Why Invest in Jamaica?
In November 2019, the Jamaican flag flew alongside that of the United States on the New York Stock Exchange (NYSE) building, in tribute to the country’s stock market being the best performing stock exchange in the world in 2018. This wasn’t the first time either, having also achieved this feat in 2015. So, what is it about the Jamaica Stock Exchange (JSE) that’s led to its recognition as the number one performing stock exchange globally?
Now for the details...
In October 2019, global financial media company Bloomberg under the headline “Jamaica’s World-Beating 233% Stock Rally Continues Full Steam,” reported the impressive stock market rally of Jamaica as the best of the last five years, thanks to a dramatic economic turnaround boosted by government efforts. Despite a recent dip, Jamaica’s stock exchange of J$1.5 trillion (US$ 11 billion) is the best-performing of the company’s 94 brokers over the past 12 months, gaining a whopping 35%.
According to estimates from the International Monetary Fund, Jamaica’s financial sector resources have doubled over the past decade with the number of institutions growing considerably. Therefore, the JSE is not only riding the wave of success but poised for greater growth as local financial markets welcome more and more global companies becoming listed. Consequently, the World Bank rates Jamaica as the sixth-best nation in terms of business start-up ease.
This achievement is nothing new to many multinational players who’ve already jumped at the opportunity to invest in Jamaica. Foreign corporations have bought the producers of Red Stripe beer and J. Wray & Nephew rum in recent years, to name a few. The reputation of the island as one of the world’s leading investment destinations continues to rise, as an increasing number of entrepreneurs strive to capitalise on the country’s exciting business opportunities. As well as its vibrant culture and natural beauty, one can’t ignore Jamaica’s competitive value proposition. This is based on its business-friendly environment, educated and trained workers, stable democracy, solid infrastructure, and strategic location.
According to JAMPRO,
To the global investor community, Jamaica is the third-largest English-speaking country in the Western Hemisphere offering:
Well-developed infrastructure with world-class highways, airports and seaports
Robust telecommunications infrastructure with built-in redundancy
Vibrant and stable democracy with elections held every five years
Strong air connectivity – Frequent flights to major gateways worldwide
Impressive sea connectivity – #1 transhipment port in the region
Nearshore advantage – Located within a 4-hour flight radius of 500 million people
The JSE has recently transitioned to the use of the trading technology of the National Association of Securities Dealers Automated Quotations (Nasdaq). This is to further strengthen the entity’s position on becoming First World ready.
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