Senator Aubyn Hill, CEO, Economic Growth Council, Jamaica gave a keynote presentation titled “Jamaica’s Growth Story” at Citigroup Center in New York City on Tuesday, June 18, 2019. The Corporate Breakfast hosted by the American Friends of Jamaica in partnership with the Destination Experience, was designed to demonstrate the symbiotic relationship between financial wealth management and philanthropy. This synergy is a testament to the importance of exploring impactful and alternative investments outside of what is thought of as traditional investing Investment takes many forms, and in addition to ensuring the quality of financial instruments, investors want to ensure the quality of their charitable giving for impact and accountability. The breakfast provided a strategic gateway to share information on Jamaica’s economic turn around and demystify the island’s business landscape to an audience of international investors including successful members of the diaspora.
A link to a live excerpt of the presentation is available here.
Senator Hill offered a review of Jamaica’s economic successes stating that “robust and sustained economic growth has to be Jamaica’s national imperative”. He further stated the importance of getting money in the hands of ordinary people. In referencing the past, he commented “You are only drinking saltwater. You will never quench your thirst” in discussing the use of debt and fiscal responsibility as policy vis a vis committing to growth. In economic development, there are various stages of progress to a more modern economy. Senator Hill said that Jamaica has the investment tools, the connections, and the technology to quickly “leapfrog” stages of economic growth and expedite the modernization and overall efficiency of Jamaica’s economy. Growth is evident in the Jamaican Stock market outperforming all major indexes, unemployment has declined to 8% and a stable currency.
The Corporate Breakfast opened with two financial experts who discussed the current unpredictability and volatility of the market in the short run mostly because of the uncertainty on trade issues. This makes the market nearly impossible to predict for an investor. The predictors are indicating a slow down but this varies a lot with policy outcomes. In times of volatility it is particularly important to diversify and hold investments given the unpredictability of timing the top of the market. If one invests wisely, with a balanced portfolio and for the long run, average returns are statistically going to be larger. Trying to time markets often results in weaker returns. The importance of using a will, trust instruments and some planning on how assets are held
was also stressed, so as to ensure that your wealth is secured for the next generation.
About the Destination Experience
The Destination Experience is a luxury travel and hospitality brand which has created a platform called the
Visionaries’ Summit. The summit is designed to attract investment, innovation, influence and big media to the
Caribbean and lives up to its reputation as the ‘Davos of the Caribbean.’ Since inception, the company has
built a community collectively controlling resources estimated at over US$140B in investment potential which
has seeded over US$300 million in deals. The community spans Business Luminaires, World Leaders, Royalty
and Celebrity. In May 2015, the Destination Experience was honored as by President Obama at the White
House as “An Innovative Platform for the Promotion of Entrepreneurship and a Unique Business Catalyst”. The
organization has also been recognized by the World Economic Forum at the 2016 Annual Meeting in Davos,
Switzerland and has been featured in Forbes Magazine, The Huffington Post and many other global
publications.
