PM Urges Developers To Get Projects Going
By: , May 14, 2020The Key Point:
Photo: Yhomo Hutchinson
Prime Minister, the Most Hon. Andrew Holness (third left), views work being carried out under the Factories Corporation of Jamaica's (FCJ) redevelopment and expansion project at the Garmex Free Zone Complex on Marcus Garvey Drive in Kingston, during the ground breaking and tour of the project site on Wednesday (May 13). Among those accompanying him are FCJ Chairman, Lyttleton Shirley (second right); and Local Government and Community Development Minister and Member of Parliament for West Kingston, where the complex is located, Hon. Desmond McKenzie (third right).The Facts
- The Prime Minister expressed pleasure that the FCJ has heeded the Government’s advice to proceed with developments and is “moving ahead with this massive construction project”, which he described as “a good sign”.
- This segment is projected for completion within 14 months, with the remaining 244,000 square feet slated to be built during the second phase at a cost of at least $1.4 billion.
The Full Story
Prime Minister, the Most Hon. Andrew Holness, is encouraging players in the construction industry to proceed with “speed and alacrity” in executing projects that were put on hold due to the onset of the coronavirus (COVID-19).
He was speaking following Wednesday’s (May 13) ground breaking and tour of the redevelopment and expansion project being undertaken by Factories Corporation of Jamaica (FCJ) at the Garmex Freezone Complex on Marcus Garvey Drive in Kingston.
Mr. Holness said that despite Government giving the go-ahead for the resumption of constriction activities as part of efforts to facilitate a gradual reopening of the economy, there may be lingering concerns by some developers.
“Some members of the private sector may have projects on their books and by virtue of being uncertain about what the future may hold… what future demand may look like, they may decide to postpone their investment decisions, taking a wait-and=see attitude,” he noted.
“The right approach to take is to see what you can do now. Make the investment plans that you have materialise now. Bring forward some of the investment plans that you have,” the Prime Minister urged.
“It is in the delay and the waiting to see that you may exacerbate recession in the economy,” he argued.
The Prime Minister expressed pleasure that the FCJ has heeded the Government’s advice to proceed with developments and is “moving ahead with this massive construction project”, which he described as “a good sign”.
The Garmex redevelopment and expansion project aims to provide an additional 370,000 square feet of space for manufacturing, warehousing and distribution, among other engagements.
It will entail the construction of 13 buildings and other facilities on 8.7 acres of land, across three phases.
Phase one will see the development of 126,000 square feet of space to accommodate small, medium and large enterprises, at a cost of approximately $940 million.
This segment is projected for completion within 14 months, with the remaining 244,000 square feet slated to be built during the second phase at a cost of at least $1.4 billion.
Phase three will entail, among other things, developments involving existing structures at the complex.
“The Government will lead the way as much as possible… [and], as much as we can, will be moving ahead with the projects that we can finance. We are encouraging the private sector to do the same,” Mr. Holness said.