Prime Minister Andrew Holness has reaffirmed his government’s unwavering commitment to positioning Jamaica as a global financial services hub, a vision he first introduced in 2009. Speaking at the Jamaica Stock Exchange (JSE) Regional Conference on Investments and Capital Markets, Holness shared insights into the progress and setbacks faced in realizing this ambition.
“It has been a long road,” Holness began, acknowledging the delays in realizing the country’s goal of becoming an International Financial Services Centre (IFSC). “But I can assure you, we are not backing down. Our focus is clear: to put the legislative pieces in place and fulfill this vision.”
While the goal has yet to materialize, Holness pointed to the strides made in building the legislative infrastructure to support an IFSC. He referenced the establishment of key laws such as the Partnership (General) Act and the Segregated Accounts Companies Act, as well as ongoing work to refine the Limited Liability Companies (LLC) Act. This final piece of legislation, he explained, will align Jamaica’s business framework with international standards to encourage both local and foreign investments.
“The new LLC Act will foster a more business-friendly environment, enabling us to compete with other global financial centers,” Holness said. “This is about creating an ecosystem that attracts international investors while ensuring a modern and compliant regulatory structure.”
The Jamaica International Financial Services Authority (JIFSA), created in 2011, has played a central role in advancing this agenda. As the entity tasked with promoting Jamaica as an IFSC, JIFSA is working on developing a competitive tax regime, enhancing local institutions, and ensuring that Jamaica meets international standards in financial services.
Despite the delays, Holness remains confident that Jamaica’s potential as a global financial player is within reach. He emphasized that the IFSC initiative could lead to significant benefits, including the creation of high-paying jobs, attracting international investments, and diversifying the economy beyond traditional sectors. The prime minister also highlighted the country’s strong educational system, its skilled workforce, and a robust financial sector as assets that will help Jamaica compete in the global financial services market.
Acknowledging the challenges, Holness admitted that delays have stemmed from a mix of policy shifts and external factors. However, he expressed a firm resolve to continue pushing forward, noting that the government is dedicated to overcoming these hurdles and completing the legislative work necessary to make the IFSC a reality.
“We are fully committed to making Jamaica a leading global financial center,” Holness concluded, reinforcing his administration’s determination to unlock the country’s economic potential through international financial services.
