King Juan Carlos of Spain (right) has a discussion with Spanish Ambassador to Jamaica Jesús Silva (second left), while Commissioner of Police Rear Admiral Hardley Lewin (left) and Major General Stewart Saunders (second right), chief of defence staff, look on after the Spanish royal spoke in Gordon House yesterday. - Ricardo Makyn/Staff Photographer
SPANISH INVESTMENT amounting to US$1.5 billion (J$129 billion) is expected to flow into the Jamaican economy over the next five years, creating an additional 4,300 rooms in the hotel sector, Prime Minister Bruce Golding said yesterday during a special joint sitting of both houses of Parliament.
The prime minister was making a presentation in Gordon House on the first visit by King Juan Carlos I and Queen Sofía of Spain to the country.
Over the last 10 years the country has benefited from US$1 billion in Spanish investment with the construction of 10 new hotels adding 5,000 rooms to the sector.
"We have sought to encourage this new wave of investment activity by the establishment of a double-taxation treaty between Jamaica and Spain, which was signed last year and a new air services agreement which will be signed this afternoon (yesterday)," Golding said.
Today, the Spanish Government will officially hand over the newly refurbished wing of the Spanish Town Hospital.
In his comments, the King said his country was one of the leading foreign investors in Jamaica. "Our businesses have come to Jamaica to stay, their success is also Jamaica's success."
Leader of the Opposition, Portia Simpson Miller, hailed the Spanish Government for responding positively to Jamaica's invitation to invest in the country over the last 10 years.
King and Queen of Spain Juan Carlos I (centre) and Sofía (left) are greeted by Prime Minister Bruce Golding (second right), his wife Lorna Golding (right) and the Governor General's wife Lady Hall on their arrival at the Norman Manley International Airport yesterday. - Rudolph Brown/Chief Photographer