Advertisement
JIS News

Story Highlights

  • Plans are being put in place for the early 2015 staging of the Jamaica Investment Forum, which is linked to the Logistics Hub initiative.
  • The forum will follow on the heels of the successful staging of a similar symposium in January, which specifically targeted the local business community.
  • Minister Hylton told the House that the “Hub effect” is mobilising the island’s private sector to greater levels of innovation.

Plans are being put in place for the early 2015 staging of the Jamaica Investment Forum, which is aimed at presenting investment opportunities that are linked to the Logistics Hub initiative, to the wider global arena.

This was disclosed by Minister of Industry, Investment and Commerce, Hon. Anthony Hylton, during his contribution to the 2014/15 Sectoral Debate in the House of Representatives on Wednesday, May 21.

The forum will follow on the heels of the successful staging of a similar symposium in January, which specifically targeted the local business community.

That even was partnership between the Ministry of Industry, Investment and Commerce and the Jamaica Chamber of Commerce, in the Government’s promotion of the Hub initiative to the business community.

“We are grateful to Mr. Francis ‘Paco’ Kennedy, who mobilised his chamber and chambers of commerce in the parish capitals, as well as the other major private sector umbrella organisations, namely, to stage the two-day event that was oversubscribed and was a big success,” the Minister said.

The other major private sector groups include: the Private Sector Organisation of Jamaica (PSOJ), the Jamaica Exporters’ Association (JEA), the Jamaica Manufacturers’ Association (JMA), the Young Entrepreneurs’ Association (YEA), the Micro Small and Medium Sized Enterprise (MSME) Alliance, and the American Chamber of Commerce of Jamaica (AMCHAM).

In the meantime, Minister Hylton told the House that the “Hub effect” is mobilising the island’s private sector to greater levels of innovation.

He commended the management of ARC Systems Limited and its recently established $400-million lumber treatment plant, which represents a first of its kind in the Caribbean.

The lumber plant is fully automated and has the capacity to treat some 500,000 board feet of lumber per 40-hour work week.  Arc Systems is substituting treated lumber imports with its own treated lumber, saving foreign exchange, and providing jobs.

He added that the company is currently investing $300 million to construct a new plant to manufacture roofing materials.

“These are sterling examples of value added activities geared towards both the export and domestic markets. These are the types of business innovations Jamaica needs as we move towards building a logistics-centred economy,” the Industry Minister stated.