Economic Zone Will Attract Large Investments – Minister Hylton

Minister of Industry Investment and Commerce, Hon. Anthony Hylton says the Caymanas Special Economic Zone is expected to attract large-scale investments in specific value added industries.

“It is also expected, that the Caymanas Special Economic Zone will serve as a model for the development of future special economic zones across the country, in keeping with the Government of Jamaica’s growth and development agenda,” Mr. Hylton said.

The Minister was making his contribution to the 2014/15 Sectoral Debate in the House of Representatives on Wednesday, May 21.

Mr. Hylton noted that the next stage in Jamaica’s industrial development in a logistics-centred economy requires that the country move quickly but also carefully, mindful that “we operate in a global environment that requires even greater levels of transparency.”

He also commented that the existing industrial, commercial, and residential developments on lands closest to the Kingston Container Terminal will put severe limitation on the scale and scope of the value- added activities that can be conducted near the Port of Kingston.

“Given the scale of the activities, we envisage as a result of the Panama Canal expansion, it is of critical importance that we move now, to develop the Caymanas Special Economic Zone, in order to grow the Port’s through-put by generating greater volumes of cargo,” Mr. Hylton stated.

Meanwhile, the Industry Minister noted that the special economic zones that are being facilitated are about creating new and innovative commercial ventures, led by large multi-national corporations.

“These special economic zones will be centres for commercial and industrial activities, which could serve as a further basis for the rehabilitation, over time, of our now dormant railway services,” he said.

Mr. Hylton added that the creation of the special economic zone will facilitate the creation of jobs such as heavy equipment operators, engineers, welders, electricians, graphic designers, and ship chandlers, for enterprising entrepreneurs who supply food, water, and other necessities to the ships.

“This Government is determined to create the environment that will yield decent-paying jobs for our workers in the logistics-centred economy,” he said.