By Narayan Ammachchi
Jamaican national investment and export promotion agency (JAMPRO) has won a UNCTAD award for successfully promoting export-oriented foreign direct investment (FDI).
The awards was given away at a special ceremony held in Geneva, Switzerland on April 29.
Sharing the award with JAMPRO were the Investment and Development Agency of Latvia and the Public Authority for Investment Promotion and Export Development of Oman.
At the event, the UN agency lauded JAMPRO’s successful effort in attracting foreign investment despite recession in much part of the world.
Runners-up for this year’s awards included Copenhagen Capacity (Denmark), the Export and Investment Centre of the Dominican Republic, the Board of Investment of Mauritius, ProMéxico, ProNicaragua, Trade and Investment South Africa, and the Innovation and Development Agency of Andalusia (Spain).
“Government policymakers and their investment promotion agencies (IPAs) have therefore been keen to get in on the action and to bring export-oriented investment – often related to GVCs – to their shores. Such investment can help countries to broaden their participation in GVCs and to capture higher-value activities and upgrade their exports,” the UN agency stated in a press release.
The UNCTAD award is designed to showcase the best practices in attracting export-oriented FDI. It rewards national investment promotion agencies that have attracted quality projects, facilitated their countries’ access to GVCs, and have benefited from such value chains.