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The economy of Jamaica is heavily reliant on services, accounting for 71% of the country's GDP. [16] Jamaica has natural resources and a climate conducive to agriculture and tourism. The discovery of bauxite in the 1940s and the subsequent establishment of the bauxite-alumina industry shifted Jamaica's economy from sugar , and bananas .
Industrialisation or industrialization is the period of social and economic change that transforms a human group from an agrarian society into an industrial society. This involves an extensive reorganisation of an economy for the purpose of manufacturing . [ 3 ]
By international standards, minerals most valuable on the international market are found in Cuba, Jamaica, and Trinidad and Tobago.Several nations of the Caribbean are rich in natural resources; including Trinidad's vast natural gas and oil reserves, Jamaican bauxite and most recently the discovery of a large oil field in Guyana.
MIGA promotes foreign direct investment into Jamaica. In Jamaica, MIGA works in a number of different sectors, but has a special focus on the development of tourism, financial service, and the energy sector. [31] MIGA has participated in 10 project in Jamaica by providing protection for investments against non-commercial risk.
The overall goal is to make Jamaica a significant player in the arena of information technology. [4] In 2009, Jamaica launched Vision 2030, a national development plan that aims to put Jamaica in a position to achieve developed country status by 2030. National Outcome 11 is a "Technology-Enabled Society", to create a more prosperous economy.
Rose Hall sugar plantation house, Jamaica Warrens Great House, St. Michael, Barbados Sugar plantation in the British colony of Antigua, 1823. Sugar plantations in the Caribbean were a major part of the economy of the islands in the 18th, 19th, and 20th centuries. Most Caribbean islands were covered with sugar cane fields and mills for refining ...
Location of Jamaica. Jamaica is an island country situated in the Caribbean Sea, consisting of the third-largest island of the Greater Antilles. Jamaica is a mixed economy with both state enterprises and private sector businesses.
Norman Washington Manley ONH MM QC (4 July 1893 – 2 September 1969) was a Jamaican statesman who served as the first and only Premier of Jamaica. A Rhodes Scholar, [1] Manley became one of Jamaica's leading lawyers in the 1920s. [2] Manley was an advocate of universal suffrage, which was granted by the British colonial government to the ...