J Wray & Nephew 200th Anniversary
Keynote Address
By
Dr the Honourable Andrew Holness ON, PC, MP
Prime Minister of Jamaica
at
J Wray & Nephew 200th Anniversary
On
July 23, 2025
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Now, I did have some concerns when I saw you sprinkling the libations around the hall, especially when you went over to Tony, because I know that even a whiff would cause him to become delusional.
Our Excellency, Dr Erja Askola, the Ambassador to Jamaica from the European Union,
His Worship the Mayor Andrew Swaby
Mr Daniel Karen, Managing Director, Campari Group and other executives here today.
And special mention to Dr Joyce Spence. Your story is inspiring and I’m awaiting your book if you haven’t done it already. I’m sure it will make an exciting read.
The leadership team and members, past and present, of J Wray & Nephew Limited and the J Wray & Nephew Foundation,
Specially invited guests,
Representatives of the media,
Ladies and gentlemen, it is indeed a good afternoon.
Allow me to first express what an honour it is to be with you as we mark this historic milestone, the 200th anniversary of J Wray & Nephew.
Today, we’re not merely celebrating a company we’re saluting a Jamaican institution, an iconic brand that has endured two centuries, lifted communities, employed generations, and taken the spirit of Jamaica to every corner of the globe.
When John Wray opened the Shakespeare Tavern in Kingston in 1825, few could have imagined that it would give birth to one of the most iconic rum brands in the world. Over the decades and centuries, this brand has become inseparable from Jamaica’s cultural identity, a symbol of creativity, craftsmanship, resilience, but above all excellence. Few institutions in the world and fewer still in the region can claim the continuous legacy spanning two centuries.
Now, there are companies that are older. I believe Barbados may have a company that maybe a little older, but maybe only Barbados but Jamaica would also have a few others that might be older but certainly in terms of your continuous operations, you could likely subject to any other research that shows otherwise, I believe you may be likely the oldest continuous operating company in this regard, and that speaks volume for the strength, adaptability, and enduring relevance of this iconic brand.
This 200th anniversary is therefore, in truth, a celebration of Jamaica itself, of who we are, how far we have come and where we are going as a people. We are especially pleased to welcome Mr Simon Hunt, CEO of the Campari Group on his visit to Jamaica. Since its acquisition of J Wray & Nephew in 2012, the Campari Group has not only safeguarded the brand but has also invested in its growth. Over US$500 million has been invested in J Wray & Nephew since that time funding new capital projects, modernizing operations, and expanding Jamaica’s reach into new markets. This kind of partnership we welcome, one that values our heritage, empowers our people, and contributes meaningfully to our development.
We in Jamaica do not take this for granted. The scale of this investment is a powerful vote of confidence in Jamaica’s future and in our capacity to compete and lead on the world stage. Together Campari and J Wray & Nephew are helping to expand production, strengthen brand Jamaica, and raise the standard for what Jamaican enterprise can achieve globally.
As a government, we are matching this commitment by strengthening the national brand, not just for rum, but for all Jamaican products. We are digitizing export processes, reforming customs, cutting red tape, and modernizing infrastructure so that Jamaican goods can reach international markets faster, cheaper and more competitively. And as I mentioned infrastructure, this road here, the Spanish Town Road, it is slated for significant infrastructure development, so you need to get in touch with the NWA very quickly to ensure that that pipeline that you have there is not disrupted when we begin work on that corridor.
This celebration comes at a pivotal moment in Jamaica’s national journey. As a government, we are focused relentlessly on building strong, stable, and globally competitive economy and today we can say without question that Jamaica has the best macroeconomic fundamentals that we have ever had eve in 200 years.
We have reduced our debt-to-GDP ratio from over 140% in 2013. Today we are at 68.7% and we are heading rapidly to 60% by 2027. Our sovereign credit rating is now just three notches below investment grade. We have created hundreds of thousands of new jobs, and the unemployment rate is now at 3.3%. That is the lowest in our recorded history of employment, but I would dare say that even during the time of JJ Wray & Nephew, even at the founding, this would still be the lowest unemployment rate at 3.3%. Jamaica is technically at full employment.
We have gone nine consecutive years without imposing any new taxes and I’m saying this because new taxes are good for everyone, but I know that the rum industry is particularly pleased. I’m not going to go any further there, but when industries can have confidence that the fiscal policy is certain, it gives them a greater willingness to invest, to put more money into the business; and so I’m saying this for the hearing of the Campari Group, put more money into the business because your money is safe in the Jamaican economy. This is proof that growth and discipline can go hand in hand. We can grow, we can expand, we can satisfy the needs of the population without necessarily having to increase taxation or borrowing to do it.
Inflation is under control within the target band set by the central bank. We don’t talk about this a lot, but our international reserves are at an all-time high and our currency is stable. In fact, Jamaica is the only country in the region with no capital controls and freely floating market determined exchange rate. When investors bring US dollars to invest in Jamaica, they don’t worry about finding foreign exchange to pay their suppliers or pay dividends and for some, this may be counterintuitive.
In the previous way of thinking about the management of foreign exchange is that you have to put controls in so that people don’t take out their money and cause your dollar to devalue or depreciate but it is actually the reverse. It is when businesses and consumers and savers are confident that if I want the foreign exchange, it is there, that they don’t take precautionary strategies to hedge against uncertainty, so they leave their money where it is. And leaving their money where it is means that our reserves can grow because we don’t have to take the reserves to try and stave off precautionary purchases or stave off any kind of speculative purchases, and that in itself yields greater confidence in the economy, and that’s where we are in our economy. This is a major achievement.
Now, it may not sound major to the average person, but for Jamaica to achieve this, it is significant. There is no other country in the region that can claim that of their economy. So, if you’re an investor and you’re looking for a place to invest, that box would be checked; this is a place for foreign investors to come. There are many other factors that you would have to consider, but certainly the ability to get foreign exchange and to have your capital safe in a stable and certain environment is a major attraction, which is what accounts for the growth that we are seeing.
We have achieved all of this while delivering the longest period of sustained economic growth in Jamaica’s history and I want to point that out to my audience. With 20 consecutive quarters before the pandemic and 13 consecutive quarters of post COVID growth, we had a brief interruption because of the impact of hurricane Beryl and tropical storm Raphael. Tony would recall this because himself and a few others were very quick to point out that the Jamaican economy is about to collapse, that we had no growth and we weren’t growing.
Well, you’re saying it’s not you, but a big song and dance was made that our economy isn’t growing, and our policies aren’t working having no regard that we have just gone through a hurricane and then immediately hit by a tropical storm, but already in 2025, we are back on a path of growth. You would’ve just heard Statins outturn that our economy has returned to the growth path. The importance of all of what I have said here, and I’m now speaking to the Jamaican population, but I’m also speaking using this platform of a 200-year-old company that has grown its brand but more than that, it is now ISO 9000, so it is management certified.
The management of the company, the quality of the company is certified. This is a company that is an asset to be held by a global conglomerate but there is another important thing which we have achieved as a country and as an economy, which every Jamaican should be proud of now and that is our economy has attained a level of resilience. Jamaica could never claim resilience as a part of its economic profile before the last five years, and you can see this resilience being displayed in our ability to recover from shocks.
So, if you consider it, in 2008/ 2009, we had a global recession that knocked off a significant a part of our GDP. It took us 10 years to return to the level of 2008 GDP. We had a debt crisis sparked by FINSAC. It has taken us 30 years to reach the pre FINSAC level of debt. In other words, our debt-to-GDP ratio today of 68.7%, that is where we were 30 years ago. It took us 30 years to get back to that point but consider that we have been hit by COVID. COVID wiped off 10% off the top of our GDP and we recovered that in two years. It knocked off 150,000 jobs. We recovered that in two years, and better than that, we are now at our lowest level of unemployment. That is the ultimate sign of a resilient economy.
Post COVID, our debt increased. It was going down, it increased to just above 100%, and now we have brought it back down even further so resilience is something that our investors looking on internationally should be quite comforted to know that if you invest in Jamaica and there is a global shock, the economy is resilient, strong, robust, that it will recover and recover even stronger; that is a major achievement for Jamaica.
Today we celebrate your 200 years J Wray & Nephew, but that 200 year is going to be a platform for the broader Jamaican economy to celebrate because as a global company, I am expecting that there will be even more investment in Jamaica that will see the company grow even more.
Now, we’re also transforming the business environment, cutting red tape, streamlining, approvals, reducing corporate income tax for manufacturers, and creating a more predictable and competitive investment climate. Step by step, we’re focused on removing all the obstacles to growth and to making Jamaica the most business and investor friendly country in the region, and we are not stopping there.
One of the most urgent priorities ahead is reducing energy costs. The current electricity license, which my administration inherited, expires in July 2027. We’re using this opportunity to implement bold reform and negotiate a new fit-for-purpose framework and license that delivers lower electricity cost, greater energy security through accelerated adoption of renewables and improved customer service and stronger accountability. In short, we are building a more resilient, more inclusive, and more prosperous Jamaica, and we are inviting the private sector, both local and international, to be partners in this national transformation.
And here I’ll just say a little bit about energy because I know that companies like J Wray & Nephew, a part of your greatest consideration in terms of your operating cost is the cost of energy. Likewise, for consumers and households, the cost of energy is significant so for us, in putting together the equation of growth, if we can keep taxes stable, stable economy, exchange rates stable, stable interest rates, stable inflation, reduce crime, a peaceful country, make the economy in terms of its public bureaucracy more efficient so you can do business easier, and then if we solve this really difficult one, which for the last 40 years has been intractable, the cost of energy, then as the song said, “mi want know a who stop we”. That is the reality, so we have taken some bold steps. And I’m saying this again for international investors to appreciate that we are going to take transformational steps to lower our energy costs in Jamaica and so the invitation for greater foreign investment is even greater.
We are interested in long-term partnerships to build value, create jobs, respect communities and leave a great legacy. J Wray & Nephew and the Campari Group, this is the kind of partnership that we would like to see more of in Jamaica. So even as it grows globally, the company continues to deepen its local commitment. It has expanded product lines, embraced sustainable production and digitalized its operations all while staying firmly rooted in Jamaican culture.
Through the J Wray & Nephew Foundation, the company has invested JMD$189 million in scholarships since 2016, including over $113 million in direct support to communities in Kingston, Clarendon, and St Elizabeth. In 2024 alone, 356 students received scholarships, a tangible demonstration of the corporate responsibility of the company.
Now, I noticed that Tony was also very effusive in his praise for the support of the J Wray & Nephew Foundation. I would like to remind the chairman of the foundation that I am just across the road where the pipeline runs. I would like to just remind you. One is a beneficiary; I have about three other schools so I’d like to remind you and I’m sure having said this here, I will see a little bit more, not only the spirits flowing through the pipeline, but some other things will flow as well.
That is the kind of leadership Jamaica needs, the kind of partnership that Jamaica will reward. As we honour the past, we must also commit to the future. In a world of volatility, disruption and rapid change, the brands and the countries that succeed will be those that combine deep roots with the courage to innovate. Jamaica is ready. You have deep roots here. You are respectful of the community, and I’m certain that you’re going to make even greater investments in Jamaica in expanding the brand.
So, in closing, to the management and staff of J Wray & Nephew, congratulations. Yours is a legacy earned through excellence, driven by passion and sustained vision. To the Campari Group, thank you. Your investment is not just in a company, it is in a country, a culture, and a people.
As we celebrate this extraordinary milestone, let us look forward with optimism, ambition, and unity. Here’s to 200 years of Jamaican excellence to partnership, to resilience, to prosperity, to J Wray & Nephew, and another 200 years.
God bless you and thank you.