Montego Bay Free Zone Company Limited Looking to Enhance Awareness of its Activities
By: , May 3, 2024The Full Story
The Montego Bay Free Zone Company Limited (MBFZ) plans to enhance internal and external communications and create partnerships for successful social engagements in order to improve awareness of its commercial activities.
Accordingly, the entity will seek to participate in international events, engage in social marketing initiatives, and conduct local missions during the 2024/25 financial year.
Details of these are outlined in the Jamaica Public Bodies Estimates of Revenue and Expenditure for the Year ending March 2025.
According to the document, the entity will continue the upgrading of its facilities with planned capital expenditure of $83.08 million.
This will be used to mainly undertake the installation and construction of turnstile equipment for pedestrians ($18 million), perimeter wall ($17.5 million), and other supporting infrastructure work.
Other areas that the MBFZ is looking to focus on include enhancing its role as an investor facilitator.
This, by fostering new investments from local and overseas investors to operate new outsourcing centres.
Among these are the facilitation and introduction of value-added services within the outsourcing sector, given the increasing utilisation of artificial intelligence in the industry.
The engagements also include strengthening of the MBFZ’s security and administrative processes with the implementation of new systems.
These are intended to carry out transactional functions such as access procedures.
Focus will also be placed on routine procurement.
The MBFZ was incorporated under the Companies Act of Jamaica and is jointly owned by the Government of Jamaica (GOJ) and the Port Authority of Jamaica (PAJ).
The entity’s main activity is the rental of office and factory space located in the Montego Bay Freeport area.
The Company also acts as property manager for buildings owned by the Factories Corporation of Jamaica Limited (FCJ), also located in the Montego Bay Freeport.
The MBFZ plays a pivotal role in the development and expansion of Jamaica’s information and communications technology (ICT) sector, primarily the business process outsourcing (BPO) industry.