US Investors Urged to Tap into Logistics Hub Project

United States (US) investors have been urged to explore and tap into the myriad of investment opportunities that will be available under the Global Logistics Hub Initiative.

Outlining the development at a one day expo in Washington DC on Monday, September 9, Minister Counselor for Trade at the Embassy of Jamaica, Ariel Bowen, informed that the initiative is a massive undertaking, valued at several million US dollars, with a number of sub-projects designed to enhance global trade.

She said that the initiative would require significant support and investment in a number of areas, including, energy, transportation and infrastructure, which provide areas for partnership.

“The development of infrastructure and the provision of institutional support, including in the areas of maritime, air, road transportation, as well as the development of an information communication technology (ICT) system…to attract ICT entrepreneurs and organisations …is central to Government’s objective of doubling the number of jobs held predominantly by young Jamaicans in this rapidly expanding sector,” she stated.

Mrs. Bowen pointed out that the logistics hub development is being spearheaded by the Government of Jamaica to position the country to take advantage of an anticipated increase in maritime activities, consequent on the expansion of the Panama Canal scheduled for completion in 2016.

She further outlined other potential areas of investment that are available in Jamaica, including tourism, IT, agriculture, sports, the film industry and mining.

The expo, entitled: ‘Business Opportunities in the Caribbean’, was organised by the CARICOM Caucus of Ambassadors in Washington D.C., and was held at the Ronald Reagan International Trade Centre.

Chairman of the Caucus and Ambassador of the Republic of Trinidad and Tobago to the US, His Excellency Neil Parsan, said the staging of the event was to provide an opportunity for members to come together to promote the investment opportunities in the region.

“It is time that we start to promote what we in the Caribbean have to offer under one umbrella, rather than in isolation.  If this is done, then I can guarantee you that we will reap the benefit much better rather than if it is done in isolation,” he argued.

Just over 12 Caribbean countries participated and presented a myriad of investment opportunities that are available in their respective countries.

The one-day expo was sponsored by the D.C. Department of Small and Local Business Developments, D.C. Chamber of Commerce, US Small Business Administration, and the US Commercial Service.