Cabinet Approves Joint Venture Agreement for Technology Park in Portmore

Cabinet has given approval for a joint venture agreement for the development of the Naggo Head Technology Park in Portmore, St. Catherine.

The deal is between the Factories Corporation of Jamaica (FCJ) and China Harbour Engineering Company (CHEC) for the development of 34 acres and 810 square feet over a construction period of two years.

Minister of Education, Youth and Information, Senator the Hon. Ruel Reid, made the disclosure at today’s (September 26) post-Cabinet press briefing at Jamaica House.

Senator Reid said Cabinet has also instructed that the joint venture agreement should include a provision for the Government to divest its equity through a public offering on the Jamaica Stock Exchange.

The Naggo Head Technology Park will offer world-class information and communications technology/business process outsourcing (BPO) facilities.

It will also facilitate an appropriate mix of industry and services for optimum functionality.

The development of the technology park is in response to the growing demand for BPO office space, with the aim of providing 750,000 sq. feet of space that will, in turn, provide employment for approximately 20,000 persons.

The FCJ has primary responsibility for the development and management of industrial and commercial space in the public sector. The agency is in the business of leasing and managing industrial, commercial and office space to investors.