Factories Corporation to Invest $871.71 Million in Capital Projects

The Factories Corporation of Jamaica (FCJ) plans to undertake capital investment projects valued at $871.71 million for the 2023/24 fiscal year.

This is outlined in the 2023/24 Public Bodies Estimates of Revenue and Expenditure, tabled in the House of Representatives by Finance and the Public Service Minister, Dr. the Hon. Nigel Clarke, recently.

Under the programme, work will be undertaken on Garmex Free Zone Phase 2, with the construction of three buildings totalling 96,000 square feet of space to include two warehouses, commercial building, and a guardhouse.

Plans are also in place to commence the development of Garmex Free Zone Phase 3, which will comprise the construction of four warehouse-type buildings on 5.7 acres of land.

The FCJ is also seeking to upgrade and improve other facilities to make them more attractive and supportive of the micro, small and medium-sized enterprise (MSME) sector.

Meanwhile, the Morant Bay Urban Development Centre, which is being implemented via a joint-venture agreement, will remain a key developmental project during the year.

The document noted that construction is now under way, and the project will be phased over the next two years.

The FCJ was incorporated under the Companies Act of Jamaica in 1987 and is wholly owned by the Government of Jamaica.