In Jamaica news, at the recently concluded Caribbean Diaspora Business Week in London, one of the consensus from leading Jamaican and Caribbean Businesses was the point that they saw the growing success of the Jamaican Junior Stock Exchange as key catalyst for growth of the Jamaican economy, by the creation of jobs by MSMEs, increase in foreign direct investment (FDIs) and GDP growth, once the present incentives remain intact.
A number of Diaspora Businesses are now actively looking at listing. ‘This could be a major replacement for the reducing remittance to Jamaica, and the stakeholders should now focus on this major opportunity.
As Jamaica continues to battle with putting together the right growth strategies, we in the business diaspora continue to be excited by the growth of the JSE Junior Market, sighted St.Bernard, spokesperson for Caribbean Business Diaspora.
‘Overseas and Diaspora Business interest in Jamaica is definitely on the increase, the focus now is on conversion sighted JAMPRO’s UK Regional Manager Laurence Jones.
The Junior Market Companies success include:
1. Increase in revenues of $8.4 billion or 71% mostly from expansion of operation. ( Growth in economy)
2. Increase in pre-tax profits of $1.4 billion or 162% ( suggesting greater efficiency)
3. Increase in GCT paid of $227.8 million or 139% ( increase in revenue in government coffers)
4. Increase in statutory deductions of $101.2 million or 45% (mostly new hires)
Investors who have also seen a decline in interest from government of Jamaica securities and other new investors have benefited from a regulated market through stock appreciation and dividend.
In respect to the latter tax is paid to the government. From market securities, persons are able to invest in well regulated companies reducing an appetite for ponzi schemes.
Spokesperson for Jamaica / Caribbean Diaspora (www.cenuk.net).