SPEAKING NOTES
FOR
BUSINESS MEETING
MONTREAL, CANADA
ON
WEDNESDAY, JUNE 2,1999
SALUTATIONS AND SPECIAL GREETINGS
HISTORICALLY AND TRADITIONALLY CANADA/JAMAICA
RELATIONS HA VE PROVIDED A SOUND BASIS FOR FUTURE
LASTING, AND EVEN MORE REWARDING, BUSINESS
PARTNERSHIPS.
• BANK OF NOV A SCOTIA IS ALMOST AS JAMAICAN AS
RUM OR COFFEE. CONTINUES TO BE A PILLAR OF OUR
FINANCIAL SYSTEM
• YOUR CIBC HAS, FOR SEVERAL YEARS, OCCUPIED PRIDE
OF PLACE IN OUR COUNTRY.
• ALCAN HAS REMAINED A MAJOR PLAYER IN OUR MINING
SECTOR
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• BRUNSWICK SARDINES REMAIN A JAMAICAN FAVOURITE.
• ACKEE AND COD FISH - THE NATIONAL DISH
• AIR CANADA/AIR JAMAICA
• CANADA CONTINUES TO PLAY A SIGNIFICANT ROLE IN
THE GROWTH AND DEVELOPMENT OF OUR BAUXITE/
ALUMINA SECTOR.
• LOOK FORWARD TO EXP ANSI ON WHEN THE
INTERNATIONAL PROSPECTS IMPROVE.
• CIDA IS AN ENTRENCHED PARTNER IN OUR ECONOMIC
DEVELOPMEMT PROCESS
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DURING YESTERDAY'S MEETING WITH MR BERNARD
LANDRY, DEPUTY PREMIER OF QUEBEC.
SEVERAL NEW AREAS OF COOPERATION HA VE BEEN
IDENTIFIED, IN SUCH FIELDS AS:
ELECTRICITY GENERATION
COLLOBARATION IN TECHNOLOGICAL
RESEARCH AND DEVELOPMENT
HOUSING
EDUCATION
CULTURE, ENTERTAINMENT SPORTS.
EXCITING NEW POSSIBILITIES ON WHICH JAMAICA AND
QUEBEC CAN TO EXPLORE AND FURTHER EXP AND THE
SOLID FOUNDATION WHICH ALREADY EXISTS.
THE USE OF TECHNOLOGY TO EXTRACT ESSENCES,
FLAVOURS AND ESSENTIAL OILS, FROM OUR UNIQUE RANGE
OF AGRICULTURAL CROPS.
THIS IS AN AREA OF GREAT POTENTIAL AND WE WELCOME
JOINT VENTURE PARTICIPATION.
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THE JAMAICAN ECONOMIC ENVIRONMENT IS PREPARED
AND READY TO DO BUSINESS.
WHAT CONSTITUTES THAT READINESS?
I WILL SUGGEST A NUMBER OF FACTORS, WHICH WILL
HA VE SOME RESONANCE WITH YOU, AS MEMBERS OF THE
MONTREAL BUSINESS COMMUNITY.
• A FIRM COMMITMENT TO THE MARKET ECONOMY
AND THE PURSUIT OF THE CORRECT BLEND OF
MACRO-ECONOMIC POLICIES WHICH ARE REQUIRED
TO UNDERPIN THAT COMMITMENT.
• WE HA VE A DEREGULATED AND LIBERALISED
ECONOMY, WITH SINGLE-DIGIT INFLATION, A
STABLE, MARKET-DRIVEN EXCHANGE RATE AND
ADEQUATE LEVELS OF FOREIGN RESERVES
• WE HA VE A DIVERSIFIED ECONOMY, COMPRISED OF
EXPORT AND DOMESTIC AGRICULTURE, BAUXITE
AND ALUMINA PRODUCTION, TOURISM, FINANCIAL
SERVICES AND MANUFACTURING.
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• WE HA VE AN ESTABLISHED AND STILL GROWING
INFRASTRUCTURE IN ROADWAYS, PORTS,
• ELECTRICITY AND A TELECOMMUNICATIONS
STRUCTURE WHICH IS COMP ARABLE TO FIRST
WORLD STANDARDS.
• WE ARE FORGING AHEAD WITH AN AGGRESSIVE
EDUCATION PROGRAMME WHICH IS DESIGNED TO
PRODUCE A POPULATION, CAPABLE AND EQUIPPED
TO MEET THE CHALLENGES OF THE FUTURE AND
THE REQUIREMENTS OF THE LEVEL OF ECONOMIC
DEVELOPMENT WHICH WE HAVE TARGETED.
MOST IMPORTANTLY, WE HAVE DEVELOPED A NATIONAL
INDUSTRIAL POLICY, WHICH NOW SERVES AS A BLUEPRINT
FOR THE FUTURE PATH WE INTEND TO PURSUE, IN ORDER
TO ACHIEVE OUR SOCIAL AND ECONOMIC GOALS.
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THE POLICY IDENTIFIES SEVEN CORE SECTORS FOR
PRIORITY ATTENTION AND WITHIN WHICH, CANADIAN
BUSINESS INTERESTS ARE INVITED TO SEEK OUT
OPPORTUNITIES FOR INVESTMENT.
THE SECTORS ARE:
• TOURISM, ENTERTAINMENT AND SPORTS
• TELECOMMUNICATIONS AND
INFORMATION TECHNOLOGY
• MINERALS AND CHEMICALS
• SHIPPING AND BERTHING
• AGRO-PROCESSING, FRESH PRODUCE AND
NATURAL FIBRES
• HORTICULTURAL AND MARINE PRODUCTS
• MANUFACTURING - APP AREL AND LIGHT
MANUFACTURES
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INFORMATION TECHNOLOGY
AT THE PRESENT TIME, MUCH OF OUR EFFORT IS BEING
DEVOTED TO THE INFORMATION TECHNOLOGY SECTOR.
OPPORTUNITIES ARE BOUNDLESS. WE ALREADY POSSESS
MUCH OF THE REQUIRED TECHNOLOGICAL
INFRASTRUCTURE.
WE ARE ALREADY EXPERIENCING AN ENCOURAGING
RESPONSE IN THIS AREA AND PRESENTLY WE ARE
CONSTRUCTING SOME 100,000 SQUARE METERS OF FACTORY
SP ACE TO ACCOMMODATE POTENTIAL INVESTORS.
OTHER AREAS OF OUR INVESTMENT PROMOTION EFFORTS
ARE ALSO BEARING FRUIT AS MORE AND MORE FOREIGN
INVESTORS ARE EXHIBITING CONFIDENCE IN OUR
COUNTRY, AS AN IDEAL OFF-SHORE INVESTMENT
LOCATION.
• RUGBY GROUP -LARGEST UK CEMENT PRODUCERS
ESTABLISHED JOINT VENTURE PARTNERSHIP TO INVEST
SOME US $ 25 MILLION TO PRODUCE LIME
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• COCA COLA'S US$ 20 MILLION STATE OF THE ART
BOTTLING PLANT
• NABISCO'S MULTI-MILLION DEAL WITH LOCAL BUSCUIT
COMPANY.
• IN TOURISM- ENTRY OF :
RITZ CARL TON
HILTON
RUI GROUP - SPAIN
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INVESTOR CONFIDENCE
A RECENT UNITED STATES INVESTOR ATTITUDE SURVEY
INDICATES THAT:
JAMAICA'S STABILISED ECONOMIC
CLIMATE ALLOWS FOR MUCH GREATER
ABILITY TO PLAN BUSINESS
OPERATIONS.
ALL UNITED STATES COPMPANIES
INTERVIEWED, INDICATED THAT THEIR
JAMAICAN OPERATIONS HA VE BEEN
PROFITABLE OVER THE LAST COUPLE
YEARS.
THE TRADE FACILITATION OFFICE OF CANADA RECENTLY
LAUNCHED ITS CARIBBEAN EXPORT MARKETING
PROGRAMME, AIMED AT FOSTERING GREATER TWO-WAY
TRADE BETWEEN CANADA AND THE CARIBBEAN.
UNDER THIS PROGRAMME, STUDIES WILL BE UNDERTAKEN
OF JAMAICAN MANUFACTURED PRODUCTS TO DETERMINE
THEIR POTENTIAL FOR THE CANADIAN MARKET
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THIS DEVELOPMENT AUGURS WELL FOR THE
ENHANCEMENT OF TRADE BETWEEN OUR TWO COUNTRIES.
MY COUNTRY IS POISED FOR MAJOR ECONOMIC BREAKTHROUGHS
AND IS CREATING AN INVESTMENT FRIENDLY
ENVIRONMENT, WHICH INDUCES AND FACILITATES THE
ENTRY OF THE OVERSEAS PARTNERS, WE WILL NEED, IN
ORDER TO REALISE OUR GOALS.
IN THIS REGARD, RESULTING FROM THE CURRENT
RESTRUCTURING OF THE FINANCIAL SECTOR, THERE ARE
NOW SOME VALUABLE ASSETS AVAILABLE FOR
DIVESTMENT.
I INVITE YOUR GROUP TO EXPLORE POSSIBLE INTERESTS.
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IT IS TO THIS JAMAICA, THAT I INVITE YOU TO EXPLORE
YOUR OWN NEEDS, FOR THE QUALITY AND DEPTH OF OFFSHORE
INVESTMENT OPPORTUNITIES, WHICH CAN HELP
YOU TO REALSISE YOUR OWN ECONOMIC OBJECTIVES.
JAMAICA AWAITS YOUR EXPRESSIONS OF INTEREST AND
STAND READY TO WORK WITH YOU, TO ENSURE THE
SPAWNING OF MUTUALLY PROFITABLE BUSINESS
ENDEAVOURS, FROM WHICH OUR RESPECTIVE COUNTRIES,
CAN DERIVE MAXIMUM RETURNS.
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