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800 persons have gained employment through the refurbished Montego Bay Free Zone.

This information was recorded in the annual report for the Factories Corporation of Jamaica (FCJ) for the 2008/2009 Fiscal Year from the Ministry of Industry, Investment and Commerce.

Minister with responsibility for Information, Daryl Vaz told yesterday’s January 26 post cabinet press briefing at Jamaica House that theFCJ also recorded revenue earnings of J$331,581,000. This is approximately 17 percent increase from that recorded in the previous period.

Mr. Vaz noted that the Free Zone was refurbished at a cost of J$6.5 million to facilitate Information, Communication Technology Operations by United States-based providers. The report also highlighted the FCJ’s plans to develop 60, 000 square feet of industrial factory space at the Garmex Free Zone. 

“The Corporation also realized a Net Profit of J$90,032,000.00, which is a reduction of J$589,276,000 from that recorded in the previous period. The main contributor to the sharp decline in net profit was a significant reduction in the rate of increase in the fair value of investment properties from J$809 million to J$38 million,” Minister Vaz said.

 

Issued by: The Office of the Prime Minister