Montego Bay Free Zone an Investment Magnet – Hylton
By: , June 9, 2015The Key Point:
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Industry, Investment and Commerce Minister, Hon. Anthony Hylton (left), is in light discussion with Member of Parliament for North West St. James, Dr. Horace Chang (centre), at a banquet to mark the 30th anniversary of the Montego Bay Freezone, held on June 6, at the Montego Bay Convention Centre in St. James. Sharing the moment is Justice Minister, Senator the Hon. Mark Golding.The Facts
- Minister Hylton was speaking at a banquet to mark the 30th anniversary of the Montego Bay Free Zone held on June 6 at the Montego Bay Convention Centre in St. James.
- Looking at the future of the Montego Bay Free Zone, Minister Hylton is expressing confidence that growth will continue in a meaningful way and the facility will retain its relevance.
The Full Story
Minister of Industry, Investment and Commerce, Hon. Anthony Hylton, has hailed the Montego Bay Free Zone as a magnet for investments in Jamaica.
He said the zone, which earned some US$120 million last year, “has been a catalyst for the BPO (Business Process Outsourcing) sector.”
Minister Hylton was speaking at a banquet to mark the 30th anniversary of the Montego Bay Free Zone held on June 6 at the Montego Bay Convention Centre in St. James.
Montego Bay Free Zone is one of the most sought- after locations for BPO operations, with a highly trained labour force, and developed telecommunications infrastructure, supported by progressive Government policies.
Looking at the future of the Montego Bay Free Zone, Minister Hylton is expressing confidence that growth will continue in a meaningful way and the facility will retain its relevance.
“One of the characteristics of the Montego Bay Free Zone is its flexibility, its resilience in responding to the challenges and the changing times… to the future, we look to the KPO (Knowledge Process Outsourcing) sector and more significantly, to the clustering under the Special Economic Zones, which integrate that with the Logistics Hub,” he said.
“We are confident that there is a bright future. We have a very competitive (Information and Communications Technology) sector, performing at (world) standard…and we know from the data that our people represent our best assets and that their productivity levels are among the best in the world in this sector. I think that combination of policy leadership, partnerships, private sector involvement, and high standards will ensure competitiveness and longevity of this sector,” Minister Hylton added.
He also hailed the work of the management of the Free Zone.
Approximately 17 firms currently operate out of more than 100,000 sq. ft. of space, and growing, with a workforce of approximately 7,000.
Owned jointly by the Port Authority of Jamaica (PAJ) and the Government of Jamaica, the Montego Bay Free Zone was established on March 1, 1985 to promote Foreign Direct Investments (FDI). The Free Zone earned over US$5 billion in the last 10 years.