Gov’t to Increase Investment in Physical Infrastructure


The government of Jamaica, during this fiscal year, intends to continue to increase spending to improve the country’s physical infrastructure in order to attract more investment.
Minster of Information and Development, Donald Buchanan, in his contribution to the 2007/08 Sectoral Debate in the House of Representatives yesterday (June 5), pointed out that the move will include expanding and improving the country’s air and sea ports, road network, water supply and telecommunications sector.
According to the Minister, the development of the country’s human and physical infrastructure over the last few years, has created an attractive investment environment that has attracted both foreign and local investment.
“Jamaica has never seen such high levels of investments as we have seen over the last few years. On average, Jamaica receives approximately US$600 million per year in foreign direct investment, earning the classification from the United Nations of an ‘over-performing’ foreign direct investment (FDI) country”.
Citing the North Coast Highway and the Highway 2000 projects, Minister Buchanan noted that these are not mere roads projects but are “veritable routes to new heights of economic development and prosperity and ultimately, poverty eradication”.
In the meantime, he pointed to investment of more than US$700 million in the telecommunications infrastructure, which has resulted in a lowering of telecoms rates.
Total investments of over US$ 100 million in the creation of submarine fibre-optics, he said, are expected to cut rates by 70 per cent for customers. He further cited the setting up of call centres and outsourcing operations, which will add competitive pressure resulting in further reductions in telecoms rates.

JIS Social