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JAMAICA | Growth Being Boosted by Investment – PM Holness

Featured  Prime Minister Andrew Holness breaks ground for the new five-storey showroom for Land Rover and Jaguar for the Stewart's Automotive Group on Thursday, January 3, 2019. Prime Minister Andrew Holness breaks ground for the new five-storey showroom for Land Rover and Jaguar for the Stewart's Automotive Group on Thursday, January 3, 2019.
KINGSTON, Jamaica January 3, 2019 - Prime Minister Andrew Holness says the spur in growth in the economy is in part the result of the numerous investments being undertaken in the country.

Speaking at the ground-breaking ceremony of a new showroom for Land Rover and Jaguar for the Stewart’s Automotive Group the Prime Minister said: "What you are seeing happening now is a return to investment in capital goods.”

He added: "One, you can see movement in the Stock Market, you can see movement in the Private equity and debt market because usually those kinds of movement and liveliness in that market would signal that people are borrowing to make capital investments and we’re seeing that now happening in Jamaica."

The Prime Minister said Jamaica’s economy grew by 1.8 percent for the third quarter of this year when compared to the corresponding quarter for last year. He further stated that the Government is pleased with the growth numbers as it is creating significant employment.

“I am proud to say there are more Jamaicans employed today than ever in the history of the employment statistics. Jamaica can and will achieve full employment. We need to continue this pace of capital formation, we need to continue this pace of investment and we will achieve full employment which in itself will create a larger demand; which in itself will drive consumption, which in itself will drive economic growth,”  Holness said.

In the meantime, the Prime Minister lauded Stewart’s Automotive Group for its continued investment in the country. “I wish to congratulate the Stewart family and encourage them to keep on investing. The Government gives the commitment that it will continue to ensure the environment for business is friendly, is inducive, conducive; that it gives you the ability to make even greater investment decisions and take even greater risks,” said Prime Minister Holness.

After its completion, the five storey Stewart’s Automotive Group building will house a showroom for Land Rover and Jaguar vehicles, a rental space and BPO operations.

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  • Countries: Jamaica

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