Jamaicans should benefit more from foreign investments - Hanna

Jamaicans need to be at the centre of foreign investment activities for the country to see real value, according to Opposition Spokesperson on Foreign Affairs and Foreign Trade Lisa Hanna.

“Today, some of Jamaica’s best-known businesses are owned by foreigners and so while we acknowledge and we welcome and we encourage foreign direct investment we must also ensure that these investments help build rather than simply exploit the people of our country,” said  Hanna said while making her contribution in the Sectoral Debate in Parliament on Wednesday.

She argued that economic growth will elude the country if there is “wholesale repatriation” of profits, with a small amount being retained locally.  

“Mr Speaker, companies must hire Jamaicans, these companies must be tax compliant and not use their offshore services to reduce local taxes payable. They must also train Jamaicans Mr Speaker for management and ensure the transfer of technology,” Hanna said.

She said the Ministry of Labour and Social Security should review its work permit protocol to ensure that posts that can be filled by Jamaicans are not given to foreigners, especially jobs in management and entertainment in the tourism sector.

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