The extraordinary career of Minister Aubyn Hill, a leading international banker who has brought his experience and vision to the political arena, leading key initiatives for economic growth and prosperity in Jamaica. 

In the pages of "Caribbean Success Factor," we delve into the wealth of experience and vision of one of the Caribbean's leaders: Minister of Industry, Investment and Commerce, Senator Hon. Aubyn Hill. From his distinguished career as an international banker to his current role in the Jamaican government, Minister Hill has left an indelible mark on the Caribbean economic landscape.

The Minister brings with him over 35 years of work experience in the private sector, marking the beginning of his career as an international banker. With a strong background, including an MBA from the prestigious Harvard Business School, Senator Hill has lived and worked in nine countries, conducting business in over 125 nations. His journey through the financial world gave him a unique perspective, which he would later apply successfully in the political arena.

One of the most notable chapters of Senator Hill's career was his pivotal role in the turnaround of the National Commercial Bank Jamaica Limited (NCB). Beginning in 2002, he led a management team that brought about the successful revitalization of this major Caribbean bank. 

In March 2016, then Prime Minister Andrew Holness recognized Senator Aubyn Hill's talent and dedication by appointing him to the Senate. He subsequently assumed the role of non-resident High Commissioner to Jamaica in India, demonstrating his commitment to diplomatic service. However, his most significant contribution came in September 2020, when he was invited to join Prime Minister Holness' cabinet in the Ministry of Economic Growth and Job Creation.

By early 2022, Prime Minister Holness reshuffled his Cabinet and entrusted Senator Hill with the responsibility of leading the Ministry of Industry, Investment and Trade. In charge of 20 agencies and departments, Hill has become a key architect of economic growth in Jamaica.

Minister Hill's vision focuses on facilitating, enabling and encouraging Jamaican small and large businesses to grow and be profitable. His determination is reflected in his focus on increasing exports exponentially and securing greater local and foreign direct investment in the Jamaican economy.

The Minister shares his perspectives on Jamaica's crucial role in Caribbean economic relations. He stresses the importance of regional collaboration and the need to strengthen trade ties to drive sustainable growth in the region.

The ministerial incumbent is a key architect of economic success in the Caribbean. His journey from the private sector to the political sphere has been guided by a clear vision: to promote growth, investment and prosperity in Jamaica and beyond. The Minister, with his unique experience and proactive approach, has become an outstanding leader who leaves an indelible mark on the economic history of the Caribbean.

1.      What incentives does your government offer for Dominican products? 

In respect of the trade of goods and services between the Dominican Republic and Jamaica, it is important to note that on 1 December 2001, the CARICOM-Dominican Republic Free Trade Agreement came into effect, creating special arrangements for trade in selected agricultural products as well as also trade in services.  

 

The main objective of the agreement includes the promotion and expansion of the sale of goods originating in the territory, elimination of non-tariff barriers to trade, free access to the market, establishment of a system of Rules of Origin, customs co-operation and the harmonisation of technical, sanitary and phyto-sanitary procedures.  There is also collaboration across areas such as agriculture, mining, industry, construction, tourism, transportation, telecommunications, banking, insurance, capital markets, professional services and science and technology.  Specifically, the agreement also contemplates a phased reduction in tariffs on a wide cross-section of products in a reciprocal manner.   

 

Jamaica welcomed the agreement as a more positive step in South-South cooperation and regional trade.

 

In addition to the CARICOM-Dominican Republic Free Trade Agreement, Jamaica has a suite of incentives that are offered to investors from the Dominican Republic. These include:

 

-          The Omnibus Tax Incentives, where there are benefits such as access 30% employment tax credit when you file your taxes in full and on time; claim 100% tax credit when you pay statutory taxes in full and on time; access capital allowance on industrial properties when you submit your annual returns and ability to carry forward up to 50% of your losses into the following tax year.

 

-          There is also the Productive Input Relief (PIR), which was introduced as a benefit under the Customs Tariff (Revision) Resolution in 2014 to target specific sectors in which to promote and stimulate growth in the economy’s productive industries such as manufacturing, tourism, healthcare and the creative industries. The PIR provides for the duty-free importation of specific items where they are productive use, including raw material and capital goods. 

 

-          The Special Economic Zone regime offers one of the most competitive incentive packages provided by the Government of Jamaica. There are tax benefits under the for developers and occupants. For example, both zone developers and occupants may benefit from a reduced Corporate Income Tax Headline Rate of 12.5% (possible effective rate of 7.75% with the approval of additional credits); customs duty relief; capital allowance; promotional tax credit for R&D and training; GCT relief on all good and services entering the zone. Additional information may be access from the Jamaica Special Economic Zone Authority https://www.jseza.com/invest-in-jamaica/incentives/

 

Other incentives include tax relief for Headquarter Operation, tax exemption for Junior Stock Market Listing and tax relief for Designated Development areas. Additional information may be accessed JAMPRO’s corporate website at https://dobusinessjamaica.com/invest/incentives

 

 

2.      What investment opportunities does Jamaica offer for Dominican entrepreneurs and industrialists? 

Several Dominican companies have achieved remarkable success investing in in Jamaica such as Newport-Fersan (agricultural chemicals), Magna Motors (Hyundai); CODELPA and Grupo Theresstra (construction) and IMCA-Caterpillar. These companies found success by setting up their operations in Jamaica and selling directly to Jamaican consumers and companies. It should be noted that Jamaica does not require foreign investors to have local partner to establish a business and has no restriction of movement of foreign exchange or the repatriation of profits.

 

Jamaica has one of the most liberal investment environments in the western hemisphere and offers outstanding investment opportunities in sectors such as tourism, outsourcing, limestone mining, logistics, light manufacturing and agriculture.  The country has a National Investment Policy that is clear on the cohesive approach that the Government has for investments.  A copy of the National Investment Policy can be found at: https://dobusinessjamaica.com/wp-content/uploads/2022/12/National-Investment-Nov.2022.pdf

 

A brief overview of select sector profiles and investment opportunities are outlined below:

 

-          Logistics and Infrastructure

Jamaica’s logistics and infrastructure sectors are hailed as driving sources for the country’s economic future. While, we’ve always been focused on bolstering our rich transshipment history, the recent expansion of the Panama Canal has not only caused a paradigm shift in world maritime trade, but has also seen us benefiting from new and innovative commercial ventures. In fact, the country is actively and strategically planning to position itself as the fourth node in the international logistics chain, joining Rotterdam, Dubai and Singapore.

 

-          Currently there is an investment opportunity for the Caymanas Special Economic Zone. It is being conceptualized as a global logistics park and industrial zone to focus on key sectors such as advanced manufacturing, warehousing, and distribution, ICT/BPO, agro processing, light manufacturing, and cold chain logistics etc. 

o   Mode of Investment – Private Public Partnership

o   Investment Required – US$250 million

o   No income taxes on real estate rental earned by a Master Developer – see this other benefits at (JSEZA Website)

-          In addition, the Caymanas Special Economic Zone also included a business incubation centre, assembly plants, software development, telecommunications and information technology business park, other service providers plus a research and development complex.

 

-          Energy

Jamaica is receiving international attention for its liberalised energy industry. We continue to attract investors and have grown from a handful of entities to over 10 public and private energy producers. Currently, Jamaica’s power sources range from petroleum products to alternative energy sources including hydropower, wind, solar and bagasse. However, our government is committed to further diversifying the sector into a mix of energy sources and by 2030, renewable energy will account for at least 30% of that mix. Through our industry regulatory body, the Office of Utilities Regulation (OUR), Jamaica remains committed to developing a sustainable energy framework that ensures a transparent and equitable representation for all our stakeholders.

 

-          In the country’s bid to diversify its energy mix, Jamaica will be taking on 320 megawatts (MW) of solar and/or wind; 120 MW of liquefied natural gas (LNG); and 74 MW of hydro, waste to energy and/or biomass between now and 2025.

-          The Request for Proposals have been issued (On September 18, 2023) to supply up to Net 100 MW of the Electricity Generation from Renewable Energy Based Power Generation Facilities on a Build, Own and Operate (BOO) Basis

-          Detailed RFP documents are available at www.gpe.gov.jm/tenders

-          The RFP closes February 1, 2024, 3:00 p.m. EST

 

 

-          Global Digital Services

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 (or Outsourcing), due its location, talent pool and business-friendly environment. With an estimated spend of approximately US$900 million, the Outsourcing sector is a high-performing segment of Jamaica’s services industries.  During 2022, the Outsourcing industry saw expansions of existing companies, entrance of new brands, progression towards higher level outsourcing services and initiatives to enhance the labour pool.

 

It has enjoyed the highest employment growth rate of any sector in the last decade, and presently accounts for over 60,000 jobs across the island. The country is currently home to major global players such as Alorica, Teleperformance, Vistaprint, Hinduja Global Solutions (HGS), Conduent and Sutherland Global Services (SGS) as well as Jamaica’s homegrown multinational Itel, all of whom have been continuously re-investing in Jamaica. Jamaican law allows the Jamaica Special Economic Zone Authority to authorize special economic zones anywhere in the country.

 

-          Various opportunities available to service contracts for global digital services for global companies

 

-          Agribusiness

Jamaica is fertile ground for agribusiness! The increasing demand for high-quality Jamaican fresh produce globally, an expansive local market (including over 4mn tourists annually) and the country’s proximity to key export markets, are all ingredients to Jamaica’s lucrative agribusiness sector. The island’s agricultural landscape is one of diversification, niche marketing and value-added products. With an 4,440,000 hectares of agriculture land, a wide array of premium non-traditional crops, thriving animal husbandry, fish farming activities and value-added food manufacturing, our agribusiness sector continues to reap great rewards for our investors. Discover more about our agribusiness sector.

 

-          A significant opportunity exists for orchard crops and specifically ackee, mango, breadfruit and avocado, which have a significantly high demand in diaspora markets and has some interest in mainstream North American food and supermarket brands 

-          Various opportunities available for investments in large greenhouse projects, state-of-the-art fully integrated supply chain operations to deliver fresh fruits, among others.

 

 

3.      Could you share some examples of joint initiatives that have strengthened trade in products between the Dominican Republic and Jamaica in recent years?

 

As Minister, I have been working closely with the Dominican Republic’s Ambassador to Jamaica, Mrs. Angie Shakira Martinez, to organize events both in Jamaica and in the Dominican Republic that bring Dominican and Jamaican businesspersons together in order to do business and explore joint-venture opportunities. 

 

Among the most notable of these initiatives has been the establishment of a Jamaica Chamber of Commerce in the Dominican Republic (JAMCHAMDR) established in 2021, as well as the Jamaican chapter, which was launched earlier this year.  The launch was a part of the inaugural Dominican Week in Jamaica in February 2023, which brought high-profile Dominican businesspersons to Jamaica to meet with Jamaican companies and also explore business opportunities.

 

Following from that event, I also led an export and investment delegation to the Dominican Republic in March 2023 with almost twenty private sector representatives where we encouraged business-to-business engagements as well as investment opportunity meeting in tourism, global digital services and logistics.  The mission received outstanding support from the Dominican government and business groups and during that visit, Jamaica’s Private Sector Organisation of Jamaica (PSOJ) also signed a memorandum of understanding (MoU) with its counterpart in the Dominican Republic, The Consejo Nacional de la Empresa Privada (Conep), to promote investment and commercial development.