Jamaica Invites Investment by Indian Pharmaceutical Companies
#Jamaica, June 14, 2022 – Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, is inviting investment by Indian companies, particularly those involved in pharmaceuticals, in the Caymanas Special Economic Zone (CSEZ) in St. Catherine.
Speaking with JIS News, the Minister said the approximately 1,000-acre campus, which will be developed under the Jamaica Special Economic Zone Authority (JSEZA regime, is an opportunity to further strengthen the commercial collaboration between Jamaica and India.
“I am inviting Indian pharmaceutical companies [and] Indian investors to come to Jamaica and invest in our logistics centre at Caymanas and to make sure that collaboration between Jamaica and India will strengthen commercially,” he said.
The Minister noted that due to the coronavirus (COVID-19) pandemic and the Russia-Ukraine war, “long supply chains from… Russia to Egypt are now problematic”.
He pointed out that “Jamaica is ideally situated next to the largest economy in the world (United States of America) and Canada is right there and then we have Latin America and the Caribbean”.
He noted that with the changing times, “we have to look for new trading partners”.
“India is an excellent [trading partner] with a legal system that we know and with a collaboration that we’ve had for a long time,” he added.
Minister Hill was part of the Jamaican delegation at the Office of the Prime Minister for Monday’s (May 16) courtesy call on Prime Minister, the Most Hon. Andrew Holness, by President of the Republic of India, His Excellency Hon. Ram Nath Kovind.
The courtesy call formed part of a four-day State visit to the island by the Indian President that began on Sunday (May 15).
The meeting included the signing of a Memorandum of Understanding (MOU), which will provide for training through Jamaica’s Foreign Service Institute.
Other members of the Jamaican delegation for the courtesy call and the signing ceremony included Minister of Foreign Affairs and Foreign Trade, Senator the Hon. Kamina Johnson Smith; Minister of Legal and Constitutional Affairs, Hon. Marlene Malahoo Forte; Minister of Local Government and Rural Development, Hon. Desmond McKenzie; Minister without Portfolio, Ministry of Economic Growth and Job Creation, Senator the Hon. Matthew Samuda; Minister without Portfolio, Office of the Prime Minister, Hon. Floyd Green; High Commissioner for Jamaica to the Republic of India, Jason Hall.
President Kovind’s visit to Jamaica is a first for an Indian President over the 60 years of relations between the two countries. He is scheduled to depart the island on Wednesday, May 18.
Contact: Mickella Anderson
Millions to come from FSC
#TurksandCaicos, March 17, 2023 – Revenue from the Turks and Caicos’ Financial Services Sector will more than double in the next few years, if E Jay Saunders, Deputy Premier and Finance Minister gets his way. It ‘s one of the reasons the country is investing so much capital into getting off of the EU blacklist and becoming a secure trustworthy financial destination.
“The FSC’s revenues for 2020/21 was $10.5M— the figures for 2021/22, would be about similar,” he said. He further explained that $10.5 million from the FSC represented about 2.6 percent of the country’s 408.5-million-dollar revenue. Though it increased to $14 million in the 2021/22 financial year, finance is still a small fry compared to tourism or even stamp duties but that will change, says Saunders.
“My revenue goal for the Government by the year 2029 [or] the election after the next election – is $500M. By that time, I want the financial sector (FSC) revenues to represent at least 5% ($25M). So that’s my goal for the financial sector by 2029.”
This goal, should it be met, would increase the Government’s revenue by 100 million dollars, a significant increase in spending power for local upgrades and improvements for Turks and Caicos residents and visitors.
Saunders says it’s time for the TCI to diversify its sources of revenue to make sure that what happened in the COVID-19 pandemic, which saw residents out of a job for months, will not happen again. Tourism now makes up around 80 percent of the country’s GDP. The Minister of Finance wants to push that down to 60 or even 50 percent.
Debrief on Haiti Caribbean heads visit
#Haiti, March 17, 2023 – When a CARICOM delegation visited Haiti earlier this month, conspicuously absent was the Turks and Caicos Islands despite being one of the nations most directly affected by the multi-dimensional crisis there. There is no comment, as yet from the Premier, to say why this was the case.
Still, from the expedition, CARICOM heads of Government have informed that there will be lobbying in Africa for assistance in Haiti. They say they have decided that the best course of action for the Caribbean country is to bolster the Haitian National Police and act as intermediaries with Africa and the world. The decision follows a one day visit on February 27th, and a March 5th meeting chaired by the Bahamas.
CARICOM says during the trip delegates ‘met with a broad range of Haitian stakeholders to hear their views on the way forward to a Haitian-led solution’. With that in mind it has made a decision on how to proceed.
“The Heads of Government agreed to support the Haitian National Police in their efforts to address the security situation. The focus of the Community will be the provision of training for the HNP and the provision of humanitarian assistance to HNP and the wider Haitian society, taking into account the challenging humanitarian and security situation”
It’s not clear yet where and how this training will take place. Also distinctly absent from the report, no more mention of boots on the ground from other countries despite CARICOM Member States indicating they were ready and willing should it come to that.
In addition, recognizing ‘the common historical experiences and the strong African-Caribbean relationship’ CARICOM says,
“Heads of Government also agreed to seek support from African countries for Haiti. They also agreed to work with the Governments of Canada and the United States as well as the UNDP”
Magnetic Media has reached out to the Premier’s Office to get a full debrief of the February 27th visit (led by Jamaica; including The Bahamas and Trinidad and Tobago) to learn of Turks and Caicos’ posture following the critical sessions.
New ASHLEY’S LEARNING CENTRE CONCERT
#TurksandCaicos, March 17, 2023 – Musicians from the New World Symphony will be in the Turks and Caicos in concert next month and residents are invited to attend in support of the future of Ashley’s Learning Center.
A fairly young orchestral academy based in Miami, the New World Symphony was launched in the 1980s by 1987, Michael Tilson Thomas and Ted Arison,Carnival Cruises founder. From the 1500 applicants who vie for a spot each year, the symphony accepts around 35 music graduates annually for training fellowships.
A select few of those graduates will be in country on April 8th headlining at the Ashley’s Learning Center concert ‘We’re all in this together’. The concert which also feature local artistes will be held at Brayton Hall on Venetian Road from 6 pm to 8:30 pm
Tickets are available ON ISLEHELP $75 PER GENERAL SEAT $125 PER PREMIUM SEAT $195 PER GALLERY SEAT – with /FREFRESHMENTS.
For TICKET RESERVATIONs you can call: 649-341-2304 or email EVENTS@ASHLEYSLEARNINGCENTER.ORG
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