IN IT FOR THE LONG HAUL
TBY talks to Stephen B. Facey, Chairman & and CEO of PanJam Investment Limited, on remaining doggedly optimistic, revitalizing downtown Kingston, and investing in Jamaica rain or shine.

BIOGRAPHY
Stephen B. Facey is the Chairman and CEO of PanJam Investment Limited. He is also the Chairman of Jamaica Property Company Limited, one of Jamaica’s leading property management companies. An architect by training, Facey is a graduate of Rice University and the University of Pennsylvania. He has over 35 years of experience in architecture, real estate development and management, and private equity investing. Under Facey’s leadership, PanJam continues to be among the most profitable companies listed on the Jamaica Stock Exchange. A director of Sagicor Group Jamaica, Kingston Restoration Company, the National Gallery of Jamaica, and the Jamaica Developers Association, he is also a trustee of the Institute of Jamaica.How has PanJam evolved since its creation?
PanJam is an investment holding company listed on the Jamaica Stock Exchange and celebrating its 54th year. It was founded just after Jamaica's independence in 1962, capitalizing on nationalistic enthusiasm and positive growth prospects at a time when many opportunities were presenting themselves. My family has been in Jamaica since the mid-1700s and our fortunes have ebbed and flowed along with our country's. Over the years, we have remained invested in Jamaica and confirmed this commitment through our association with PanJam since its inception. In fact, one of the things that distinguishes PanJam from its peers is our continued optimism about Jamaica's future. We owe this success to our focus on a well-defined strategy, whereby we maintain a good combination of entrepreneurial risk-taking and conservative investment policies. We started life as a real estate management and development company, but have branched out to become an investment firm. PanJam has invested in Jamaican projects and businesses across a broad range of industries, predominantly real estate, financial services, hospitality, manufacturing, and tourism. Rather than taking controlling ownership positions, we became minority shareholders. Our current portfolio reflects our strong belief in Jamaica's potential, with growth expected in almost all economic areas. We are the second-largest shareholder of Sagicor Group Jamaica, giving us exposure to the financial services industry and are invested in Walkerswood, a sauces and seasonings manufacturer, as well as Chukka Caribbean Adventures, a regional tour company. Recently, we developed the Courtyard Marriott Hotel in the heart of New Kingston, and expect to complete work on the former Oceana Hotel, first built on the Kingston Waterfront in the 1970s.
Do you think that the waterfront and downtown Kingston could become more attractive for investments?
The public and private sectors have long talked about the restoration of downtown Kingston, which has suffered from neglect and a lack of investment. The downfall of the area was driven in part by events in the 1970s, the relocation of the port, and what I call the “suburbanization of the population," where some of the suburbs took the energy out of Kingston. Jamaica's lack of economic growth over the last 40 years has not provided the resources or created the will to really develop it since then. Therefore, we need to look for external sources of revenue to drive its rebuilding. At the moment, Kingston is primarily a business destination, though it is developing a tourism aspect. In some ways, it is the real Jamaica; Kingston was the home of Bob Marley and the birthplace of many elements of Jamaican culture. Cruise ships are the quickest way to introduce the city of Kingston back into the mix; the historic waterfront has been the gateway for the vast majority of people coming to Kingston over the centuries, including Port Royal, notorious for its role in the Caribbean's pirate era. My father, who founded PanJam, led the drive for a modern Jamaican business center, New Kingston. PanJam was also at the forefront of the development of residential real estate in the 1970s and 1980s. Building on that legacy, we are currently involved in the Kingston Restoration Company, which since the early 1990s has been at the heart of driving the agenda for the revitalization of the city.
What kinds of investments are you looking for in the coming years?
We have really struggled to diversify PanJam's risk profile, focusing on local businesses that have global opportunities and natural competitive advantages. Tourism is clearly something that we think Jamaica is able to capitalize on. We have wonderful people, a beautiful country, and a welcoming culture that are highly valued by international travelers. Additionally, Jamaica is well positioned relative to the Panama Canal and its associated shipping lanes, so the government-led logistics center initiative is a real prospect for growth and development. Business process outsourcing also has some opportunities, in addition to agriculture.

TABLE OF CONTENTS
Interview
Most Honourable Andrew Holness, Prime Minister, Jamaica
TBY talks to the Most Honourable Andrew Holness, Prime Minister of Jamaica, on efforts to foster sustainable and inclusive growth, the main challenges ahead for the nation, and its key successes in improving the business environment.
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Diane Edwards, President, Trade & Investment Jamaica (JAMPRO)
TBY talks to Diane Edwards, President of Trade & Investment Jamaica (JAMPRO), on making investments throughout the whole value chain, becoming a regional distribution hub, and boosting niche agricultural output.
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Courtney O. Campbell, President & CEO, Victoria Mutual
TBY talks to Courtney O. Campbell, President & CEO of Victoria Mutual, on the origins of financial inclusion in Jamaica, helping people get a start on their property journey, and assisting young businesses to exploit a positive business environment.
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Raymond Walker, Founder, Chairman & CEO , Caribbean Assurance Brokers Ltd. (CAB)
TBY talks to Raymond Walker, Founder, Chairman & CEO of Caribbean Assurance Brokers Ltd. (CAB), on fighting for its clients, using environmentally sound methods to drive down costs, and continuously driving innovation.
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Emanuel DaRosa,, President & CEO, Jamaica Public Services (JPS)
TBY talks to Emanuel DaRosa, President & CEO of Jamaica Public Services (JPS), on pursuing common goals in the best possible way, utilizing Jamaica's most abundant natural resources, and satisfying half of Jamaica's energy needs through renewables.
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Winston Watson, Group General Manager, Petroleum Corporation of Jamaica (PCJ)
TBY talks to Winston Watson, Group General Manager of Petroleum Corporation of Jamaica (PCJ), on keeping a hand in both green and black energy, helping the government reach its 2030 Energy Vision targets, and educating people on the importance of conservation.
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Light My Fire Jamaica
The Jamaican government is pushing private investment in liquefied natural gas (LNG) to provide cheaper and cleaner energy to households and businesses. Through partnerships with local and international companies, New Fortress Energy is leading the way to ignite this sector.
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Gordon Shirley, President & CEO, Port Authority of Jamaica (PAJ)
TBY talks to Gordon Shirley, President & CEO of the Port Authority of Jamaica (PAJ), on the country's developing role as a logistics hub, attracting more cruise ships, and his outlook for the economy at large.
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Fritz Pinnock, President, Caribbean Maritime University
TBY talks to Fritz Pinnock, President of Caribbean Maritime University, on capitalizing on the rising power of the global south, customizing goods before they reach the final consumer, and leveraging Jamaica's geostrategic location to create added value.
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Winston Adams, JP, Executive Chairman, University of the Commonwealth Caribbean (UCC)
TBY talks to Winston Adams, JP, Executive Chairman of the University of the Commonwealth Caribbean (UCC), on the university's illustrious history, its upcoming strategies, and Caribbean Knowledge City.
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Michael Williams, Acting Executive Director , Mona School of Business and Management
TBY talks to Michael Williams, Acting Executive Director of Mona School of Business and Management, on maintaining quality across its programs, its achievements in the Caribbean, and the school's research-based approach.
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Drinking from the Fountain of Youth
Although the subject of much talk, downtown Kingston has been relatively neglected for many years while surrounding areas of the city attracted more real estate developments. A series of public and private investments indicate that the trend is finally reversing.
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Timothée F. Delebarre, Country Manager, VINCI Construction Grands Projets (VCGP)
TBY talks to Timothée F. Delebarre, Country Manager of VINCI Construction Grands Projets (VCGP), on diversifying their business lines, expanding Kingston's Port, and developing innovative financing mechanisms.
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Dittie Guise, General Manager, Montego Bay Convention Centre (MBCC)
TBY talks to the late Dittie Guise, General Manager of Montego Bay Convention Centre (MBCC), on marketing the convention center, creating an integrated tourist experience, and preparing for more events and visitors.
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Lifting All Boats in the Rising Tide
Although significantly contributing to the economy, tourism in Jamaica suffers from an inadequate level of linkage with other sectors. The government, in partnership with private actors, is launching a number of initiatives to ensure that international tourists meet local businesses.
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Natalie St. Louis, Founder, CEO & Managing Director, Strategic Konnections & Management Services Limited
TBY talks to Natalie St. Louis, Founder, CEO & Managing Director of Strategic Konnections & Management Services Limited, on working with businesses to further their goals, the importance of engaging with consultants, and goals for the coming year.
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