A number of investors have been shortlisted to finance a major component of the Jamaica Logistics Hub initiative, which is being rolled out by the Government.
Making this announcement in his contribution to the 2013/2014 Sectoral Debate in the House of Representatives, on Tuesday, May 14, Minister of Industry, Investment and Commerce, Hon. Anthony Hylton, said one of these entities has “verifiable” investment proposal of over US$500 million.
Mr. Hylton said the investors are awaiting approval to proceed to the final stages of acceptance of their proposals, followed by implementation.
The project involves 750,000 square feet of space in an ultra-modern technology park at Naggo Head, St. Catherine, with the potential to employ some 13,000 persons.
“The first 100,000 square feet of space has already been booked by an entity, which is the fastest growing Business Process Outsourcing (BPO) company to have entered Jamaica,” he told the House.
The company is currently in the process of building out a 20,000 sq. ft. facility in Kingston, to employ 600 persons in the next two months, until the technology park is ready.
This, Minister Hylton said, is a demonstration of the investor’s commitment.
Additionally, construction at the Caymanas Economic Zone (CEZ) will begin within months, utilizing this type of venture approach.
“Some 200 acres of lots and purpose built space will be developed, in an environment comparable to any first world Special Economic Zone. The sectors earmarked for the zone include ICT, Manufacturing, Incubator, Creative Industries, Furniture, Electronics and Bio- medical industries,” he outlined.
Another development is the submission of proposals for the provision of alternative energy at competitive rates, to all of the new zones and where possible, to some of the existing ones
Meanwhile, Minister Hylton noted that Cabinet has reaffirmed the decision by the previous government to utilise 200 acres of land at Caymanas Estate, part of which will facilitate a logistics centre. This is in addition to the proposed investment by China Harbour Engineering, which Prime Minister, the Most Hon. Portia Simpson Miller, announced in the House recently.
Contact: Alphea Saunders