Investment and Export Promotion Activities Get $113 Million

The Government has provided $113 million to finance industry development, foreign investment and export promotion activities to be undertaken by the Ministry of Industry, Investment and Commerce this year.

The allocation, contained in the 2013/14 Estimates of Expenditure now before the House of Representatives, includes provision of $50 million for the Global Logistics Hub project; $43.6 million to finance activities targeting incubator and innovation centres; and $20 million for the creative industries.

The Global Logistics Hub initiative seeks to position Jamaica as a major node in the global supply and logistics chain. It entails significant infrastructural development of the Port of Kingston, as well as the Norman Manley and Sangster International Airports.

Activities under the incubator and innovation services project aim to facilitate the development of new businesses, and involve the establishment of a business Incubator and Resource Centre (IRC) to provide the necessary technical and business development support for targeted micro, small and medium size enterprises (MSMEs).

The creative industries project aims to provide the necessary support that will promote the sector’s activities as key generators of income for Jamaica’s economy. These projected inflows are expected to be derived mainly from music, craft, cuisine, digital technology, fashion, and the fine arts.

The Ministry, through portfolio agencies, Jamaica Promotions Corporation (JAMPRO), Jamaica Business Development Corporation (JBDC), and Jamaica Intellectual Property Office (JIPO), will develop the policy, legal and institutional framework to facilitate and encourage development in these industries.

Deliberations over the 2013/14 by Parliament’s Standing Finance Committee are scheduled to get underway on Tuesday (April 9) at Gordon House.

By Douglas McIntosh, JIS Reporter