Community News
“You are only drinking saltwater. You will never quench your thirst” — Senator Hill encourages corporations to invest in Jamaica
BY SELINA McCALLUM
Jamaica gave a keynote presentation titled “Jamaica’s Growth Story” at Citigroup Center in New York City on Tuesday, June 18th, 2019.
The corporate breakfast hosted by the American Friends of Jamaica (AFJ) in partnership with the Destination Experience, was designed to demonstrate the symbiotic relationship between financial wealth management and philanthropy.
The breakfast provided a strategic gateway to share information on Jamaica’s economic turnaround and demystify the island’s business landscape to an audience of international investors including successful members of the diaspora.
Senator Aubyn Hill, CEO of Economic Growth Council and Jamaica’s non-resident High Commissioner to India, offered a review of Jamaica’s economic successes.
“Robust and sustained economic growth has to be Jamaica’s national imperative,” said Senator Hill.
He further stated the importance of getting money in the hands of ordinary people.
“You are only drinking saltwater. You will never quench your thirst,” he said, in discussing the use of debt and fiscal responsibility as policy vis a vis committing to growth.
In economic development, there are various stages of progress to a more modern economy. Senator Hill said that Jamaica has the investment tools, the connections, and the technology to quickly “leapfrog” stages of economic growth and expedite the modernization and overall efficiency of Jamaica’s economy.
Growth is evident in the Jamaican stock market outperforming all major indexes, unemployment has declined to 8% and a stable currency.
The American Friends of Jamaica is a not-for-profit organization dedicated to supporting Jamaican charitable organizations and social initiatives working to improve the lives of Jamaicans through education, health care, and economic development.
The AFJ works in a collaborative effort with Jamaican organizations and stakeholders to bring about change in the lives of Jamaicans who need a hand up. The AFJ has partnered in providing shelter to the homeless, education to inner-city youth, healthcare to individuals and equipment to health facilities.
Founded in 1982 by a handful of Jamaicans and Americans who loved Jamaica and wanted to see it prosper, the organization has created a legacy of philanthropy dedicated to the people of Jamaica, raising over US$14 million to date on behalf of Jamaica’s non-profit and charitable organizations.
The Destination Experience is an innovative platform of social discovery experiences designed to connect decision-makers with a dynamic network of ideas, people and opportunities.
They are luxury travel and hospitality brand which has created a platform called the Visionaries’ Summit. The summit is designed to attract investment, innovation, influence and big media to the Caribbean and lives up to its reputation as the ‘Davos of the Caribbean.’
Since the establishment, the company has built a community collectively controlling resources estimated at over US$140 billion in investment potential which has seeded over US$300 million in deals.
In May 2015, the Destination Experience was honoured by President Obama at the White House as “An Innovative Platform for the Promotion of Entrepreneurship and a Unique Business Catalyst”.
The organization has also been recognized by the World Economic Forum at the 2016 Annual Meeting in Davos, Switzerland and has been featured in Forbes Magazine, The Huffington Post and many other global publications.
The corporate breakfast opened with two financial experts who discussed the current unpredictability and volatility of the market in the short run mostly because of the uncertainty on trade issues. This makes the market nearly impossible to predict for an investor.
The predictors are indicating a slowdown, but this varies a lot with policy outcomes. In times of volatility, it is particularly important to diversify and hold investments given the unpredictability of timing the top of the market. If one invests wisely, with a balanced portfolio and for the long run, average returns are statistically going to be larger.
Trying to time markets often results in weaker returns. The importance of using a will, trust instruments and some planning on how assets are held was also stressed at the corporate breakfast, so as to ensure that wealth is secured for the next generation.