PM Calls On Port Authority To Monetise Investments

Prime Minister, the Most Hon. Andrew Holness has mandated the board of the Port Authority of Jamaica (PAJ) to explore the monetisation of a portion of its investment in business process outsourcing (BPO) facilities through a listing on the Jamaica Stock Exchange.

“This will enable the Port Authority to generate cash, to accelerate other investments [and] at the same time it will provide thousands of Jamaicans the opportunity to invest in income-generating real estate assets,” Mr. Holness stated.

He said this is aligned to the Government’s policy of socialising wealth, generating opportunities to all Jamaicans through the stock exchange, as was done with Wigton Windfarm and TransJamaica Highway.

Mr. Holness was speaking recently at the official commissioning into service of the Jamaica III Utility Vessel acquired by the Port Authority of Jamaica. The state-of-the-art vessel, which replaces the 42-year-old Jamaica II, will be used primarily in the maintenance of navigational buoys and beacons in the island’s ports.

Mr. Holness said while the past year has been challenging for the PAJ, particularly with the closure of cruise in March 2020, the Government’s strategy during the pandemic has been to continue investing and further developing the country’s tourism product.

“I have, therefore, charged the board of the PAJ with accelerating the development of the near-port logistics sector. I have also directed that they catalyse further development in our port towns like Falmouth, that is developing lands in proximity to the port in ways that would lead to the development of a new township to serve Trelawny as an example of how we can regenerate our historic towns,” he said.