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Executive Report on Strategies in Jamaica
ICON Group International, June 2007, Pages: 383
How to Strategically Evaluate Jamaica
Perhaps the most efficient way of evaluating Jamaica is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”).
Framework for Prioritizing Countries
Demand/Market Potential Driven Firm
Relative Accessibility
Accessibility/Supply Averse Firm
Relative Accessibility
In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities (e.g. a Canadian firm may have higher accessibility in Canada than a German firm).
Latent Demand and Accessibility in Jamaica
This report provides an extremely detailed overview of factors driving latent demand and accessibility in Jamaica. Latent demand is largely driven by economic fundamentals. But, latent demand only represents half of the picture. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks.
Chapter 2 deals with macro-accessibility. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in Jamaica:
Openness to Trade in Jamaica
Openness to Direct Investment in Jamaica
Local Marketing and Entry Strategy Alternatives
Local Human Resources
Local Risks
Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are also covered in Chapter 2, which is presented from the perspective of an American firm, though it is equally applicable to most firms entering Jamaica. This chapter has been authored by local offices of the U.S. Government. I have included a number of edits to clarify the provided information as it relates to the general strategic framework.
In Chapter 3, I summarize the economic potential for Jamaica over the next five years for hundreds of industries, categories, and products. The goal of this chapter is to report my findings on the real economic potential, or latent demand, represented by Jamaica when defined as an area of dominant influence. The data presented are the result of various spatial econometric and time-series forecasting models which, for each category presented, are applied to forecast and allocate latent demand across all countries of the world and major distribution centers or centers of dominant influence within each country. This is accomplished knowing that economic fundamentals (e.g. income) generally vary from one country to another within a given country over time. In this chapter, I report the allocation for each category for Jamaica as an area of dominant influence in North America & the Caribbean and, potentially, the world.
As a whole, this report presents a strategic assessment of Jamaica by considering an extremely broad set of factors affecting both latent demand and accessibility, as outlined in the following chapters.
MACRO-ACCESSIBILITY IN JAMAICA
Political Risks
Economic Relationship with the United States
Bilateral relations between Jamaica and the United States are good. Although the two countries occasionally disagree over specific issues, notably relations with Cuba, Jamaica has supported many U.S. objectives in the Caribbean region.
Politics and the Business Environment
There are no major political issues affecting the business climate in Jamaica. Both major political parties favor attracting foreign investment.
The Political System
Jamaica is a member of the British Commonwealth and follows the Westminster Parliamentary model. The head of state is the Governor General, the local representative of the Queen. The Prime Minister, leader of the majority in the elected House of Representatives, is the head of government. There are two major political parties, the People’s National Party (PNP) and the Jamaica Labour Party (JLP). One minor political party is the National Democratic Movement (NDM). The PNP and the JLP traditionally alternated in power since independence in 1962. Since the 1970’s, the orientations of the two major parties (PNP and JLP) have converged to a social democratic consensus.
The Prime Minister may call general elections at any time, but in no case later than five years and three months after the previous election.
Marketing Strategies
Distribution Channel Options
Distribution and sales of imported merchandise in Jamaica are done principally through importers, distributors, and agent representatives. A large share of materials and supplies including machinery and equipment is imported directly by some end user firms. Close contact with end users and provision of excellent quality, after sales service, and competitive prices are essential to maintaining position in the market. At the same time, because of relatively close proximity to the United States, many importers of goods into Jamaica maintain direct contact with exporters and manufacturers’ representatives, particularly in Florida.
Agents and Distributors
There are no specific laws in Jamaica, which dictate contract terms for agents/distributors. The parties involved formulate their own terms and conditions of agreement with or without the assistance of an attorney. However, regardless of contract terms, every supplier and agent/distributor must abide by the Fair Competition Act (FCA). The FCA is designed to invalidate contract clauses which restrict competition. Under Jamaica’s British common law system, once an agreement is reached and signed, it becomes a legally binding document. Breaches of such contracts may be contested in a court of law.
Leads and sources for business partners include the local government investment agency, Jamaica Promotions Corporation (JAMPRO), the Private Sector Organization of Jamaica, the Jamaican Manufacturers’ Association, the Jamaica Chamber of Commerce, or the American Chamber of Commerce of Jamaica.
Franchising Activities
In recent years, there has been substantial activity in the area of franchising, particularly in the area of fast food operations. Current U.S. franchises in Jamaica include Kentucky Fried Chicken (KFC), Burger King, McDonalds, Pizza Hut, Subway, and Wendy’s to name a few. There are also other types of franchises in areas such as dry cleaning, automobile care, and training. Usually a locally registered company is responsible for managing the operation and ensuring conformity to the franchise requirements.
Direct Marketing Options
While mail order sales and catalogs have not been very popular, moves towards deregulation and liberalization in Jamaica have compelled persons in retailing to think of more creative ways of getting their message to customers and achieving sales growth. Some local firms have used direct mailings of promotional materials and telephone marketing. Local credit card companies sometimes target cardholders with direct mailings offering goods and services.
Growth has been seen in network marketing for the promotion of products such as Avon, Amway and various health (food) supplements.
Joint Ventures and Licensing Options
Nonresident partners, unless exempted under one of the incentive programs, including corporate partners, are subject to Jamaican tax on their share of the partnership profits that accrue in or are derived from Jamaica. Nonresident foreign corporations pay tax on their share of profits at the same rates as resident corporations. Double taxation relief is available under the Convention for the Avoidance of Double Taxation which entered into force December 1991.
Creating a Sales Office
JAMPRO’s objective is to facilitate the establishment of businesses in both the productive and service sectors of the Jamaican economy. (JAMPRO or “Jamaica Promotions” is Jamaica’s economic development agency). A potential investor should present a project proposal to JAMPRO for assessment and guidance. Information should include costs as well as financial projections, and production levels. Registration or incorporation of the business (e.g., sole proprietorship, partnership or company limited by shares) should be made with the Registrar of Companies. JAMPRO will assist with:
Obtaining applications from the income tax department (for an income tax number and for a business/trade number);
Obtaining import licenses from the trade board;
Identification of business location (factory space or land);
Applications for concessions under incentive legislation;
Applications to the revenue board for a business enterprise number (beno);
Work permits for nonresident personnel; and
Registration under the consumption duty and/or excise duty acts.
To form a private, limited liability company, there must be at least two and a maximum of twenty shareholders. There are no restrictions on the nationality of subscribers. Two legal documents must be prepared in order to complete incorporation of a company in Jamaica: a memorandum of association and articles of association. Changes to the Companies Act are currently being contemplated. If passed, these would simplify the process for forming private companies.
Selling Strategies
There are several large, established distribution companies in Jamaica, which import and distribute a range of products. These companies typically own vehicles or have salesmen on contract with appropriate vehicles. Demand and, hence, markups for products vary. Some companies specialize in high volume and fairly low markups while others will only distribute goods that ensure a fairly high mark up. Because of proximity to and the strong influence of North America, strategies which prove successful in North America are generally successful in Jamaica as well.
Advertising and Trade Promotion
Advertising is primarily done through radio, television, the press and billboards. A number of advertising agencies have national coverage. The number of companies licensed to offer broadcast media services has grown to twelve (12) and there are over 40 Subscriber Television (STV or Cable) licensees - including one wireless (multi-point multi-channel) licensee. There are several Internet service providers e.g. Cable and Wireless (CWJamaica), Infochannel, Colis, JamWeb, World Telenet, Anngel, Kasnet, N5 Systems and others. of all ISP’s, CWJamaica has the largest number of subscribers. Through mergers and acquisitions, Infochannel has significantly increased its customer base in recent years. Radio is the most wide reaching mass communication, with seven authorized radio stations. The two local TV networks are Television Jamaica (TVJ) and CVM. One radio station and one additional television station provide primarily religious broadcasts.
Jamaica has two morning dailies and one afternoon tabloid as well as several periodicals and magazines, among them:
The Gleaner Newspaper (daily)
7 North St.
Kingston
Tel: (876) 922 3400
The Jamaica Herald Newspaper (Sunday)
29 Molynes Rd.
Kingston 10
Tel: (876) 968 7721
The Jamaica Observer Newspaper (daily)
2 Fagan Ave.
Kingston 8
Tel: (876) 931-7825/-7832
The Star Newspaper (afternoon tabloid)
7 North St.
Kingston
Tel: (876) 922 3400
Investor’s Choice Magazine (monthly)
12 Merrick Ave.
Kingston 10
Tel: (876) 929 2993
Insight (twice monthly econ/comm newsletter that takes advertisements)
7 Kingsway, Apt. 11
Kingston 10
Tel: (876) 926-5404
Pricing Issues
Most prices are freely determined by the market. Notable exceptions are utility services, such as electricity, water and bus fares. The Office of Utilities Regulation has been set up to monitor pricing and other activities for utility companies. Since 2001, competition in the telecommunications sector has helped to control some telecom prices. While there are no official or government policies on price regulation or control, the Fair Trading Commission (FTC) and the Consumer Affairs Commission (CAC) do monitor pricing of consumer items. The FTC generally responds to consumer complaints. The CAC plays a role in conducting research and informing the public of price variations. The National Consumer League, a local NGO, plays a watchdog role.
Supplying Customer Service
After sales service is an important competitive advantage in the Jamaican market and a requirement for an effective sales operator. If a U.S. firm has difficulty setting up its own distribution system, a local agent or distributor may be required to maintain a trained service staff with a reasonable stock of spare parts. Alternatively, the supplier could offer the customer rapid service from the United States.
Public Sector Marketing
Government procurement is generally done through open tenders, direct advertising, or by invitation to registered suppliers. U.S. firms are eligible to bid. The range of manufactured goods produced locally is relatively small, so there are few instances of foreign goods competing with domestic manufactures. Companies interested in supplying office supplies to the government must register with the Financial Management Division of the Ministry of Finance (phone [876] 929-9330). Companies interested in supplying other kinds of equipment or materials should contact: the National Water Commission (water supply and distribution equipment), the Jamaica Commodity Trading Company (for the purchase of certain basic food items and fertilizer under concessionary loan programs), the Pharmaceutical Division of the Ministry of Health and Health Corporation Limited (medicines and medical supplies), and the Ministry of Housing (for housing and construction materials).
Intellectual Property Risks
The Jamaican Constitution recognizes property rights. There are laws designed to protect property that specifically address protection of intellectual property. Bilaterally, there are also agreements covering IPR protection. The United States and Jamaica signed an Intellectual Property Rights Agreement (1994) and a Bilateral Investment Treaty (which came into force March 1997).
In June 1999, Jamaica’s Senate passed three related pieces of legislation. These were the new Trade Marks Act, the Layout-Designs (Topographies) Act as well as a bill to amend the Copyright Act to extend its coverage to include databases as well as the issue of trading in encrypted transmissions.
All three have been enacted in fulfillment of Jamaica’s obligations under the WTO agreement on the trade-related aspects of intellectual property rights (TRIPS), the Paris Convention for the Protection of Industrial Property (to which Jamaica is seeking to become a signatory), as well as under the bilateral agreement on intellectual property between Jamaica and the United States.
In general, Jamaica has reasonably good copyright and trademark protection regimes. However, Jamaica’s patent regime is outdated and falls short of international standards. Jamaica was included on the Special 301 watch list as a result of lack of parliamentary action to bring patent, industrial design and plant variety laws into conformity with international standards.
Hiring Local Counsel
It is advisable to retain professional advice at an early stage of a business venture to ensure smooth start up and compliance with local laws. The Jamaica Bar Association has a membership of over 550 attorneys. The Association is located at 78 80 Harbour St., Kingston (phone: [876] 922 2319). A list of members can be obtained from the Association. The Embassy can also provide a list of local attorneys.
Import and Export Regulation Risks
Trade Barrier Risks
Jamaica is a part of CARICOM and a Common External Tariff (CET) is normally applied to goods entering any of the CARICOM member-countries. As part of the continuing process of reform of the trade regime, the government embarked upon a tariff reform program whereby the duty rates were gradually reduced from as high as 200 percent. Duties have been removed entirely from some categories. High duty rates remain in place for some items, such as motor vehicles. The Jamaica Bureau of Standards is becoming increasingly vigilant in monitoring the quality of imported items. Goods produced within the region under a Rules of Origin regime are not subject to import duties.
The CET rate structure is based on two categories - inputs (raw materials and capital goods) and final goods. Final or consumer goods are broken down into basic and non-basic goods. Furthermore, the rate structure differentiates between competing and non-competing goods. Goods are considered to be competing if the regional manufacturer has the potential to supply 75 percent of the regional market - whether this potential is realized or not. Exceptions have been made in special circumstances where cost of living considerations or other sensitivities dictate the assessment of special rates including special low rates or even zero rates of duty. This would include basic foods, medicines, certain fertilizers and insecticides, books and some agricultural inputs. Another departure from the rate structure of the CET is the Minimum Rate Approach, which permits member states to apply rates of duty exceeding the agreed minimum rates. Some examples of commodities for which CET rates have been established as Minimum Rates are: alcoholic beverages, tobacco products, petroleum products, jewelry, watches and clocks.
In the case of a long-term or short-term incapacity by a member state to access a particular protected industrial or agricultural input within the region, the CARICOM Council or the Secretary General acting on behalf of the Council may grant a suspension of the CET rate in order for a certain member state to import the particular input from extraregional sources at a rate of duty to be determined by that member state.
Conditional duty exemptions and reductions are also provided for under the CARICOM CET. These are allowed when goods are imported in specified instances or by specified agencies. In Jamaica, exceptions to the CET may cover goods imported under the following circumstances:
Approved new investments;
Approved substantial expansion to existing investment; and
Development financing from a donor country or international institution with a view to assisting the economic development of Jamaica.
There has been a gradual reduction of the CET. The rate structure was to be revised downward in 4 phases. In January 1999, the last phase of the CET was implemented in Jamaica when import or customs duty rates were reduced (for most items) by 5 percent to a maximum of 20 percent. In order to protect local producers, import duties on certain agricultural products (such as chicken and milk) and certain consumer goods carry higher duty rates. In addition to import duties, certain items such as beverages and tobacco, motor vehicles and some agricultural products carry an additional stamp duty and special consumption tax. Additionally, most imported items are subject to 15 percent general consumption tax (GCT).
Licenses Required for Imports
Although considerable headway has been made in the area of trade liberalization, there are still several items that require an import license. These items include milk powder, refined sugar, plants and parts of plants for perfume or pharmaceutical purposes, gum-resins, vegetable saps and extracts, certain chemicals, motor vehicles and parts, arms and ammunition, and certain toys, such as water pistols and gaming machines. The Trade Board, under the Ministry of Industry, Commerce & Technology, is responsible for granting licenses.
Controls on Exports
Certain items are subject to export licensing. These include ammunition, crocodiles, crocodile eggs, bird eggs, antique furniture, gold bullion and fully or semi manufactured gold, minerals and metals including bauxite, alumina, gypsum, antique paintings, pimento, sugar, plasma, lignum vitae and log wood, petroleum products, motor vehicles (including bodies and auto parts) as well as live animals and shells subject to the Convention of International Trade in Endangered Species (CITES) administered by the National Resources Conservation Authority (NRCA) in Jamaica.
Documentation Required for Trade
If an item requires a license, one must be obtained from the Trade Board before the sale. The documents required for the importation of goods are:
A supplier invoice
Certificate of origin
Bill of lading
Airway bill
Other shipping documents
A declaration of value and an import license, if necessary
(Certain products may also require phytosanitary certification.)
Upon arrival of the goods in Jamaica, the documents are submitted to the Customs authorities. Relevant duties must be paid before the goods may be cleared into the country. The importer may also be required to present a tax compliance certificate for the importer, a Business Enterprise Number (BENO) and a Taxpayer Registration Number (TRN).
Entering Temporary Imports
Importers may obtain authorization for temporary admission for a period of three or four months. To claim temporary admission of merchandise, regular import documentation and the C25 Form with customs authorization must be presented by the importer upon the arrival of the merchandise. In addition, the importer is required to deposit or place in bond either full or one and a half times the applicable duty, which is refunded on exit of the merchandise.
Labeling Issues
The Jamaican Bureau of Standards administers the Standards Act, Processed Food Act and Weights and Measures Act. Products imported into Jamaica must meet the requirements of these Acts, and it is the responsibility of the importer and distributor to ensure that goods sold in Jamaica are properly labeled as required by the labeling standards. The smallest individual unit of a pre-packaged good should be labeled in English and should include the proper name of the product, an accurate declaration of the contents, an accurate description of the ingredients, a date mark or date of minimum durability as well as the name and traceable business address of the processor, manufacturer, packer, importer or distributor and the country of origin. Manufactured, expiry and other date marks must conform to the traditional European “dd/mm/yy” or ISO’s “yy/mm/dd” date formats. The United States’ conventional “mm/dd/yy” or the five-digit Julian “day-of-year year”, “year day-of-year”, or other such modifications of the Julian system, are not accepted for the purpose of trade and commerce in Jamaica. Jamaica has not yet developed any definitive standard for the labeling of Genetically Modified Organisms and Living Modified Organisms, but present directions are skewed towards adopting language developed by the Codex Alimentarius Commission.
The Jamaica Bureau of Standards is very stringent in exercising its judicial authority to block the entry and sale of goods that are improperly labeled. Improper labeling may occur in several ways such as incorrect date format, non-English language and so on. A full description of labeling requirements is to be found in Labeling Standards JS1 Parts 1 to 29.
Restrictions on Imports
Jamaica prohibits the import of the following items:
Dogs for racing;
Dog racing equipment;
Tablets containing a combination of methaqualone and diphenhydraine hydrochloride;
Certain brands of crayons from china and thailand;
All items banned under the customs act and the plants protection from disease act;
All goods prohibited entry into the united kingdom under the anthrax prevention act 1919;
Animals and carcasses of animals prohibited under the animals diseases and importation act;
Arms and ammunition, except with the permission of the commissioner of police;
Brandy of a lower strength than 30 degrees per centum under proof, unless it is proved that it has been matured for a period not less than ten years;
Base or counterfeit imitation coin of any country;
Coin, silver, or any money not of the established standard in weight and fineness;
Opium and dangerous drugs;
Essence of brandy or whisky or flavoring essences except as approved by the minister;
Indecent or obscene prints, paintings, photographs, books, films, etc.;
Oil of gin or cognac, except as approved by the minister;
Rum coloring solutions;
Spirits and wine, unless specifically imported with casks or other vessels of at least nine gallons content or in glass or stone bottles with each case containing not less than one gallon;
Fictitious stamps and instruments; and
Sugar, except under license.
Local Standards
There are many mandatory standards to which products must conform before they can be exported to Jamaica. A list of applicable standards can be purchased from the Jamaican Bureau of Standards. Jamaica generally follows U.S. standards in most cases. In recent years, the Bureau has become increasingly vigilant in terms of monitoring the quality of products sold on the local market. The Plant Quarantine and Veterinary Services Divisions (VSD) inspect and determine standards in the case of live plants and animals. Meats and other animal products / by-products are inspected by the Ministry of Health and or the VSD. A veterinary import permit, issued by the VSD and an export certificate, completed by the competent federal authority of the exporting country, are mandatory requirements for the entry of all meats, meat products and by-products into Jamaica, irrespective of quantities, form or origin. This regulation extends to highly processed food products that contain ingredients of animal origin.
In 1995, the Jamaican parliament passed an amendment to the Weights and Measures Act aimed at enforcing compliance with the metric system of measurement. Imported goods should conform to the metric system.
Free Trade Zone Options
Under the Jamaican Free Zones Act, investors are allowed to operate outside Jamaican customs, solely with foreign exchange in activities such as warehousing and storing, manufacturing, redistribution, processing, refining, assembling, packaging, and service operations such as insurance, banking, information processing, and professional services.
FTZ incentives include a 100 percent tax holiday in perpetuity, no import licensing requirements, and exemption from customs duties on capital goods, raw materials, construction materials, and office equipment. Free zone companies are allowed to sell about 15 percent of their annual production in the local market. However, they are required to send their request through the Free Zone Administration for approval.
Jamaica has three active industrial park/free trade zones:
Kingston Export Free Zone
Montego Bay Export Free Zone
Garmex
These free zones are government-owned and -managed.
Kingston Free Zone has a total of 790,470 sq. ft. of factory space. Factory space is made available in modules of 6,000 sq. ft. including services (security, external lighting, maintenance of common areas, and garbage collection and disposal). There are currently 28 companies operating there, 15 of which are involved in non-Free Zone activities.
Montego Bay Free Zone has over 500,000 sq. ft. of office and factory, most of which is completely filled.
Garmex Free Zone has a total building area of 520,087 sq. ft. Total space available for rent is 24,000 sq. ft. The average size of the factory ranges from 8,000 - 42,000 sq. ft. There are three garment companies currently operating in the free zone. The Garmex Freezone is currently focusing more on attracting IT firms.
The government may also accord Free Zone status to a company not located in any of the existing Free Zones. Hence, individual companies satisfying certain criteria are able to apply either to the Kingston Free Zone or the Montego Bay Free Zone for single-entity free zone status.
Additional Trade Issues
Samples of commercial value brought into the country are dutiable at normal rates. However, the importer is entitled to reimbursement when taking the sample back or out of the country. This takes place upon completion of a Revenue Deposit Receipt (RDR form) at customs at the point of entry.
Adherence to Free Trade Agreements
Jamaica has enjoyed preferential tariff arrangements with the United States under the Caribbean Basin Economic Recovery Act or Caribbean Basin Initiative (CBI), with the countries of the European Union under the Lome Convention (succeeded by the Coutonou Agreement), with Canada under CARIBCAN, and with other English-speaking Caribbean states under CARICOM.
CBI long provided customs duty-free entry to the United States to qualifying products of Jamaican origin (except textiles, footwear, handbags, luggage, work gloves, leather apparel, tuna fish, petroleum and petroleum products, and watches and watch parts from countries that do not enjoy Most Favored Nation status). An amendment was made to CBI provisions in 1990 (CBI II) allowing additional duty reduction on certain leather-related products, including handbags, luggage, flat goods, work gloves, and wearing apparel. To meet CBI eligibility standards, products must contain at least 35 percent value added in Jamaica, of which U.S. materials must comprise 15 percent of the value of the finished product. Articles assembled in Jamaica from 100 percent U.S. components are also given duty-free treatment (with certain exceptions including textiles/apparel for which the U.S. duty is levied only on the value-added in Jamaica).
Jamaica has signed a Tax Information Exchange Agreement (TIEA) with the United States. U.S. taxpayers are allowed to deduct legitimate business expenses incurred in attending business meetings and conventions in Jamaica.
Goods of Jamaican origin or those partially produced from extra-regional materials and sufficiently transformed in Jamaica can enter CARICOM markets duty-free. Efforts are being made to boost trade within the region through integration and regional cooperation.
Jamaica exports certain items duty-free to Canada under CARIBCAN. Eligible items must meet a national-origin standard of 60 percent of the factory price originating in Jamaica, Commonwealth Caribbean countries, or Canada. Textiles, garments, lubricating oils, clothing, footwear, luggage, handbags, and leather garments are excluded from CARIBCAN. Processed and fresh vegetables comprise most of the trade under CARIBCAN. Alumina, representing approximately 80 percent of all exports to Canada, was already admitted duty-free prior to the establishment of CARIBCAN.
Jamaican exports also benefit from either zero or reduced duty treatment of several products sent to the European Union under the EU-ACP Partnership (Cotonou) Agreement. The system is not a simple one, as there are special arrangements for certain agricultural products, and the required value-added component varies depending on the type of product.
Investment Climate
Openness to Foreign Investment
The Government of Jamaica (GOJ) welcomes and encourages foreign investment as a source of development both from a capitalization and technology transfer standpoint and has no policies or regulations that reserve areas exclusively to Jamaicans. According to the Trade Policy Review of September 1998 “. . . a liberal foreign investment regime has been implemented representing great strides over the last twenty years - the 1970’s and 1980’s - when the climate for foreign investment was very restricti
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