Seiveright: Melissa offers Jamaicans in diaspora opportunity to invest in Jamaica

Delano Seiveright, minister of state in the Ministry of Industry, Investment and Commerce, has indicated that the impact of Hurricane Melissa offers Jamaicans in the diaspora a unique opportunity to invest in the redevelopment of their homeland.

Seiveright said that, while global capital has been moving to invest in the island, too much diaspora capital has remained overly cautious.

“That is understandable, given history, but the environment has changed. Jamaica now operates an open and transparent investment regime with no foreign exchange controls, no restrictions on foreign ownership and no barriers to repatriating profits,” he said.

Further pointing out that he believed Jamaica is different in how it operates from a decade ago, Seiveright said debt has been brought down sharply, the economy recorded multiple years of growth before the pandemic and unemployment is near historic lows.

“For the diaspora, especially in the New York Tri-State area, this is a moment to think beyond remittances and philanthropy and toward ownership. Investing now is not just about returns, though the returns are real. It is about helping Jamaica rebuild faster, create jobs at home, reduce forced migration and build long-term economic resilience,” he said.

He listed areas such as agriculture, agro-processing, tourism and tourism-linked services, real estate, light manufacturing, mining, global digital services, finance, logistics and value-added processing, as areas ripe for investment.

The minister said Jamaica is determined not to follow other countries where natural disasters have resulted in slow recovery that drove population loss and permanent economic scarring.

Noting that the world is moving quickly, the junior minister for investment and commerce said tourists, investors and supply chains do not wait.

RESILIENCE

“Jamaica has shown resilience, speed and discipline in recovery and the fundamentals are strong. The opportunity is open. The question is whether the diaspora chooses this moment to step forward, invest and help shape the next phase of Jamaica’s development,” he said.

Seiveright was speaking with The Gleaner after attending the funeral for Jamaica’s late consul general to New York, Alsion Wilson.

The minister told The Gleaner that, in the aftermath of Hurricane Melissa, it was important to note that many Jamaicans lost homes, had their lives disrupted, and lost their livelihoods.

He said he believed that this created a unique circumstance for members of the Jamaican diaspora to contribute to the country’s redevelopment in a meaningful way.

“Moments like this often mark turning points. What we are seeing now is that Jamaica’s recovery is opening up significant opportunities and the international community clearly recognises that. Since Melissa, multilaterals have mobilised roughly US$7 million in support which is not charity, but a strong vote of confidence in Jamaica’s macroeconomic management, fiscal discipline and institutional creditability,” he said.

Seiveright, who is the first person to serve as minister of state in the Ministry of Industry, Investment and Commerce, said the international response to Jamaica’s recovery comes because of the trust that they have in Jamaica.

He listed a number of reasons, such as a falling crime rate and continued growth, even after recent shocks, for the overall investment climate in the island.

“International investors are responding, Spanish, Mexican and other foreign firms are expending across tourism, manufacturing and services,” he said.

This, he said, is in addition to many local companies and investors who are envisioning and or pushing projects –big and small.

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