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Minister of Industry, Investment and Commerce Anthony Hylton
The 2014 Forbes Best Countries for Business Report has ranked Jamaica 64 out of 146 nations making it the best country in the Caribbean region to do business and third in Latin America and the Caribbean.
Forbes, a leading international business magazine, determined the Best Countries for Business by grading 146 nations on 11 different factors: property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape, investor protection and stock market performance. Forbes said each category was equally weighted.
The report was compiled using published reports, including the World Bank's Doing Business Report and the World Economic Forum's Global Competitiveness Report.
"I welcome this report as further evidence that Jamaica is taking the necessary steps to improve our business environment," said Minister of Industry, Investment and Commerce Anthony Hylton. "This latest report will go a long way in repositioning Jamaica in the investor community and ensure that Jamaica comes to mind as one of the top places to invest, not just in the Caribbean and Latin America, but in the world. I look forward to even greater improvements in our 2015 international rankings."
The report ranked Trinidad and Tobago 71, Barbados 73, Dominican Republic 86 and Guyana 96. Costa Rica 57 and Mexico 61 ranked higher than Jamaica in the Latin American region.