A package of investment projects, for the development of the country’s shipping and logistics industry is to be facilitated by the Government of Jamaica.
This was announced by Minister of Industry, Investment and Commerce, Hon. Anthony Hylton, as he presented the Ministry’s “integrated 10-point strategy” on Tuesday (February 28), during a media briefing at his New Kingston offices.
Mr. Hylton stated that the investment opportunity is “considerable” and involved a number of projects that have the potential to transform the country’s economic landscape. These comprise: dredging of the Kingston Harbour and expansion of the port facilities; establishing a dry dock facility at Jackson Bay in Clarendon and a bunkering facility at Cow Bay in Yallahs, St. Thomas; construction of a cargo and maintenance, repair and operations (MRO) facility at Vernamfield in Clarendon; and the development of the Caymanas Economic Zone.
“Altogether, these projects represent a potential investment effort that will drive growth and employment for many years, positioning Jamaica as the logistic hub for trade in the Americas,” the Minister declared.
The Minister observed that major developments in the global shipping and logistics industry and the geography of global trade have created an enviable economic opportunity for Jamaica.
He said that despite the challenges presented by the economic environment, “Jamaica is poised to take advantage of the window of opportunity to establish itself as a major hub for shipping and logistics in the Western Hemisphere.”
He explained that the Ministry’s role is to help in “defining the investment opportunities and to work across ministries to implement this vision.”
By Allan Brooks, JIS Senior Reporter