Tue | Oct 1, 2024

Growth & Jobs | Jamaica’s digital growth: Investment opportunities in the nation’s tech transformation

Published:Tuesday | October 1, 2024 | 12:07 AM
Minister of Industry, Investment, & Commerce, Senator Aubyn Hill, speaking at a recent digital summit held in Kingston, on the Government’s progress in developing a thriving and enabling digital society that fosters greater connectivity among citizens as
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Minister of Industry, Investment, & Commerce, Senator Aubyn Hill, speaking at a recent digital summit held in Kingston, on the Government’s progress in developing a thriving and enabling digital society that fosters greater connectivity among citizens as well as business and economic growth.

AMID A global race towards digital economies, the Government of Jamaica is seizing the moment with a robust digital-transformation initiative to unlock new investment opportunities in fintech innovation and technology infrastructure.

The initiative serves as a catalyst for economic growth and development by enabling greater access to citizens islandwide, improving productivity, and creating an enabling business environment.

INVESTMENT OPPORTUNITIES

With growing demand for robust connectivity, investments in broadband expansion and data-centre operations are projected to yield significant returns. A few of these components include laying fibre optic cables, improving wireless connectivity, and establishing wireless hotspots, among others.

The fintech sector is positioned to yield high returns through investments in digital-payment solutions, blockchain technologies, and financial inclusion initiatives.

These investments can complement E-governance solutions by supplying demands that enhance public service delivery such as software development, digital platforms, and consulting services.

Ranked 72nd on the Network Readiness Index and 78th of 132 countries on the Global Innovation Index, Jamaica’s expanding tech landscape is ripe for investments, especially as the country continues to outpace its regional counterparts in innovation. This is supported by the Planning Institute of Jamaica’s (PIOJ) 2023 Economic and Social Survey, which reports the country’s rankings and its strengths in the subpillars, including computer software spending, publication and use of open data, e-commerce legislation, and the gender gap in Internet use.

JAMAICA IS BEING POSITIONED AS THE DIGITAL ECONOMY OF CHOICE IN THE CARIBBEAN

Recently, the Government operationalised its Data Protection Act (2020), designed to protect personal data and ensure privacy. Once completed, a National Artificial Intelligence (AI) Strategy and a Cybersecurity Plan for government and private institutions will follow.

The Government aims to provide a technologically advanced ecosystem to remain competitive and modern and grow economically. Ultimately, this will benefit the ease of doing business in the country.

Initiatives such as the Jamaica Business Gateway supply a user-friendly platform for local and international investors to access information and permits needed to effectively do business. The Jamaica Promotions Corporation (JAMPRO) manages the platform and is the government agency responsible for facilitating exports and investments.

Other recent tech initiatives include the Automated Systems for Customs Data, which streamlines international trade operations as well as Jam-Dex, Jamaica’s central bank digital currency aimed at modernising financial inclusion and digital-payment infrastructure.

The Government has prioritised digital literacy and implemented new programmes in its curricula such as the Coding in Schools programme. With plans to build out six science, technology, engineering, arts, and mathematics schools, the country aims at being recognised as a tech/digital destination with a highly skilled and certified workforce.

INVESTOR FACILITATION SERVICES

JAMPRO facilitates investors through several tailored services. These include market-intelligence sharing, site selection, business and building development approvals, and business matchmaking and advocacy. For more information, visit www.dobusinessjamaica.com or email info@dobusinessjamaica.com.