Friday, March 4, 2011

US law firm says Jamaica is perfect for investment

From Radio Jamaica (RJR)
US law firm says Jamaica is perfect for investment

Efforts by the Government of Jamaica to create an enabling legislative and fiscal framework to attract investors have received strong support from one of the largest United States-based law firms, Baker and McKenzie.

Simon P. Beck, Principal Partner who is responsible for global wealth management at Baker and McKenzie, commended the Government for its bold moves to position Jamaica at the forefront of investment destinations.

Mr. Beck said Jamaica 's legislative and fiscal initiatives will make many of their clients say, "that's the location, that's where we should establish ourselves, because it's absolutely perfect" for investment.

He was speaking at a reception hosted by the firm at its Washington D.C. headquarters on Tuesday, which is to honour Jamaica 's Ambassador to the United States , Audrey P. Marks.

Tax & investment treaties almost second to none

He touted Jamaica 's tax and investment treaties as "almost second to none in the Caribbean," stressing that "most importantly, the Government is very much behind positioning Jamaica " as an investment centre.

Among Jamaica 's advantages, which he identified, is the country's "wonderful location, the most wonderful geography, wonderful infrastructure, and one of the highest educated populations in all of the Caribbean ."
He also noted that the Government's support and commitment to encouraging multinationals, executives, academics, and high net-worth families to establish a base in the country.

Services sector a critical platform for JA's reconstruction efforts

Tourism Minister, Edmund Bartlett, who was the keynote speaker, told the more than 175 movers and shakers who attended the reception, in the American capital, that legislation to reposition the financial service sector will be in place within the next 12 months.

"We are positioning ourselves in terms of redefining our own processes. We're looking at how we can achieve growth, and how we can restructure ourselves," said Mr. Bartlett.

He added that focus will be given to the services sector "as a critical platform for our own reconstruction efforts," with tourism at the centre of that endeavour.


Mr. Bartlett invited the business leaders to invest in Jamaica , stressing, "we've been looking at how can we bring people, how can we bring capital into Jamaica , and at how can we bring more entrepreneurs into Jamaica to energize our own efforts, and to bring wider knowledge and greater expertise to intermingle with ours."

Stating that he was excited at the prospect of attracting more tourists from the Washington area, Mr. Bartlett further disclosed that Air Jamaica would soon be resuming daily flights from Baltimore .

Praises for Ambassador Marks  

He also paid tribute to Ambassador Marks for her tremendous effort in representing Jamaican interests in the United States .

He described her as "a brilliant mind and a really outstanding entrepreneur from Jamaica , who understands business and diplomacy."

In her response, Ambassador Marks said she was honoured and privileged to be representing her nation at this critical juncture in its development.

She underscored her main areas of focus as strengthening Jamaica-US relations; increasing trade and investment; and engaging the Diaspora to look at the investment opportunities available in their homeland.
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