Holness: BPOs crucial for the digital economy | New
Prime Minister Andrew Holness said the Global Services Association of Jamaica (GSAJ), the umbrella organization for the business process outsourcing industry, is expected to play a critical role in the development of the country’s digital economy.
Holness, who declared the third edition of Outsourcing 2 Jamaica Conference Exhibition and Summi in Montego Bay open last week, said that aside from tourism and remittances, the country’s global service sector represents one of the largest sources of foreign exchange inflows.
Today, the more than 70 companies in the lucrative global services industry generate more than $ 600 million in revenue per year.
âAs Jamaica embarks on a digital economy, the global service sector will play a key role in the country’s digital transformation. This, along with the deployment of digital tools and services that enable a fully transformed digital economy, âsaid Holness.
The Prime Minister said the partnership with the GSAJ to develop the country’s digital economy is in tandem with Jamaica’s Vision 2030 National Development Plan.
At the same time, he also said that the service sector has recovered from the pandemic and Jamaica continues to enjoy a prominent place in the global service sector.
âWhile we invite others to consider business opportunities in this established sector of the Jamaican economy, Jamaica continues to be the most sought-after English-speaking destination in this region and we continue to create and support opportunities for foreign investors looking for a nearshore solution, âsaid Holness.
âThese measures have made it possible to secure the jobs of around 43,000 employees, to maintain stability within the sector and to allow foreign exchange earnings. So the industry has rebounded from temporary declines in 2020 to return to pre-COVID numbers, âHolness added.
Gloria Henry, President of the GSAJ, subsequently declared The gleaner that the sector is experiencing critical organic growth worth approximately US $ 70 million to Jamaica shortly, despite the impact of the global pandemic.
âWe are seeing a certain buzz among international investors. Our survey which was carried out on March 31st showed that the majority of our members have new projects in the works, and some of those who reported projects have projects worth more than $ 70 million in preparation that will arrive in Jamaica, âsaid Henry.
The head of the GSAJ further noted that the sector is also attracting new investors, which is a major asset.
âJust this week, I had a discussion with a financial institution looking to relocate to Jamaica, and it’s amazing because we are seeing that despite the pandemic, Jamaica is still the nearshore destination of choice for subcontractors, âsaid Henri.