INVESTMENT COLLABORATION | JAMPRO and UDC sign MOU
June 17, 2020. Kingston Jamaica: The Urban Development Corporation and the JAMAICA Promotions Corporation (JAMPRO) have formally entered into a Memorandum of Understanding (MOU) that will be in place until March 31, 2021.
The two Government agencies have agreed to work together towards "mutually identified programmes, investment promotions and initiatives towards, inter alias and the facilitation of business development opportunities in Jamaica." Both parties will work to promote and facilitate foreign and direct investment in key priority areas, to stimulate economic growth and job creation.
It is anticipated that the MOU will see collaboration on marketing programmes, support the handling of queries, simplification of processes, organization of targeted business functions aimed at providing information on investment policies and Government processes.
Speaking on the value of the MOU, Diane Edwards, President of JAMPRO said the Agency was pleased to partner with the UDC, as Jamaica seeks to attract more local and international investment. She said JAMPRO will be leveraging its strengths to manage the promotion of various projects, queries and other requests, to encourage quick facilitation of investment into the island. She went on to say, “JAMPRO believes that collaboration is a guaranteed path to success, so we are of the view that this partnership will bring fruitful results for our economy and overall development.”
Key projects have already been identified as areas for collaboration between UDC and JAMPRO. They include marketing of eco-development projects including Goat Islands Wildlife Sanctuary and Two Sisters Cave, support with the marketing of all UDC land divestment and development Requests for Proposals (RFPs) and other commercial and investment opportunities.
UDC's General Manager, Heather Pinnock looks forward to seeing positive outcomes for development and investment by both local and foreign industry players. "This MOU can open many doors that will spur economic growth in Jamaica. The UDC, as the leaders in urban design and strategic real estate development, can further align its services with the overall objectives of the Government aided by JAMPRO, who are experts in the area of investment."
The MOU was formally signed JAMPRO's offices on Wednesday 17, June 2020.
JAMPRO is Jamaica’s investment and export promotion agency, which was established in 1988 to stimulate, facilitate and promote the development of trade and industry, export and investment activities in all sectors of the island’s economy. The agency’s investment and export focus is on a number of targeted sectors which include, but is not limited to logistics and infrastructure, mining, the creative industries, global services, agribusiness, manufacturing, tourism and professional services.
In facilitating investment, JAMPRO guides investors through the necessary steps to making their projects possible including the identification of suitably trained and qualified employees and also assists them through the Government of Jamaica approvals process
The Urban Development Corporation (UDC) is a self-financing organization established by a 1968 Act of Parliament. It continues to lead the transformation of Jamaica's towns through the planning, facilitation and execution of urban projects and services. It also serves as the key agency to hold, manage and develop strategic real estate for the Government while preserving the natural environment and enabling economic development through its projects.
The UDC is currently engaged in several development projects in its designated areas of focus. This includes its flagship project, Closed Harbour Beach Park, Montego Bay, leading the execution of Port Royal 2020, master planning and implementation of the Houses of Parliament and the development of Goat Islands into Jamaica's first wildlife sanctuary.
For further information, please contact:
The Corporate Relations and Marketing Department
Urban Development Corporation
12 Ocean Boulevard
Tel: (876) 656-8031 | EXT. 2900