Jamaica Business News Jamaican News & Announcements

Jamaica Business News: March 21st – March 27th, 2015

Written by Staff Writer

JAMAICA ONLY CARIBBEAN NATION GIVEN IDB OKAY FOR PROCUREMENT SYSTEM—03/21/15
Jamaica will be the only CARICOM nation to receive approval from the Inter American Development Bank (IDB) to utilize procurement systems on projects financed by the bank. Other nations given approval include several in South America. The IDB approval reflects national efforts to improve public procurement systems, which represent a market valued at US$800 billion.

STUDENTS AT NCU OUTPACE IVY LEAGUE SCHOOLS IN BUSINESS COMPETITION—03/22/15
In an historic action, students at the Northern Caribbean University (NCU) out-performed schools like Harvard and Johns Hopkins in the International Business Model Competition in Panama. The Jamaican team finished in tenth place out of 40 teams. The NCU team presented an analysis of the Foreign Trade Bank of Latin America as its entry.

JAMPRO FINALIZXES PROGRAM TO ALLOW INVESTORS TO BUY CITIZENSHIP—03/24/15
JAMPRO, the chief investment vehicle in the country, confirmed that the government plans to implement program that will allow citizenship to be purchased by wealthy foreigners. This means that large investors will be provided with a special immigration status. Confirmation of the plan was announced shortly after a business magazine reported that Jamaica is talking with Christian Kalin, a Swiss lawyer who handled similar citizenship programs in St. Kitts and Nevus, Antigua and Barbuda, Grenada, and St. Lucia.

AGREEMENT REACHED ON PRIVATIZATION OF KINGSTON PORT FACILITY—03/25/15
The government of Jamaica and Terminal Link have agreed to privatize the Kingston Container Terminal (KCT). The announcement of the agreement was made by Prime Minister Portia Simpson Miller five months after negotiations with Terminal Link began. Terminal Link is the third-largest container firm in the world. No details about the sale price or the length of the contract in the agreement were provided.

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Staff Writer