分类： business

The 11th Biennial Jamaica Diaspora Conference kicked off on Monday at the Montego Bay Convention Centre in St James, bringing together key economic leaders and diaspora delegates to unlock the country’s growing investment potential. Under the overarching theme of “Diaspora Partnerships: Re-Building a More Climate-Resilient Jamaica”, senior industry officials delivered a clear, urgent call to action: Jamaicans at home and abroad must step up to claim a stake in the island nation’s rapidly improving economic outlook, even as billions in international capital flows into the country.

Delano Seiveright, Minister of State in Jamaica’s Ministry of Industry, Investment and Commerce, opened his address by framing a core concern for the country’s long-term inclusive growth. While he affirmed that Jamaica’s economic trajectory is undeniably positive, he warned that too many local and diaspora Jamaicans are remaining on the sidelines as foreign investors snap up emerging opportunities.

“My concern is not whether Jamaica’s future is bright — the evidence is already there. My concern is whether Jamaicans themselves will own enough of that future,” Seiveright told conference delegates. “Because while international investors are lining up around the block and investing billions of dollars across Jamaica, too many Jamaicans are still watching from the sidelines — too many!”

Seiveright challenged diaspora members to move quickly to capitalize on emerging opportunities, urging them not to delay entry into the market. “Do not wait until everybody else tells you Jamaica is a place to invest. By then you may be too late. Come home, invest, partner, build, own,” he said.

To back up his call, Seiveright outlined a series of dramatic improvements to Jamaica’s investment landscape that have captured global attention. Most notably, he highlighted a steep decline in national crime rates, a longstanding barrier to economic growth. The country recorded roughly 673 murders in 2025, a sharp drop from 1,100 in 2024 and less than half of the 1,400 murders recorded in 2023. Seiveright attributed this progress to $90 billion in sustained national security investments, intelligence-led policing strategies, and strengthened institutional capacity, labeling crime reduction one of the government’s most significant recent successes.

He also pointed to major public infrastructure projects that are improving connectivity across the island, including the newly completed Montego Bay Perimeter Road and the planned Long Hill Bypass, which will cut travel times and boost economic activity across western Jamaica. Alongside these tangible improvements, Seiveright emphasized that Jamaica boasts unmatched stability for a developing economy: exchange rates have held steady, political institutions remain strong and democratic, and core economic fundamentals have consistently outperformed expectations amid global volatility. “Jamaica is stronger, more stable, more investment ready than at any point in our modern history,” he concluded.

Following Seiveright’s address, Shullette Cox, President of Jamaica Promotions Corporation (Jampro), expanded on the country’s investment advantages, outlining key high-growth sectors open to new investors and breaking down the incentive programs available to both local and diaspora participants.

Cox noted that even in the wake of Hurricane Melissa, one of the most powerful storms to impact the Caribbean in recent decades, all three major global credit rating agencies reaffirmed Jamaica’s stable economic outlook — a testament to the country’s strong economic governance and disaster resilience that has bolstered international investor confidence.

She highlighted Jamaica’s world-class maritime infrastructure as a major logistical advantage, noting that the Kingston Container Terminal boasts a total capacity of 3.2 million twenty-foot equivalent units, positioning the island as a regional logistics and trade hub. For qualifying investors, Cox explained that incentives under the Fiscal Incentives Act offer a graduated corporate income tax structure: while banking institutions pay a 33 1/3 percent rate, most other sectors face a 25 percent rate, and these benefits are available to both foreign investors and Jamaican diaspora members.

Cox went on to spotlight specific emerging sectors primed for new investment, aligned with the government’s strategic economic priorities. The fast-growing local film industry is seeking new investment to build much-needed studio infrastructure, and the government is actively supporting co-production partnerships to grow the segment. Additionally, as part of the country’s push to reduce dependence on costly imported fossil fuels, a new request for proposal (RFP) for renewable energy projects will launch in August. The RFP will seek 220 megawatts of additional renewable energy generation capacity and 110 megawatts of battery energy storage systems, opening significant new opportunities for investors in the clean energy space.

The three-day conference, which opened on Monday, is scheduled to conclude on Wednesday, with additional sessions focused on advancing diaspora engagement and climate-resilient development across the country.

A widespread, island-wide power outage that struck Jamaica on June 5 has left hundreds of small businesses across the nation still tallying steep financial losses, more than a week after grid operations were partially restored. The crisis has reignited long-simmering calls for accountability from the national utility provider, 13 years after an official regulatory recommendation for stronger penalties against major system failures was never enacted.

Energy Minister Daryl Vaz confirmed last week during a parliamentary sitting that the Jamaican government will move forward with adding mandatory compensation clauses to all future electricity operating licenses, noting that a simple public apology from the Jamaica Public Service Company (JPS) — the nation’s primary power provider — is insufficient for customers and enterprises that have sustained measurable financial damage. Vaz emphasized that small and medium-sized businesses across the country have already proven tangible losses from the unprecedented outage, making formal compensation and penalty structures non-negotiable moving forward.

“An apology is not enough for people who lost real income and inventory because of this outage,” Vaz stated. “The commitment I am making today is that all new electricity licenses, and the accompanying revised legislation governing the sector, will explicitly require mandatory compensation for customers affected by large-scale outages, with formal sanctions for non-compliance.”

This policy shift comes 13 years after a technical committee convened by Jamaica’s Office of Utilities Regulation (OUR) delivered the exact same recommendation following an island-wide grid collapse in 2012. The committee’s 2012 report specifically flagged the severe economic risk of total system outages that disrupt all commercial and residential activity across the country, arguing that the regulator needed formal authority to impose penalties when utility providers violate operating standards or fail to comply with regulatory directives. Despite the 2012 recommendation, the policy was never implemented by successive administrations.

For small business owners still reeling from the June 5 outage, the promise of future regulatory reform comes too late to recoup their current losses. Howard Nelson, owner of Northside Barbers in the Liguanea neighborhood, told reporters the sudden blackout forced him to shut his shop mid-day and turn away already seated customers, dragging down his daily revenue far below normal levels.

“It hit us really hard out of nowhere,” Nelson said. “We had customers in the chair already, and we had to send them home. The whole day’s income was wiped out.”

Althea Morgan, general manager of Shoppers Delight Supermarket in downtown Kingston’s Chancery Street, added that even with a backup generator on-site, the rolling outages that continued into the following day forced early closures and repeated operational disruptions that tanked weekly sales. “We had to close for 20 minutes just to refuel the generator, and even with power, sales were way down. It was incredibly frustrating, we definitely took a loss,” Morgan explained.

In the Seaview Gardens community, Susan Barrett, who runs Mizzy Wholesale and Retail, reported that many local customers chose to stay home rather than travel through the blackout, leading to a double-digit drop in sales and lost regular patronage. “This is a neighborhood where people don’t want to walk around in darkness, so they just stayed home. We lost customers and sales straight out,” Barrett said.

A small number of businesses fared better: Family Pride Supermarket in Havendale reported minimal disruption thanks to a fully operational backup generator, though a staff representative noted that even with backup power, internet connectivity failures blocked card payment processing, leading to some lost sales.

Garnett Reid, president of the Small Business Association of Jamaica (SBAJ), called the blackout a major step backward for Jamaica’s small business sector, which is still recovering from the impacts of Hurricane Melissa. Reid noted that more than 425,000 small businesses operate across Jamaica, most of which rely entirely on consistent grid power to operate, with the weekend timing of the outage hitting particularly hard — when small retailers, food vendors, barbershops, and bars earn the majority of their weekly revenue.

Beyond lost sales, Reid highlighted the additional losses from spoiled refrigerated and frozen goods for businesses without backup power, a cost that many small operators cannot absorb. He also criticized JPS for failing to release a full public explanation of the outage’s cause and concrete plans to prevent future collapses, calling for full transparency from the utility provider.

“To date, we have not received an official, detailed report on what happened, why it happened, and what will be done to make sure this never happens again,” Reid said. “Small business owners are still digging out from Hurricane Melissa, and this is just another major blow they don’t deserve.”

The JPS has attributed the June 5 islandwide outage to system damage on the Hunt’s Bay-Rockfort transmission line caused by severe weather, with a second partial outage affecting multiple parishes just four days later on June 9.

KINGSTON, Jamaica — Aspiring Jamaican entrepreneurs holding creative business concepts that can strengthen and expand the country’s critical tourism industry now have a major opportunity to turn their ideas into reality, as the Tourism Enhancement Fund (TEF) has officially launched applications for its flagship Tourism Innovation Incubator programme. Budding innovators have until June 17 to submit their proposals through the official TEF online portal. To complete the application process, candidates are required to upload a fully filled-out application form alongside a one-minute video pitch that clearly lays out the core of their proposed business venture.

KINGSTON, Jamaica — A major shift is underway in the global fast-food industry, as Yum Brands has finalized a $2.7 billion deal to divest its underperforming Pizza Hut brand, splitting ownership between two separate buyers and triggering questions about how the transition will impact local operations in markets like Jamaica.

Under the terms of the agreement announced by Yum, private equity firm LongRange Capital will take control of all Pizza Hut operations outside of mainland China for a purchase price of $1.5 billion. This acquisition includes the entire international brand framework and franchise network that governs Pizza Hut Jamaica, which currently operates as a local franchise under Restaurants of Jamaica (ROJ) — the same entity that runs KFC’s Jamaican locations. In a separate, concurrent transaction, Yum China Holdings will acquire Pizza Hut’s mainland China business for roughly $1.2 billion. Both deals are on track to close during the third quarter of 2026, with no immediate changes to daily operations set to take place before that date.

For Jamaican consumers and local stakeholders, the immediate question is whether the ownership transfer will bring changes to the island’s 15 existing Pizza Hut locations, which are actively expanding right now. Under standard franchise models, local operators retain independent ownership and management of their outlets under licensing agreements with the global brand owner. That means the sale does not automatically force a change in local ownership, nor does it mean any Jamaican locations will shut down.

Still, industry analysts note that new global ownership gives LongRange Capital wide latitude to adjust core brand policies across all international markets. Those adjustments could eventually touch everything from existing franchise agreement terms and overarching brand strategy to menu offerings, restaurant layout and design, digital and in-store technology requirements, and regional expansion targets.

Notably, the sale comes at a time when ROJ is pouring hundreds of millions of Jamaican dollars into growing Pizza Hut’s footprint across the island. Earlier this year, the local franchisee announced a $180 million investment to open a new Pizza Hut location in Cumberland, Portmore. Once completed, the outlet will mark the chain’s 16th location in Jamaica, and its 11th outside the Kingston and St Andrew region. That single investment is part of a broader $500 million capital push by ROJ to open new KFC and Pizza Hut locations across the country over the coming months.

This aggressive local expansion stands in sharp contrast to Pizza Hut’s lackluster performance across many of its largest global markets, which ultimately prompted Yum Brands to put the chain up for sale. Yum first launched a strategic review of Pizza Hut’s future in November 2025, after the brand consistently lagged behind the company’s faster-growing KFC and Taco Bell divisions.

For years, Pizza Hut has faced mounting headwinds across global markets: intense competition from both other large fast-food chains and local independent pizzerias, stretched consumer spending that has cut into discretionary dining, and outdated restaurant formats that have failed to draw in younger customers. Most recently, the brand announced plans to shutter roughly 250 underperforming locations across the United States in the first half of 2026 as part of a pre-sale restructuring effort.

After the two sales are completed, Yum Brands expects to net approximately $2.3 billion in proceeds from the transactions. In conjunction with the divestment, the company’s board has also approved a new $4 billion share repurchase program to return capital to shareholders.

Yum Brands leadership has framed the sale as a win-win for all parties: the company will be able to refocus its resources, strategic attention, and capital on scaling its stronger-performing KFC and Taco Bell brands, while Pizza Hut gets new ownership with a singular focus on revitalizing the struggling pizza chain. That focused leadership, Yum argues, is something the brand has not had under the current multi-brand corporate structure.

For Jamaica, the months leading up to the 2026 closing will bring ongoing uncertainty about the future of the local franchise. No official announcements have yet been made about whether LongRange Capital will keep ROJ’s existing franchise agreements in place, support the company’s ongoing local expansion plans, or implement sweeping changes after the transaction is finalized. As of press time, there is no indication that the ownership transfer will disrupt day-to-day service at any of Pizza Hut’s Jamaican locations.

MONTEGO BAY, St James — At the opening plenary of the 11th Biennial Jamaica Diaspora Conference held Monday at the Montego Bay Convention Centre, Delano Seiveright, State Minister for Jamaica’s Ministry of Industry, Investment and Commerce, made a direct appeal to members of the global Jamaican diaspora to bring new investment opportunities to the island nation.

Underpinned by years of intentional, strict fiscal policy and sustained macroeconomic and political consistency, Seiveright argued that modern Jamaica has never been more prepared to welcome and support outside investment than it is today. The conference, convened around the central theme “Diaspora Partnerships: Rebuilding a More Resilient Jamaica,” provided the ideal platform for the government to showcase the country’s proven ability to withstand ongoing global economic turbulence.

Seiveright outlined a series of key positive economic indicators that set Jamaica apart from many other small developing economies. These include large-scale ongoing infrastructure expansion across the island, consistent declines in national crime rates, and stable exchange rate performance that eases risk for foreign investors. Most notably, he highlighted the country’s current international reserve holdings, which sit at approximately US$6.5 billion. This reserve buffer covers more than 34 weeks of import costs, a figure nearly three times the 12-week international benchmark for healthy reserve levels. Seiveright emphasized that this strong reserve position is particularly remarkable for a small island developing state still working to recover from the catastrophic damage of a recent Category 5 hurricane.

According to Seiveright, these solid core economic fundamentals, paired with Jamaica’s long track record of peaceful political stability, make the country an attractive destination for a wide range of global stakeholders, from individual investors to major multinational banks, credit rating agencies, and global capital markets. He noted that both international investors and diaspora community members have already taken note of Jamaica’s progress, framing the nation’s path to long-term prosperity as rooted in three core pillars: institutional stability, strategic cross-border partnerships, and a shared commitment to building a more resilient national economy.

The opening plenary centered the critical role of diaspora collaboration, highlighting that leveraging the diaspora’s professional expertise, investment capital, and existing trade connections is central to advancing Jamaica’s post-disaster recovery and sustained long-term growth. Against the backdrop of an increasingly fragmented and uncertain global economy, the 11th Biennial Jamaica Diaspora Conference works to cement the country’s reputation as a regional leader in economic resilience and a premier destination for transformative foreign investment.