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Jamaica, Caribbean​​

LIST OF INSURANCE COMPANIES LOGOS IN JAMAICA

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LIST OF INSURANCE COMPANIES LOGOS IN JAMAICA

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Find the logos and names of insurance companies in countries close to Jamaica on the page Logos of insurance companies in the Caribbean.

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Economy of Jamaica

​This country has natural resources, primarily bauxite, and an ideal climate conducive to agriculture and also tourism. The discovery of bauxite in the 1940s and the subsequent establishment of the bauxite-alumina industry shifted Jamaica’s economy from sugar and bananas. By the 1970s, this nation had emerged as a world leader in the export of these minerals as foreign investment increased.

Weakness in the financial sector, speculation, and lower levels of investment erode confidence in the productive sector. The government continues its efforts to raise new sovereign debt in local and international financial markets in order to meet its U.S. dollar debt obligations, to mop up liquidity to maintain the exchange rate and to help fund the current budget deficit.

Jamaican Government economic policies encourage foreign investment in areas that earn or save foreign exchange, generate employment, and use local raw materials. The government provides a wide range of incentives to investors, including remittance facilities to assist them in repatriating funds to the country of origin; tax holidays which defer taxes for a period of years; and duty-free access for machinery and raw materials imported for approved enterprises.

Free trade zones have stimulated investment in garment assembly, light manufacturing, and data entry by foreign firms. However, over the last 5 years, the garment industry has suffered from reduced export earnings, continued factory closures, and rising unemployment. This may be attributed to intense competition, absence of North American Free Trade Agreement (NAFTA) parity, drug contamination delaying deliveries, and the high cost of operation, including security costs.

The Government hopes to encourage economic activity through a combination of privatization, financial sector restructuring, reduced interest rates, and by boosting tourism and related productive activities.

In April 2014, the Governments of Jamaica and China signed the preliminary agreements for the first phase of the Jamaican Logistics Hub (JLH) – the initiative that aims to position Kingston as the fourth node in the global logistics chain, joining Rotterdam, Dubai, and Singapore, and serving the Americas.

The Project, when completed, is expected to provide many jobs for Jamaicans, Economic Zones for multinational companies, and much needed economic growth to alleviate the country’s heavy debt-to-GDP ratio. Strict adherence to the IMF’s refinancing program and preparations for the JLH has favorably affected Jamaica’s credit rating and outlook from the three biggest rating agencies.

Jamaica, Caribbean​​ – World Insurance Companies Logos

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