Financial Crime World

Jamaica: A Growing Hub for Hospitality Services

As the hospitality industry continues to grow globally, Jamaica is emerging as a key player in this sector. With its rich culture, stunning natural beauty, and warm hospitality, Jamaica is an attractive destination for tourists and businesses alike.

Economic Growth

Jamaica’s economy is experiencing significant growth, driven by sectors such as:

  • Information Communications Technology (ICT)
  • Business process and professional services outsourcing
  • Renewable energy
  • Ecotourism

The government is committed to creating a favorable business environment through initiatives like the Single Business Registration Super-form, an electronic interface linking public agencies, and the Jamaica Single Window for Trade platform.

Human Rights and Labour Standards

Jamaica recognizes the UN Guiding Principles on Business and Human Rights and has ratified all core conventions on labor rights. The country has a strong trade union movement, with several active unions representing workers’ interests. While there have been reported incidents of child labor, the government is working to prevent and eliminate this issue through national programs.

Bribery and Corruption

Jamaica has made significant progress in combating corruption, ranking 69th out of 180 countries in Transparency International’s Corruption Perceptions Index (CPI). The government is committed to maintaining a transparent and accountable business environment through initiatives like the Data Protection Act 2020 and ongoing work on developing a National Cybercrime policy.

Intellectual Property

Jamaica has strengthened its intellectual property laws, including:

  • The Copyright Act
  • The Trademark Act

The country has also updated its patent law to comply with international standards, making it an attractive destination for businesses looking to protect their IP rights.

Climate Change and Renewable Energy

Jamaica is committed to building a climate-resilient society through initiatives like:

  • The Nationally Determined Contribution (NDC)
  • The Low Carbon Emissions and Climate Resilient Development strategy

The country aims to transition to renewable energy sources by 2050, with a focus on increasing private investment in the sector.

Organised Crime

Jamaica faces challenges related to:

  • Lottery scams
  • Ponzi schemes
  • Organized criminal gangs

However, the government is working closely with international partners to address these issues and create a robust framework for cyber security.

Resources

For more information about doing business in Jamaica, contact the Department for Business and Trade (DBT) team or visit the following websites:

  • Ministry of Foreign Affairs & Foreign Trade
  • Ministry of Industry, Investment and Commerce
  • Companies Office of Jamaica
  • Tax Administration of Jamaica
  • The Jamaica Intellectual Property Service
  • Jamaica Promotions Corporation (JAMPRO)

Note: This article is rewritten to resemble a media article, but it is not intended to be a comprehensive or up-to-date report on the topic.