Hylton calls for establishment of Sovereign Wealth Fund in Jamaica

Opposition Spokesman on Trade, Industry & Global Logistics, is urging the government to establish a Sovereign Wealth Fund through which to invest possible proceeds from specific industries, especially those that are emerging with significant new wealth generating potential.

Mr Hylton, making his contribution to the Sectoral Debate in the House of Representatives on Tuesday, highlighted “the buzz about commercial oil, gold and rare earth elements,”to ground his argument in favour of the proposed Fund.

“Countries that successfully transition from stabilisation to prosperity do exactly this; the convert national savings or depleted natural resources into productive national assets, capable of generating long-term returns and strategic development,” he explained.

In furtherance of his argument, he listed several projects that he believes could be financed by this Sovereign Wealth Fund: “Industrial and logistics expansion around the Port of Kingston, manufacturing growth within the Montego Bay Freezone, integrated logistics infrastructure, surrounding the Norman Manley and Sangster Interantional airports, modern irrigation systems and agro-processing expansion in St. Elizabeth, industrial growth corridors across Clarendon, Manchester and St. Catherine.”

“These are the kinds of strategic investments that produce long-term national productivity and sustainable economic growth,” he argued.

Norway

The Nordic state of Norway is often cited as one of the best examples of a country using a Sovereign Wealth Fund from a depleting natural resource (oil and gas) to finance long-term financial growth and stability.

As at April 2025 the Norwegian Fund was estimated at more than US$2 trillion.

It finances about 25 per cent of the national budget annually.