Jamaica Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in jamaica, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Investment Climate Statement (ICS) 
Last published date:

The U.S. Department of State’s Investment Climate Statements help U.S. companies make informed business decisions by providing up-to-date information on the investment climates of more than 170 countries and economies. They are prepared by our embassies and consulates around the world and analyze each economy’s openness to foreign investment. Topics include:

•    Openness to, and Restrictions upon, Foreign Investment, 
•    Investment and Taxation Treaties,
•    Legal Regime,
•    Industrial Policies,
•    Protection of Property Rights,
•    Financial Sector,
•    State-owned Enterprises,
•    Corruption,
•    Labor Policies and Practices,
•    Political and Security Environment, and
•    U.S. International Development Finance Corporation (DFC) and Other Investment Insurance or Development Finance Programs

Each statement provides a starting point for U.S. firms and offers a point of contact at the relevant U.S. embassy or consulate abroad.

These reports are also a resource for foreign governments to create business environments that ensure fair treatment for the United States and our companies and investors. 

To access the full Investment Climate Statement, visit the U.S. Department of State Investment Climate Statements website.

 

Executive Summary - Jamaica

Jamaica’s investment climate is characterized by a mix of strong economic opportunities and persistent challenges. The country has demonstrated economic resilience, bouncing back from the COVID-19 pandemic and weather-related shocks, while reducing its debt load to below 70 percent of GDP, and continuing to attract foreign direct investment (FDI) across multiple sectors, particularly in tourism and energy. However, structural weaknesses – including bureaucratic inefficiencies, high energy and security costs, and a tightening labor market – continue to hinder the business environment.

Jamaica has enjoyed a decade of macroeconomic stability grounded in the government’s prudent fiscal policies and by extension declining debt, which has created fiscal space for increased infrastructure spending, and an improving business environment. The country recorded Gross National Income (GNI) per capita of $6,200 in 2023, according to the World Bank.

The United States remains a key investor in Jamaica, with U.S. FDI stock of $276 million in 2023. This investment is concentrated in tourism, energy, and telecommunications. Other major investors include China, Mexico, and Spain. The government actively encourages foreign direct investment through incentives such as tax breaks, special economic zones (SEZs), and a streamlined business registration process.

Jamaica’s location in the Caribbean positions it to operate as a regional logistics hub with easy access to North American markets. The country’s proximity to the Panama Canal gives it an advantage as a transshipment and logistics center.

Tourism remains a pillar of Jamaica’s economy, contributing significantly to GDP and employment. With world-renowned beaches, vibrant cultural heritage and other attractions, Jamaica has cemented its reputation as a leading Caribbean travel destination, drawing investors to capitalize on opportunities in hotel development, eco-tourism, medical tourism, and entertainment.

The Business Process Outsourcing (BPO) industry has expanded rapidly, benefiting from an English-speaking workforce and relatively competitive labor costs. Jamaica is now a leading outsourcing destination in the Caribbean, attracting companies in customer service, finance, and technology.

Investments in renewable energy, particularly solar and wind, have increased in recent years. Additionally, improvements in road networks, ports, and airports enhance Jamaica’s attractiveness to investors.

The Jamaican government actively promotes foreign investment through initiatives such as the Jamaica Promotions Corporation, which provides incentives like tax holidays, duty concessions, and investment facilitation services.

Jamaica ranked 73rd out of 180 countries in the 2024 Transparency International Corruption Perceptions Index (CPI). Corruption remains a major public concern, despite ongoing efforts to strengthen anti-corruption efforts, regulatory transparency, and enforcement.

High crime rates, particularly in urban areas, pose risks to businesses and investors. Security concerns can increase operational costs for companies that must implement additional safety measures. However, in 2024 homicides declined by 19 percent and overall major crimes declined by 14 percent compared to the previous year, reflecting the government’s significant investments in law enforcement, intelligence-led policing, and community engagement.

Despite improvements in the ease of doing business, bureaucratic inefficiencies still slow down investment processes. Lengthy permit approvals, complex tax regulations, and inconsistent enforcement of laws create challenges for investors.

Jamaica is susceptible to hurricanes, earthquakes, and other natural disasters. Weather-related shocks can impact tourism, agriculture, and infrastructure, posing risks to investments. There are opportunities for companies that offer disaster relief solutions.

Jamaica offers significant investment potential, particularly in tourism, logistics, and the BPO sector. The government’s commitment to fiscal discipline, infrastructure development, and investment incentives continue to attract international businesses. Investors seeking opportunities in Jamaica should conduct thorough due diligence while leveraging government support and risk-mitigation strategies. To access the full Jamaica Investment Climate Statement, visit https://www.state.gov/reports/2025-investment-climate-statements/jamaica/

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