Scotia Group Jamaica has been named ahead of other local banking institutions as Bank of the Year 2022 by internationally recognised UK-based banking publication, The Banker.

Read more: Scotiabank Jamaica cops Bank of the Year 2022 Award

The Jamaica Stock Exchange (JSE) and the Dutch Caribbean Securities Exchange (DCSX) have signed a Memorandum of Understanding toward building and leveraging synergies to grow the financial markets in both jurisdictions.

Both stock exchanges will be partnering in areas such as digitization, market education, cross-listing and accessing the European markets.

“What we are doing is ensuring that all the exchanges within the Caribbean are linked so that all parties can benefit from the synergies,” JSE Managing Director Dr Marlene Street Forrest said. 

The exchanges will also be able to provide services that they may not have now, she said.

“For example, leveraging our e-campus,” she said.

“We thank the Dutch Caribbean Securities Exchange for making this journey, for it further cements our objective of strengthening the linkages in the Caribbean. We have Trinidad and Tobago; we have Barbados and Eastern Caribbean and now we have the Dutch Caribbean, and this is exciting,” Dr Street Forrest said in the JSE’s media release.

Partnering to develop the financial services industry across the region will further bolster the Caribbean’s ability to attract overseas investors, she reasoned.

“The more we can join with each other in terms of offering of services to the market, the better and more attractive the region becomes to external investors,” she said.

Listed companies may also soon have an avenue to tap European markets.

“What it [the partnership] would mean is that there is the possibility. We will be able to leverage the relationships of the DCSX to enter the European markets and vice versa,” she said of the win-win for market expansion that the MOU allows.

“The JSE is seeking to continue forging this partnership with DCSX as we pursue our 2025 vision to expand our borders for growth and sustainability,” Dr Street Forrest said.

“We are of the firm belief that as we pursue regional partnerships, we are in a better position to innovate, become more relevant to those outside of our immediate communities for foreign direct investments among other programme and seize global opportunities, which we would not have otherwise captured had we not forged a working relationship,” she added.

Prime Minister Andrew Holness says a strong government and good governance have been the catalysts for improvement and recovery in the country's economy post-pandemic. 

Speaking Tuesday at the Invest Jamaica Conference in Montego Bay, St James, Prime Minister Holness stressed that the speed of Jamaica's recovery can be attributed to making the right decisions for the overall good of the country, while balancing lives and livelihood.

“We managed the pandemic in such a way that we didn’t have to sacrifice businesses, we ensured that businesses could recover quickly. Now we are happy to say that our tourism product has recovered," said Holness.

He also noted that the recovery after the pandemic is phenomenal, especially after several months of complete shutdown of the industry.

Pointing to this as evidence of the robustness of the Jamaican economy, the prime minister said, now, more than ever, the country is equipped and poised for greater investment.

He, therefore, moved to encourage greater investment in the country, while highlighting Jamaica’s peak performance in tourism and the high employment rate.

“If you are looking for a place that is near your shores, on the same time zones, accessible, an hour and a half from any major destination that you may be originating from, and you want high-quality labour that can easily communicate, then Jamaica is the place,” said Holness.

He also underscored that the objective of the Government is to convert the country’s assets into prosperity.

The prime minister said: "Jamaica has one of the oldest democracies of modern time and it can become the country that has converted its democracy, its political stability and its economic sustainability into prosperity for the people."

Holness also gave the assurance that the Government and people of Jamaica are committed to the journey of advancement and prosperity of the nation and, therefore, welcome investments that will accomplish this mission.

The GraceKennedy Group has posted revenues of $107.4 billion, an increase of 12.2 per cent or $11.7 billion over the corresponding period in 2021, surpassing the $100 billion target the company previously set to mark its 100th anniversary. 

Read more: GraceKennedy surpasses $100b revenue target set to mark anniversary