Mitchell US Consultancy
Price Waterhouse US Consultancy
Proctor & Gamble US Manufacturing
Reckitt & Coleman UK Manufacturing
Sea Land Services US Shipping
Sherwin Williams US Manufacturing
Shell UK Petroleum
Texaco US Petroleum
3-M Inter-Americas US Manufacturing
Touche, Ross US Consultancy
Trust House Forte UK Tourism
Wyndham Hotels & Resorts US Tourism
Woolworths UK Retailers
Xerox Corp. US Computers
CHAPTER VIII. TRADE AND PROJECT FINANCING
The Banking System
------------------
The banking system in Jamaica is well-developed and capable of
delivering a range of services. The industry presently consists of 11
commercial banks, 19 merchant banks, 7 merchant and trust companies, 4
finance companies, 30 building societies, 3 development banks, and 9
life insurance companies. Collectively, the financial sector accounts
for about 9 percent of GDP. The private sector also has acess to credit
from the National Export/Import (Ex-Im) Bank, a subsidiary of the Bank
of Jamaica. Foreign investors can utilize the loan facilities of banks
for investments in Jamaica on the same basis and terms as a Jamaican
investor.
Total assets of the country's five largest banks (National Commercial
Bank, Bank of Nova Scotia, Mutual Security Bank, Citizens Bank, and
Century National Bank) amounted to jdols 87.8 billion (about USD 2.6
billion) in March 1995. The banking system is sound. According to the
Bank of Jamaica, about 2.5 percent of the total asset base is estimated
as nonperforming.
Foreign Exchange Controls Affecting Trading
-------------------------------------------
Residents and nonresidents of Jamaica can access foreign exchange
through a network of authorized dealers. There are no foreign exchange
controls.
General Financing Availability
------------------------------
There is no restriction on the free flow of financial resources to
support product and input markets. However, over the last two years the
government has used the tight monetary measures of increasing liquid
asset and cash reserve ratios (total of 50 percent) and issues of
certificates of deposits and treasury bills in order to reduce the
demand for foreign exchange.
Credit is generally allocated on market terms with equal access to both
local and foreign companies. However, high rates of interest, ranging
between 35-64 percent, limit borrowing.
The House of Representatives passed several important pieces of
financial legislation during 1992: the new Bank of Jamaica Act, the
Banking Act, and the Financial Institution Act (replaces Protection of
Depositors Act). Jamaica is a member of the Basel Group of Supervisory
Authority, as well as the Latin American and Caribbean Supervisory
Institution.
There is an effective regulatory system which governs the conduct of
brokers and companies. The Securities Act was passed and implemented in
1993 to legalize the overall regulation of securities. All foreign
companies other than Caricom are required to be incorporated in Caricom
and registered in Jamaica in order to enter the Jamaican Stock Exchange
market. However, to be consistent with the exchange control
liberalization, the Jamaica Stock Exchange is contemplating opening up
to all foreign companies with only a registration requirement.
How to Finance Exports/Methods of Payment
-----------------------------------------
Payment is generally made in the form of Letter of Credit or Bills for
collection. Local banking commissions vary from 1.15 - 3.45 percent.
Project Financing
-----------------
There are three development banks in Jamaica:
-- the Agricultural Credit Bank of Jamaica (ACB) and the People's Co-
Operative Bank (PCB), which assist the agricultural sector.
-- the National Development Bank (NDB) which works particularly with
industries earning hard currency, such as the tourism sector.
-- Trafalgar Development Bank, Jamaica's first private sector
development bank. TDB offers mediumto long-term loans, lease financing
and project development and technical services in the areas of
agriculture, manufacturing, tourism and related industries.
Another source of financing for companies investing in Jamaica is the
Government Development Bank of Puerto Rico under the Section 936
program.
Multilateral organizations working in Jamaica with potential funding for
development projects include the World Bank, the International Monetary
Fund, the Organization of American States via the InterAmerican
Development Bank, and the United Nations Development Program.
Banks with Correspondent U.S. Banking Arrangement
-------------------------------------------------
Jamaican banks with branches in the U.S. are:
Citibank (U.S. parent)
Citizens Commercial Bank
Eagle Commercial Bank
Victoria Mutual Building Society
Jamaica National Bank
All Jamaican commercial banks have correspondent U.S. banking
arrangements.
CHAPTER IX: BUSINESS TRAVEL
The normal working day for government offices and factories is 8:00 a.m.
to 4:30 p.m. Monday through Friday. Government is closed Saturday and
Sunday. Almost all commercial businesses are open on Saturday, but few
open on Sunday. Jamaica is on Eastern Standard Time (EST) and does not
observe daylight saving time.
Holidays observed in Jamaica are the following:
New Year's Day......................January 1
Ash Wednesday........................Variable
Good Friday..........................Variable
Easter Monday........................Variable
National Labor Day.....................May 23
Independence Day.....................August 5
National Heroes Day................October 21
Christmas Day.....................December 25
Boxing Day........................December 26
U.S. citizens can enter the country with proof of citizenship (birth
certificate or passport) and a photo I.D. (valid driver's license). No
visa is required.
The Jamaican dollar is the unit of currency and is composed of 100
cents. The Jamaican dollar is traded freely against major international
currencies. The currency underwent significant devaluation in 1993. It
is currently valued at about one USD = 34 JDOLS. Jamaican dollars and
foreign exchange can be traded through the commercial banking system and
authorized foreign exchange dealers. There are no restrictions on
repatriating profits.
Jamaicans are a little more formal than North Americans. On first
meeting, a friendly "Good Morning/Afternoon/Evening" will bring more
response and respect than a casual "Hi." Generally, Jamaican business
acquaintances, after a courteous and friendly first greeting, will
respond quickly to informality.
CHAPTER X: APPENDICES
APPENDIX A: COUNTRY DATA
Population: 2.47 million
Population Growth Rate: (1983-94): 1%
Religions: Anglican, Baptist and other Protestant,
Roman Catholic
Government System: Constitutional monarchy.
Language: English
Work Week: Monday thru Friday.
Most commercial businesses are open on Saturday.
APPENDIX B: Domestic Economy
Data Sources: Statistical Institute of Jamaica
Bank of Jamaica
Planning Institute of Jamaica
1994 1995 1996
GDP (USD Millions): 3,899.00 4,714.4 5,657.3
GDP Growth Rate 0.80 1.5 2.0
GDP Per Capita: USD 1,560.00 1,862.5 2,263.0
Government Spending
(as percent of GDP) 52.00 52.0 52.0
Inflation (percent) 27.00 20.0 18
Foreign Exchange Reserves: 408.30 n.a n.a
Average Exchange Rate
for USD: JDOLS 33.34 34.0 34.5
Foreign Debt (USD billions): 3.65 3.5 3.4
Debt Service Ratio (actual): 20.00 18.0 16.0
U.S. Economic/Military
Assistance (USD Millions FY94) 34.56 22.0 -
APPENDIX C: Trade (USD Millions)
Total Country Exports: 1,220 1281 1345
Total Country Imports: 2,177 2221 2276
U.S. Exports: 1,145 1166 1195
U.S. Imports: 440 461 484
U.S. Share of (percent)
Host Country Imports: 52.6 53 53
Imports of Agricultural Goods
Total (from world): 288.9 294.7 300.6
From the U.S.: 137.1 141.5 144.3
U.S. Share of
Ag Imports (percent) 47.5 48.0 48
Agricultural Goods
Trade Balance with U.S.: -84.7 -86.0 -88
Trade balance with Three
Leading Partners
U.S. -705.4 -705 -711
U.K. 68.2 70 73
Canada 64.8 66 68
Principal U.S. Exports (1994)
Harmonized Commodity US Dollar Value
Schedule (Millions)
2710 Heavy Fuel Oils 84.9
6109 T-shirts, singlets, tank tops, etc. (components) 75.7
6115 Pantyhose, socks and other hosiery (components) 74.2
1201 Soybeans 15.7
1005 Yellow Dent Corn (Maize) 15.2
Principal U.S. Imports (1994)
Harmonized Commodity US Dollar Value
Schedule (Millions)
6115 Pantyhose, socks and other hosiery 102.7
2606 Aluminum ores and concentrates 95.8
6109 T-shirts, singlets, tank tops, etc. 81.6
2818 Aluminum oxide 47.0
6108 Women's briefs and panties of cotton, knit 26.7
APPENDIX D: INVESTMENT STATISTICS
According to JAMPRO (the Jamaica Promotions Corporation), foreign direct
investment for the period January 1992 - December 1994 amounted to about
USD 46.6 million. Of the total foreign capital investments assisted by
JAMPRO, 35.4 percent was in films, 31.4 percent in the textiles and
garment industry, information processing 11 percent, tourism 8.1
percent, manufacturing 5.1 percent, services and contracts 3.8 percent,
2.7 percent in agriculture, and minerals and chemicals 2.3 percent.
According to Department of Commerce, Bureau of Economic Analysis
surveys, the US direct investment position abroad (historical cost
basis) in 1993 was USD 1,077 million, up from USD 892 million in 1992,
USD 763 million in 1991, and USD 625 million in 1990.
The following table provides data on the approximate value of major
foreign investment by country of origin promoted by JAMPRO during the
period CY 1991 - 1994:
COUNTRY Year Capital Investment
------- ---- ------------------
USD MILLIONS
Australia 1994 0.002
France 1994 0.02
Holland 1994 0.07
Hong Kong 1994 0.13
Hungary 1994 0.05
Italy 1994 0.07
Japan 1994 0.03
Korea 1993 5.57
1994 4.33
Trinidad 1994 0.002
Spain 1993 0.07
Switzerland 1992 0.91
U.K. 1991 0.11
1992 0.32
1993 0.31
1994 0.38
U.S. 1991 8.99
1992 14.34
1993 9.70
1994 3.65
Canada 1993 0.38
1994 0.24
Germany 1993 0.76
1994 0.63
China 1993 0.80
APPENDIX E: U.S. AND COUNTRY CONTACTS
U.S. Embassy Trade Personnel
----------------------------
Robert Bucalo, Regional FCS Office
U.S. & Foreign Commercial Service
American Embassy
Santo Domingo, Dominican Republic
TEL: (809) 221-2171; FAX: (809) 688-4838
Emile Finlay
Commercial Section
American Embassy
Jamaica Mutual Life Center
2 Oxford Rd.
Kingston 5
TEL: (809) 929-4850; FAX: (809) 926-6743
Susan Schayes
Regional Agricultural Attache
Foreign Agricultural Service
United States Department of Agriculture
American Embassy
Santo Domingo, Dominican Republic
TEL: (809) 221-2171, 688-8090; FAX: (809) 685-4743
George T. Boutin
Counselor for Economic and Political Affairs
American Embassy
Jamaica Mutual Life Center
2 Oxford Rd.
Kingston 5
TEL: (809) 935-6087; FAX: (809) 926-6743
Frank J. Kerber
Economic Officer
American Embassy
Jamaica Mutual Life Center
2 Oxford Rd.
Kingston 5
TEL: (809) 935-6087; FAX: (809) 926-6743
Chambers of Commerce
--------------------
American Chamber of Commerce of Jamaica
Dr. Ofe Dudley
Executive Director
77 Knutsford Boulevard
Kingston 5
TEL: (809) 929-7866/7; FAX: (809) 929-8597
Jamaica Chamber of Commerce
Philip Ogle
President
7E Parade
Kingston
TEL: (809) 922-0150/1
Jamaican Trade or Industry Associations
---------------------------------------
Jamaica Exporters Association
13 Dominica Drive
Kingston 5
TEL: (809) 929-1292; 926-0586 or 926-7158
Jamaica Hotel & Tourist Association
2 Ardenne Rd
Kingston 10
TEL: (809) 926-3635/6 or 926-2796
Jamaica Manufacturers Association Ltd
85a Duke St
Kingston
TEL: (809) 922-8880/8881/0787/2365
Private Sector Organization of Jamaica
39 Hope Road
Kingston 10
TEL: (809) 927-6238/6958/6957/6786
Jamaica Promotions Corporation (JAMPRO)
35 Trafalgar Rd.
Kingston 10, Jamaica (W.I.)
TEL: (809) 929-7190/9; FAX: (809) 924-9650
Bank of Jamaica
Nethersole Place
Kingston
Jamaica (W.I.)
TEL: (809) 922-0750
Government of Jamaica Ministries
--------------------------------
Governor-General:
Right Honorable Sir Howard Cooke
King's House
Hope Road
Kingston 10
TEL: (809) 927-6424
Prime Minister and Minister of Defense:
Right Honorable P. J. Patterson, P.C., Q.C., M.P.
Devon Rd., P.O. Box 272
Kingston 10
TEL: (809) 927-9941; Fax: (809) 929-0005
Deputy Prime Minister/Minister of Foreign Affairs and Foreign Trade:
Honorable Seymour Mullings
85 Knutsford Blvd.
Kingston 5
TEL: (809) 926-4220; Fax: (809) 929-6733
Minister of Tourism
Honorable John Junor
Office of the Prime Minister
Devon Rd., P.O. Box 272
Kingston 10
TEL: (809) 927-9941; Fax: (809) 929-0005
Minister of Agriculture and Mining
Honorable Horace Clarke
Hope Gardens
Kingston 6
TEL: (809) 926-4220/8
Minister of Construction:
Honorable O.D. Ramtallie
2 Hagley Park Rd.
Kingston 10
TEL: (809) 926-1590
Minister of Education, Youth and Culture:
Honorable Burchell Whiteman
2 National Heroes Circle
Kingston 4
TEL: (809) 922-1400
Minister of Finance and Planning:
Honorable Dr. Omar Davies
30 National Heroes Circle
Kingston 4
TEL: (809) 922-9600
Minister of Health:
Honorable Dr. Peter Phillips
10 Caldeonia Ave.
Kingston 5
TEL: (809) 926-9191
Minister of Labour, Social Security and Sports:
Honorable Portia Simpson
14 National Heroes Circle, P.O. Box 10
Kingston 5
TEL: (809) 922-8000
Minister of Legal Affairs and Attorney General:
Honorable David Coore, Q.C.
12 Ocean Blvd.
Kingston
TEL: (809) 922-5460; FAX: (809) 922-6028
Minister of Local Government and Works
Honorable Roger Clarke
12 Ocean Blvd., P.O. Box 635
Kingston Mall, Kingston
TEL: (809) 922-1670; FAX: (809) 924-9191
Minister of National Security and Justice:
Honorable K.D. Knight
12 Ocean Blvd.
Kingston Mall, Kingston
TEL: (809) 922-0080
Minister of Environment and Housing:
Honorable Easton Douglas
Citibank Bldg.
63-67 Knutsford Blvd
Kingston 5
TEL: (809) 926-3235; FAX: (809) 929-6616
Minister of Public Utilities and Transport:
Honorable Robert Pickersgill
PCJ Building
36 Trafalgar Rd.
Kingston 10
TEL: (809) 926-8130; FAX: (809) 929-3375
Minister of Industry, Investment and Commerce:
Honorable Dr. Paul Robertson
PCJ Bldg
36 Travalgar Rd.
Kingston 10
TEL: (809) 926-9170
Market Research Firms
---------------------
Business Research and Agricultural Consultants Ltd.
14B Cargill Ave.
Kingston 10
TEL: (809) 929-5736
Market Research Services Ltd.
75 Knutsford Blvd.
Kingston 5
TEL: (809) 9296311
Caricom Consultants (Ja) Ltd.
30 Grenada crescent
Kingston 5
TEL: (809) 9262731
Chen-Young Roache and Associates Ltd.
7 Trinidad Terrace
Kingston 5
TEL: (809) 9688501
Hamilton Trevor and Associates
10 Kensington Crescent
Kingston 5
TEL: (809) 926-8596
Peat Marwick
6 Duke St
Kingston
TEL: (809) 922-6640
Project Development Services and Associates Ltd.
11 1/2 Ardenne Road
Kingston 10
TEL: (809) 927-8907
Commercial Banks
----------------
Mr. Peter Moses
Vice President
Citibank N.A.
63-67 Knutsford Boulevard
Kingston 5
TEL: (809) 926-3270/3285
Mr. William E. Clarke
Managing Director
Bank of Nova Scotia Jamaica Ltd.
Scotia Center
Port Royal Street
Kingston
TEL: (809) 922-1000
Mr. Donovan Crawford
Managing Director
Century National Bank Limited
14-16 Port Royal Street
Kingston
TEL: (809) 922-3105/6/8/10
Mr. Ron Sasso
Managing Director
Island Victoria Bank Limited
6 St. Lucia Avenue
Kingston 5
TEL: (809) 968-5800-5
Mr. G.S. Niesen
Managing Director
Trafalgar Commercial Bank Limited
60 Knutsford Boulevard
Kingston 5
TEL: (809) 929-3383-6
Mr. Lloyd Wiggan
Managing Director
Citizens Bank Limited
4 King Street
Kingston
TEL: (809) 922-5950
Mr. A. W. Webb
Managing Director
CIBC Jamaica Limited
23-27 Knutsford Boulevard
Kingston 5
TEL: (809) 929-9310-6
Mr. D. R. Folkes
Managing Director
Mutual Security Bank Limited
18 Trafalgar Road
Kingston 10
TEL: (809) 929-8950
Mr. Rex James
Managing Director
National Commercial Bank Jamaica Limited
The Atrium
32 Trafalgar Road
Kingston 10
TEL: (809) 929-9050-89
Mr. Delroy Lindsay
Executive Chairman
Workers Savings & Loan Bank
76 Knutsford Boulevard
Kingston 5
TEL: (809) 968-5119
Dr. Paul Chen-Young
Executive Chairman
Eagle Commercial Bank Limited
6 Grenada Way
Kingston 5
TEL: (809) 929-9355
For divestment of public enterprises:
National Investment Bank of Jamaica
Duke and Port Royal Sts.
Jamaica (W.I.)
TEL: (809) 922-0915/9
Multilateral Development Banks
------------------------------
The World Bank
Country Representative: Van Pulley
6 St. Lucia Ave.
Kingston 5
TEL: (809) 960-0459
Inter-American Development Bank
Country Representative: Robert Castel
40 Knutsford Blvd.
Kingston 5
TEL: (809) 926-2342
Washington-Based USG Country Contacts
-------------------------------------
U.S. Department of Commerce
Mark Siegelman
Jamaica Desk
Washington, D.C.
Telephone: (202) 482-2527
U.S. Department of State
Jamaica Desk - Dennis Imwold
ARA/CAR, Room 3248 M.S.
Washington, D.C.
Telephone: (202) 647-3210
Agency for International Development
Jamaica Desk
LAC/CAR, Room 8242 M.S.
Washington, D.C.
Telephone: (202) 647-4105
The Multilateral Development Bank Office
Director: Brenda Ebeling
14th St. and Constitution Ave., N.W.
Washington, D.C.
TEL: (202) 482-3399 FAX: (202) 482-5179
TPCC Trade Information Center
U.S. Department of Commerce
Washington, D.C.
TEL: 1-800-USA-TRADE
U.S. Department of Agriculture
Foreign Agricultural Service
Trade Assistance and Promotion Office
Washington, D.C.
TEL: (202) 720-7420
APPENDIX F: MARKET RESEARCH
ISA's will be completed on the following categories in FY96:
-- Autos/Light Trucks/Vans (AUT)
-- Drugs/Pharmaceuticals (DRG)
-- Automotive Parts and Service Equipment (APS)
A complete list of market research is available on the NTDB.
APPENDIX: G: TRADE EVENT SCHEDULE
September 27-28, 1995 AMCHAM Franchise Expo
Wyndham Hotel, Kingston, Jamaica
November 7-11, 1995 World Energy Engineering Congress
Georgia World Congress Center
Atlanta, Georgia
March 27-31, 1996 EXPO 96, National Arena
Kingston, Jamaica
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