who's who in jamaica business
DESCRIPTION
an annual business-to-business publication that exposes organisations and their leadership teams to prospective customers, other organisations and corporate managers, as well as potential investors and partners, locally, regionally and internationally.TRANSCRIPT
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2013-2014
A history of commitment to excellenceKPMG, and its predecessor partnerships, have served the Jamaican
business community for over a century. We currently have two full-
service offices, with resident professionals, located in:
KingstonP.O. Box 76 6 Duke Street
Tel: (876) 922 6640 Fax: (876) 922 4500
e-Mail: [email protected]
Montego BayP.O. Box 220 Unit #14, Fairview Office Park Alice Eldemire Drive
Tel: (876) 684 9922 Fax: (876) 684 9927
Our services include:
Audit Audit and Accounting Services
Tax Personal & Corporate Tax Compliance
Indirect Tax Compliance
Other Tax Advisory Services
Advisory Accounting Advisory Services
Business Performance Services
Corporate Finance
Financial Risk Management
Forensic
Internal Audit Services
IT Advisory
Restructuring
Transaction Services
Regulatory & Compliance Services
• Company Secretarial Services
• Registrar and Transfer Agency Services
© 2013 KPMG International Cooperative (“KPMG
International”). KPMG International provides no client
services and is a Swiss entity with which the independent
member firms of the KPMG network are affiliated. The KPMG
name, logo and “cutting through complexity” are registered
trademarks or trademarks of KPMG International.www.kpmg.com.jm
Premium Page Inside Front Cover Final.indd 1 4/5/2013 10:23:31 AM
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Home of the Finest Real Estate Agents
Each Office is Independently Owned and Operated 2012-DL/175
2
Who’s Who in Jamaica Business 2013-2014
Produced and Created by:Cousins Publishing Ltd.
Advertising:Rani Badaloo, Nicolette Dewar, Juanita Diaz, Tess-Maria Leon, Sonya Marks, Richard Stephenson
Edited by:Edited by:Din Duggan, Paul R. Lewis
Cover Design:Joel Finnigen, Corey Hamilton
Production / Layout:Corey Hamilton
Writers:Petulia Clarke, Ainsley Henriques, JAMPROPetulia Clarke, Ainsley Henriques, JAMPRO
Photography:Joel Finnigen, Kristen Landell, Corey HamiltonMap of Jamaica by Mona Geoinformatics
Production Counsel:Delrose Campbell
Cousins Publishing Ltd. Team:
Paul R. LewisPaul R. LewisDirector, Publisher
Din DugganDirector, Publisher
Richard LewisSenior Advisor; Publisher, Who’s Who in Trinidad & Tobago Business
CoCorey HamiltonProduction Director
Rani BadalooSales Consultant
Nicolette DewarSales Consultant
Juanita DiazSales ConsultantSales Consultant
Sonya MarksSales Consultant
Richard StephensonSales Consultant
Tess-Maria LeonSales Consultant
Cover image photographed by Joel Finnigen atop The Jamaica Cover image photographed by Joel Finnigen atop The Jamaica Pegasus Hotel
The “Who’s Who” logo is a registered trademark of Prestige Business Publications Ltd. (Trinidad), used under license to Cousins Publishing Ltd.
Copyright © 2013 Cousins Publishing Ltd. All rights reserved. Cousins Publishing Ltd.1 Braemar 1 Braemar AvenueKingston 10Jamaica, W.I. Email: [email protected]: www.whoswhojamaica.com
KPMG........................................................................................................... Inside Front Cover
UHY Dawgen.............................................................................................. Inside Back Cover
Digicel Business..................................................................................... Outside Back Cover
Remax Elite...................................................................................................................................1
Choice Business Solutions......................................................................................................4
CCousins Publishing - Advertising Information......................................................... 5, 99
Publishers’ Note......................................................................................................................... 6
JAMPRO.........................................................................................................................................7
Stewart’s Automotive Group ............................................................................................8, 9
Message - Ministry of Industry, Investment and Commerce....................................10
MMessage - Ministry of Foreign Affairs and Foreign Trade...........................................10
Message - Private Sector Organisation Of Jamaica (PSOJ)........................................11
Message - Jamaica Exporters’ Association (JEA)............................................................11
Message - Jamaica Manufacturers’ Association (JMA)................................................11
Message - Jamaica Chamber of Commerce (JCC).........................................................11
Icon - Mayer Matalon .............................................................................................................39
Jamaican EmbassieJamaican Embassies, High Commissions & Permanent Missions Abroad .........47
Diplomatic Missions in Jamaica..........................................................................................55
Government of Jamaica........................................................................................................73
Fast Facts - Jamaica ..............................................................................................................116
Map of Jamaica......................................................................................................................117
IIndex.......................................................................................................................118, 119, 120
Mullings Allen Real Estate..................................................................................................120
AUTOMOTIVE & AVIATION...........................................12, 13ATL Automotive..........................................................................................................14, 15, 16
Toyota Jamaica Limited.........................................................................................................17
MBJ MBJ Airports Ltd. ................................................................................................................... 18
Fidelity Motors..........................................................................................................................19
BANKING & FINANCE.......................................................... 20, 21National Commercial Bank.................................................................................... 22, 23, 24
Proven Wealth Ltd. ................................................................................................................ 25
CIBCCIBC First Caribbean Intl. Bank.................................................................................... 26, 27
Sagicor................................................................................................................................. 28, 29
Jamaica Money Market Brokers..........................................................................................30
Jamaica National Building Society.................................................................................... 31
Exim Bank................................................................................................................................. 32
SStocks & Securities Ltd. (SSL)............................................................................................... 33
RBC Royal Bank........................................................................................................................ 34
Jamaica Stock Exchange ...................................................................................................... 35
ICD Group ..................................................................................................................................36
Prime Asset Management................................................................................................... 36
DDevelopment Bank of Jamaica........................................................................................... 37
Jamaica Deposit Insurance Corporation......................................................................... 37
Financial Services Commission (FSC)............................................................................... 38
Jamaica Mortgage Bank ...................................................................................................... 38
EDUCATION & TRAINING................................................40, 41Mona School of Business and Management (MSBM)...........................................42, 43
UniUniversity of Technology................................................................................................44, 45
University of the West Indies................................................................................................46
TABLE OF
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REAL ESTATE, PROPERTY DEVELOPMENT, CONSTRUCTION, ENGINEERING & ENERGY
....................................................................................................................88, 89Valerie Levy & Associates................................................................................. 90
Jamaica Public Service Co. (JPS).................................................................... 91
WIHCON..................................................................................................................92
WIHWIHCON Properties.............................................................................................92
Coldwell Banker Jamaica..................................................................................93
Cavendish International....................................................................................93
HTG Engineering..................................................................................................93
SECURITY & SAFETY........................................ 94, 95King Alarm............................................................................................... 96, 97, 98
DLM Group (Hawkeye Electronic Security, Ranger Security)....100, 101
SHIPPING,SHIPPING, PORTS & MARITIME SERVICES.............................................................................................102, 103Kingston Wharves Ltd. ..........................................................................104, 105
TELECOMMUNICATIONS & INFORMATIONTECHNOLOGY.................................................106, 107Fujitsu Caribbean (Jamaica) Ltd...................................................................108
Digicel Business.................................................................................................109
PProductive Business Solutions Ltd ..............................................................110
SynCon Technologies.......................................................................................111
Mona Geoinformatics Institute ................................................................... 111
TRAVEL & TOURISM .................................112,113Round Hill Hotel & Villas ............................................................................. 114
Avis (Bargain Rent-a-Car)............................................................................... 115
Secrets Resorts and Spas.................................................................................115
INSURANCE..............................................................................48, 49 Insurance Company of the West Indies........................................................50
Advantage General Insurance Company.....................................................51
Guardian Life......................................................................................................... 52
BCIC Insurance......................................................................................................53
CGM Gallagher Insurance................................................................................. 53
KeyKey Insurance........................................................................................................54
Maritime General Insurance Brokers.............................................................54
Thwaites, Finson, Sharp .....................................................................................54
MANUFACTURING & CONSUMER GOODS
...........................................................................................................................56, 57Seprod........................................................................................................58, 59, 60
JamaicaJamaica Producers Group................................................................................. 61
Trade Winds Citrus Ltd.................................................................................62, 63
J Wray & Nephew Ltd...................................................................................64, 65
Coffee Traders...................................................................................................... 66
Newport Fersan................................................................................................... 67
Salada Foods......................................................................................................... 68
CCarreras.................................................................................................................. 69
Grace Kennedy Group....................................................................................... 70
Caribbean Producers Jamaica........................................................................ 70
Facey Commodity................................................................................................71
T. Geddes Grant....................................................................................................71
G C & Associates Ltd.,..........................................................................................72
CCaribbean Flavours and Fragrances..............................................................72
Musson Jamaica Ltd........................................................................................... 72
MEDIA & ENTERTAINMENT............................ 74, 75Supreme Ventures Lotteries Ltd..................................................................................76, 77
Dream Entertainment............................................................................................................78
KLE Group...................................................................................................................................79
RJRRJR Communications Group................................................................................................80
Prism Communications.........................................................................................................80
Hamilton Multimedia.............................................................................................................81
Palace Amusement Co...........................................................................................................81
Joel Finnigen Photography..................................................................................................81
PROFESSIONAL SERVICES...........................82, 83EEckler........................................................................................................................84
KPMG.......................................................................................................... .............85
Duggan Consulting ....................................................................................... 86
Ernst & Young....................................................................................................... 86
L. Howard Facey & Company (Facey Law).................................................. 87
Delrose Campbell Law Office......................................................................... 87
TThe Business District.......................................................................................... 87
BDO .......................................................................................................................87
CONTENTS
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...join them!
Jamaica's Top Businesses
Take your rightful place among industry giants and market leaders. Showcase your business in the local, regional and international markets. See how you can enhance the future and success of your company through
6
in Jamaica Business
For over a dozen years, our sister publication – Who’s Who in Trinidad & Tobago Business – has been the premier business network communication channel in that nation.
Jamaica’s population is nearly twice that of Trinidad’s. Our business community is as vibrant – if not more so – and more dispersed than Trinidad’s. The international business community – including the Jamaican diaspora – is keen on doing business in Jamaica. And our local companies are stridently pursuing ventures beyond our shores. It is in this light that Cousins Publishing Limited – a 100 perper cent Jamaican company – with the advice and guidance of our partners in Trinidad, saw it absolutely essential to launch, in Jamaica, this proven, effective, and dynamic outlet for showcasing the very best of our business community.
WWe thank our advertising partners for choosing this medium to showcase their organisations. We are committed to bringing you tremendous value through this groundbreaking, relationship-building publication (and our resourceful website – whoswhojamaica.com). We thank our readers (and users) – both local and international – who will, no doubt, find this to be an indispensable resource through which to identify the most dynamic Jamaican business organisations and their leadership teams.InIn August 2012, Jamaica celebrated 50 years as an independent nation. A year later, much of the pomp surrounding that momentous occasion has quieted. Quite expectedly, Jamaica 51 (and beyond) doesn’t garner the same degree of fanfare as Jamaica 50. It should. Surely our first 50 years as an independent nation consisted of tremendous feats in all aspects of society – not the least being in business. Indeed many of Jamaica’s pioneering business organisations – and business leaders – were either born or came of age in our first 50 years of independence. But with all the grgreat triumphs the first 50 years produced, it also brought challenges of equal, if not greater, magnitude. Many of the companies featured in this publication have been refined by those fires and have emerged as the crème de la crème of the Jamaica business landscape.
But this publication is not about our past; it is about our present and our future - year 51 and beyond. Within these pages you will find the old pillars of the Jamaican business landscape alongside the dynamic new forces in Jamaican business. You will find both large, established conglomerates and small, disruptive organisations.
Through this publication, you will be able to identify the leadership teams of these dynamic organisations – innovative and energetic leaders who are charting the course of their organisations and, by extension, that of Jamaica’s business community.
The publication features the government agencies, regulatory bodies, and trade organisations that are ensuring that the playing field of business in Jamaica is safe, efficient, and fair.
WhoWho’s Who in Jamaica Business 2013-2014 is, undoubtedly, a comprehensive, one-stop repository for fostering collaboration and connection within the business community and delivering vital information for outside investors and prospective partners seeking to do business in Jamaica.
Within these pages – and the virtual pages of our website (whoswhojamaica.com) – are the organisations and leaders guiding us down a new course in Jamaican business and innovation. Some of these organisations are large, some are small, some are young, some are old; all are truly representative of the finest in Jamaican business - the Who’s Who in Jamaica Business.
WWe trust that you will find this to be an invaluable resource for navigating the very best of Jamaica’s business community, both now and for many years to come.
Publishers’ Note
Publishers – Who’s Who in Jamaica Business 2013-2014Co-Founders, Cousins Publishing Ltd.
Paul Lewis Din Duggan
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www.stewartsautomotivegroup.com
Diana Stewart
Jacqueline Stewart-Lechler
Richard Stewart
Duncan Stewart
THE DIRECTORSOF THE STEWART’S AUTOMOTIVE GROUP
Diana Stewart joined the family business in 1975 in the accounts and administration arm of the business and has been Managing Director of Stewart’s Auto Sales Ltd., since 1998.Diana guided Stewart’s Auto Sales Ltd., into a first class motor vehicle dealership through exemplary service. An equally important aspect of her mission is the nurturing and development of the talents of the staff, promoting many to positions of senior management. Philanthropy has been her passion and she has touched many lives in the area of culture, education and security, notably the creation of the Grants
Pen Community Policing and Health Facility. Diana has sat on the Boards of Board of Supervision and Poor Relief, National Chest Hospital and the American Chamber of Commerce Jamaica (AMCHAM).She and Richard were jointly nominated as 2007 Observer Business Leaders of the Year.
Diana is the proud mother of two, Duncan and Jacqueline.
As Director of Finance, Administration and HR, Jackie is championing the company’s culture transition from a small family business to a large family business, employing about 490 persons, while keeping the Family Core Values intact. She is a Managing Director of Stewart’s Auto Sales Ltd., and Director of associated Businesses, including Stewart’s Auto Paints Ltd.Jackie is an integral board member of the Richard and Diana Stewart Foundation and the Kind Hearts Ltd., the family’s philanthropic non-profit organizations.She is currently the Chapter Chair for the local arm of the Young Presidents
Organization (YPO), a global network of young chief executives.Her passion is family and Jamaica, working to make a tangible contribution to Jamaica and encourage the fourth generation be responsible and successful human beings.
Jackie is married to James ‘Fuzz’ Lechler for 25 years and is the proud mother of four children, Christina, Amanda, James and Richard.
Richard Stewart, the Group’s leader, is involved in all aspects of expansion of the company, always ensuring that the latest equipment and systems are in place.Under the direction of his father, Lionel Arthur Stewart, Richard honed his skills in the transport industryby working at Stewart’s Auto Sales Limited at 24-26 Hanover Street in Downtown Kingston, then dealers for Daimler and Lancaster, English cars of distinction and the Singer Vogue and Gazelle, products of the Rootes Group of England.Richard succeeded his father as Managing Director in 1978 and later
Chairman.In 1982 Stewart/s was awarded the Suzuki dealership which grew into one of the top motor vehicle dealerships in Jamaica.In 2009, the Richard and Diana Stewart Foundation was launched to further the family’s philanthropic effortswith an emphasis on education.
Richard is an avid rally driver and sports fisherman, married to Diana for 51 years.
Parts and Service Director, Duncan was educated at Campion College and McGill University. He also spearheads the Information Technology Department of the Group. Duncan applies his tough analytical skills to help guide the Stewart family business in its operation and expansion. Duncan is a Managing Director of Stewart’s Auto Sales Ltd., and Director of the associated businesses, including Stewart’s Auto Paints Ltd. He is a board member of the Automobile Dealers Association and member of the Jamaica Karting Association.
In 1992, Duncan, along with his sister, Jacqueline, established the first of many new ventures for the family, Stewart’s Auto Paints Ltd, an automotive paint specialist and automotive accessory company.In addition to go karting, he is an avid motor rally and Formula 1 enthusiast and was a former medal winning rally driver in Rally Jamaica events.
He is married to the former Debbie Moore and father of two, Timothy and Stephanie.
Onenamefor all the World’s Best.
Born from a family with
over 70 years in the
Automotive Industry.
The Stewart’s Automotive
Group has brought
together the ultimate
names in the Automotive,
Industrial, Paints, Tyres,
Accessories and
Auto Rental Industries.
Car rental
Stewart’s Auto Sales49-51 South Camp Road,Kingston 4, JamaicaTEL: 928-5041-7
suzukijamaica.commitsubishijamaica.comhondabikesjamaica.com
Stewart Industrial22 Bell Road,Kingston 11, JamaicaTEL: 923-5031
stewartindustrialjm.com
Automotive ArtKingston 968-0397Portmore 704-5749 Montego Bay 979-7676
automotiveart.com
Budget Rent-a-Car53 South Camp Road,Kingston 4, JamaicaTEL: 759-1793, 759-1353
budgetjamaica.com
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www.stewartsautomotivegroup.com
Diana Stewart
Jacqueline Stewart-Lechler
Richard Stewart
Duncan Stewart
THE DIRECTORSOF THE STEWART’S AUTOMOTIVE GROUP
Diana Stewart joined the family business in 1975 in the accounts and administration arm of the business and has been Managing Director of Stewart’s Auto Sales Ltd., since 1998.Diana guided Stewart’s Auto Sales Ltd., into a first class motor vehicle dealership through exemplary service. An equally important aspect of her mission is the nurturing and development of the talents of the staff, promoting many to positions of senior management. Philanthropy has been her passion and she has touched many lives in the area of culture, education and security, notably the creation of the Grants
Pen Community Policing and Health Facility. Diana has sat on the Boards of Board of Supervision and Poor Relief, National Chest Hospital and the American Chamber of Commerce Jamaica (AMCHAM).She and Richard were jointly nominated as 2007 Observer Business Leaders of the Year.
Diana is the proud mother of two, Duncan and Jacqueline.
As Director of Finance, Administration and HR, Jackie is championing the company’s culture transition from a small family business to a large family business, employing about 490 persons, while keeping the Family Core Values intact. She is a Managing Director of Stewart’s Auto Sales Ltd., and Director of associated Businesses, including Stewart’s Auto Paints Ltd.Jackie is an integral board member of the Richard and Diana Stewart Foundation and the Kind Hearts Ltd., the family’s philanthropic non-profit organizations.She is currently the Chapter Chair for the local arm of the Young Presidents
Organization (YPO), a global network of young chief executives.Her passion is family and Jamaica, working to make a tangible contribution to Jamaica and encourage the fourth generation be responsible and successful human beings.
Jackie is married to James ‘Fuzz’ Lechler for 25 years and is the proud mother of four children, Christina, Amanda, James and Richard.
Richard Stewart, the Group’s leader, is involved in all aspects of expansion of the company, always ensuring that the latest equipment and systems are in place.Under the direction of his father, Lionel Arthur Stewart, Richard honed his skills in the transport industryby working at Stewart’s Auto Sales Limited at 24-26 Hanover Street in Downtown Kingston, then dealers for Daimler and Lancaster, English cars of distinction and the Singer Vogue and Gazelle, products of the Rootes Group of England.Richard succeeded his father as Managing Director in 1978 and later
Chairman.In 1982 Stewart/s was awarded the Suzuki dealership which grew into one of the top motor vehicle dealerships in Jamaica.In 2009, the Richard and Diana Stewart Foundation was launched to further the family’s philanthropic effortswith an emphasis on education.
Richard is an avid rally driver and sports fisherman, married to Diana for 51 years.
Parts and Service Director, Duncan was educated at Campion College and McGill University. He also spearheads the Information Technology Department of the Group. Duncan applies his tough analytical skills to help guide the Stewart family business in its operation and expansion. Duncan is a Managing Director of Stewart’s Auto Sales Ltd., and Director of the associated businesses, including Stewart’s Auto Paints Ltd. He is a board member of the Automobile Dealers Association and member of the Jamaica Karting Association.
In 1992, Duncan, along with his sister, Jacqueline, established the first of many new ventures for the family, Stewart’s Auto Paints Ltd, an automotive paint specialist and automotive accessory company.In addition to go karting, he is an avid motor rally and Formula 1 enthusiast and was a former medal winning rally driver in Rally Jamaica events.
He is married to the former Debbie Moore and father of two, Timothy and Stephanie.
Onenamefor all the World’s Best.
Born from a family with
over 70 years in the
Automotive Industry.
The Stewart’s Automotive
Group has brought
together the ultimate
names in the Automotive,
Industrial, Paints, Tyres,
Accessories and
Auto Rental Industries.
Car rental
Stewart’s Auto Sales49-51 South Camp Road,Kingston 4, JamaicaTEL: 928-5041-7
suzukijamaica.commitsubishijamaica.comhondabikesjamaica.com
Stewart Industrial22 Bell Road,Kingston 11, JamaicaTEL: 923-5031
stewartindustrialjm.com
Automotive ArtKingston 968-0397Portmore 704-5749 Montego Bay 979-7676
automotiveart.com
Budget Rent-a-Car53 South Camp Road,Kingston 4, JamaicaTEL: 759-1793, 759-1353
budgetjamaica.com
10
in Jamaica BusinessMESSAGES
Message fromMinistry of Industry, Investment and Commerce
The Honourable Anthony HyltonMMinister of Industry, Investment and Commerce
Message fromMinistry of Foreign Affairs and Foreign Trade
Senator, the HonourableArnold J. NicholsonMinister of Foreign Affairs and Foreign Trade
I welcome this initiative to publish this inaugural edition of Who’s Who in Jamaica Business. It comes at a time when more tools for promoting trade and investment are necessary. It also comes at a time when Jamaica is focusing on increasing exports of goods and services to promote growth and further development in the country. Many of the companies featured in this issue are involved in the export of goods and services. Who’s Who will provide another critical outlet for exposure at the regional level and in the global economy. It also has great potential as a tool for networking and forging business partnerships.
The deployment of similar publications as reference sources has a long history both internationally and in Jamaica. They have continued to demonstrate their usefulness when published annually and updated regularly to provide accurate and trustworthy information.
I wish for Cousins Publishing Limited tremendous success in this venture. I am always pleased to offer encouragement to young entrepreneurs embarking on new business ventures, which are intended to make a contribution to national development.
in Jamaica BusinessMESSAGES
Message fromJamaica Exporters’ Association
Andrew CollinsPresident
The Jamaica Exporters’ Association is pleased to be associated with the publishing of the Who’s Who in Jamaica Business magazine, as you seek to recognize the contribution of individuals to nation building. SinceSince the establishment of the Jamaica Exporters’ Association in 1965, The JEA has been playing a pivotal role in the development of the export sector and the economy. We are committed to improving Jamaica’s export performance as we provide services to build the competitiveness of firms and the sectors. We commend all exporters for their contribution to building Brand Jamaica internationally through the consistent supply of high quality authentic Jamaican products. We applaud the achievements despite the myriad of challenges encounteencountered, locally and internationally. The JEA through our partnerships with both the private and public sectors, continue with the pursuit of key initiatives to advance export development. The JEA recognizes the potential of Brand Jamaica and the tremendous opportunities which exist for Jamaican products. We encourage all exporters and potential exporters to not only identify the opportunities in our existing markets, but to look at those in new and emerging markets such as Central and Latin America, Asia and Africa, bearing in mind that these regions together have over 4 billion consumers. The JEA remains committed in our efforts to implement programmes of support for exporters for optimize opportunities under the various trade agreements and will engage all our partners and the membership to ensure effective advocacy at all levels, as we seek to build export competitiveness and maximize the opportunities to grow Jamaica's export sector and the Jamaican Economy.
1 Winchester Road, Kingston 10 • Tel: (876) 960-4908; (876) 968-5812 Fax: (876) 960-9869 • E-mail: [email protected] • Web: www.exportjamaica.org Facebook: http://wwFacebook: http://www.facebook.com/jamaicaexporters
Message fromPrivate Sector Organisation
of Jamaica (PSOJ)
Christopher ZaccaPresident
We are pleased to join our fellow associations in one of the first comprehensive business directories for Jamaica’s thriving business sector.The PSOJ was established in 1976 with the aim of being the unifying voice of the private sector, working in partnership with the public sector and civil society. Our mission is to effectively advocate for the implementation of public policy that enables strong sustainable private sector led economic growth and development. As a part of our advocacy policy, we seek to influence national policy issues of a political, social or economic nature, through a number of committees, including Economic Policy, Corporate Governance, Standing Committee on National Security, Energy and Environment and Membership. The organisation’s leadership manages this process by promoting discussions with the country's government, political directorate and the opposition, and has also forged strong partnerships with non-PSOJ member associations. Ultimately, we aim to accomplish the necessary changes that will enable us to achieve Jamaica’s 2030 vision of making the country the place of choice in which to live, work, raise families and do business. The PSOJ is proud to be associated with Who’s Who in Jamaica Business, and we look forward to its growth and success in the near future.
The Carlton Alexander Building • 39 Hope Road, • Kingston 10, • Jamaica, W.I.Tel: (876) 927-6957-8, 978-6795-6, 978-6798 • Fax: 927-5137Email: [email protected] • Email: [email protected] • Web: www.psoj.org
Message fromThe Jamaica Manufacturers'
Association (JMA) Limited
Brian PengelleyPresident
The Jamaica Manufacturers' Association Limited (JMA) was established over 65 years ago to promote the development of the manufacturing sector and increase its contribution to the socio-economic welfare of the country by creating jobs and improving the standard of living for all. The JMA makes representation on behalf of local manufacturers to foster a facilitative business environment, increase competiveness and enhance productivity. A strong lobby group, the JMA has grown from 8 members at inception, to 100 members in 1950, to now servicing 340 members. At the Association’s core is business consultation, providing assistance in starting or operating a manufacturing business, securing low cost financing, acquiring factory space and accessing the retail market; We encourage members to produce quality products by adhering to good manufacturing practices and implementing local and international standards. The JMA remains pivotal in trade facilitation and promotion, exposing Jamaican made products toto consumers worldwide through the Caribbean’s premier trade show Expo Jamaica, trade missions, and the “Buy Jamaican…Build Jamaica” Campaign and provide information on investment opportunities; The JMA also builds the capacity of its members and presents networking opportunities, by providing technical assistance through project funding, and the hosting of seminars and workshops, linkage events and its Annual Awards Banquet. Some successes of the Association include the deferral of GCT on raw and packaging materials, and the reduction of the Customs Administration Fee. The JMA encourages manufacturers to join this vibrant Association, which continues to meet the needs of manufacturers in an ever changing global environment.
85a Duke Street • Kingston • Jamaica,WI.Tel: (876) 922-8880-3, 922-8869 • Fax No: 922 - 9205 • E-mail: [email protected] Site: www.jma.com.jm
Message fromThe Jamaica Chamber of
Commerce
Francis KennedyPresident
The Jamaica Chamber of Commerce (JCC) is the Voice of Business in Jamaica. Founded in 1779, the Chamber continues to be a democratic organization comprised of businesses and professionals working together to build and promote a healthy economy and improve the quality of life in our country. The Chamber works closely with Government Ministries as a link between the private and public sector for the creation of initiatives and the removal of obstacles to sustainable development. The JCC’s primary function is to ensure the most favourable environment for the effective and profitable operation of businesses through service provision and specific activities carried out in its role as economic advisor and business advocate. These include lobbying government on matters affecting trade, industry and commerce; facilitating linkages between our membersmembers and local and overseas sources and outlets for goods and services; facilitating ingoing and outgoing trade missions; advising members of proposed changes in government policies as they affect commerce; acting as arbitrator in commercial disputes; maintaining links with International Chambers of Commerce to ensure members direct access to specific information on products, markets and companies internationally; providing counseling/assistance to members with specific problems; and through the provision of forums, seminars and events to allow the networking of member companies. allow the networking of member companies. Through outstanding business leadership, visionaries and entrepreneurs working together with our members over many generations, the Chamber stands fully committed to actively attract investments, boost trade and advocate and promote good national governance and a healthy business, social and natural environment in Jamaica.
Suite 13 – 15, UDC Office Centre Building • 12 Ocean Boulevard, KingstonTel: (876) 922-0150-1; (876) 922-4857 • Fax: (876) 924-9056 Email: [email protected] • Website: www.jamaicachamber.org.jm10
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in Jamaica BusinessMESSAGES
Message fromMinistry of Industry, Investment and Commerce
The Honourable Anthony HyltonMMinister of Industry, Investment and Commerce
Message fromMinistry of Foreign Affairs and Foreign Trade
Senator, the HonourableArnold J. NicholsonMinister of Foreign Affairs and Foreign Trade
I welcome this initiative to publish this inaugural edition of Who’s Who in Jamaica Business. It comes at a time when more tools for promoting trade and investment are necessary. It also comes at a time when Jamaica is focusing on increasing exports of goods and services to promote growth and further development in the country. Many of the companies featured in this issue are involved in the export of goods and services. Who’s Who will provide another critical outlet for exposure at the regional level and in the global economy. It also has great potential as a tool for networking and forging business partnerships.
The deployment of similar publications as reference sources has a long history both internationally and in Jamaica. They have continued to demonstrate their usefulness when published annually and updated regularly to provide accurate and trustworthy information.
I wish for Cousins Publishing Limited tremendous success in this venture. I am always pleased to offer encouragement to young entrepreneurs embarking on new business ventures, which are intended to make a contribution to national development.
in Jamaica BusinessMESSAGES
Message fromJamaica Exporters’ Association
Andrew CollinsPresident
The Jamaica Exporters’ Association is pleased to be associated with the publishing of the Who’s Who in Jamaica Business magazine, as you seek to recognize the contribution of individuals to nation building. SinceSince the establishment of the Jamaica Exporters’ Association in 1965, The JEA has been playing a pivotal role in the development of the export sector and the economy. We are committed to improving Jamaica’s export performance as we provide services to build the competitiveness of firms and the sectors. We commend all exporters for their contribution to building Brand Jamaica internationally through the consistent supply of high quality authentic Jamaican products. We applaud the achievements despite the myriad of challenges encounteencountered, locally and internationally. The JEA through our partnerships with both the private and public sectors, continue with the pursuit of key initiatives to advance export development. The JEA recognizes the potential of Brand Jamaica and the tremendous opportunities which exist for Jamaican products. We encourage all exporters and potential exporters to not only identify the opportunities in our existing markets, but to look at those in new and emerging markets such as Central and Latin America, Asia and Africa, bearing in mind that these regions together have over 4 billion consumers. The JEA remains committed in our efforts to implement programmes of support for exporters for optimize opportunities under the various trade agreements and will engage all our partners and the membership to ensure effective advocacy at all levels, as we seek to build export competitiveness and maximize the opportunities to grow Jamaica's export sector and the Jamaican Economy.
1 Winchester Road, Kingston 10 • Tel: (876) 960-4908; (876) 968-5812 Fax: (876) 960-9869 • E-mail: [email protected] • Web: www.exportjamaica.org Facebook: http://wwFacebook: http://www.facebook.com/jamaicaexporters
Message fromPrivate Sector Organisation
of Jamaica (PSOJ)
Christopher ZaccaPresident
We are pleased to join our fellow associations in one of the first comprehensive business directories for Jamaica’s thriving business sector.The PSOJ was established in 1976 with the aim of being the unifying voice of the private sector, working in partnership with the public sector and civil society. Our mission is to effectively advocate for the implementation of public policy that enables strong sustainable private sector led economic growth and development. As a part of our advocacy policy, we seek to influence national policy issues of a political, social or economic nature, through a number of committees, including Economic Policy, Corporate Governance, Standing Committee on National Security, Energy and Environment and Membership. The organisation’s leadership manages this process by promoting discussions with the country's government, political directorate and the opposition, and has also forged strong partnerships with non-PSOJ member associations. Ultimately, we aim to accomplish the necessary changes that will enable us to achieve Jamaica’s 2030 vision of making the country the place of choice in which to live, work, raise families and do business. The PSOJ is proud to be associated with Who’s Who in Jamaica Business, and we look forward to its growth and success in the near future.
The Carlton Alexander Building • 39 Hope Road, • Kingston 10, • Jamaica, W.I.Tel: (876) 927-6957-8, 978-6795-6, 978-6798 • Fax: 927-5137Email: [email protected] • Email: [email protected] • Web: www.psoj.org
Message fromThe Jamaica Manufacturers'
Association (JMA) Limited
Brian PengelleyPresident
The Jamaica Manufacturers' Association Limited (JMA) was established over 65 years ago to promote the development of the manufacturing sector and increase its contribution to the socio-economic welfare of the country by creating jobs and improving the standard of living for all. The JMA makes representation on behalf of local manufacturers to foster a facilitative business environment, increase competiveness and enhance productivity. A strong lobby group, the JMA has grown from 8 members at inception, to 100 members in 1950, to now servicing 340 members. At the Association’s core is business consultation, providing assistance in starting or operating a manufacturing business, securing low cost financing, acquiring factory space and accessing the retail market; We encourage members to produce quality products by adhering to good manufacturing practices and implementing local and international standards. The JMA remains pivotal in trade facilitation and promotion, exposing Jamaican made products toto consumers worldwide through the Caribbean’s premier trade show Expo Jamaica, trade missions, and the “Buy Jamaican…Build Jamaica” Campaign and provide information on investment opportunities; The JMA also builds the capacity of its members and presents networking opportunities, by providing technical assistance through project funding, and the hosting of seminars and workshops, linkage events and its Annual Awards Banquet. Some successes of the Association include the deferral of GCT on raw and packaging materials, and the reduction of the Customs Administration Fee. The JMA encourages manufacturers to join this vibrant Association, which continues to meet the needs of manufacturers in an ever changing global environment.
85a Duke Street • Kingston • Jamaica,WI.Tel: (876) 922-8880-3, 922-8869 • Fax No: 922 - 9205 • E-mail: [email protected] Site: www.jma.com.jm
Message fromThe Jamaica Chamber of
Commerce
Francis KennedyPresident
The Jamaica Chamber of Commerce (JCC) is the Voice of Business in Jamaica. Founded in 1779, the Chamber continues to be a democratic organization comprised of businesses and professionals working together to build and promote a healthy economy and improve the quality of life in our country. The Chamber works closely with Government Ministries as a link between the private and public sector for the creation of initiatives and the removal of obstacles to sustainable development. The JCC’s primary function is to ensure the most favourable environment for the effective and profitable operation of businesses through service provision and specific activities carried out in its role as economic advisor and business advocate. These include lobbying government on matters affecting trade, industry and commerce; facilitating linkages between our membersmembers and local and overseas sources and outlets for goods and services; facilitating ingoing and outgoing trade missions; advising members of proposed changes in government policies as they affect commerce; acting as arbitrator in commercial disputes; maintaining links with International Chambers of Commerce to ensure members direct access to specific information on products, markets and companies internationally; providing counseling/assistance to members with specific problems; and through the provision of forums, seminars and events to allow the networking of member companies. allow the networking of member companies. Through outstanding business leadership, visionaries and entrepreneurs working together with our members over many generations, the Chamber stands fully committed to actively attract investments, boost trade and advocate and promote good national governance and a healthy business, social and natural environment in Jamaica.
Suite 13 – 15, UDC Office Centre Building • 12 Ocean Boulevard, KingstonTel: (876) 922-0150-1; (876) 922-4857 • Fax: (876) 924-9056 Email: [email protected] • Website: www.jamaicachamber.org.jm
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AUTOMOTIVE & AVIATION
Automotive:
In March 2012, Minister of Industry, Investment and Commerce Anthony Hylton noted that the automotive trade is a critical component of Jamaica’s economy, and advised that a key priority of his government is formulating better policies and strategies to ensure continued expansion.
The industry has since seen gains, with companies like ATL Automotive, Toyota Jamaica and Fidelity Motors, shipping high-end vehicles to Jamaica, in order to satisfy growing demand.
The dealers have strived to meet consumers’ pricing and reliability demands as well as demand for technologically advanced and environmentally friendly vehicles, to conform to the global trend for technology-compatible vehicles.
Automotive investments have been heavy in Jamaica. In April 2013, ATL, representing the single largest investment in Jamaica’s automotive industry, officially opened two state-of-the-art showrooms in New Kingston - an Audi terminal and a VW showroom valued at US$13.5 million. This investment followed another, three years earlier, when ATL opened its US$4.25-million ultra-modern Autohaus in Montego Bay — the first of its kind in the tourist city.
ATL Automotive is the authorised distributor of Audi, Volkswagen, Land Rover, Range Rover, Jaguar and Honda brands.
In November last year, family-operated business Stewart’s Automotive Group unveiled its brand-new Suzuki showroom on South Camp Road, Kingston. Stewart’s transformed the Suzuki and Mitsubishi dealerships as well as its Honda motorbike showroom, into state-of-the art facilities. The upgrades cost US$6 million. Stewart’s employs some 492 persons.
There are currently 21 certified new car dealers and 185 certified used car dealers in Jamaica. Some 1,500 persons are employed directly by new car dealers and 1,900 by used car dealers.
Addressing the opening of the Automobile Dealers Association of Jamaica’s 2012 motor show on March 23rd, Hylton said government is aware of challenges facing used car industry players and is committed to working with them to address their issues.
Challenges listed include a ban on the importation of damaged vehicles and a hike in customs fees.Hylton said work was being done to ensure a level playing field for both new and used car dealers.
In 2011, Government increased the age limits for two categories of motor vehicles being imported into the island.
Starting that December, the age limit on imported motor cars moved up to five years, from four, and the age limit on light commercial units moved to six years, up from five.
The raising of age limits was part of an attempt to revive the used car industry, which industry insiders say had declined more than 50 per cent in the previous two years.
President of the association, Lynvalle Hamilton, welcomed the move.Meanwhile, in November 2012, Government announced that it was continuing to make amendments to the Motor Vehicle Import Policy, to ensure balance within the industry.
AviAtion:
The global economic slowdown and rising fuel prices have impacted the worldwide aviation industry, leading to sharp passenger declines, cutbacks, and mergers.
The Federal Aviation Administration Aerospace Forecast for Fiscal Years 2013-2033, notes in its Aviation Traffic and Activity Forecasts, that in the Latin America region, “sustained economic growth will drive passenger growth to an average of 4.7 percent a year” for 2013 to 2030. The highest growth is projected for Brazil (average annual growth of 6.1 percent), while the slowest rates of growth
are projected for Bahamas and Jamaica (averaging 0.1 and 2.8 percent per year, respectively).
Despite this less than stellar prognosis, Jamaica has been rolling with the punches. In the past several years — thanks to intense public relations efforts and facility upgrades — Jamaica’s aviation traffic has seen some positive growth.
Tourism has been driving much of this growth. At Sangster International Airport in Montego Bay, a number of airlines either started new service or increased the frequency or capacity of strong routes such as Canada – the fastest growing inbound market.
The airport – which was privatised in April 2003 and is now operated by MBJ Airports Limited under a 30-year concession agreement with the Airports Authority of Jamaica (AAJ) – has seen favourable results after completing construction upgrades. These include an air terminal building that has more than doubled in size to over 47,000 square feet; 12 additional loading bridges and gates — bringing the total to 18; expanded arrivals and customs halls; over 750 parking spaces; and more check-in counters.
The Norman Manley International Airport is in close proximity to Jamaica’s commercial hub and capital city, Kingston. Economic activity at the airport is valued at an estimated $15.2 billion, according to operator NMIA Airport Limited.
The airport boasts, among other things, 13 aircraft gates, nine passenger loading bridges, competitive ground handling and fueling services, and on-site fuel farm.According to NMIA Airport Limited, in 2008 the airport moved 1.7 million passengers, with an average daily load of 4,685 and average daily aircraft movement of 67 aircrafts.
The airport generates over 13,000 direct and indirect jobs and serves both the business and leisure markets.
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AUTOMOTIVE & AVIATION
IIn February 2013, Government announced that by 2014 the airport would be managed by private concession.
Transport, Works and Housing Minister Dr. Omar Davies said this would be done under a private/public partnership agreement.This development will include the extension and widening of the runway, along with other improvements to satisfy International Civil Aviation Organisation and Jamaica Civil Aviation Authority safety standards. In January 2011, Jamaica’s third international airport – the Ian Fleming International Airport, formerly the Boscobel Aerodrome – officially opened in St Mary.At the launch of the airport, then Prime Minister Bruce Golding noted that Government had made a strategic decision in renaming the facility in honour of Ian Fleming, creator of the James Bond series, as Fleming had artfully promoted the Jamaican brand in the Bond series.
Golding said the name would resonate with the high-end tourism market to which the airport was intended to appeal.
Ian Fleming International Airport is located just five miles from Ocho Rios, and, with the recent $300 million upgrade, can simultaneously accommodate at least six international aircraft with maximum length of 65 feet in addition to three smaller aircraft.
There are plans to expand the runway by 500 feet to facilitate even larger aircraft.The airport has seen continuous traffic of local and international aircraft.
Jamaica also boasts three domestic aerodromes, which are essential to the country’s local air transportation system. The three are close in proximity to major resorts and the capital city, helping to move tourists, locals, and light cargo.
The three aerodromes are Tinson Pen Aerodrome, located in Kingston; Ken Jones
Aerodrome in Port Antonio; and the Negril Aerodrome in Negril. Tinson Pen also facilitates private aircraft, flight training, and aircraft maintenance.
The AAJ, which was established in 1974 to manage and operate the country’s airports and domestic aerodromes, has been monitoring activity in the industry.
Chairman Mark Hart, in a statement in the most recent annual report, published 2010-2011, noted that for the fiscal year April 2010 to March 2011, passenger traffic showed a slight reduction of 0.75% against the previous year, moving from 4,871,173 in 2009/10 to 4,834,791 in 2010/2011.
Cargo traffic and aircraft movements had seen improvements of 2.76% and 4.33% respectively.
Hart blamed issues such as rising oil prices and the global economic downturn for the less than stellar results.
He said, however, that improvements in the numbers were expected, as the economies of Jamaica’s main feeders continue to recover.
Meanwhile, in 2011, Jamaica sold the Air Jamaica brand to Caribbean Airlines, keeping a 16 per cent stake in the Trinidad air carrier.
As Caribbean Airlines has systematically cut flights to the island, citing a need for greater efficiency, Fly Jamaica, a new Jamaican brand, has entered the market intent on picking up the slack.
Fly Jamaica took to the skies in February 2013, and is receiving solid reviews. It operates four flights weekly to the John F Kennedy Airport in New York.
FAst FActs:
•Fidelity Motors, dealers of Nissan, are using technology to challenge the competition. “It is a matter of going with the times,” Fidelity Marketing Officer David Crawford said at the roll out of the Nissan Juke sports crossover in April 2013. Using Facebook, Instagram and Twitter, Fidelity is able to analyse potential clients and from there, marketing programmes are tailored to effectively match clients to their products.
•For the fiscal year April 2010 to March 2011, air passenger traffic showed a slight reduction of 0.75% against the previous year, moving from 4,871,173 in 2009/10 to 4,834,791 in 2010/2011. Cargo traffic and aircraft movements saw improvements of 2.76% and 4.33% respectively.
•Toyota Jamaica is still the top seller of automobiles in the country, according to the Automotive Dealers Association. “Toyota vehicles have an excellent track record in the local market, in terms of being consistently reliable and dependable. Add to that, the lowest service costs over the life of the vehicle and a high resale value,” said Howard Foster, Sales and Marketing Manager at the Spanish Town Road-based company.
•There are currently 21 certified new car dealers and 185 certified used car dealers in Jamaica. Some 1,500 persons are employed directly by new car dealers and 1,900 by used car dealers.
Sources: AAJ, FAA, MBJ, JIS, Jamaica Gleaner.
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“The creation of ATL Automotive was based on two things. A profound love of cars and the strong belief that Jamaica deserved better.” Adam StewartChief Executive Of�cer , The ATL Group
Formed in 1997 under the title of ATL Motors as the sole distributorship for leading car giant Honda, ATL Automotive immediately set the benchmark for automobile sales and service in Jamaica forging a reputation that has grown exponentially ever since. ATL Automotive has strengthened its undisputed position as the country’s foremost automotive group and has changed the face of motoring in Jamaica forever.
In September 2010, leading German car brands Audi and Volkswagen were added, and with them the highest standards of renowned German engineering, to the ATL family. From two locations in Kingston and Montego Bay, the company offers new car sales and service on par with anywhere in the entire world.
The company then extended its reach by introducing to Jamaica the exclusive distribution and servicing of iconic British brands Jaguar, Land Rover and Range Rover though its Kingston and Montego Bay locations. Staying true to the essence of these brands it represents, this division embodies expertise, quality and reliability.
Following a multi-million dollar investment and the introduction of additional world class brands to the family, ATL Automotive is exclusively distributing the world’s finest automobile brands Audi, Volkswagen, Jaguar, Land Rover, Range Rover, and Honda from state-of-the-art showrooms and service facilities in Kingston and Montego Bay. In 2013, our country’s capital Kingston will boast two futuristic new Audi and Volkswagen showrooms, at a level of size and sophistication never seen before.
ATL Automotive boasts a 150-strong team of expertly trained specialists headed up by experienced dealer principals, all of whom are dedicated to providing the highest level of sales and service the region has ever seen.
The ATL name is synonymous with service, and so at every step of the way service teams at ATL Automotive have extended themselves to develop and maintain creative programs and procedures that ensure a level of expertise and care that the owner of a premium automobile would expect, and more.
We believe that two of the main factors to success are invention and innovation.
When we joined forces with Jamaica’s most preeminent racing car driver, Doug ‘Hollywood’ Gore to create the previously unknown ‘ATL Automotive Racing Team’, we vowed to do what everyone said couldn’t be done.
The ATL Automotive Racing Team entered the 2011 season using an official Audi Sport TT DTM spec race car, the most technically advanced race car the region has ever seen, and supported by the same ATL Automotive Master Technicians who service our customers’ vehicles from our service centres in Kingston and Montego Bay.
Just months later, having broken the Dover track record and recording the fastest lap time ever at the International Race of Champions in Guyana, the same word was on everyone’s lips, a word that has since become synonymous with the entire ATL Group. Unbeatable.
In 2012, the company expanded the racing team by sponsoring the building of a Jamaica’s most technically advanced Honda Civic for the MP1 category driven by female race driver Natasha “Chiney Dolly” Chang.
At the ATL Group, we’re constantly looking to make the best even better however we can. And with that vision in mind, we are set for explosive growth that promises more to the length and breadth of Jamaica.
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INNOVATION FOR ALL.
Nissan is committed to creating the most innovative line-up of vehicles
in the world. An industry leader in budget-friendly vehicles, while re-
inventing luxury sedans and SUV’s for the modern world. When we
include the strongest off-road selection found anywhere, you have a
automobile company that will provide every possible advantage for
safety and comfort on the road. All backed by your local authorised
NISSAN Dealership with superior service and an excellent reputation.
This is NISSAN. This is Innovation for all.
FIDELITY MOTORS 5-18 Hanover Street, Kingston TEL: 948.5409 / 5459 FAX: 967.0375 www.nissanjamaica.com
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20BANKING & FINANCE
BAnKinG & FinAnce:
An anaemic economy and two debt exchange programmes in 2013 have impacted Jamaica’s financial institutions, but they have, for the most part, been resilient in finding new revenue flows to cushion the fallout.
In February 2013, financial institutions agreed to participate in the National Debt Exchange programme, which saw them sacrificing billions of dollars in earnings for the national good. Soon after, other large bondholders were called to participate in a private swap of Government securities for new bonds with lower coupon rates and longer tenures, leading to these institutional bondholders writing off more revenues.
Banking leaders have stated that they were obligated to act, as the Government’s offer was made to ensure the heavily indebted country could secure an agreement with the IMF.
Immediately, as a result of the debt exchanges, the institutions reported, among other things, losses on their assets, decline in profits, and reduced interest earnings.
The nation’s financial institutions remain resolute going forward, however, and many say they will be using efficient and innovative strategies to deal with the impact from the losses.
National Commercial Bank, for example, told the press that it would be using new technology to improve sales efficiency, service quality and growth in its business lines.
In May 2013, The Government and the IMF agreed to a US$932-million Extended Fund Facility (EFF) spanning four years. The EFF will support the Government’s comprehensive economic reform agenda and forms a critical part of a total
funding package of US$2 billion from Jamaica’smultilateral partners.
In recent years, the general financial environment, although remaining stable, was dominated by higher credit risks, according to the Bank of Jamaica (BoJ) in its 2011 Financial Stability Report.
The BoJ stated that increased credit risk throughout the financial markets in 2011 were influenced by domestic economic conditions pertaining to uncertainty about the status of the stand-by arrangement with the IMF, deteriorating debt indicators, the delay of other key economic reforms, and the less than favourable strength of economic recovery.
But “the annual change in Jamaica’s GDP returned to positive growth rates at end-2011 and economic activity appeared to be trending to levels recorded prior to the international financial crisis that started in 2007,” the BOJ said.
According to BoJ, the evolution of improved economic activity in 2011 was supported by increased borrowing activities in the household and corporate sectors. The maintenance of a low interest rate environment during 2011 created a positive atmosphere for credit growth, improved loan quality ratios and reduced nonperforming loans in the household sector.
In the 2012-2013 World Economic Forum Global Competitive Report — which provides a portrait of a country’s economic environment and its ability to achieve sustained levels of prosperity and growth — Jamaica ranked 97th out of 144 countries in terms of competitiveness. While some peer countries experienced significant improvements Jamaica’s standing declined slightly. The country was grouped among others in the region that saw significant declines — Costa Rica, Guatemala, El Salvador and Nicaragua — mainly due to a deterioration of security and other conditions.
Among the problematic factors listed for doing business in Jamaica, the report noted poor access to financing, corruption and uncompetitive tax rates.
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BANKING & FINANCE
In the central bank’s 2012 annual report, BoJ Governor Brian Wynter said the bank continued to operate in a challenging environment, characterised by uncertainties in both the domestic and international economies
“Within the domestic economy, investor concerns about the nature and timing of a funding arrangement with the IMF resulted in uncertainties in the financial markets,” he said.
“In the context of the uncertainty in the domestic economy, there was a reduction in net private capital inflows, which contributed to increased instability in the foreign exchange market, reflected in a faster pace of depreciation of the exchange rate relative to 2011.” As a result, the bank intervened in the foreign exchange market on several occasions.
According to the Governor, inflation for 2012 was 8.0 per cent, compared to 6.0 per cent in 2011. The increase took place against a backdrop of adverse weather conditions, the implementation of rigid tax measures and acceleration in the rate of depreciation of the Jamaican dollar.
In spite of the uncertainty, the financial system remained stable, he said.
Wynter said the bank continued to work on developing and refining bills to effectively carry out its mandate to promote financial stability.
He said the central bank recognises that there will be continuing challenges for the economy in 2013, and its strategic focus includes enhancing the monetary policy framework to achieve the inflation objective and strengthening its institutional framework for maintaining financial system stability.
FAst FActs:
•In May 2013, The Government and the IMF agreed to a US$932-million Extended Fund Facility (EFF) spanning four years. The EFF will support the Government’s comprehensive economic reform agenda and forms a critical part of a total funding package of US$2 billion from Jamaica’s multilateral partners.
•NCB is among the largest holders of government debt, along with Sagicor Life Jamaica Group, ScotiaBank and JMMB.
•Under the NDX, investors in Government bonds gave up an estimated J$17 billion in annual returns.
•Scotia reported in May that it suffered an immediate loss of $397 million on its financial assets as a result of the NDX. However, the company still posted income totalled $2.9 billion, or eight per cent more than the same quarter last year.
•JMMB reported a one-time loss of $754.2 million on securities exchanged in the debt swap; however, net profits of $700 million for the first three months of 2013 were still higher than 2012’s $450 million.
Sources: BOJ, ESSJ 2012, WEF Global Competitiveness Report, Jamaica Gleaner, Jamaica Observer.
An organisation operating under the
strategic Brand Pillars of Innovation,
Expertise and Strength, National
Commercial Bank Jamaica Limited (NCB)
has stood at the centre of financial life in
Jamaica for over 175 years. The growth of
the organisation dates as far back as 1837
when the Colonial Bank of London began
operations in Kingston, Jamaica. Through,
a series of mergers and acquisitions, an
institution has emerged that is truly proud to
be Jamaican-owned and operated.
Since 1977, NCB has remained a market leader
in the industry and continues to meet the financial
needs of individuals, families, entrepreneurs,
professionals and companies. Through its diversified
suite of product and service offerings and network
of over 35 locations and over 175 ABMs islandwide,
NCB offers a wealth of financial services that enable
our customers to meet their financial goals at
their various stages of life. These services include
chequing and savings accounts, credit card facilities,
personal and commercial loans, insurance, wealth
management and remittance services supported by
a robust and efficient technological infrastructure,
which facilitates our online and telephone banking
services and our 24/7 Customer Care Centre.
The NCB Group of Companies provides customers
with end to end unique product offerings available
through its diversified business model accessible
via our subsidiaries, which include: NCB Capital
Markets Limited, NCB Insurance Company Limited,
Advantage General Insurance Company Limited,
NCB Cayman Limited, NCB Remittance Services
Limited, NCB Jamaica Nominees Limited and West
Indies Trust Company.
As Jamaica’s largest home-grown financial
institution, NCB continues to make significant
contributions to the country and was instrumental
in revolutionizing the banking system in Jamaica
through implementing a series of firsts namely:
Jamaica’s first and only proprietary credit card
(Keycard) in 1981; the island’s first ‘Drive Thru’
ABM in 2002; the first full service Customer Care
Centre in the local financial industry in 2003; the
first mobile Point-of-Sale terminal in 2006 and the
first online loan and credit card application in 2008.
NCB’s strategy is designed to meet the objective
of maintaining its position as the premier financial
institution in Jamaica and keen focus is placed on
sales and service excellence, increased efficiency
and organisational health as necessary initiatives for
achieving this.
NCB is also passionate about its corporate social
responsibility and regards critically its role as a
leading socially responsible corporate citizen.
The NCB Foundation was formalized to fulfil
this philanthropic commitment and continues to
significantly impact lives, through its strategic focus
on education, community and sports development,
youth leadership and entrepreneurship.
As Jamaica’s Bank, NCB understands that the
success of the nation is dependent on the wellbeing
of its citizens. For over 175 years, NCB has
supported Jamaicans at home and abroad on the
path to financial wellness and remains committed to
its stakeholders by helping them to Put Their Best
Lives Forward.
NCB DIRECTS CUSTOMERS TO:
Put Your Best LIFE Forward
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Our Portfolio of Services includes:
CIBC FirstCaribbean International Bank is the largest, regionally-listed bank in the English- and Dutch- speaking Caribbean, serving over 500,000 accounts in 17 markets through 3,400 staff across 100 branches and offices. The bank offers a full range of market-leading financial services in Corporate Banking, Investment Banking, Treasury Sales and Trading, Retail Banking, Wealth Management, and Credit Cards.
CIBC FirstCaribbean is a member of the CIBC Group. CIBC (TSX, NYSE: CM) is a leading North American financial institution serving clients in Canada and around the world. CIBC provides a full range of products and services to almost 11 million individual, small business and commercial banking clients and meets the financial needs of corporate and institutional clients. CIBC is rated A+/Stable/A-1 by Standard & Poor's.
If you require access to Corporate Investment Banking, Treasury, Wealth Management or Retail Banking Services, come in and talk to us at FirstCaribbean International Bank (Jamaica) Limited. We offer the strength of the region's largest publicly traded bank, strong international experience, and extensive local expertise.
We also have a Building Society which is a wholly owned subsidiary of the bank and a Securities Company which is an affiliated company.
Douglas CupidonHead of Corporate Banking
Address: 23-27 Knutsford Blvd, Kingston 5, JamaicaTel: (876) 929-9310Fax: (876) 929-7751Website: www.cibcfcib.com
ADD REGIONALSTRENGTH TO YOUR FINANCIAL SERVICES
About CIBC FirstCaribbean International Bank
The Jamaica Experience
The CIBC logo and For What Matters are trademarks of Canadian Imperial Bank of Commerce, used by FirstCaribbean International Bank under license.
• Structured Finance
• Debt and Equity Placements
• Bond Issuance/Underwriting
• Syndicated Loans and Project Financing
• Investment Management
• Other Wealth Management Services
• Mortgage Financing
• Credit Cards
• Certificates of Deposit
• Foreign Exchange Trading
• Energy Financing
• Inventory and Receivables Financing
• Equipment and Vehicle Financing
• Other Medium to Long-Term Financing
• Retail Banking
Nigel HolnessManaging Director
Jennifer Carty-PeartHead
Yashi HallAssociate Director,
Investment [email protected]
Mario WattsCountry Treasurer
Owen FrancisDistrict Manager
Robert WrightDistrict Manager
Velmore LawrenceGeneral Manager
Associated EntitiesFirstCaribbean International
Building SocietyFirstCaribbean International
Securities Limited
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The CIBC logo and For What Matters are trademarks of Canadian Imperial Bank of Commerce, used by FirstCaribbean International Bank under license.
Make us a part of your team today.
We can provide you with customized business solutions for:
Every business has financial needs, and CIBC FirstCaribbean has a full range of innovative products and services to help you achieve success.
• Business Loans• Commercial Mortgages• Business Overdrafts• Merchant Services• Structured Financing and Capital Market Transactions
• Internet Banking• Online Wire Transfers• Corporate / Business Credit Cards• Investment Options• Electronic Payroll
Banking that takes care of business
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For over 40 years, through various markets, Sagicor has been helping clients pursue their financial goals.
Mr. Philip ArmstrongManaging Director Sagicor Bank Jamaica Ltd.
Mr. Mark ChisholmExecutive Vice President, Individual Life Sagicor Life Jamaica Ltd
Mr. Donavon PerkinsPresident & CEO Sagicor Investments Jamaica Ltd
Mr. Errol MckenzieExecutive Vice President, Employee Benefits Sagicor Life Jamaica Ltd
Mr. Rohan MillerExecutive Vice President Treasury & Asset Management Sagicor Life Jamaica Limited
Mr. Richard BylesPresident and CEO Sagicor Life Jamaica Ltd
Together, we are your total financial solution.
Our offerings include a full range of products and services that are designed to meet your short and long term Investment, Banking, Annuities, Pension and Life & Health Insurance needs.
We are Jamaica’s number one insurance company, the leading stockbroker, the best performing unit trust and have some of the lowest banking fees.
Sagicor Life of Jamaica LimitedR. Danny Williams Building28-48 Barbados Avenue, Kingston 5
1-888-SAGICOR (724-4267) www.sagicorjamaica.com
COMMERCIAL BANKING | INVESTMENTS | LIFE & HEALTH INSURANCE | PROPERTY SERVICES
who's whos layout_New size.indd 2-3 6/20/13 4:54 PM
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For over 40 years, through various markets, Sagicor has been helping clients pursue their financial goals.
Mr. Philip ArmstrongManaging Director Sagicor Bank Jamaica Ltd.
Mr. Mark ChisholmExecutive Vice President, Individual Life Sagicor Life Jamaica Ltd
Mr. Donavon PerkinsPresident & CEO Sagicor Investments Jamaica Ltd
Mr. Errol MckenzieExecutive Vice President, Employee Benefits Sagicor Life Jamaica Ltd
Mr. Rohan MillerExecutive Vice President Treasury & Asset Management Sagicor Life Jamaica Limited
Mr. Richard BylesPresident and CEO Sagicor Life Jamaica Ltd
Together, we are your total financial solution.
Our offerings include a full range of products and services that are designed to meet your short and long term Investment, Banking, Annuities, Pension and Life & Health Insurance needs.
We are Jamaica’s number one insurance company, the leading stockbroker, the best performing unit trust and have some of the lowest banking fees.
Sagicor Life of Jamaica LimitedR. Danny Williams Building28-48 Barbados Avenue, Kingston 5
1-888-SAGICOR (724-4267) www.sagicorjamaica.com
COMMERCIAL BANKING | INVESTMENTS | LIFE & HEALTH INSURANCE | PROPERTY SERVICES
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Valerie CrawfordManager, Trade Financing &
Risk Management
Kalean Mills BellamyLegal Counsel/
Corporate Secretary
Lavonne BrownManager, Human Resource &
Administration
Lisa BellManaging Director
Angela PennantManager, Internal AuditGeta Wright-Jarrett
Manager, Finance &Information Systems
Corporate ProfileThe National Export-Import Bank of Jamaica The National Export-Import Bank of Jamaica (EXIM Bank) is Jamaica’s premier trade financing institution and the Caribbean’s first ever Export-Import Bank. It plays a fundamental role in national development by providing a wide range of financing instruments at attractive interest rates for the country’s productive sector. It aims to assist in the growth of this sector and to contribute assist in the growth of this sector and to contribute to the development of the wider national economy.
The Bank was established in May 1986 and has, over the years, made sure to honour its mandate of helping business ventures become viable and competitive in international markets. Its customers are primarily small businesses and specific focus is placed on SME entities involved in non-traditional exports, such as Tourism, Manufacturing, Agro-processing, Mining, the Manufacturing, Agro-processing, Mining, the Service Industry, Information Communication and Technology and the Creative Industries.
EXIM Bank offers an impressive suite of financing products to these entities. It is particularly known for its trade financing facilities and specifically its expansive international lines of credit, which enable Jamaican companies to do business with any country in the world. Its products and services aim to fulfill both the short and medium-term needs of its customers and the facilities are available in both Jamaican and US-Dollar facilities are available in both Jamaican and US-Dollar denominated currencies.
The Bank also recognizes that linkage service companies that are connected to exporting and manufacturing entities play a vital role in the growth of these sectors, so they are also included in the Bank’s group of qualified borrowers. These include farmers who provide fresh produce to agro processors; professionals such as Haulage Contractors, Mechanical and Electrical Engineers who support the Mechanical and Electrical Engineers who support the bauxite industry; Tourism linkage companies such as operators of restaurants and attractions, in-bond merchants and persons providing ground transportation services, as well as companies in the service industry.
EXIM Bank will assist you in “Realising Your Productive Promise” and you can “Expect to Succeed” !
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with attractive loan rates as low as
10% J$LOANS 7.5% US$
LOANS www.eximbankja.comApply today!
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EST. 1973 // L ICENSED SECURITIES DEALER // MEMBER OF THE JAMAICA STOCK EXCHANGE331/2 HOPE ROAD, KINGSTON 10, JAMAICA, W.I.
929.3400 // sslinvest.com
Our business isin your interest.Founded in 1973, Stocks & Securities Ltd (SSL) is the second oldest brokerage firm in Jamaica with a team of over fifty professionals.
SSL is a full service Wealth Management, Investment Banking and Advisory Firm. We are a securities dealer regulated by the Financial Services Commission (FSC), located in Kingston, Jamaica.
SSL is also a member of the Jamaica Stock Exchange (JSE) and operates a Cambio regulated by the Bank of Jamaica (BOJ).
SSL has a dominant position in the Jamaican retail investor market and SSL’s clients also include the largest private and public institutional investors in Jamaica. Through our Investment Banking Team, SSL offers financial advisory and capital-raising services to institutional clients. We have successfully advised on Initial Public Offerings (IPOs), structured financings, acquisitions, divestments and other corporate finance transactions. Our team has years of investment banking experience in Jamaica and has extensive relationships with corporate and strategic sources of equity and debt financing.
At SSL our highly trained Wealth Advisors will help you to develop your ideal investment strategy. We will listen to your needs and together establish a customized investment plan for your short and long term goals.
Our team looks forward to serving you efficiently.
KEVIN JONESASSISTANT MANAGERWEALTH DIVISION
MARK CROSKERYPRESIDENT & CEOEXECUTIVE DIRECTOR
CLINTON BROOKSMANAGING DIRECTOREXECUTIVE DIRECTOR
RYAN STRACHANMANAGERWEALTH DIVISION
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33 Tobago Avenue, Kingston 5Telephone: 906-3845-7, Fax: 968-3428
Email: [email protected], Website: www.jmb.gov.jm
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in Jamaica Business BUSINESS ICONLast February, Jamaica lost another of its distinguished sons - the Hon. Mayer Michael Matalon.
Mayer Matalon was born on March 3, 1922, the fourth of seven sons and the sixth child of a family that would eventually grow to eleven children.
PPrompted in part by the breakup of the Ottoman Empire at the turn of the twentieth century, and in search of a better life, Mayer’s father migrated to Jamaica from Damascus. The elder Matalon married a native Jamaican, Florizel Henriques. Their family bootstrapped itself from humble beginnings to become an economic powerhouse. OneOne of the early professional experiences for young Mayer was his time venturing to the Panama Canal Zone in search of work. Reports from Panama from those days speak of a dashing young man who wooed and wowed the young ladies. UponUpon returning to Jamaica, Mayer worked at a tire retreading business on Orange Street, handling the machines. He soon formed a family venture, Commodity Service Company, with his brother Aaron, sister Pauline and brother-in-law, Jack. They served as commission agents for pharmaceutical companies. The business grew quickly, eventually adding food agencies to its repertoire.
They moved from a small mezzanine office in the back of George Penso’s garage to the upstairs of the Esquire restaurant on Barry Street. Their growth continued, with the business eventually representing the Guyana Rice Marketing Board. Ever in search of new opportunities, Mayer persuaded the then government of Norman Manley to sell a large tract of land from the Hope Estate in order to construct Jamaica’s rst mass housing solutions project – Mona Heights.
TThe primary challenge in developing Mona Heights was nding mortgage nancing for purchasers of 700 houses. It took Mayer years to convince the English insurance company, Eagle Star, that the company could handle the business, since the family had no track record in development. They also painstakingly worked to convince the lenders that the mortgages were risks that all the parties could handle.
TThis extraordinary feat of perseverance required a classic cocktail of patience, class, a bit of hubris, and a touch of ‘Chutzpah.’ It is these traits that earned Mayer the “yard name” (in Jamaican parlance) “the Baron.” FFollowing their success in construction, Mayer and family became early investors in the factories of the emerging industrial estate around Marcus Garvey Drive. Coir, cocoa powder and butter, windows, paint, galvanized sheeting, brushes, P.A.Benjamin products and even garments, were among the items manufactured by companies that were subsequently absorbed by the family’s new company - Industrial Commercial Developments (ICD). The family later invested in agriculture, buying into Serge Island Dairies and pioneering the production of long life milk. They invested in distribution, buying Facey, which later became Facey Commodity. They also ventured into insurance brokerage. With MaMayer always in the co-pilot seat alongside brother Aaron and upon consultation with others, the business grew into one of Jamaica’s most successful. The housing construction business expanded to other activities, including the dredging of the Kingston Harbour to allow larger ships to enter Newport West, keeping Jamaica on the cutting edge of international shipping routes.
Mayer was at the forefront of the nancial deals that made many of these ventures possible. His grasp of the international issues in nance was legendary. He served for 46 years on the board of the Bank of Nova Scotia. He established rm roots in London, where he maintained a home, allowing him to participate in two of his great loves - the business of nance and horse racing. So great was his passion for horse racing that he established one of Jamaica’s best horse breeding stud farms and racing stables.
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EDUCATION & TRAINING
eDucAtion & tRAininG:
As the country moves towards actualizing the goals of Vision 2030 — a roadmap for making Jamaica the place of choice to live, work, raise families and do business — one area that is constantly transforming is education.
Successive administrations have cited the need to improve literacy and numeracy, improve early childhood education, and provide more Jamaicans with access to tertiary education. Efforts have been made by Government, the private sector, and international partners to meet these targets.
The Economic and Social Survey Jamaica (ESSJ) 2012 noted that during the year, the Government, private sector and international partners collaborated to improve the country’s education system. Priority was given to areas such as early childhood and special education, teacher training, and information technology.
With a $76.2 billion budgetary allocation for the 2013-2014 financial year (down from $79.5 billion in 2012-2013), Government says it is concentrating on ensuring an environment suitable for teaching and learning.
Organisations such as the Jamaica Social Investment Fund (JSIF) have been working closely with the Ministry of Education to rehabilitate and construct educational facilities. JSIF has built new schools and, with support from the Caribbean Development Bank through its Basic Needs Trust Fund, worked to promote sanitary facilities and eradicate pit latrines.
Additionally, Food for the Poor made a commitment to construct and improve 50 early childhood institutions in observation of Jamaica’s 50th independence. Up to May 2013, 10 schools had been constructed or upgraded under the programme.
In 2013, Education Minister Ronald Thwaites announced that changes were coming for the Grade Six Achievement Test that assesses primary school students’ performance for placement in high schools. Thwaites noted that, beginning with the 2013 sitting, gradual changes would come to the much-criticised exam.
According to Allison McCallum, Senior Education Officer for student assessment in the Ministry of Education, the Ministry plans to eventually replace GSAT with PEP – the Primary Exit Profile Test.
The need for increased use of technology in education has not been ignored. In April 2013, Technology Minister Phillip Paulwell said thousands of tablet devices would be distributed to students and teachers from 30 institutions, under a pilot programme slated to begin in September 2013. Beneficiaries will be students from schools that have been evaluated by the Ministry and deemed to be underperforming academically.
The $850 million project, Paulwell said, would “fundamentally change the way we approach education in Jamaica”.
“Technology allows us to break down the old, traditional barriers to accessing learning resources, and this administration is going to pilot the removal of all those barriers, to allow every Jamaican child an equal shot at achieving his or her goals,” the minister said.At the secondary level, the Government is also focussing on providing adequate spaces, through construction projects being carried out on various secondary institutions. Some 16 schools were expanded in 2012 to eliminate overcrowding.
The ESSJ also pointed to work being done by Government to ensure increased and sustained access for students to finance tertiary education through reform of the Students Loan Bureau (SLB).
The Bureau currently funds 30 per cent of tertiary-level education, and has seen a huge increase in demand for loans — from 6,000 applicants in 2007 to almost 17,000 in 2012.A committee was established by Government to identify a pool of capital to fund the SLB in the future.
Dr Franklin Johnston, special advisor in the Ministry of Education, told students at a session on financing higher education at the University of the West Indies (UWI) in February 2013, that overseas private colleges and universities were gaining strength in Jamaica and that approximately 40 per cent of degrees were granted by them to locals.
As students turn to online sources for tertiary education, local universities have been ramping up their programmes to attract more interest.
In addition to offering more online and distance learning programmes to compete with overseas offerings, The University of the West Indies, Mona Campus (UWI) announced last year that it had been granted institutional accreditation by the University Council of Jamaica for seven years, the maximum time possible.
UWI now boasts status as the first institution in Jamaica to secure this accreditation, which validates its quality standards.
Pro Vice Chancellor and Principal Professor Gordon Shirley said the accredited status will assure stakeholders that UWI is committed to excellence, and confirms that UWI students are receiving high-quality, tertiary-level education.
The Caribbean Accreditation Authority in Medicine and the Health Professions also last year granted accreditation to UWI’s medical programmes for 2012-2017.
Similarly The University of Technology (UTech) continues to advertise its significant achievements.
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EDUCATION & TRAINING
During 2012 these included the launch of the Joan Duncan School of Entrepreneurship, Ethics and Leadership; and the Legal Advice Centre in the Faculty of Law. This centre, which has been operating at the campus since 2011, provides affordable legal advice to Jamaicans. The Norman Manley Law School’s Legal Aid Clinic at UWI provides similar services.
UTech also boasted the establishment of the Joint Colleges of Medicine, Oral Health & Veterinary Sciences. The Western campus in Trelawny was also established and new courses of study introduced.
Coming this September, the incoming class of MBA students at the Mona School of Business and Management (MSBM) at the Kingston and Western Jamaica campuses will be using e-book packages on Smart Tab devices provided by the school and its partners.
MSBM is the first business school in Jamaica, and the second division at UWI (the other being the Faculty of Medical Sciences), to use the e-learning solution.
Executive Director, Professor Paul Simmonds said the school strives to give students the experience of a world-class business school.
Other universities, including the Northern Caribbean University, have upped their programme offerings in associates, bachelors and postgraduate degree programmes in the competitive environment.
HEART Trust has continued to offer technical and vocational training to those seeking training, or those wanting to improve their skills. The National Training Agency has also integrated at-risk and unattached youth programmes into its training system.
Five community colleges and three multi-disciplinary colleges in 22 locations, meanwhile, provide pre-university, general education programmes and training opportunities to students.
For the way forward, Thwaites says the Government will be working with tertiary institutions to which it provides funding, to ensure that their programmes are geared towards providing training for employment in the evolving Jamaican economy.
Addressing reporters at a post-Sectoral Debate briefing at Jamaica House in May 2013, Thwaites said ministry officials had met with officials at UTech and UWI to talk about what programme offerings are still relevant to the workforce.
“The Government’s support for UWI and UTech is only a part of their revenue…we are not devaluing any element of education. All we are saying is please show us how you are using the money that the taxpayer is putting in, for purposes that offer value to the people of Jamaica,” he said.
Sources: ESSJ 2012, JIS, Mona News.
FAst FActs:
•With a $76.2 billion budgetary allocation for the Education Ministry for the 2013-2014 financial year (down from $79.5 billion in 2012-2013), Government says it is concentrating on ensuring an environment suitable for teaching and learning.
•In April 2013, Technology Minister Phillip Paulwell said thousands of tablet devices would be distributed to students and teachers from 30 institutions under a pilot programme starting in September 2013. Beneficiaries will be students from schools which have been evaluated by the ministry and which are underperforming academically.
•In addition to offering more online and distance learning programmes to compete with overseas offerings, UWI announced in 2012 that it had been granted institutional accreditation by the University Council of Jamaica for seven years, the maximum time possible. UWI now boasts status as the first institution in Jamaica to secure this accreditation, which validates its quality standards.
•Beginning in September 2013, the incoming class of MBA students at the Mona School of Business and Management (MSBM) at the Kingston and Western Jamaica campuses will be using e-book packages on Smart Tab devices provided by the school and its partners.
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JAMAICAN EMBASSY - BEIJING Embassy of Jamaica Jian Guo Men Wai Diplomatic Compound No 1 Xiu Shui Street Building 6, room 6-2-72 Chaoyang District Beijing 100600 Beijing 100600 People's Republic of China Telephone: 8610-653-20670-1 or 8610-653-20667 Fax: 8610-653-20669 Email: [email protected] Website: http://www.jamaicagov.cn
JAMAICAN EMBASSY - BERLIN Embassy of Jamaica Embassy of Jamaica Schmargendorfer Strasse 32 12159 Berlin Federal Republic of Germany Telephone: 00-49 30 85 99 45 11 Fax: 00-49 30 85 99 45 40 Email: [email protected] WWebsite: www.jamador.de
JAMAICAN EMBASSY - BOGOTA Embassy of Jamaica Avenida 19 No. 106A-83, Oficina 304, Santafé de Bogota, D. C., Colombia Telephone: 571-612-33-89 or 571-612-33-96 Fax: 571-612-34-79 Fax: 571-612-34-79 Email: [email protected]
JAMAICAN EMBASSY – BRUSSELSJAMAICAN MISSION TO THE EUROPEAN UNION Embassy of Jamaica Avenue Hansen-Soulie,77 1040 Brussels 1040 Brussels Belgium Telephone: 322-230-1170; 322-230-1317; 322-230-4536 Fax: 322-234-6969 Email: [email protected]
JAMAICAN EMBASSY - CARACAS Embassy of Jamaica Embassy of Jamaica Edificio "Los Frailes" Piso 5, Calle La Guairita Urb. Chuao - Caracas Venezuela Telephone: 582-21991 69055 or 582 12991 6133 Fax: 58 212 991 5708 or 58 212 991 6055 Email: embjaven@cantEmail: [email protected]
JAMAICAN EMBASSY - HAVANA Embassy of Jamaica Calle 22 No. 503 e/5ta y 7ma Miramar, Playa Ciudad de La Habana Telephone: 537-204 2908 or 537-204-6959 Fax: 537-204-2531 Fax: 537-204-2531 Email: [email protected] JAMAICAN EMBASSY - KUWAIT Embassy of Jamaica Al-Zahra Block 8, Street 809 House House 119/11 Kuwait Telephone: 27 12 362 6667 or 27 12 366 8500 Fax: 27 12 366 8510
JAMAICAN EMBASSY - SANTO DOMINGOEmbassy of JamaicaAve. Enriquillo No. 61 Los Cacicazgos Los Cacicazgos Santo Domingo Dominican Republic Telephone: 809-482-7770-1 Fax: 809-482-7773 Email: [email protected]
JAMAICAN EMBASSY - TOKYO Embassy of Jamaica Toranonon Yatsuka Building, 2F 1-11 Atago 1 - Chorne Minato-Ku Tokyo 105-002 Japan TTelephone: 813-3435-1861-3 Fax: 813-3435-1864 Email: [email protected] Website: www.jamaicaemb.jp
JAMAICAN EMBASSY - UNITED MEXICAN STATES Embassy of Jamaica Schiller 326, Piso 8 Schiller 326, Piso 8 Chapultepec Morales Delegacion Miguel Hidalgo 11570 Mexico, D.F. Telephone: 55-5250-6804 or 55-5250-6806 Fax: 55-5250-6160 Email: [email protected]
JAMAICAN EMBASSJAMAICAN EMBASSY - WASHINGTON Embassy of Jamaica 1520 New Hampshire Avenue N W Washington DC 20036 Telephone: 202-452-0660 Fax: 202-452-0036 Email: [email protected]
JAMAICAN HIGH COMMISSION - JAMAICAN HIGH COMMISSION - ABUJA, NIGERIA High Commission of Jamaica Plot 247 Muhammadu Buhari Way Central Area District Abuja, Nigeria Telephone: 234 9 234 5107 (only after 7p.m Nigeria time or 1p.m Jamaica time) (only after 7p.m Nigeria time or 1p.m Jamaica time) Fax: 234 9 234 2726 Email: [email protected]
JAMAICAN HIGH COMMISSION - LONDON High Commission of Jamaica 1-2 Prince Consort Road London SW7 2BZ England England Telephone 44 207-823-9911 Fax: 44 207-589-5154 Email: [email protected]
JAMAICAN HIGH COMMISSION - OTTAWA High Commission of Jamaica Standard Life Building 275 Slater Street 275 Slater Street Suite 800 Ottawa, Ontario KIP 5H9 - Canada Telephone: 613-233-9311 Fax: 613-233-0611 Email: [email protected]
JAMAICAN HIGH COMMISSION - JAMAICAN HIGH COMMISSION - PORT-OF-SPAIN High Commission of Jamaica 2 Newbold Street, St. Clair, Port-of-Spain Trinidad and Tobago Telephone: 868-622-4995-7 Fax: 868--622-9043/9180 Fax: 868--622-9043/9180 Email: [email protected] or [email protected]
JAMAICAN HIGH COMMISSION - PRETORIA High Commission of Jamaica Private Bag X5, Hatfield 0028 3rd Floor, MIB Building 1119 Burnett Street Hatfield, PretoriaHatfield, PretoriaSouth Africa Telephone: 27 12 362 6667 or 27 12 366 8500 Fax: 27 12 366 8510 Email: [email protected]
PERMANENT MISSIONS PERMANENT MISSION OF JAMAICA TO THE UNITED NATIONS - GENEVA 36 rue de Lausanne 1st Floor 1201 Geneva 1201 Geneva Switzerland Telephone: 41 22-731-5780/5785 or 41 22-908 0760/1 Fax: 41 22-738-4420 Email: [email protected]
PERMANENT MISSION OF JAMAICA TO THE UNITED NATIONS - NEW YORK 767767 Third Avenue 9th and 10th Floors New York, NY 10017 New York - United States of America Telephone: 212-935-7509 Fax: 212-935-7607 Email: [email protected] PERMANENT DELEGATION OF JAMAICA TO UNESCO - PARIS 1 rue Miollis 75352 Paris France Telephone: 33 145 683 360 or 33 145 683 223 Fax: 33 143 068 451 Fax: 33 143 068 451
PERMANENT MISSION OF JAMAICA TO THE O.A.S. - WASHINGTON 1520 New Hampshire Avenue, N.W. Washington D.C. 20036 United States of America Telephone: 202-452-0660 Fax: 202-452-0081 Fax: 202-452-0081 Email: [email protected] or [email protected]
CONSULATES-GENERAL UNITED STATES OF AMERICA - NEW YORK Consulate-General of Jamaica 767 Third Avenue, 2nd & 3rd Floors New York, NY 10017 TTelephone: 212-935-9000 Fax: 212-935-7507 Email: [email protected] Website: http://www.congenjamaica-ny.org
UNITED STATES OF AMERICA - MIAMI Consulate-General of Jamaica 842 Ingraham Building 25 South East Second25 South East Second Avenue Miami, 33131, Florida USA Telephone: 305-374-8431-2 Fax: 305-577-4970 Email: [email protected] CANADCANADA - TORONTO Consulate-General of Jamaica 303 Eglinton Avenue East Toronto, Ontario M4P 1L3 Canada Telephone: 416-598-3008 Fax. 416-598-4928 Email: [email protected] Email: [email protected]
in Jamaica Business
JAMAICAN EMBASSIES, HIGH COMMISSIONS AND PERMANENT MISSIONS ABROAD
INSURANCE
insuRAnce:
According to the Financial Services Commission, both the general and life insurance sectors have experienced growth in Jamaica, proof that Jamaicans are taking the business of insurance seriously.
According to the Insurance Association of Jamaica (IAJ), the number of new policies increased by six per cent, from 96,881 in 2010 to 103,087 at the end of 2011.
Insurance, extended by various companies, provides financial support in the case of loss of value, life, or in the financing of medical expenses or other eventualities. IAJ member companies for general insurance are West Indies Alliance, Globe Insurance, Jamaica National General Insurance, General Accident, Key Insurance, BCIC, JIIC, American Home, ICWI, Advantage General and Sagicor. Life insurance member companies are Scotia Insurance, NCB Insurance, Guardian Life and Cuna Mutual Group.
In statistics compiled from published audited companies’ financial statements, the IAJ noted that motor insurance continues to be the dominant area of new business. House, liability and others did not experience any significant increase over 2010-2011, the period the IAJ reviewed.
In the life insurance segment, the main types of coverage sold were term, whole life, personal accident, critical illness and universal life. Universal life coverage experienced the highest level of new sales with $8.026 billion for 2011, representing 89.2% of new sales from 65,517 policies, the IAJ said.
Up to November 2011, the industry earned a combined $22.32 billion in premium income in the
life and general markets. The income represented a ten per cent improvement on the $20.26 billion earned for the same 11-month period in 2010.
The FSC, which under the Insurance Act 2001 and Insurance Regulations 2001 is responsible for the supervision and regulation of industry providers of life, general and health insurance, noted that for the first half of 2012, the sector experienced moderate growth, and the companies in general were more profitable.
Last year industry executives said premiums for both life and general insurance products would go up.
The eleven players in the general insurance sector held a combined $15 billion of capital. The companies made combined net profit of $1.1 billion, up 19 per cent relative to June 2011, resulting from improvement in net premiums, according to the FSC, which also monitors the activities of brokers, agents, insurance consultants and loss adjusters.
For the life insurance market — a total of six companies — net earnings amounted to $10 billion for 2012. In addition, the number of policies sold rose by 20,245 to 155,600 relative to the end of 2011.
The IAJ, which provides support services to the Jamaican insurance industry, said it is committed to supporting the growth and development of the insurance industry for the benefit of Jamaicans and the Jamaican economy. The IAJ works in tandem with the FSC, which was given regulatory powers over the industry after the industry was severely impacted by extensive insolvency problems in the 1990s. The industry was subsequently brought under the control of the 2001 Act, which introduced stringent registration requirements for companies in order to protect policyholders and restore viability to the sector.
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The Act empowers the FSC to, among other things, grant, refuse, suspend and cancel the registration of an insurance company; approve all insurance policies before they are offered to the public; conduct examination of each company’s affairs or business at least once annually; and order corrective measures where management practices put policyholders and the business at risk.
The FSC also reviews annual statements, corporate data, partnerships and business practices.
On the public insurance front, the National Insurance Scheme (NIS) is a compulsory contributory funded social security scheme, which offers financial protection to workers and their families against loss of income arising from injury on the job, incapacity, retirement, or death.
Benefits include retirement, widows/widowers, invalidity, orphan, employment injury and funeral grants. The employed, self employed and voluntary contributors are covered.
In 2012, the House of Representatives approved amendments to the National Insurance Act, resulting in increased benefits to NIS contributors, as of January 2013. The amendments increased special pensioner benefits from $1,200 to $1,400 per week. The basic rate paid to old age, invalidity and widow or widowers’ pension increased from $2,400 to $2,800. And the basic rate paid to special children and orphans moved from $4,200 to $4,900 per week.
FAst FActs:
•Advantage General, West Indies Alliance, General Accident and JIIC emerged in the top category of gross written premiums for 2011. Other players in the market, although not in the top category in terms of volume, may have performed in line with their budgeted expectations.
•The life insurance sector, with $8.99 billion in new premiums for 2011, experienced an appreciable growth over the $8.15 billion for 2010.
•Over the past 40 years, ICWI’s expansion has been secured through the acquisition of other insurance businesses throughout the region, including businesses in Bahamas, Cayman Islands and Trinidad and Tobago.
•In February 2013, BCIC launched an exclusive seniors’ insurance product, Diamond Max, to satisfy the needs of persons 60 years and over.
Sources: NIS FSC, ESSJ 2012, Jamaica Gleaner, Insurance Authority of Jamaica
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COMPANY OVERVIEWAdvantage General InsuranceCompany Limited, the largest generalinsurance company, enjoys a richhistory in the insurance industry inJamaica. The Company which wasformed in 1964, later transitioningin 1986 to United General InsuranceCompany Limited, rcordedphenomenal growth; moving from agross annual premium of $10 million toapproximately $3.1 billion in 2005.Today this figures stands at $4.8 billion.
OUR VISIONTo be a globally recognized andinnovative industry leader.
OUR MISSIONTo create peace of mind for ourcustomers: increase our value toshareholders and society by providingreliable, efficient general insuranceservices delivered by committedemployees and strategic partners through consistently living our corevalues and by being a responsiblecorporate citizen.
OUR TEAMGuided by the Board of Directors,the accomplished and dynamicmanagement team, led by MarkThompson, ensures that the Companymaintains its aggressive posture ofimproving operating results,maintaining profitability whilemanaging exposure and striving tomeet all regulatory standards. Thispassion for performance is further evident in the Company coppingthe 2008 Jamaica Employers’Federation Employer of ChoiceAward in the Medium Category.In July 2010, the Company alsoreceived the third placeaward for its Human Resourceinnovations from the HumanResources Management Association
of Jamaica (HRMAJ).
OUR ADVANTAGEToday, the Company which hasan enviable customer base of justover 100,000 policyholders is wellsupported by brokers, agents and anetwork of 11 branches strategicallylocated in main towns islandwide.This achievement is one of pride forthe Company as it maintains acommanding lead in a highlycompetitive market of 11 players. Thishas been achieved throughconsistent growth which has beenover 15 percent per annum for thelast 36 months.
OUR PARTNERSThe backbone of the Company’ssuccess has been the strongpartnerships with premier reinsurersand other industry professionals,intermediaries, staff and the many loyal customers who continue tobelieve in Advantage General;we are even more committed tosurpassing the expectations of ourcustomers through consistently livingour Core Values of Respect,Integrity, Accountability andCustomer Centricity.
FINANCIAL HIGHLIGHTSThe company continues to showstrong growth in its underwritingbusiness as evidenced byitsincreasing number of Policies inForce and Gross Premiums Written.Despite the effects of the global economic crisis of 2008/2009 andits impact on the local economy,Advantage General’s financialperformance since 2010 hasrebounded strongly.
The Company’s operating efficiency(expenseratio) continues to improveyear on year while our loss ratiohas absorbed the shocks of the2009 crisis and is now trending below60%.
OUTLOOKThe three-year plan for theCompany includes the continuingdrive to become the premierpersonal lines insurer, providingsuperior customer service in Jamaicaand the region. It is our intentionto be innovative in our servicedelivery to ensure and enhance“ease of doing business”, whilemaintaining a strong financialposition.
Mark ThompsonPresident and ChiefExecutive Officer
Sophia SmithClaims Manager
Colleen Ten-hueUnderwriting Manager
Ruth CummingsVice President, Channel Management andMarketing
Odia S. Reid ClarkeGeneral Counsel
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1983-2013
KEY
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RANCE COMPANY LIMITED
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REPUBLIC OF CUBAEmbassy of the Republic of Cuba9 Trafalgar Road, Kingston 10Tel: 876-978-0931-3Fax: 876-978-5372E-mail: [email protected]
SST. KITTS AND NEVISHigh Commission for St. Kitts and Nevis11A Opal Avenue, Golden Acres, Kingston 19Postal AddressP. O. Box 157, Kingston 7 Tel: 876-944-3861Fax: 876-945-0105E-mail: [email protected]: [email protected]
DOMINICAN REPUBLIC Embassy of the Dominican RepublicTownhouse #12, Norbrook Views13 Norbrook Crescent, Kingston 8Tel: 876-931-0044Fax: 876-925-1057E-mail: [email protected] E-mail: [email protected] Consulate15 Lord Nelson Way, Trafalgar ParkTel: 876-906 3898
REPUBLIC OF NICARAGUAEmbassy of the Republic of Nicaragua2 Ottawa Avenue, Kingston 6TTel: 876-390-0903 Fax: 876-631-7357Email: [email protected] [email protected]
KINGDOM OF SPAIN Embassy of Spain6th Floor, Courtleigh Corporate Centre6-8 St. Lucia6-8 St. Lucia Avenue, Kingston 5Tel: 876-929-5555Fax: 876-929-8965E-mail: [email protected]
UNITED STATES OF AMERICAEmbassy of the United States142 Old Hope Road, Kingston 6TTel: 876-702-6000Fax: 876-702-6001E-mail: [email protected] (Visa/Consular)[email protected] (General) REPUBLIC OF SOUTH AFRICAHigh Commission for The Republic of South Africa 15 Hillcrest15 Hillcrest Avenue, Kingston 6Tel: 876-620-4840 or 876-978 9419Fax: 876-978-0339E-mail: [email protected] [email protected]
REPUBLIC OF TRINIDAD & TOBAGOHigh Commission forHigh Commission for The Republic of Trinidad & Tobago60 Knutsford Boulevard – 7th Floor, Kingston 5Tel: 926-5730 /5739/968-0588Fax: 926-5801Email: [email protected]
FEDERATIVE REPUBLIC OF BRAZIL Embassy ofEmbassy of The Federative Republic of Brazil23 Millsborough Crescent, Kingston 6TEL: 876-946-9812; 876-927-8964; 876-978-8608FAX: 876-927-5897E-mail: [email protected]
PEOPLE’S REPUBLIC OF CHINAEmbassy of the People’s Republic of China8 Seaview Avenue, Kingston 6Tel: 876-927-3871/876-978-3941Fax: 876-927-6920/876-978-7780Email: [email protected]
REPUBLIC OF COLOMBIREPUBLIC OF COLOMBIAEmbassy of the Republic of Columbia Victoria Mutual Building53 Knutsford Boulevard, Kingston 5Tel: 876-929-1701-2Fax: 876-968-0577E-mail: [email protected] FEDERAL REPUBLIC OF GERMANYEmbassy of the Federal Republic of Germany10 Waterloo Road, Kingston 10Tel: 876-926-6728-9/876-631-7935-36Fax: 876-620-5457Email: [email protected]
MEXICO (UNITED MEXICAN SMEXICO (UNITED MEXICAN STATES)Embassy of the United Mexican StatesPCJ Building36 Trafalgar Road, Kingston 10Tel: 876-926-6891/4242Fax: 876-929-7995E-mail: [email protected]
FRANCE (THE FRENCH REPUBLIC)FRANCE (THE FRENCH REPUBLIC)Embassy of France13 Hillcrest Avenue, Kingston 6Tel: 876-946-4000Fax: 876-946-4020 (Consulate)Fax: 876-946-4022 (Chancery)E-mail: [email protected]
REPUBLLIC OF REPUBLLIC OF PANAMAEmbassy of the Republic of Panama34 Annette Crescent, Suite 103, Kingston 10Tel: 876-924-5235-6Fax: 876-924-3428E-mail: [email protected] RUSSIAN FEDERRUSSIAN FEDERATION Embassy of the Russian Federation 22 Norbrook Drive, Kingston 8Tel: 876-924-1048 Fax: 876-925-8290 Email: [email protected]
REPUBLIC OF ARGENTINA Embassy of theEmbassy of the Argentine Republic Dyoll Life Building, 4th Floor 40 Knutsford Blvd., Kingston 5Tel: 876-926-5588, 876-926-2496Fax: 876-926-0580Email: [email protected]
FEDERAL REPUBLIC OF NIGERIAHigh Commission of the Federal Republic of NigeriaHigh Commission of the Federal Republic of Nigeria 5 Waterloo Road, Kingston 10Tel: 876-926-6400/08, 876-968-3732/4449, 876-926-2781/8738, 876-929-4166,876-968-7560, 876-906-9925/9922Fax: 876-968-7371Email: [email protected]
Prepared by:Prepared by:PROTOCOL DEPARTMENTMinistry of Foreign Affairs and Foreign Trade KINGSTON
May 2013
KINGDOM OF BELGIUM Embassy of Belgium8th Floor, Courtleigh Corporate Centre6 St. Lucia Avenue, Kingston 5Tel: 876-906-1815; 876-906-7791; 876-754-7903Fax: 876-906-5943E-mail: [email protected]: [email protected]
REPUBLIC OF CHILEEmbassy of the Republic of ChileCourtleigh Corporate Centre5th Floor, 6 St. Lucia Avenue, Kingston 5Tel: 876-968-0260-1Fax: 876-968-0265E-mail: [email protected]: [email protected]
CANADAHigh Commission of Canada3 West King’s House Road, Kingston 10 Tel: 876-926-1500-7Fax: 876-733-3491 (Commercial/CIDA)876-733-3494 (Administration)876-733-3492 (Immigration)876-733-3492 (Immigration)E-mail: [email protected] BOLIVARIAN REPUBLIC OF VENEZUELA Embassy of the Bolivarian Republic of VenezuelaPCJ Building, 36 Trafalgar Road, Kingston 5Tel: 876-926-5510/876-5519Fax: 876-926-7442Fax: 876-926-7442E-mail: [email protected] or [email protected]
JAPAN Embassy of JapanNCB Towers (North)6th Floor, 2 Oxford Road, Kingston 5TTel: 876-929-3338-9/876-929-7534Fax: 876-968-1373/876-754-2542E-mail: [email protected]
REPUBLIC OF INDIAHigh Commission of India 27 Seymour Avenue, Kingston 6Tel: 876-927-3114Fax: 876-978-2801Fax: 876-978-2801E-Mail: [email protected]
DELEGATION OF THE EUROPEAN UNIONDelegation of the European Union8 Olivier RoadP. O. Box 463, Kingston 8Tel: 876-924-6333-7Fax: 876-924-6339Fax: 876-924-6339Email: [email protected]
REPUBLIC OF KOREAEmbassy of the Republic of Korea5 Oakridge, Kingston 8Tel: 876-924-2731Fax: 876-924-7325Email: [email protected]: [email protected]
REPUBLIC OF COSTA RICAEmbassy of the Republic of Costa Rica58 Hope Road, Kingston 6Tel: 876-946-2886Fax: 876-978-5210Email: [email protected]
UNITED KINGDOMUNITED KINGDOMBritish High Commission28 Trafalgar Road, Kingston 10Tel: 876-936-0700Fax: 876-733-0737E-mail: [email protected] (General) [email protected] (Consular) [email protected] (Visas)
in Jamaica Business
DIPLOMATIC MISSIONS IN JAMAICA
MANUFACTURING & CONSUMER GOODS
mAnuFActuRinG & consumeR GooDs:
According to the Economic and Social Survey Jamaica 2012 (ESSJ), Jamaica’s manufacturing sector generated more than US$700 million in foreign exchange earnings in 2011. It is the largest contributor to the economy among all goods-producing sectors, constituting between eight and nine per cent of GDP on a consistent basis, over the last five years.
The country’s manufacturing sector includes small, medium and large entities, producing goods ranging from food and beverages to bedding and leather, for both local and export markets.
During 2011, the sector generated employment for 6.8 per cent of the total labour force, increasing to 6.9 per cent in 2012.
Jamaica has been seeking investors for the sector on the basis of its location within major shipping lanes; its proximity to major overseas markets; its ports, which can accommodate large vessels; available business space in proximity to major ports; a skilled, English-speaking labour force; and attractive business incentives from Government.
The Government has sought to aid the development of the sector by implementing key legislative changes and incentives to spur growth.
The outlook for the sector is positive, the ESSJ says, invigorated by Government’s
commitment to establish Jamaica as a logistics hub, which is expected to create major opportunities for manufacturers.
For 2012, the ESSJ reports that production in the manufacturing industry was affected by various factors including Hurricane Sandy in October, which resulted in substantial downtime for manufacturers. Real value added for the industry also fell by 0.7 per cent.
For that year, though, the value of total manufactured exports increased to US$938.9 million, an increase of 25.8 per cent over 2011. This was due to higher earnings from both traditional exports (e.g. food, beverages, tobacco) and non-traditional exports (e.g. non-metallic products, chemicals and petroleum products) of 35.6 per cent and 24.1 per cent respectively.
Sugar was responsible for the largest absolute increase, mainly due to export to new markets in Bulgaria, Italy, Netherlands and Poland. The earnings from sugar and rum exports grew by 51.4 per cent to US$94.1 million and 14.3 per cent to US$55.6 million, respectively.
The sector also recorded increases for cocoa products and coffee products, which exceeded the decline registered for citrus products.
Declines were seen in categories such as ‘Waste and Scrap Metal’, which declined by 44.6 per cent due to Government clamping down on the industry.
The Ministry of Industry, Investment & Commerce has been keen to enhance the global competitiveness of the local manufacturing industry, as well as stimulate investment, as it works towards the Vision 2030 national development plan.
In 2011, Government created the Food Safety Modernisation Act Task Force, operated through the Bureau of Standards Jamaica, to ensure that Jamaican firms satisfy the requirements of the US Food and Drug Administration for exporting food to the American market.
Through this programme, 150 farmers were trained in optimal agricultural practices, and FDA certification was approved for manufacturers involved in processing canned goods, for example.
During 2012, the Bureau of Standards published 13 Jamaican standards and codes of practice, 11 of which were related to the food packaging industry — packaged water; packaged natural coconut water; labelling of pre-packaged food; spices and sauces.
During 2012, the Jamaica Manufacturers’ Association (JMA) was also engaged in marketing and promotions, product development and training, and productivity improvement activities geared at strengthening the sector.
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Statistics from the JMA show that average employment in the industry increased in 2012 despite lower production levels. Average employment was 75,025 persons compared with 74,767 persons in 2011.
Real value added for the industry is expected to increase in 2013, the ESSJ noted. This performance is premised on the expected recovery in the domestic economy and the improvement in global economic conditions.
It is expected that export earnings will be boosted for 2013; however, manufacturers are expecting increased production costs as the Jamaican dollar continues to depreciate, affecting producer prices. Domestic demand may also be reduced, the JMA says, as the prices for locally manufactured goods will rise.
JMA President Brian Pengelly, in the association’s 2011 annual report, stated that the JMA continues to “advocate for the productive sector by fighting against disincentives and promoting a business environment conducive to growth.
“The year had its challenges, however, manufacturers continued to be resilient, taking advantage of existing opportunities and tapping into their resourceful spirit to stay afloat,” he said.
He noted the JMA continues to work with JAMPRO for the implementation of a National Export Strategy (a unified strategic initiative that seeks to maximise the export sector’s direct contribution to economic and social development) and with the Jamaica Productivity Centre to improve productivity. The association also continues to lobby for lower energy costs and greater application of alternative energy; a tax reform that is equitable, simple and one that broadens the tax base; government procurement guidelines that will result in more local purchases; and an overall facilitative and enabling business climate.
FAst FActs:
•Jamaica has convenient access to the US, Caribbean and Latin American markets. It has a highly modernised port in Kingston and capacity to dock the largest ships.
•The Government has made manufacturing a priority sector for economic development and job growth. Government agencies have been mandated to create an enabling environment for manufacturers.
•HEART Trust/NTA works closely with the manufacturing sector to train workers in various skills to supply labour for the industry.
•Over 131,000 sq. ft. of operating space is readily available within minutes of the island’s major airports and ports. Additionally, land within close proximity to the Port of Kingston is available for factory build-out.
Sources: JMA, ESSJ 2012, JAMPRO
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Jamaica Producers Group (JP) is a diversi� ed group of companies founded in 1929. We are leaders in all aspects of specialty food products – agriculture, food processing, distribution, logistics and brand development.
JP operates JP Tropical Foods, the leading Caribbean tropical snack business with production facilities in Jamaica and the Dominican Republic, producing the market-leading St. Mary’s brand of chips and co-packing for several Spanish language markets.
JP owns Hoogesteger Fresh Specialist, B.V., the leading fresh juice business in the Netherlands, serving the Dutch, Belgian, German and Scandinavian markets.
JP Farms, located in St. Mary, Jamaica, is the number one producer of fresh bananas and pineapples, supplying the local food service industry.
JP is the majority shareholder of Tortuga International Holdings Limited, producers of the famous Tortuga brand of rum cakes and rum.
JP is also a joint venture partner in Mavis Bank Co� ee Factory Limited, leading producers of the world’s top brand of Blue Mountain co� ee, JABLUM.
JP’s food businesses are part of our Group’s wider operations which include: JP Shipping Services Limited (logistics service between the UK and the Caribbean); Four Rivers Mining Company, (construction aggregates); and an associated company, Kingston Wharves Limited, (the leading multi-purpose cargo terminal in the Caribbean).
In operation for over 80 years, JP Tropical Foods is Jamaica’s leading producer of tropical snacks in the Caribbean. From our production facilities located in Jamaica and the Dominican Republic, we kettle cook the well loved market-leading St. Mary’s brand of chips. Our current selection includes banana, plantain, cassava, sweet potato and breadfruit chips in a variety of � avours. Our snacks contain no MSG, no trans-fats and no arti� cial � avours or colours. We also co-pack snacks for several markets in the region.
JP Tropical Foods is also the leading producer of fresh green and ripe bananas under the JP brand. Our fruit is of the highest quality and we supply supermarkets, the food service industry, hotels and produce markets throughout the island. We also produce and supply the sweet and delicious JP Tropical brand of pineapples to the domestic market.
Our range of snacks, both fresh and processed, o� ers the best of the tropics in every bite.
Marcus Simmonds is Chief Executive Officer of Tortuga International and his wife, Monique Hamaty-Simmonds is Chief Marketing Officer. Both born in Jamaica, the couple have earned numerous business accolades including being honored as finalists in the 2011 Jamaica Observer Business Leader Awards.
Jermaine Robinson is General Manager of Tortuga CRC Jamaica and heads all operations throughout the country.
Tortuga International, part of the Jamaica Producers Group of companies, makes the world’s #1 selling rum cake, recognized for nine consecutive years by Porthole Cruise Magazine as Best Cruise Souvenir and Greatest Caribbean Gi� . � ese delicious rum cakes are made at the company’s bakery and store in Montego Bay and distributed island-wide by Country Traders. In 2012, Tortuga opened a second shop at the Falmouth Cruise Port.
Founded in 1984, Tortuga also has bakeries and operations in Grand Cayman, Barbados, the Bahamas and a Miami, Florida subsidiary handling North American sales, marketing and distribution. Under the Tortuga brand, the company also sells Caribbean sauces, co� ee, gi� s and chocolate rum treats.See www.tortugarumcakes.com.
TORTUGA CRC Jamaica, Ltd. P.O. Box 176, Reading, St. James, Jamaica
876-979-9381 • [email protected]
JAMAICA PRODUCERS GROUP LTD.6A Oxford Road, Kingston 5, Jamaica
876-926-3503-7 • headoffi [email protected]
JP TROPICAL FOODS14 Retirement Road , Kingston 5, Jamaica
1- 876-920-GOJP (920-4657) • [email protected]
MAVIS BANK COFFEE FACTORY LIMITED Mavis Bank, St Andrew, Jamaica
1-876-977-8013 • marketing@mbcfcoff ee.com
Jamaica Producers Group of Companies
JAMAICA PRODUCERS GROUP LTD.
Marcus SimmondsChief Executive Officer
Monique Hamaty-SimmondsChief Marketing Offi cer
Jermaine RobinsonGeneral Manager,
Tortuga CRC Jamaica
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Charles JohnstonChairman
Jeffrey HallManaging Director
Paul BatesChief Operating Officer
Established in 1923, the Mavis Bank Co� ee Company has grown to become Jamaica’s largest producer of the much revered Jamaica Blue Mountain® Co� ee. Mavis Bank Co� ee Factory Limited (MBCF) is the largest fully integrated Jamaica Blue Mountain® Co� ee facility, processing over 1 million pounds of green beans annually.
While the factory may have grown in size over recent years, it has remained true to its origins: every single cherry is still treated with the same degree of care and patience that has ensured the quality of its co� ee for so many years.
� e company exports over 1 million pounds of green bean co� ee in barrels and bags under the MBCF brand mark to the major markets of Japan, USA and Europe with a small portion exported to China and Korea. Under the JABLUM brand, the company also produces its own roasted and ground co� ee and roasted beans, and has recently added a deca� einated line to its o� erings. � is is the most complete 100% Jamaica Blue Mountain® Co� ee product line in the world.
Senator Norman GrantManaging Director & CEO
David MartinGeneral Manager
Howard FindlatorChief Operating Officer
Chris GentlesFarm Operations Manager
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Lot 2A/2B Wherry Wharf Complex,Newport East, Kingston 15
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Salada Foods Jamaica LimitedSalada Foods Jamaica Limited has been in the coffee processingprocessing business since 1958. We are the largest of four coffee processing plants in Jamaica, and the only soluble coffee processing plant in the Caribbean. A wholly owned Jamaican company, Salada Foods Jamaica Ltd. (SALF) is listed on the Jamaica Stock Exchange, since 1969. Salada Foods Jamaica Ltd. caters to the wide ranging tastes of all coffee lovers, and supplies a full complement of Jamaican cocoffee in roasted and ground, roasted whole beans and soluble coffee (instants).
Jamaica's mountainous terrain is ideal for growing coffee. Premium Blue Mountain Coffee grows at the higher levels, within a 10-mile radius of the 7,402 foot Blue Mountain Peak. As a result of this painstaking process it is possible for you to enjoy the finest cup of coffee in the world.
In addition to coffee, Salada offers a diverse range of premium products. The entire range meets consumer expectations and distributors are assured of advertising, promotionalpromotional and marketing support, tailored to meet the needs and characteristics of their market. Salada Foods Jamaica Ltd. enjoys a reputation for superior quality products in export markets throughout the Caribbean, North America and Europe, as well as in Near and Far Eastern countries. The company maintains an intensive quality assurance operation, and is committed to an ongoing program of research and development.research and development. The Company welcomes exclusive private label arrangements, in addition to the regular distribution of its branded products overseas.
General ManagerJulian Rodney
Production Manager Plant Engineer
Company Secretary
Lorna Lewis David Lemard
M. Olivia GloverQuality Assurance
Manager
Lorry-Ann Cushnie
Cost AccountantZayous Hamilton
Financial ContollerKevin Price
Sales & Marketing Director
Bernadette Wong
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MARCUS STEELEManaging Director
KIRK JOHNSONHuman Resource Manager
MICHELE STRONGMarketing Deployment Manager
CHRISTOPHER BROWNCorporate & Regulatory Affairs
Manager
PATRICE GRAYFinance Director
MARTINS OSUJITrade Marketing
and Distribution Manager
In 1962, Carreras of Jamaica was registered ‘to carry on business as tobacco and cigar merchants and importers of and dealers in tobacco, cigars, cigarettes, snuff, matchlights, pipes and any other articles required by or useful to smokers…’. Prior to this, Carreras UK had been trading in Jamaica for over 30 years. From 1975 to 1994, the Company diversified its operations to own 11 different companies in the service, agriculture and manufacturing sectors, but divested itself of the nontobacco businesses in 2004.
Carreras has a special place in Jamaica’s history as the first Company to establish a manufacturing plant in postindependent Jamaica. The Company takes this distinction seriously and has been exemplary in contributing to the nation’s growth and development over the last 50 years. The Company has built a reputation for producing high quality cigarette brands to meet the diverse tastes of consumers, created employment, discharged their fiduciary responsibilities with the utmost care and implemented corporate social responsibility initiatives which have empowered numerous lives.
Leadership Team
CARRERAS LIMITED
P.O. Box 100, Spanish Town P.O., Twickenham Park, St. Catherine, Jamaica W.I.Telephone: (876) 749-9800; Fax: (876) 749-9812Email: [email protected] | www.carrerasltd.com
A Proud Jamaican Company Since 1962
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CALL US TODAY! 1(876) 923-7311
One of the FASTEST growing most dynamic distributors in Jamaica, distributing world renowned brands .
T Geddes Grant (Distributors) Limited
Bringing the best to you...
Jamaica Grand Cayman USA Haiti Dominican Republic Turks & Caicos Islands St. Vincent & the Grenadines Barbados Trinidad and Tobago Curacao Netherlands Antilles Aruba Anguilla Antigua Dominica St. Lucia Grenada Paci�c Ireland
53-61 Newport Boulevard, Newport West , Kingston 11, JAMAICA, W.I. Tel :1 876 923 9221-9 Toll Free Fax Line : 1 888 991 5997 Fax :1 876 901 6815
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Ministry of Agriculture and FisheriesHope GardensKingston 6 Tel: 876-927-1731
Ministry of Education2 National Heroes Circle Kingston 4 Kingston 4 Tel: 876-922-1400
Ministry of Finance and Planning 30 National Heroes Circle Kingston 4 Tel: 876-922-8600
Ministry of ForeignMinistry of Foreign Affairs and Foreign Trade 21 Dominica DriveKingston 5 Tel: 876-926-4220
Ministry of Health2-4 King StreetKingstonKingstonTel: 876-967-1100
Ministry of Industry, Investment and Commerce4 St Lucia AvenueKingston 5Tel: 876-968-7116 Ministry of Justice2 Oxford Road Kingston 5 Tel: 876-906-4923 Ministry of Labour and Social SecurityLabour - 1F North St, KingstonLabour - 1F North St, KingstonSocial Security - 14 National Heroes Circle, Kingston 4Tel: 876-922-9500/ 876-922-8000
Office of The Prime Minister1 Devon RoadKingston 10 Tel: 876-927-9941Ministry of Local Government & Community Development85 Hagley Park Road Kingston 10 Tel: 876-754-0992
Ministry of National Security 2 Oxford Road Kingston 5 Kingston 5 Tel: 876-906-4908
Ministry of Science, Technology, Energy and Mining36 Trafalgar Rd Kingston 10Tel: 876-929-8990 Ministry of Tourism & Entertainment64 Knutsford Blvd Kingston 5Tel: 876-920-4924 Ministry of Ministry of Transport, Works & Housing138h Maxfield AvenueKingston 10Tel: 876-754-1900
Ministry of Water, Land, Environment & Climate Change 25 Dominica Drive 25 Dominica Drive Kingston 5 Tel: 876-926-1590 Ministry of Youth & Culture 4-6 Trafalgar Road Kingston 10 TTel: 876-978-7654
in Jamaica Business
GOVERNMENT OF JAMAICAOFFICE OF THE PRIME MINISTER AND MINISTRIES
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Ministry of Agriculture and FisheriesHope GardensKingston 6 Tel: 876-927-1731
Ministry of Education2 National Heroes Circle Kingston 4 Kingston 4 Tel: 876-922-1400
Ministry of Finance and Planning 30 National Heroes Circle Kingston 4 Tel: 876-922-8600
Ministry of ForeignMinistry of Foreign Affairs and Foreign Trade 21 Dominica DriveKingston 5 Tel: 876-926-4220
Ministry of Health2-4 King StreetKingstonKingstonTel: 876-967-1100
Ministry of Industry, Investment and Commerce4 St Lucia AvenueKingston 5Tel: 876-968-7116 Ministry of Justice2 Oxford Road Kingston 5 Tel: 876-906-4923 Ministry of Labour and Social SecurityLabour - 1F North St, KingstonLabour - 1F North St, KingstonSocial Security - 14 National Heroes Circle, Kingston 4Tel: 876-922-9500/ 876-922-8000
Office of The Prime Minister1 Devon RoadKingston 10 Tel: 876-927-9941Ministry of Local Government & Community Development85 Hagley Park Road Kingston 10 Tel: 876-754-0992
Ministry of National Security 2 Oxford Road Kingston 5 Kingston 5 Tel: 876-906-4908
Ministry of Science, Technology, Energy and Mining36 Trafalgar Rd Kingston 10Tel: 876-929-8990 Ministry of Tourism & Entertainment64 Knutsford Blvd Kingston 5Tel: 876-920-4924 Ministry of Ministry of Transport, Works & Housing138h Maxfield AvenueKingston 10Tel: 876-754-1900
Ministry of Water, Land, Environment & Climate Change 25 Dominica Drive 25 Dominica Drive Kingston 5 Tel: 876-926-1590 Ministry of Youth & Culture 4-6 Trafalgar Road Kingston 10 TTel: 876-978-7654
in Jamaica Business
GOVERNMENT OF JAMAICAOFFICE OF THE PRIME MINISTER AND MINISTRIES
74MEDIA & ENTERTAINMENT
meDiA:
Media in Jamaica is undergoing changes in line with global trends, as traditional news sources and the way people consume information give way to new media.
Jamaican media companies have, for the most part, adapted to the times, offering online products available on smartphones, tablets and other devices.
Surveys – such as the 2012 All-Media Survey conducted by Market Research Services Limited – have shown that the local media environment has become extremely competitive.
The All-Media Survey covers radio listenership, television viewership, newspaper readership and Internet usage.
Media bosses utilize the survey to adjust their product offerings to fit public demand. Advertisers use it to determine where best to market their products.
These surveys have shown that radio listenership is down while television audiences have grown, and print readership is dwindling, while online news sources are gaining traction.
The Internet is becoming a key source of information for the general public and, in line with the general trend in many parts of the world, is seriously challenging the established print and electronic media.
The Internet has also introduced Jamaicans to social networking sites, blogging sites, and video-uploading facilities.
Players in the radio, television and newspaper markets have been battling to maintain relevance in the face of an increasingly fickle public.
Media bosses have been working ardently to balance the books in the face of reduced advertising revenue, sector uncertainty, and a poor economy, conditions that have forced many to explore new territories.
The RJR Communications Group has announced its intention to seek out new markets overseas, to drive up revenue. Managing Director Gary Allen said in November 2012, that the diaspora market is interested in subscribing to more Jamaican content, and RJR is taking up the challenge. RJR Group currently owns seven brands in radio, television and cable.
There are now 28 radio stations in the country, alongside 3 local free to air television stations, 15 local cable stations and over 40 cable providers. The country has two morning dailies — the Gleaner and the Observer — as well as the afternoon tabloid the Star, and the weekly Western Mirror.
Regulation by the Broadcasting Commission ensures that vulnerable segments of the population are protected through strict regulatory enforcement.
Today, even with the shifts in interest, Jamaica’s press is regarded as being among the most liberated in the world. Jamaica ranks 13th in the world for press freedom according to Reporters Without Borders.
Meanwhile, the Media Association of Jamaica (MAJ) has for decades led the drive to further encourage and maintain press freedom, spearheading ongoing efforts to secure an enabling legal and regulatory environment.
The MAJ says it has also been advocating strengthening access to information from public organisations, and for changes in broadcast legislation.
enteRtAinment:
The entertainment industry contributes millions to the economy, prompting more stakeholders to seek a piece of the entertainment pie.
From large-scale events to the growth of the lottery industry, Jamaicans have been spending significant sums on entertainment. The industry has grown accordingly.
Jamaica’s creative industries contribute approximately 5 per cent to GDP and generate between US$15 and 20 million in revenues annually, according to the ESSJ 2012.
While music has traditionally been Jamaica’s most exportable creative product, the film and fashion sectors are also developing, presenting massive economic potential for the future.
Jamaica has a rich history as a venue for film projects – dating back to the early 1900s. The Jamaica Film Commission says that an average of 150 films projects are shot in the country each year.
The country has created some of the world’s most renowned artistes. Jamaica is known for reggae music. The multi-billion dollar industry enjoys great global demand and has influenced many of the major international musical movements.
Huge prospects exist for development in music, an industry the International Federation of the Phonographic Industry estimates to be valued at US$16.6 billion globally.
The Government is keen on improving the sector and has been supporting the Jamaica Reggae Industry Association and the implementation of the Voluntary Copyright
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Registration System to protect intellectual property rights. Entertainment events have also been a huge contributor to the economy. Smirnoff Dream Weekend, for example, was last summer expected to pump a billion dollars into the economy. The summer party easily generated a billion dollars for Western Jamaica, said Kamal Bankay of Dream Entertainment, promoters of the event.
His estimate included the consideration that 6,000 to 7,000 hotel rooms were booked for the event at an average of US$250 per room.
Dream Entertainment promotes themselves as Jamaica’s top event promoters, consisting of events such as Twisted Spiritz, A-list, Yush, Daydreams, among others. Dream’s mission, it said, is to establish Jamaica’s entertainment industry as a leading force in the Caribbean. The events attract thousands of patrons, resulting in tangible spin offs for entire communities, including the creation of hundreds of jobs and new business opportunities.
Jamaicans, hoping to hit it big, have also been spending substantially on gaming and lotteries. In March 2012, Supreme Ventures Ltd, which was granted a gaming and lotteries license in 2001, reported that their net profits were up 77 per cent during the financial year ended December 2012, moving to J$1.1 billion from the J$620 million it posted the previous year.
The popular Cash Pot game, played four times daily, continues to be the main revenue driver for the company, accounting for 63.7 per cent of total revenues.
The company makes contributions from its lottery, video lottery gaming and sports betting revenue to the Culture, Health, Arts, Sports and
Education (CHASE) Fund, set up by the Government. Over $7 billion has been contributed to the CHASE Fund by Supreme Ventures since its inception.
Supreme Ventures has grown significantly, and boasts, according to the company, annual revenue in excess of $27 billion, with a labour force of approximately 270 persons directly employed to the group and over 1,100 lottery terminals island wide and a total of eight lottery games.
In June, Jamaica opened up the application process that will eventually lead to the granting of casino licences.
Jamaica expects to earn revenue from Integrated Resort Developments (which will include casino gaming facilities for guests in resorts) via a 10 per cent tax on casino operators’ gross profits.
In order to enhance the development of the entertainment industry, Government, in March 2012, established the Entertainment Advisory Board. This board comprises members from the public and private sectors and aims to, among other things, strengthen private/public partnerships and maximise the contribution of the Jamaican entertainment industry to economic and social development.
FAst FActs:
•Music is produced at a prolific rate in Jamaica, the country boasts the largest number of recording studios per square mile worldwide. Many of Jamaica’s studios are outfitted with state-of-the-art equipment and are operated by highly skilled personnel
•The local fashion calendar boasts two major events – Style Week Jamaica, produced by Saint International and Caribbean Fashion Week, produced by the Pulse Entertainment Group. These events provide avenues for local designers and models to gain exposure on the regional and international scale.
•There are now some 28 radio stations in the country, alongside three free to air television stations, and 15 cable television stations. There are over 40 cable providers, including digital cable providers, some offering over 300 local and international TV channels.
Sources: Jamaica Gleaner, Jamaica Observer, JAMPRO, CARIMAC, MAJ, PAJ, ESSJ 2012
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Welcome to RJR Communications Group - home of your favourite stations; RJR 94FM, FAME 95FM,HITZ 92FM, Television Jamaica (TVJ),
Reggae Entertainment Television (RETV), TVJ Sports Network (TVJSN) and Jamaica News Network (JNN). Seven brands with international appeal - bringing you the best in news, current a�airs, human interest stories, sports, family entertainment and great music.
We also operate Multi-Media Jamaica Limited which o�ers technology solutions such as New Media Solutions, Audio Visual Equipment Rental & Support, Graphic Design, Background Music and Message on Hold Systems
Making a positive change through broadcasting is not only our raison d’etre; it is a legacy which we do with delight and renewed commitment daily. Our social
responsibility as the standard bearer in the industry bolsters our dedication to articulate and adhere to Truth, Accuracy, Integrity, and Fairness.�e RJR Communications Group’s success story is intrinsically linked to our unrelenting pursuit of excellence through germane programming, technological progression, investment in highly skilled creative teams and the protection of our reputation of being principled corporate citizens.
�e entities of the Group operate as limited liability companies which are publicly traded on the Jamaica Stock Exchange. We boast an enviable range of shareholders, from ordinary Jamaicans to large government and private sector organizations. We are indeed as close as one can get to a public democracy!Gary Allen
Managing Director
Gary ColeDirector of Marketing
Yvonne WilksCorporate & Public Relations
Stephen GreigCompany Secretary
Marcha ChristieGroup Financial Controller
Andrea Wilson-MessamDirector of Finance
Francois St JusteGM Radio Services
Maurice MillerGM Multi-Media Jamaica Ltd.
Claire GrantGM Television Jamaica
Carroll LawrenceGroup Engineering Manager
Milton WalkerGroup Head of News & Sports
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PHOTOGRAPHY
Telephone: 876.313.5082Email: [email protected]: joelfinnien.com
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PROFESSIONAL SERVICES
PRoFessionAL seRvices: The services sector contributes more than 70 per cent to Jamaica’s GDP, with service exports accounting for 63.6 per cent of overall exports. Over 69 per cent of the employed labour force is engaged in the sector (2012 Economic and Social Survey Jamaica (ESSJ)).
The Government, in its continued focus on economic development, has announced that critical focus will be placed on the sector.
Among the areas for attention, according to Industry Minister Anthony Hylton, are health, information communication technology, medical tourism and financial services. The services industry is a key component of Government’s Vision 2030 national development plan.
According to the Statistical Institute of Jamaica (STATIN), the economy grew by 1.6 per cent in the fourth quarter of 2011 when compared to the fourth quarter of 2010. This performance reflected an improvement of 6.0 per cent in the goods producing industries and 0.2 per cent in the services industries.
The Jamaica Coalition of Service Industries (JCSI), the umbrella
organisation for the services industry, says the services sector continues to outweigh goods in the contribution to Jamaica’s GDP.
“Services emerged as the driving force in modern economies and global trade in services grew faster than merchandise trade from the 1980s onwards,” JCSI said.
The JCSI represents the interests of the services industry in Jamaica and also functions as the repository for all services related information. The JCSI is a member of the Caribbean Network of Service Coalitions.
There has been a growth in demand for professional services — including domestic services like home cleaning, maintenance and gardening; catering; shopping and delivery services; personal development and health and wellness services; and the property and business services industry.
More than one in five of all new jobs generated over the past decade have been in the property and business services industry, the JCSI said.
Property services include commercial and industrial leasing; the hire or lease of motor vehicles; and plant and equipment services. The three fastest-growing business services are computer consultancy services; employment placement and contract staff services; and accounting and business advisory services.
The Jamaica Business Development Corporation (JBDC), one of the premier business support organisations in Jamaica, says the shape of the business sector is changing.
“Large companies and government departments are shedding many of the tasks traditionally done in-house, a trend that is providing immense opportunities for small business,” it said.
Areas of business services growth include serviced offices and secretarial support; business planning and information services; and marketing and public relations.
Many larger companies and organisations, the JBDC said, are outsourcing their specialised training requirements and are spending increasing amounts to improve the skills of their work force.
Specialist training providers with the ability to tailor courses according to their particular needs are well placed to take advantage of this trend, JBDC said.
“To operate a successful small business, it takes determination, hard work and, most importantly the necessary skills to run a business on a day-to-day basis. A great business idea is only as good as the ability to put it into practice.”
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“In any dynamic economy, new business opportunities will always emerge, ready for developing and exploiting by entrepreneurial individuals and enterprises. But to successfully exploit a business opportunity, you need, first and foremost, to correctly identify that the situation presented or detected is in fact a real opportunity,” JBDC says.
In 2011, several of the country’s leading private sector organisations and the JCSI entered into a memorandum of understanding to create the framework for a wide-ranging partnership to develop Jamaica’s services industries, JCSI says.
The partnership aims to formulate a comprehensive national expansion and growth action plan, targeting key growth-enhancing industries such as information and communication technology, health and wellness tourism and professional services.
Partners to the MoU included the Jamaica Chamber of Commerce, Private Sector Organisation of Jamaica, the Jamaica Exporters’ Association and the Micro, Small and Medium Enterprises Alliance. The Ministry of Industry, Investment and Commerce, Jamaica Promotions Corporation and the Ministry of Foreign Affairs and Foreign Trade were also signatories.
The JCSI secretariat is charged with the coordination and monitoring of several initiatives and strategies aimed at developing the services sector for both the domestic and export markets. It represents a key initiative of the National Export Strategy and forms an integral part of Jamaica’s broader Vision 2030 plan for national development.
Meanwhile, Hylton says a well functioning services sector is critical to the overall performance of the Jamaican economy and the development of its people.
FAst FActs:
•According to STATIN, the Jamaican economy grew by 1.6 per cent in the fourth quarter of 2011 when compared to the fourth quarter of 2010. This performance reflected an improvement of 6.0 per cent in the goods producing industries and 0.2 per cent in the services industries.
•The Jamaica Coalition of Service Industries (JCSI) represents the interests of the services industry in Jamaica and also functions as the repository for all services related information. The JCSI is a member of the Caribbean Network of Service Coalitions.
•In 2011, several of the country’s leading private sector organisations and the JCSI entered into a memorandum of understanding to create the framework for a wide-ranging partnership to develop Jamaica’s services industries.
Sources: JBDI, JCSI, ESSJ, STATIN, Jamaica Observer.
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KPMG is one of Jamaica’s oldest professional services firms. The firm started as Tapley & Co in the early 1900’s with several name changes over the last 100 years, becoming Tapley Bowman & Co. in 1923, Peat Marwick Mitchell & Co. in 1958, KPMG Peat Marwick in 1987 and KPMG in 2005.
By the early 1950’s, its offices at 22-24 Duke Street, Kingston, had three Partners and less than twelve professionals. By 1964, the professional head count had increased to over 40, requiring larger offices at 6 Duke Street. Today KPMG has over 235 staff in two offices, in Kingston and Montego Bay, with thirteen Partners and Principals.
Willie Thwaites (dec’d), then Managing Partner, was the first President of the Institute of Chartered Accountants of Jamaica, founded in 1965. KPMG’s
professionals have played, and continue to play, an important role in the development of the local accountancy profession, making a significant impact not only in public accounting, but as advisors to the Jamaican government and businesses.
Over the years, the firm has earned a well-deserved reputation of integrity and quality service, on which the business community have come to rely. KPMG in Jamaica provides services in Audit, Tax and Advisory, the latter including Business Performance and Process Re-engineering, IT Advisory, Internal Audit, Corporate Finance, Company Secretarial and Financial Risk Management services.
KPMG provides a valuable training ground for young professionals whose eventual influence on the Jamaican economy is recognised through the many key
positions occupied by our alumni in the public and private sectors. With an unswerving commitment to integrity and client-service, that is second to none, KPMG continues to define one of the success stories of Jamaica’s development as an independent, mature and confident nation!
www.kpmg.com.jm
KPMG in Jamaica
Current partnership, all resident in Jamaica
Betty Ann Jones Senior Partner
R. Tarun HandaManaging Partner
PatriciaDailey-SmithPartner, Audit
NigelChambersPartner, Audit
Patrick ChinPartner, Audit
NormanRainfordPartner, Tax
Linroy MarshallPartner, Audit
Donald BarnettPartner, Advisory
CynthiaLawrencePartner, Audit
RaymondCampbellPartner, Advisory
Rajan TrehanPartner, Audit
NyssaJohnsonPrincipal, Audit
K. Don YuPrincipal, Tax
© 2013 KPMG, a Jamaican partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a
Swiss entity. All rights reserved. Printed in Jamaica. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International.
Business 1 Final.indd 1 4/5/2013 9:49:24 AM
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23 LADY MUSGRAVE ROAD • KINGSTON 5, JAMAICA, WEST INDIES • TEL: 876-978–1659 / 876-978-7325 • FAX: 876-978-1212
ACTUARIES AND CONSULTANTSDuggan Consulting LimitedCL
Astor Duggan, FIA, ASAManaging Director and Consulting [email protected]
Britta Hay, FSA Consulting [email protected]
Catherine Lyn, FIA, FSAConsulting [email protected]
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REAL ESTATE,PROPERTY DEVELOPMENT,
CONSTRUCTION, ENGINEERING& ENERGY
ReAL estAte:
In March 2013, local realtors assured that the real estate industry would defy the odds, after Government imposed taxes that were expected to affect the industry. “Because of our (real estate) supply and demand, we will not go into the subprime (crisis) like America,” Anya Levy, associate realtor at Re/Max told the Jamaica Observer in March 2013. “When you have high demand and low supply, the prices stay stable.”
There had been fears in some corners that Government’s move to increase transfer tax from four to five per cent, stamp duty from three to four per cent on properties, and double property taxes for persons owning land with a value of at least $1 million, would have slowed activity in the real estate sector to a virtual stand still.
But Levy says that there are still opportunities in the sector, buoyed by revelations that places like Trelawny are expecting a housing boom, similar to what has happened in St Catherine.
President of the Realtors Association of Jamaica, Howard Johnson Jr, said in May that Falmouth, which is less than a half-hour drive from Montego Bay, was being viewed as a potential dormitory community for the tourism capital. Developers have taken note and several residential projects are either under way or in the planning phases.
PRoPeRty DeveLoPment & constRuction:
The Government is optimistic about growth in the construction sector this year — a sector that has recorded annual growth only once over the last five years, as it struggles to recover from the global financial meltdown.
Better days are coming for the struggling sector, according to the 2012 Economic and Social Survey Jamaica (ESSJ). The Planning Institute of Jamaica (PIOJ)
estimated a two per cent growth in construction over the first quarter of 2013, as well as increased housing starts and completions.
The PIOJ also estimated growth in other construction activities — higher capital expenditure by the National Works Agency, up 145.3 per cent to $2.2 billion; Jamaica Public Service, up 62.6 per cent to $1.6 billion, and National Water Commission, up 272.0 per cent to $4.7 billion.
According to the PIOJ, increased capital outlay on major infrastructure development should fuel further growth for the sector during the April to June quarter of 2013.
Real value added for the industry had declined by 3.8 per cent in 2012, leading to a contraction of the industry’s overall contribution to GDP, down 0.2 percentage point to 7.1 per cent, the ESSJ said.
The outturn, per the ESSJ, reflected lower real value added in each quarter, due mainly to a general fall-off in economic activity locally, including a decrease in overall employment levels and a reduction in funding to the industry.
The government, in keeping with its goal of improving the housing sector through infrastructural development, and attaining its target of providing access to adequate and secure shelter for all Jamaicans by 2030, implemented plans through the housing ministry and the National Housing Trust (NHT). These plans include a focus on implementing low income housing programmes; civil servant programmes; and the commencement of rehabilitation and development projects.
There were no housing starts by the Housing Agency of Jamaica (HAJ) or private developers during 2012, the ESSJ said. The NHT, therefore, accounted for all housing starts and recorded an increase of 22.1 per cent to 1,790.
The number of housing completions increased by 18.9 per cent to 4,334 units in 2012. There were developments in Longville, Clarendon, Perth, Manchester
and Creighton Hall, St. Thomas. The HAJ also contributed to housing completions with a 9.0 per cent addition to the volume from 870 units recorded in 2011, the ESSJ said.
Real value added for the construction industry is projected to increase during 2013. Infrastructure programmes and the housing ministry’s expenditure on the implementation of residential programmes will influence this outcome.
The Jamaica Development Infrastructure Programme (JDIP), the Hurricane Sandy Relocation Programme and the Urban Renewal Programme may influence the expected outturn, the ESSJ says.
enGineeRinG:
In engineering, JDIP is intended to revitalise the country’s roadways and bridges. This programme has also created many new jobs.
JDIP is a five-year public works programme funded by a loan of J$36 billion secured by the Road Maintenance Fund from the Export/Import Bank of China. The programme will address critical deficiencies in the road and drainage network across the island.
eneRGy:
The Government of Jamaica is continuing its push to diversify Jamaica’s energy infrastructure by generating 30 percent of energy from renewable sources by 2030. The overall goal is to create a modern, efficient, diversified and environmentally sustainable energy sector with reduced dependence on fossil fuels.
Science, Technology, Energy and Mining Minister Phillip Paulwell announced during the Budget Debate in April 2013 that the Petroleum Corporation of Jamaica would no longer maintain the exclusive right to develop all renewable energy projects in Jamaica. This development paved the way for bids to procure 115MW of energy generated from renewable sources.
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CONSTRUCTION, ENGINEERING& ENERGY
The new energy generation would increase Jamaica’s electricity capacity from renewables, and save the country the equivalent of over 700,000 barrels of imported oil per year, or US$55 million.
The minister pointed to a recent success story in which Jamaica House recognised a 10 per cent reduction in energy consumption, after the implementation of a $2 billion transformation and efficiency programme spearheaded by the ministry.
The programme, which is being implemented in collaboration with the Inter-American Development Bank, seeks to transform the efficiency of public sector buildings, and reduce the country’s energy bill, which was $222 billion in 2012, or 15.5 per cent of GDP.
Paulwell said the introduction of net billing — where Jamaica Public Service Company (JPS) customers who own renewable energy generators such as wind turbines and solar systems sell excess energy to JPS — was an important step by Government in its commitment to move towards renewable energy.
Over 50 net billing licenses have been granted to date. The licensees provide up to 100 kilowatts of energy to the JPS at a price of approximately US$0.25 per kilowatt hour.
Paulwell said that Government was focusing on four companies to advance its 360-megawatt project to generate cheaper electricity rates.
“A positive change is about to come to the supply of electricity in Jamaica,” Paulwell said, as he expressed urgency in kickstarting the project in this financial year.Government spends some $14 billion annually on electricity.
Currently, JPS — which is 80 per cent privately owned — is the only distributor of electricity in Jamaica. It has generation capacity that exceeds 620 Megawatts, and utilises steam (oil-fired), gas turbines, combined cycle, diesel, and hydroelectric technologies. JPS operates 27 generating units, including one wind farm.
JPS also said it is continuing its exploration of renewable energy sources, as part of the strategy to gradually reduce dependence on oil.
The company’s two most recent projects have included hydro and wind power, which will result in an addition of 9 MW of capacity.
JPS says it is also exploring a number of other initiatives as part of efforts to reduce its dependence on oil. These initiatives are expected to save the company and customers millions of dollars in fuel costs each year.
JPS has a customer-base of nearly 600,000.
FAst FActs:
•There were no housing starts by the Housing Agency of Jamaica (HAJ) and private developers during 2012. The NHT, therefore, accounted for all housing starts recorded, an increase of 22.1 per cent to 1,790.
•JDIP is a five-year public works programme funded by a loan of J$36 billion secured by the Road Maintenance Fund from the Export/Import Bank of China at an interest rate of three per cent to be repaid over 20 years. The programme is financed via a fuel cess imposed by the government.
•President of the Realtors Association of Jamaica, Howard Johnson Jr, said in May that the Trelawny capital, Falmouth, less than a half-hour drive from regional urban centre Montego Bay, is seen as a potential dormitory community for the tourism capital. Other real estate experts say economic projects in the parish, such as the Trelawny Multipurpose Stadium and the cruise port in Falmouth, as well as pending commercial investments have led to demand for new housing
•Government on June 3, 2013 started accepting bid submissions from investors to develop projects aimed at generating
up to 115 megawatts of energy from renewable sources, which could potentially reduce Jamaica’s oil import expenditure byUS$55 million. A total of 28 proposals have been submitted to the Office of Utilities Regulation. The proposals included two for wind projects, one for biomass, and 25 for solar energy. Eight of the proposals were received from local companies. •JPS’s two most recent renewable energy projects are a 6.3-megawatt hydroelectricity power plant in Maggotty, St Elizabeth, and a three-megawatt wind farm in Munro, St Elizabeth. They were approved by the Office of Utilities Regulation in 2008, when JPS responded to the regulator’s invitation for proposals for additional energy from renewables. The 4-turbine Munro Wind Farm was officially commissioned in October 2010.
•Jamaica benefits from lower fuel costs under the PetroCaribe deal. PetroCaribe is an agreement between Venezuela and some Caribbean territories to purchase oil on preferential payment conditions. The agreement, which began in 2005, allows beneficiary nations to buy oil at market value but only pay a percentage of the cost up front.
•Minister of Science, Technology, Energy and Mining Phillip Paulwell identified the introduction of net billing last year as an important companion step in Jamaica’s quest for renewables. Net billing allows self generators of electricity from renewables to sell excess capacity to JPS and so far, he said, over 50 net billing licenses have been granted.
Sources: JPS, JIS, STEM, NWA, PIOJ, ESSJ 2012, Jamaica Gleaner.
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With an island wide sales team of over 50 sales associates, Coldwell Banker Jamaica Realty has expanded beyond its core brokerage business to include a suite of complementary real estate services operating out of three offices located in Kingston, Montego Bay and Treasure Beach.
Real Estate Services:- Commercial & Residential Sales- Commercial & Residential Rentals- Marketing of developments and real estate investment opportunities-- Property Management- Publisher of KÚYA, an award-winning real estate magazine with Summer and Winter Issues
In February 2001, Andrew Issa, Broker & Managing Director of Executive Property Service Ltd, a real estate company since 1991, officially launched Coldwell Banker Jamaica Realty.
Coldwell Banker Jamaica Realty has been among the top performers in the region and has won regional sales awards for the Caribbean including “Top Sales Units” for the past 7 years and Most Improved Sales Performance as shown by increased sales production year after year. Additionally, individual sales associates have been recognized for achieving the highest levels of sales awards given to the top 5% of the Coldwell Banker system worldwide.
ColdwellColdwell Banker Jamaica Realty has grown by adding value to our clients through our local knowledge, global reach, brand strength, a highly rated website and an award-winning real estate publication. We possess the strategic vision and marketing acumen you’d normally find at a much larger company, including in-house advertising resources, cutting edge IT systems and an aggressive Internet marketing program.
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SECURITY & SAFETY
secuRity & sAFety:
Major crime in Jamaica has been on the decline for the past few years, but there is still cause for concern about Jamaicans’ safety and security.
While crimes like murders are decreasing, others like robberies and rapes are up.
In January 2013, the police reported that murders and other categories of serious crimes had declined for a fourth consecutive year. Between January 1 and December 29, 2012 there were 1,083 reported homicides, 42 less than the 1,125 in 2011.
The majority of murders occurred in the main population centres of Kingston, St. Andrew, St. Catherine and St. James.
In April, Government presented a budget of J$520.88 billion for 2013/14, from which the Ministry of National Security received J$44.78 billion for recurrent expenditure and J$3.43 billion for capital expenditure. The budget is shared among the central ministry, the Jamaica Constabulary Force, the Jamaica Defence Force and various social development assistance programmes.
The police have increased focus on dismantling criminal gangs, and as a result, have implemented a number of anti-crime
initiatives to target specific trouble groups.
These initiatives include the Major Organised Crime and Anti Corruption Task Force (MOCA), which targets high profile criminals; the Anti-Lottery Scam Task Force, part of MOCA, which targets players in the international lottery scam; and the Counter Gang Task Force.
The police have also sought to implement first world violence-taming solutions such as CCTV, in an effort to curb crime. The relevant laws have already been adjusted to allow these electronic recordings to be introduced as evidence in courts of law.
In January, Minister of National Security Peter Bunting said his ministry would be passing more legislation this year, aimed at helping the police in the crime fight.
He said the aim would be towards intensifying efforts to keep major crimes down.
The police commissioner, Owen Ellington, for his part, vowed to continue to implement strategies and practices that will remove illegal guns from the streets, dismantle gangs and make Jamaicans feel safe again.
The emphasis hasn’t been limited to fighting already-established criminals. The police have also intensified community anti-violence programmes, geared towards bettering the relationship between law enforcement and youth in volatile communities.
161 active school resource officers have been deployed in 152 schools as part of the Safe School Programme.
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The ministry says it will continue to work to eliminate crime, supporting the work of a number of social intervention programmes, including the Citizen Security and Justice Programme (CSJB) - aimed at promoting safety and security in communities – funded by the Inter-American Development Bank (IDB). CSJP focuses on building community safety and security, providing crime and violence prevention services to 50 vulnerable and volatile communities, spanning eight parishes.
The pervasive crime problem has resulted in tremendous growth in the personal security industry. The Private Security Regulation Authority, the statutory body charged with regulating private security companies, reports that 33 new security companies were registered in 2012, bringing the total to 294 registered companies. In addition, 1,982 new guards were registered.
KingAlarm, one of Jamaica’s leading private security companies, has introduced products tailored to suit individuals’ specific security needs. These include CCTV systems as well as access control systems, which utilize the latest in biometric technology. KingAlarm also maintains response teams in the high crime and other areas of Jamaica and boasts a rapid response rate.
Similarly, Hawkeye Electronic Security Limited, which began operations in 1988, specialises in the installation of electronic security systems for residential and commercial use. They offer everything from armoured couriers to intrusion alarms.
FAst FActs:
•In January 2013, the police reported that murders and other categories of serious crimes had declined for a fourth consecutive year.
•Hawkeye provides CCTV solutions to the largest seaports in the island (totaling over 90 cameras); the three largest gaming lounges (totaling over 200 cameras); financial institutions and manufacturing companies.
•33 new security companies were registered in 2012, bringing the total to 294 registered security companies.
•In April, Government presented a budget of J$520.88 billion for 2013/14, from which the Ministry of National Security received J$44.78 billion for recurrent expenditure and J$3.43 billion for capital expenditure.
•Sources: ESSJ 2012, JIS, Jamaica Gleaner, Hawkeye, KingAlarm
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SHIPPING, PORTS &MARITIME SERVICES
sHiPPinG, PoRts & mARitime seRvices:
Jamaica’s shipping industry has long been a significant contributor to the country’s economy, primarily through containerized and cruise shipping.
The industry continues to make a valuable contribution to the economic viability of Jamaica — it is a vital foreign exchange earner and plays a critical role in trade, investment and commerce.
Due to Jamaica’s close proximity to major shipping lanes and the North American economic market, the island is growing in prominence as a venue for container and other shipping traffic. The island boasts a modern maritime administration, consisting of highly qualified technical and administrative professionals.
The Maritime Authority of Jamaica has worked to position Jamaica as a responsible state within the international maritime community. With thousands of ship calls made to the country’s ports each year, the shipping industry is poised to play a vital role in Vision 2030, a plan by the Government to make Jamaica the place of choice to live, work and do business.
Among the major strategic plans for the shipping industry are the expansion and diversification of maritime infrastructure and services as well as the
development of Jamaica as a regional logistic hub.
This plan, according to Industry Investment and Commerce Minister, Anthony Hylton, represents an investment opportunity of some US$7-8 billion, spanning a five to 10-year period.
The logistics hub proposal involves the implementation of a series of developments, including world class seaports, airports, special economic zones, free zones, logistics parks and logistics centres. Special economic zones are also being conceptualised by the Government, along with a wide range of local and foreign investors.
The initiative aims to position Jamaica as one of the world’s top four logistics centres, joining Rotterdam, Singapore and Dubai.
The Government’s initiative aims to capitalise on the projected increase in maritime activities stemming from the expansion of the Panama Canal.
In March 2013, Jamaica’s logistics hub plans received a major boost after the World Bank committed to providing technical and other assistance for specific aspects of the hub, and pledged to help find funding
for the project, the success of which will rely principally on foreign investments and global partnerships.
Giorgio Valentini, World Bank Group representative to Jamaica, said the hub initiative was transformational, and would provide substantial benefits for the economy.
The Port Authority of Jamaica (PAJ), which is the principal maritime agency responsible for the regulation and development of Jamaica’s port and shipping industry, has worked to attract large vessels to Jamaica – most notably with the recent completion of the Falmouth Cruise Pier in 2011.
Visitor arrivals by air and sea hit a record 3.3 million in 2012, up 7.4 per cent over the previous year, with the bulk of the increase coming from cruise passenger growth.
Cruise passenger growth was up 17 per cent, mainly due to the Falmouth Pier. Total visitors by sea amounted to 1.34 million.In its 2011/2012 annual report, the PAJ noted positive developments in its operations during the 2011/2012 financial year, notwithstanding global economic challenges and a downturn in international trade.
Unlike the cruise market, the containerized cargo business faced a difficult environment, according to the PAJ. A slowdown in trade, due primarily to the slow
pace of recovery in the US and the debt and financial market crises in Europe, contributed to the poorer performance.
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All shipping lines incurred losses during the year — with 22 of the world’s premier container lines experiencing combined operating losses of approximately US $5.6 billion in 2011. They reacted by drastically reducing freight rates in order to ensure sustainability.
The PAJ sustained its business by implementing innovative programmes and curtailing expenses. Much of this was done at the Kingston Container Terminal (KCT), which was marketed as the port of choice.The Port of Kingston is home to one of the largest transhipment hubs in the Caribbean region and has undergone – and is still undergoing – expansion in capacity in recent years. The expansion will allow the port to handle growth both already realised as well as that which is projected in coming years, the PAJ said.
As a growing shipping centre, businesses located in Jamaica will be able to handle cargo destined to and from North, Central and South America, Europe and Asia.
While the PAJ grappled with the decline in business during the year, it saw opportunities to be derived from the impending Panama Canal Expansion.
The wider, deeper canal, which is expected to unlock huge potential in
trans-shipment business for the region, will likely become fully functional by 2016.
The expansion will result in realignment of trade routes serving key markets in the western hemisphere and result in the introduction of super large ships and the emergence of a regional mega hub, the PAJ said.The increase in capacity of the Panama Canal will enable large vessels to access the Central America and Caribbean Region from the Far East via the canal. Given the Port of Kingston’s strategic geographical position, there is an immense opportunity for the port to become a mega hub, the PAJ said.
Continuing this year and next, the PAJ will move to develop and upgrade the infrastructure and equipment to capitalise on KCT’s strategic position, as well as the impending opportunities in the containerized cargo market.
The PAJ projects that in 2012/2013, container moves and cruise passenger arrivals are likely to grow by 7.4% and 5.3% respectively.
It is anticipated that the authority’s efforts will yield an approximate growth of 6% in revenues relative to 2012/2013.
Net profit is also expected to increase in 2012/2013 by $961 million compared to net profit of $551 million achieved in 2011/2012.
FAst FActs:
•Given the Port of Kingston’s strategic geographical position and the increase in capacity of the Panama Canal, an immense opportunity exists for the port to become a mega hub for shipping activity.
•The Maritime Authority of Jamaica regulates the safety of shipping with regards to navigation; construction of ships; inspection of ships for maritime safety and prevention of marine pollution. It makes enquiries about shipwrecks and other casualties affecting ships, as well as charges of incompetence or misconduct on the part of seafarers.
•As a growing shipping centre, businesses located in Jamaica will be able to handle cargo destined to and from North, Central and South America, as well as Europe and Asia.
•Visitor arrivals by air and sea hit a record 3.3 million in 2012, up 7.4 per cent over the prior year, with the bulk of the increase coming from cruise passenger growth.
•Sources: PAJ, Maritime Authority of Jamaica, ESSJ, Jamaica Gleaner, Jamaica Observer, JIS, Jamaica Logistics Hub.
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106INFORMATION TECHNOLOGY
TELECOMMUNICATIONS &
teLecommunicAtions & inFoRmAtion tecHnoLoGy:
The technological revolution has by no means bypassed Jamaica. The country has been quick to adapt to worldwide advances in the use of technology.
The revolution was made easier with the full liberalisation of the telecommunications sector in 2003, which opened the market to a number of new licencees to provide services in areas such as mobile communications, digital cable, digital landline and broadband internet communication.
Jamaica now boasts a world-class telecoms market and infrastructure, among the most developed in the world. The country’s mobile saturation is well over 90 per cent – the highest teledensity rate in the entire Latin America and Caribbean region, according to JAMPRO.
The country’s telephone providers offer top tier connection services and seamless broadband, ensuring quick and reliable connectivity to the rest of the world.
The Government has been keen on introducing measures to support the communications industry in keeping pace with developments in technology and attracting more sophisticated information and communication technology (ICT) industries to the island.
The industry is growing in sophistication, and Jamaica has followed with legislation such as the Cyber Crime Act to assure investors that measures are in place to ensure that their operations and investments are secure.
With liberalisation of the sector, Cable and Wireless, now LIME, once a monopoly, has faced competition from several carriers over the years, and today its biggest competitor is Digicel.
Today, the three current competing telecommunications providers, Digicel, Flow — a diversified telecommunications company offering phone, broadband, Internet and cable television via a fibre optic network — and LIME, enable local and global communications in a consumer-driven industry.
The companies have ensured that there is equal investment in Jamaica, with job creation, social aid, and community building.
In 2010, Digicel commenced the building of a US$65M headquarters in downtown Kingston, a project instrumental in leading development in the downtown business district. As a result, downtown Kingston is bustling again, as more companies seek to make the once derelict business centre their home.
The Digicel headquarters – which officially opened in March
2013 – is home to over 1,300 employees in its group and local operations.
Digicel commands some 75% of the mobile market share in Jamaica — or about two million customers — with mobile penetration rates close to 100 per cent, making Jamaica one of the most highly penetrated countries in the world.
In response to Digicel’s dominance, LIME has attempted to transform, including rebranding in an effort to project a fresh, new image in contrast to its once-monopoly status.
LIME spent US$30M to upgrade its network to provide its users with 3G technology to enable video conferencing, multimedia e-mails, faster transfer of files and TV streaming. For the year ending March 2013, LIME recorded revenue growth of 9.0 per cent with a 16 per cent growth in subscribers.
On June 7, 2013, LIME cut rates from J$6.99 to J$2.99 across networks and for international calls to the Diaspora, offering customers historically low rates, after the Office of Utilities Regulation implemented a new mobile termination rate of J$1.10 per minute. Digicel soon responded with similarly low rates.
The revolutionising of the telecommunications industry has served to facilitate the growth of the ICT sector in Jamaica.
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TELECOMMUNICATIONS &
The growth has led to improvements in business efficiency and customer satisfaction, as well as reduction in processing times and costs within most industries.
Every sector is embracing technology — the public sector is improving connectivity, as is the financial sector and other industries. ICT is being used to enhance the delivery and quality of education. According to 2011 data, 27.9 per cent of households had computers, while approximately two-thirds had Internet connection, according to the ESSJ.
Advances in the ICT sector have allowed leading global business process outsourcing (BPO) companies such as Xerox, Accent, and Global Services to set up operations in Jamaica. Call centres make up the mainstream BPO services offered in the island.
Others companies have been providing ICT services to satisfy Jamaicans’ needs.
SynCon Technologies, for example, is an independent consulting company that specialises in providing professional networking services and messaging systems. They have been blazing a trail by designing and installing networking systems and offering network consultancy, tailoring
customised solutions to meet the unique business needs of clients in Jamaica and the Caribbean.
In 2011, Digicel, LIME and Flow launched Cloud Services in Jamaica, leading the charge in making Jamaica the ICT hub of the Caribbean. Cloud technology, the next stage in the Internet’s evolution, provides the means through which a multitude of operations including computing applications and business processes are delivered as convenient, scalable, on-demand services hosted and delivered by third parties via the Internet.
Another revolutionary company, MonaGIS, serves as the GIS hub for the University of the West Indies Mona Campus, delivering GIS courses for various departments and participating in campus research activities. MonaGIS also provides GIS services to the public and private sectors. It is the only organisation in Jamaica that can provide advanced geographic information science solutions.
The country, meanwhile, continues to attract investment from key global players in the ICT industry — its strengths include near shore access to US and other markets;
an English-speaking, skilled workforce and state-of-the-art telecommunications infrastructure.
The ICT sector accounts for more than 12,000 jobs across the island.
FAst FActs:
•Advances in the ICT sector have allowed leading business process outsourcing (BPO) companies to set up their operations in Jamaica. Call centres make up the majority of BPO services offered in Jamaica.
•Training institutions such as the HEART Trust/National Training Agency and various universities have been reviewing their programmes to ensure that students are prepared to work in the ICT industry.
•According to 2011 data, 27.9 per cent of households had computers with approximately two thirds having Internet connection, the ESSJ said.
Sources: Jampro, Jamaica Gleaner, OUR, ESSJ 2012
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TRAVEL & TOURISM
tRAveL & touRism:
The Government has instituted several measures to increase the number of visitors to Jamaica as tourism continues to be one of the main areas through which the country derives foreign exchange. Tourism revenues account for roughly 10% of Jamaica’s GDP.
During 2012, despite a downturn in other industries, total visitor arrivals grew by 7.4 per cent to 3,306,168. This was due in part, according to the Economic and Social Survey Jamaica 2012, to increased visitor arrivals from Jamaica’s two major markets — the US and Canada — as well as calls from some of the major cruise ships to the new Falmouth Cruise Ship Pier.
Tourists spent US$2.05 billion in 2012, 1.9 per cent more than in 2011.
Long term plans for the sector, Government says, are guided by the Vision 2030 National Development Plan. The objective is threefold — sustain the upturn, maintain market share and encourage investments.
Emphasis is being placed on branching out into areas such as health and wellness tourism, which have been successfully deployed in other markets. Jamaica’s proximity to key markets, its world-class medical professionals, and its status as being tourist-friendly makes it ideally suited to provide these services.
The Ministry of Tourism and JAMPRO are still working to develop a national policy on health tourism. A health and wellness policy was submitted to Cabinet for approval in 2012.
Promotion of the island as a preferred destination continued full stream in 2012, with the Jamaica Tourist Board (JTB) deploying new marketing strategies to promote Jamaica.
Among the promotional tools for 2012 was the popular Jamaica House venue at the O2 Arena during the London 2012 Olympics; consumer trade shows; and sponsorship of familiarisation tours for travel professionals to experience and promote Jamaica.
The JTB also packaged “Brand Jamaica” alongside other well known Jamaican icons such as Bob Marley and Usain Bolt.
The ministry said in 2012 that the Tourism Enhancement Fund would have an element, the Tourism Improvement Programme (TIP), aimed at undertaking transformational projects.
Phase one of this programme in March 2012 included improvements to the tourism infrastructure in resort areas.
During 2012, a total of J$900 million was allocated for execution of the TIP. Other projects will include upgrades of public beaches and parks; restoration of heritage sites and museums; and revamping of craft markets and attractions.
The Government expects to see growth in the hotels and restaurants industry for 2013, as the country expects an increase in tourist arrivals from non-traditional markets as well as higher cruise passenger arrivals.
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TRAVEL & TOURISM
Targeted air markets include Russia, China and Brazil. Delta, Jet Blue and US Airways have already introduced additional flights as a result of increasing demand. The island currently averages 37 flights daily from the US. Airlift agreements with 15 airlines and tour operators are soon to become effective.
Increased growth is expected as the island’s three international airports conveniently facilitate access to major markets — Jamaica is a mere 90 minutes from Miami, just over three hours from New York, four hours from Toronto, and 10 hours from London.
At the 23rd staging of the island’s largest tourism trade show, Jamaica Product Exchange (JAPEX), in April 2013, Minister of Tourism and Entertainment Dr. Wykeham McNeill said the large turnout of buyers, suppliers, travel agents and journalists showed the strength of brand Jamaica in the international marketplace.
Hoteliers said they were hopeful that JAPEX’s success would lead to much-needed business for the upcoming summer season.
The Kingston hoteliers are hopeful that the capital will be seen as more than just a business destination. It is hoped that Kingston can also be positioned as an entertainment and sports venue, as well as a destination bursting with culture and history.
The JTB says it understands that Jamaica has a greater diversity of tourism offering than any other Caribbean country, and all the stakeholders are working to ensure that they capitalize on this diversity.
FAst FActs:
•During 2012, despite a downtown in other industries, total visitor arrivals grew by 7.4 per cent to 3,306,168.
•The Government expects to see growth in the hotels and restaurants industry for 2013, as the country sees an increase in cruise passenger arrivals and tourist arrivals from non-traditional markets. Targeted air markets include Russia, China and Brazil.
•The Ministry of Tourism and JAMPRO are still working to develop a national policy on health tourism; a health and wellness policy was submitted to Cabinet for approval in 2012.
•Long term plans for the Tourism sector, Government says, are guided by the Vision 2030 National Development Plan. The objective is threefold — sustain the upturn, maintain market share and encourage investments.
Sources: JTB, ESSJ 2012, JIS
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EXPORTS TOTAL VALUE: $1.624 billion (2011) Commodities: alumina, bauxite, sugar, bananas and rum
IMPORTS TOTAL VALUE: $6.614 billion (2011) Commodities: machinery and transport equipment, construction materials, fuel, food and chemicals
HIGHWAYS: 18,700 km (2011)
GOVERNMENT GOVERNMENT JamaicaJamaica is a constitutional monarchy and as a member of the British Commonwealth, the Queen of England, Elizabeth II is the titular head of the country. A Governor General represents her in Jamaica. The Jamaican Parliament consists of two Houses, the Senate, also called the Upper House, and the House of Representatives, also known as the Lower House. The members of the House of Representatives are elected underunder universal adult suffrage, with a maximum of five years between elections. There are 60 constituencies, each represented by one Member of Parliament. The Senate comprises twenty-one members appointed by the Governor General, thirteen on the advice of the Prime Minister and eight on the advice of the Leader of the Opposition. The Senate functions mainly as a review chamber and reviews legislation passedpassed by the House of Representatives. The Cabinet is the principal instrument of government policy. It consists of the Prime Minister and minimum of thirteen other Ministers of Government, who must be members of one of the two Houses of Parliament. However, not more than four members of the Cabinet may be members of the Senate. The Minister of Finance must be an elected member of the House of Representatives.Representatives. Local Government is organized on a parish basis, with two parishes, Kingston and St. Andrew, amalgamated and administered by the Kingston And St. Andrew Corporation (KSAC). The island's 60 constituencies are subdivided into 187 electoral divisions, each of which is represented by a Parish Councillor for Local Government. GEOGRAPHY Jamaica is the third largest of the Caribbean islands. Situated in the Caribbean Sea, it lies 965.4 km (600 miles) south of Florida, 160.9 km (100 miles) southwest of Haiti and 144.81 km (90 miles) south of Cuba.
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FAST FACTS ON JAMAICA
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Abrahams, Kala..............54
Alcott, Delroy..................92
Allen, Catherine..............52
Allen, Clavery..................45
Allen, Gary......................80
Allen, Rickert .................22
Allen, Sean ....................120
Allen, Steve.....................54
Anderson, Annica.........105
Anderson, Kisha.............30
Anderson, Leon..............38
Anderson, Marilyn..........58
Anderson, Michelle.........53
Anderson-Roache,
Sharon............................45
Arancibia, Guillermo.......30
Armstrong, Phillip...........29
Ashman, Claudette.........52
Ashman, Rupert..............58
Azar, John.......................98
Bailey, Saundra...............53
Balli, Dwight....................64
Barclay, Carlton..............31
Barnett, Donald..............85
Barrow, Gary...................91
Bassanta-Henry,
Audrey............................52
Bates, Paul.....................61
Beckford, Angela............38
Beckford, Marie..............53
Bell, Lisa.........................32
Bell-Hutchinson,
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Bennett-Easy, Brian.....109
Blake, Septimus ‘Bob’....23
Bolt, Maurice .................53
Bogues, Greta................64
Boodhai, Krishna............30
Brady, Joy.......................31
Brandon, Lee-Ann............1
Brooks, Clinton...............33
Brown Crooks, Nicole.....37
Brown, Christopher........69
Brown, Kenneth..............54
Brown, Lavonne..............32
Brown, Pauline.................1
Brown, Ryan...................62
Bruce, Judith..................92
Burchenson, Rezworth...36
Burnett, Clement............59
Byles, Richard................29
Callum, Winsome...........91
Campbell, Aisha.............92
Campbell, Courtney.......70
Campbell, Delrose..........87
Campbell, French...........23
Campbell, Maximilian.....31
Campbell, Raymond.......85
Carty-Peart, Jennifer......26
Chambers, Nigel.............85
Charlton, Glenroy...........72
Chin, Mark....................100
Chin, Patrick...................85
Chin, Stevo...................100
Chisholm, Mark..............29
Christie, Marcia..............80
Christie-Smith, Tracy....114
Clacken, Sean..............100
Clark, Joy......................109
Clarke, Yvonne...............23
Cogle, Roger...................34
Cohen, Dennis................23
Cohen, Monique.............53
Cole, Gary.......................80
Collister, Keith.................54
Constantine, BJ................1
Cooper, Angela...............59
Cooper, Cecile................30
Corrigan, Jason............109
Crawford, Valerie............32
Croskery, Mark...............33
Cummings, Ruth.............51
Cupidon, Douglas..........26
Cushnie, Lorry-Ann........68
Dailey-Smith, Patricia.....85
Davidson, Marsha........100
Davis, Sam.....................91
Denoes, Anthony............62
Dhiman, Vikram..............36
Dixon, David ...................1
Dixon, Evrol....................59
Dixon, Gary.....................64
Dixon, Nadia ...................1
Domville, Carl.................59
Dookie, Jean-Paul........108
Drysdale, David..............44
Duggan, Astor.................86
Duggan, Din ...................6
Duggan, Evan ..........46,111
Duncan, Keith.................30
Edwards, Ronald............37
Edwards-Brown,
Lorice.............................38
Ellis, Jennifer...................44
Ellis, Neville.....................35
Ennis, Ative...................109
Eyre, Mervyn.................108
Facey, Camille................87
Facey, L. Howard............87
Findlater, Howard...........61
Fletcher, Horace.............46
Foote, Simone................53
Forstmayr, Josef...........114
Foster, Alicia...................52
Francis, Katherine..........91
Francis, Owen...................6
Frazer-Binns, Sophia......37
Fullerton, Kameika...........1
Garcia, Dave...................23
Gentles, Chris.................61
George, Brian.................76
Gilbert, Karen...............105
Glover, M. Olivia..............68
Gobin Gunter, Natalia.....54
Golding, Paul..................45
Gooden, Steven.............23
Gordon, Anthony..........100
Gordon, Glendon............52
Gordon, Howard.............23
Gordon, Hugh.................93
Graham, Wentworth ......35
Grant, Claire...................80
Grant, Norman................61
Grant, Tonya .................31
in Jamaica Business
index by surname
Gray, Patrice .................69Greene, Lisa-Gaye........111Greig, Stephen................80Groves, Richard..............62Hall, Constance..............84Hall, Herbert .................36Hall, Ian..........................92Hall, Jeffrey.....................61Hall, Yashi.......................26Hamaty-Simmonds, Monique.........................61Hamilton, Corey..............81Hamilton, Rosalee..........44Hamilton, Zayous...........68Handa, Tarun .................85Hanson, Forrest..............31Harshad, Anaokar...........92Harvey, Gregory..............59Hay, Britta .......................86Hemans, Evan..............108Henriques, Paul..............64Henry, Rosemarie...........38Heron, Matthew............100Hibbert, Carol.................52Holland, Stephen............50Holness, Janice..............38Holness, Nigel................26Hoo, Paul........................76Hoo-Fatt, Valerie..........111Hosin, Eric......................52Hunter-Baker, Deveen....62Hylton, Charlton.............54Hylton, Patrick................23Issa, Andrew .................93
James, Frank..................70James, Vernon................23Janse van Rensburg, Pierre ............................62Jarrett, Earl.....................31Jenez, Nicolette..............38Johnson, Charmaine......36Johnson, Dudley...........111Johnson, Jeffry...............53Johnson, Kirk..................69Johnson, Nyssa..............85Johnson, Sandra............50Johnson,Newton..............1Johnson-Haughton, Janet..............................38Johnston, Charles..........61Jones, Betty Ann.............85Jones, Kevin .................33Jones, Maria .................87Jones, Shereon..............31Kahwa,Ishenkumba ......46Kelly, Pamela .................44Kitson-Walters, Marcia...59Kulkarni, Ashok...............44Laing, Sharon...............100Lalor, Dennis .................50Lalor, Paul.......................50Lawrence, Linda...........114Maginley, Martin...........114Martin, Sheree................23Masterton.......................54Matalon, Cristina............36Matalon, Joseph............36Matthews, Nadeen.........23
Maxam, Ava.................111Maxwell, Ian .................64Mayne, Wilton..................1McCalla, Henry............100McConnell, Peter...........62McCusker, Joe.............109McDonald, Archibald.....46McDonald, Mark............64McGrath, Marjorie..........37McKain, Antoinette........37McKenzie, Errol..............29 McKenzie, Garth............91McKoy, Derrick..............46McMorris, Christine ....100McNaught Hermitt, Kadyll.............................35McNaught, Suzette........35Melhado, Peter...............36Mendez, Gerard.............50Miller, Maurice................80Miller, Rohan .................29Miller, Taryck ...................1Mills Bellamy, Kalean.....32Mitchell, Leon................31Mollison, Howard...........38Moore, Dwight...............53Morris, George...............59Morrison, Dave..............51Morrison, Errol...............44Motin, Rafeek.................62Mullings, Cynthia..........120Murphy, Kevin................53Nembhard, Nadine...........1Nicholson, Sonia............38Nkrumah Young, Kofi.....44Oliver, Gossett...............44Oliver, Richard..................1Osuji, Martins.................69Palomino, Suzanne......109Parker, Michael..............52Parsons Smith, Doreen..35Pawson, James..............53Peart, Gary.....................62
Pennant, Angela............32Perkins, Donovan...........29Perrin, Herve .................91Polard-Gonzales, Michele .......................................31Pragnell, Matthew..........53Price, Kevin....................68Rainford, Norman..........85Ramsaran, Roysce.........34Ranglin, Michael.............70Rattray, Phillip................62Reece, Tamieka..............36Reid Clarke, Odia............51Reid-Pitt, Loretta............38Ricketts, Mukisa.............23Robb, Riccalya...............35Robinson, Jermaine.......61Robinson, Omar............114 Robinson-Cornelius, Marilyn............................45Rodney, Julian................68Roomes, Stephen.........100Rosen, David .................14Rowe, Garth .................53Russell-Clarke, Dorothy...........................53Samuda, Samantha ......50
Samuels, Carlton............31
Samuels, Doreen............53
Samuels, Raymond......111
Saunders, Nathalie.......114
Saunders, Suzanne......109
Seeberan, Marjorie.........23
Sharp Dujon, Sheridah...54
Sharp, Jason .................66
Sharp, L.W. .....................66
Sharp, Richard................66
Shields, Alison..................1
Shirley, Gordon...............46
Simmonds, Marcus........61
Singh, Mark....................30
in Jamaica Business
index by surname
Sirdar, Michelle...............35Slaytor, John ...............108Smalling, Jerome............30Smith, Aldington-Dean...91Smith, Deryke.................44Smith, Hugh ...............108Smith, Mary.....................31Smith, Paul.....................52Smith, Sophia.................51Spence, Joy....................64St Jude, Francois............80Steele, Marcus................69Steele, Michael...............45Stephenson, Grantley...105Sterling, Andre ...............64Stewart, Adam................14Stewart, Diana..................8Stewart, Duncan...............8Stewart, Gordon ‘Butch’...............14Stewart, Hillary..............114Stewart, Richard..............8Stewart-Lechler, Jacqueline.......................8Strachan, Ryan..............33Street Forrest, Marlene..........................35Strong, Michelle.............69Sturridge, June................1Tavares-Finson, William...........................54Taylor, Robert...............100Ten-Hue, Colleen...........51Thelwell, Patrick.............38Theoc, Dan.....................91Thomas, Mureen............53Thompson, Byron..........59Thompson, Mark............51Thwaites, Brett...............54
Tomblin, Kelly.................91Trehan, Rajan.................85Tugwell-Henry, Audrey...23Turner, Patrick................92Valdez, Dennis...............67Vassall, Anyika.................1Walker, Milton................80Wallace, Elaine...............44Watkis-Robinson, Michelle........................109Watson, Barrington........34Watson, Paul .................59Watts, Mario .................26Webb, Coralee...............53Webster, Phillip..............59Wehby, Don .................70Welsh, Shereene..............1Whittaker, Phillip............84Whyte, Suzette...............35Wilks, Yvonne................80Williams Dunkley, Eloise.............................37Williams, Mark..............105Williams, Patrick............50Williams-Myers, Claudette.......................45Wilmot, Swithin..............46Wilson, Camille..............53Wilson-Messam, Andrea............................80Wong, Bernadette..........68Wright, Jean-Mark ......111Wright, Robert................26Wright-Jarrett, Geta ......32Wynter, Allison...............22Young, Brian .................62Young, Simon.................53Yu, Don..........................85
in Jamaica Business index by surname
