When you think of Jamaica the image that comes to your mind is of tropical beaches, fun, and frolic. Jamaica is situated on the Caribbean island and has earned its name as a popular tourist destination. It is also the third largest island of the Greater Antilles. One of the key driving factors of the Jamaican economy has been the direct foreign investments. Jamaica is abundant in natural resources like bauxite and has an agriculture-friendly climate. Tourism is also another sector which holds a major share in the economy of the country. Sugarcane is the main crop that is grown in Jamaica with coffee being the second largest crop that is grown.
Jamaica has opened up to the prospects of direct foreign investment and has encouraged foreign companies to invest in its shores. Jamaica business directory has increasingly seen the number of foreign companies go up. The world investment report states that Jamaica had raised its foreign direct investments to US 794 million in 2015 making it the second largest flows in Small Island developing states.
Top business opportunities in Jamaica1) Information Technology
Information technology is one of the most emerging industries. People all around the world use mobile phones and the internet for most of their tasks. Almost 55% of the population in Jamaica is users of the internet. Hence the information technology sector is a very lucrative field to invest in. Besides this, Jamaica provides a lot of subsidies and tax rebates to encourage foreign investors. The Jamaican government has realized the potential of information technology and the boost it can provide to its economy. The Jamaica online directory has a list of companies that you can look up for setting your information technology company. Information technology has many takers in Jamaica as the number of people using the internet is increasing day by day. The government has also started reaching out to its citizens with a lot of smartphone apps and websites as well.
One of the most promising sectors in Jamaica is tourism. Jamaica is blessed with a mix of lush green mountains and reef lines beaches. The general atmosphere in Jamaica is a relaxed one with the locals also enjoying life to its fullest. This attracts a lot of tourists from all around the world. Its proximity to the US sees an influx of a lot of US nationals in Jamaica every year. The business directory Jamaica is full of travel agents, money exchange agents, and lodging and boarding places in Jamaica. Jamaica is also home to a lot of snorkelling and deep-sea diving activities attracting a lot of water sports enthusiasts around the world. Jamaica has a vibrant nightlife and multi-cuisine restaurants that make it a haven for tourists to flock to. You can look at starting a hotel, a small restaurant or even a money changing office. With a steady influx of tourists all year round, tourism-related activities seem a good prospect to invest in Jamaica.
Jamaica has one of the ideal climates for agriculture. One of the richest return giving crops, Sugarcane can be grown in abundance in Jamaica. Besides sugarcane, coffee is another crop that has found many takers. Next in the list are coconuts, cacao, tobacco, and ginger. The Blue Mountain Coffee is a renowned gourmet brand which is processed by selected Jamaican
companies. With the world population growing by the day, there is a huge need for food to feed the population. Agriculture thus becomes a good return on investment prospect for you to invest in. You can partner with a Jamaican company to invest in the agricultural field. The online directory Jamaica can give you a list of potential companies for partnership.
Another major sector for investment is the fishing industry. Jamaica is the main fishing areas and sees a lot of fishing companies being established. Although it may be an already explored area, you can indulge in partnerships with the fishing companies or look for starting your own fishing business. Exports of Fish and fish products make up for almost 8% of the Jamaican exports. Partnering with a fishing company can lead you to export fish and fish products to all parts of the world. The Jamaica phone directory gives a list of all the fisheries in Jamaica.
Jamaica is one of the leading countries in the world in the production of Bauxite. There are numerous mining companies in Jamaica that continue to make a good profit from mining. Besides that Jamaica is also a leading manufacturer of marble, calcium carbonate and limestone. Mining is one of the many lucrative prospects that you can consider for investing in Jamaica.
Construction has seen a boom in Jamaica mainly due to the influx of tourists. There are a number of hotels and resorts being constructed every year to accommodate the influx of tourists. Construction or interior designing can be a good option for you if you have a formal background or training in the field. Besides hotels and resorts, you can also expand to construct
houses and residential complexes for the local residents. The increase in the Gross Domestic Product has seen a rise in the buying power of the residents and houses are the first thing a lot of people look to invest in.
7) Online business:
Online business is one of the businesses that have a universal appeal. Online business thrives almost everywhere and Jamaica is no different. Setting up an online business is easy and does not require much of
capital investment. You can start up an online business on a small scale and then see how it grows.
For any of the business propositions, the main thing is to understand and study the market conditions. The research will allow you to select the business where there would be a maximum return on investment. Jamaican government provides full support to foreign investors with lesser paperwork and faster set up.