"It's a very high value-added industry everywhere it exists. In fact, the wealthiest economies in the world are international financial centres, and Jamaica has a very good shot at making a success of an international financial centre," he stated.

He was speaking to members of the Jamaican Diaspora at their fourth biennial convention at the Sunset Jamaica Grande Resort, Ocho Rios, St Ann. The convention, which ended on Friday, was being held under the theme, 'One Nation: Jamaica and its Diaspora in Partnership'.

"If we make it as successful as we believe it can be, the implications for the economy will be far-reaching and significant," he stated.

He noted that annual registration fees to establish the companies and other entities are significant, and would mean additional taxes for the Government, as well as significant earnings for professionals in terms of audit, legal and other professional fees.

Crawford also noted that some of the world's wealthiest countries boasted international financial centres of their own, including Bermuda, which has the highest per capita income of any country in the world.

He said the initiative would represent a significant diversification of the Jamaican economy, as the island was already providing a fairly significant number of services to international markets.

"This financial centre will be targeted at international markets. It will not be targeted at Jamaicans or Jamaican businesses," he explained.

He also noted that, as the country has already accomplished much, in terms of call centres and telemarketing businesses, an international financial centre would be an addition to the suite of services offered to the global market.

"We are ideally situated to have linkages in the other service sectors, such as the hotel industry. It would mean a boom for the real estate developers, professionals, people who make office supplies, and it would establish Jamaica as another major force in the international markets," Crawford argued.