Finance Minister says transparency will underpin billion dollar investment bids

Finance Minister Dr Nigel Clarke, has sought to address the question of transparency in the handling of the billion US dollar investments Jamaica is seeking to attract from overseas entities, explaining that legislation being amended to facilitate the transactions, will have built-in clauses to ensure the procedures are clear to all the stakeholders.

Dr Clarke addressed the matter on Tuesday at the Invest Jamaica Business Conference now underway in Montego Bay St James.

It follows his announcement that Jamaica will be making legislative changes to allow it to specially target international investors wishing to spend on projects valuing at least US$1 billion.

The primary law to be amended is the Income Tax Relief (Large Scale Projects and Pioneer Industries) Act which will create tax relief and other incentives for investments of a certain size and value.

Dr Clarke acknowledges that, for transactions of this value, there must be caution in how the government operates.

Accordingly, he said the provisions are being carefully prepared.