Jamaica to Benefit from Major US$5B Logistics-Centred Project

Jamaica is set to benefit from a major project, totaling approximately US$5 billion, which is slated to be undertaken by an overseas investor group that has expressed strong interest in pursuing logistics-related infrastructure development.

Industry, Investment, and Commerce Minister, Hon, Anthony Hylton, who made the announcement in St. James on Wednesday, March 11, said the Government and representatives of the group are slated to sign a Cabinet-approved Memorandum of Understanding (MoU) , which will formalize the engagement.

This, he noted, is expected to be pivotal in transforming the business landscape for Jamaica’s logistics industry, by supporting the administration’s Logistics Hub Initiative.

Additionally, the Minister said it should position Jamaica for increased investments in related sectors, such as manufacturing, business process outsourcing (BPO), financial services, tourism, agro-business, and the creative industries.

Addressing the opening ceremony for the 2nd Jamaica Investment Forum (JIF), at the Montego Bay Convention Centre, Mr. Hylton said he said the engagement forms part of the administration’s undertaking to attract major investments, in a bid to establish and further promote Jamaica as a prime logistics centre.

He, again, re-assured that Jamaica is open to facilitating investments that will support the Logistics Hub Initiative.

“We are moving with deliberate speed to attract and sustain the right mix of investment and global partnerships, to realize our ambitions of becoming the logistics hub of the Americas, and the fourth pillar in the global trading system,” he indicated.

The Minister indicated that while tourism remains one of Jamaica’s fastest growing and most profitable sectors, the country is also the leading BPO and contact centre location in the English speaking Caribbean, employing over 17, 000 persons in a sector which, he contended, has been able to maintain a very low attrition rate.

In relation to the Panama Canal expansion project, currently underway, Mr. Hylton said the development also presents Jamaican investors with business opportunities in agro-processing, electronics, and the manufacturing of medical devices and automobile components.

He added that development of Special Economic Zones (SEZs) also represents a “great investment opportunity” to facilitate the transshipment of goods to larger markets that are comparatively closer to Jamaica.

Mr. Hylton also reiterated that Jamaica is well on the way to becoming an international financial centre.

In this regard, he said establishment of the Jamaica International Financial Services Centre, will lead to the creation of a modern industry that further diversifies the country’s economy and enhances the island’s reputation as a place to do business.