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Capitalise on the Improving Jamaican Economy

Thu 21 Sep, 2017

JN Bank exec encourages Jamaicans overseas to invest in country

Chief of Marketing at JN Bank, Saniah Spencer, has encouraged Jamaicans in the Diaspora to capitalise on the improving Jamaican economy.

Speaking to 55 Jamaican investors living in Florida recently, Miss Spencer, indicated that the Jamaican economy is growing; and she outlined several areas that are ready for investment.

“Inflation has been reduced to approximately two percent; debt has declined from 145 per cent of GDP, prior to the current economic reform programme, to 115 per cent at the end of March this year; and interest rates are falling,” she disclosed, pointing to the entry of JN Bank in the market as one of the forces behind the reduced interest rates.  

“Unemployment is also decreasing, as figures in the past year declined from 12.8 per cent to 12.2 per cent,” Miss Spencer outlined, “In addition, consumer and business confidence have risen tremendously; and remains at an all-time 16-year high, as Jamaicans become upbeat about real prospects for investments and jobs."

Miss Spencer said that logistics is among the emerging areas; and opportunities are developing from the expansion activities at some of the country’s major ports of entry; as well as, continued initiatives to expand the country’s road network. And, she noted that there will be need for services to support the port activities, such as storage and warehousing as well as indirect activities.   

“These positive developments have also opened up many opportunities for investment in real estate, she said, “As improved road infrastructure connect communities and parishes, and there will be increased real estate value outside of urban centres."

She referenced business process outsourcing as another growing market, noting that it currently accounts for the highest employment growth rate in the country, employing more than 22,000 Jamaicans.

However, beyond business, Miss Spencer highlighted that there are instruments in which individual Jamaicans overseas can invest and earn.

She highlighted the performance of the Jamaica Stock Exchange (JSE); and encouraged Jamaicans overseas to look at the local stock market as an area for investment, pointing out its performance over the past two years. In 2015, the JSE was declared to be the best performing stock market in the world, with more than 85 per cent of its listed companies gaining value on the stock exchange.

The JN Bank Marketing Chief also updated Jamaicans in Florida that the government is seeking to introduce a Diaspora Bond by the end of the financial year, which is intended to provide investors with a satisfying return, while providing an opportunity for them to contribute to the development of the country.

In addition, Miss Spencer said JN Bank, has issued a Diaspora Certificate of Deposit, which allows Jamaicans overseas to earn an attractive yield, while contributing to the development of social enterprises that generate social and economic growth for communities and groups.

“JN Bank, is positioned to facilitate these investments through our linkages and partnerships with developers and government agencies and through our products and services,” Miss Spencer advised.

She said the bank’s savings and loans products, including business loans to facilitate the investments of Jamaicans in the Diaspora; as well as, online facilities through its JN LIVE banking platform to manage payments and facilitate online transactions, including: inter-bank transfers, wire transfers, foreign exchange purchases and bill payments. 

“It is clear that, although we have much to do to increase economic growth and spur development, the Jamaican economy is on the right path. It is strengthening and expanding, and is ready for investment in various areas,” she affirmed. 

 

THE JAMAICA NATIONAL GROUP  

The Jamaica National Group Limited (JN Group) represents one of Jamaica’s most recognisable brands, with more than 14 decades of history in Jamaica and overseas. The JN Group, which retains the mutuality of its predecessor, the Jamaica National Building Society comprises:

  • JN Financial Group, with subsidiaries offering a range of financial services, including commercial banking, insurance, investments and remittances
  • MCS Group, with subsidiaries offering technology, creative and fleet management services
  • JN Foundation, one of the leading corporate foundations in Jamaica

The JN Group is committed to the success and growth of its members while using business as a force for good so that, together, we can improve the outcome of Jamaicans wherever they may reside.

JN BANK

On February 1, 2017, the more than 140-year-old Jamaica National Building Society (JNBS) was converted to JN Bank, becoming one of the three top commercial banks in Jamaica.  JN Bank is a subsidiary of The Jamaica National Group. It is dedicated to the financial growth and success of its members and customers and committed to high quality service, innovative solutions and low fees. Visit www.jnbank.com for more information. 

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