By: Staff Writer
June 16, 2023
The Prime Minister of Jamaica touts the country’s premier position and competitive advantage as the “leading Outsourcing location” in the English speaking Caribbean as he focuses in on the country’s Special Economic Zone as well as the country’s business friendly environment at the Outsource2LAC Global Digital Services Summit in Jamaica.
Andrew Holness, addressing the summit, said: “Jamaica is the leading outsourcing location in the English speaking Caribbean and has firmly established its reputation as a strong and highly competitive destination for global digital services due to its location infrastructure, similar time zones talent pool, native English, business friendly environment and cultural affinity.”
Jamaica has a vibrant Outsourcing sector as companies like Conduent (formerly Xerox), Teleperformance, Vistaprint, Hinduja Global Solutions have chosen Jamaica’s to provide their outsourcing solutions.
Expounding on the “mystique” of Jamaica and the cultural affinity for its culture, Mr Holness added: “Jamaica is also seeking to offer additional opportunities to be considered a viable opportunity for shared services and therefore, to develop businesses in human resource management, information technology, finance, accounting, and economics, architecture, all kinds of businesses, new businesses can be developed outside of the core business of global outsourcing.”
Pointing to the Special Economic Zone Act that was passed in 2016, which repealed the former Free Trade Zone Act of Jamaica, the opportunities for businesses to flourish in Jamaica are virtually endless.
Mr Holness also said: “we have established the Special Economic Zone which creates incentives for outsourcing firms to operate in Jamaica. The SEZ provides for 100 percent exemption from import duties, which allows for the importation of equipment, computers, furniture etc., and this is all import duty free.
“The operational costs of companies in the Special Economic Zone is further reduced with 100 percent exemption from our general consumption tax on utilities and services.
“The Special Economic Zone regime also affords outsourcing companies stronger earning power with a reduced headline corporate tax rate of 12.5 percent which can go as low as an effective 7.75 percent.
“So Jamaica also has, in addition to its natural advantage, in addition to the fiscal policy, the economic certainty. We have put in place a transparent system of incentives to promote your business.”
Currently, it was reported that SEZ’s in Jamaica have over $1bn in investments in the pipeline in the 140 plus SEZ’s over the island.
The SEZ’s have attracted a wide range of sectors, from energy, tourism, manufacturing and the global digital sector.