JIS News

Story Highlights

  • The Ministry of Industry, Investment and Commerce will partner with the JCC, to host a major logistics hub symposium on October 2.
  • The World Bank has agreed to endorse the event.
  • The investor symposium follows on the heels of the recently concluded two-day logistics hub symposium for local investors.

The Ministry of Industry, Investment and Commerce will partner with the Jamaica Chamber of Commerce (JCC), to host a major logistics hub symposium on October 2, targeting global investors.

The World Bank has agreed to endorse the event, which will bring together, local private sector and international investors, who want to pursue ventures with Jamaican firms.

Portfolio Minister, Hon. Anthony Hylton, made the announcement on January 29, during a press briefing at Jamaica House.

The investor symposium follows on the heels of the recently concluded two-day logistics hub symposium for local investors, also held in partnership with the JCC, which Minister Hylton said was successful, not only in terms of engaging the business community, but also in convincing many other persons of the urgent need to get on board, as well as to bring their expertise and ideas to the fore.

Noting the importance of the October 2 event, Mr. Hylton said even as the Government ramps up measures to inform and engage the various sectors locally, its work in the international investor community must be maintained.

Meanwhile, coming out of the local investor forum, Minister Hylton said steps will be taken to address some of the issues raised. These include building a logistics-centered economy, enhancing the efficiency and competitiveness of industries, and engaging the Micro, Small and Medium-sized Enterprises (MSME) sector.

Minister Hylton said the Ministry will seek to identify and determine the scope of thriving industries, and clusters of businesses that can be operated efficiently and competitively in the logistics hub environment.

“As the private sector does its own due diligence, the Ministry will shortly be conducting an industry analysis to, not only identify, but validate these industries,” Mr. Hylton stated.

He said the Ministry is also actively looking at enacting new ‘hub-enabling’ laws, with a view to putting in place a regulatory body and regime to support the roll-out of the special economic zones.

Work is already underway by the Ministry of Finance and Planning to decide on an appropriate incentives regime for the special zones and the proposed International Financial Services Centre, aimed at transforming the country into an offshore financial hub.

“Additionally, we will be seeking to revise existing trade agreements that deal with the assembly and customization of goods,” Mr. Hylton told the briefing.

As it relates to facilitating the MSMEs, he said the Private Sector Organization of Jamaica (PSOJ) has pledged to advocate for the growth and development of the sector, while the Jamaica Business Development Corporation (JBDC) will play a vital role in the capacity building of MSMEs.

Minister Hylton informed that communities will be engaged through a series of mobile clinics that offer a suite of business development services to the MSME sector.

He said public education will be intensified through partnership with the media. “We will be taking the logistics hub to the people in different ways,” he said, pointing out that this will be a multi-agency approach involving JAMPRO, JBDC, Companies Office of Jamaica (CoJ), Jamaica Intellectual Property Office (JIPO), Bureau of Standards Jamaica, and the Self-Start Fund.