Jamaica has signed a Bilateral Investment Treaty (BIT) with Kuwait that will encourage and guide future investments into the Caribbean country.
The agreement signed between Anthony Hylton, Jamaican Minister of Industry, Investment and Commerce, and Kuwaiti Minister of Finance, His Excellency Mustafa Al-Shemali, is part of a broader high-level Ministerial Trade Mission to the Middle East Gulf States of Kuwait, Dubai and Abu Dhabi. It forms a crucial part of the Government of Jamaica’s push to create Jamaica into one of the world’s top four logistics centres.
The Bilateral Investment Treaty (BIT) between Jamaica and Kuwait will seek to provide fundamental protection for Kuwaiti investments in Jamaica, ranging from the usual national treatment and most favoured nation treatment, as well as guarantees for fair and equitable treatment for investors of either state. It provides companies with the necessary legal standing in dispute settlement matters and also makes specific reference to corporate social responsibility for companies operating in either country.
The purpose of the Ministerial Mission to the Gulf States is to engage potential partners and investors in the region, as well as to promote investment opportunities in the logistics and other sectors in Jamaica. In addition, the delegation is seeking to gain insight and greater perspective on global best practices in logistics in developing the Master Plan for Jamaica’s logistics industry.
The Ministerial Mission to the Gulf States follows similar Jamaican Government-led delegations to Panama as well as to China and Singapore to both benchmark Jamaica against its proposed developments in the logistics sphere and to pursue potential partnerships with investors in the logistics area.
The Minister’s visit to the Emirate State of Dubai will focus on the aviation aspect of the logistics project. Securing investments into the project is also a significant aspect of the mission and is the basis of a number of the meetings planned during the mission. While Dubai, is the main focus of the mission, the team will also take advantage of being in the region to hold meetings in Kuwait and Abu Dhabi with potential financiers and investors in the projects, as well as, other business opportunities that require investor support.
Specific objectives of the Mission are:
- To sign the Jamaica-Kuwait Bilateral Investment Treaty to establish the parameters to guide investments into Jamaica
- To achieve a clearer understanding of the major considerations in establishing Jamaica as a regional logistics hub, particularly in respect of the area of aviation
- To explore potential partnerships with Sovereign Wealth Funds and other potential private sector investors for the development and operation of the various aspects of the Jamaica Logistics project
- To meet with the private sector and present business opportunities in all focus sectors, particularly in infrastructure and real estate/tourism
- To engage Ministerial counterparts in Kuwait and the United Arab Emirates with a view to deepening commercial and industrial relations between Jamaica and each country.