US 6 Billion Dollar Chinese Investment Project….A Game Changer For Jamaica.

Executive Vice- Governor, of Gansu Province in China, Huang Qiang, says his government is ready to invest up to US 6 Billion Dollars to develop an Industrial Park and Special Economic Zone alongside the JISCO/ALPART operations in Nain, St Elizabeth. This announcement came at the signing of a Framework Agreement on Thursday and follows closely on the heal of a Non-Binding Agreement of Intent (NAI) on September 21 last year, between Transport and Mining Minister, Lester ‘Mike’ Henry and Governor of Gansu Province, Mr. Tang Renjian in China.

Prime Minister Andrew Holness, who witnessed the signing, has thrown the full weight of his office and the Government behind the project, by assigning Dr. Horace Chang, Minister without Portfolio in the Ministry of Economic Growth and Job Creation, to work alongside Minister Henry and their Gansu counterparts, including the Vice Governor, to expedite the further development of the project.

The signing followed a more than hour long discussion between Prime Minister Holness, his team and the Vice Governor and his ten man delegation. Significantly, the Vice Governor and his delegation came directly from China with the sole intent of returning with a signed Framework Agreement for the development of the Project.

The visiting party not only included the top brass from two of the world’s leading and largest construction and shipping companies from China, China Construction and COSTCO Shipping, but also The Ambassador of the Peoples Republic of China to Jamaica, Niu Kin Bao , Chairman Chen Chun Ming of JISCO Group and top management of JISCO /ALPART.

The size of the investment for this contemplated development is of major significance for both Jamaica and China, in that it is the largest investment ever contemplated in Jamaica and it’s the first overseas investment for Gansu Province. It’s intended to move Jamaica from exporting raw materials to developing value added manufacturing and fabrication industries, led by the Bauxite/Mineral Sector.

The Spirit of Cordiality, Co-operation and Commitment dominated the discussions and resulted in the Vice Governor inviting Prime Minister Holness, Ministers Henry and Chang to attend the Premier Construction Conference in Gansu this September.

Jamaica and China have both agreed that the political, administrative and procedural preliminary activities will begin immediately, in order to be able to announce the next phase when the parties meet in China in September.