SEZ Investments To Exceed US$3.1 Billion Over Next Five Years

Prime Minister, the Most Hon. Andrew Holness, says investments in Special Economic Zone (SEZ) operations are projected to exceed US$3.1 billion over the next five years.

New and expanded SEZ space is projected to increase by 3.1 million square feet over the same period, he noted.

He said that up to financial year 2019/2020, new investments in the SEZ regime are estimated to exceed US$939 million, creating more than 28,000 new jobs.

Prime Minister Holness was making his contribution to the 2020/21 Budget Debate in the House of Representatives on Thursday (March 19), where he commended the progress made by the Jamaica Special Economic Zone Authority (JSEZA) in the development of a modern SEZ regime to replace the previous free zone arrangement.

He noted that 168 SEZ entities are operating in the island with more than US$1.4 billion invested.

Investments from grandfathered free zone entities total US$463 million and employment for these entities exceeds 25,000. Total square footage for all SEZ companies exceeds 24 million square feet.

Meanwhile, Mr. Holness said that the Government will be seeking requests for proposals for the flagship Caymanas (South) Special Economic Zone (CSEZ) project.

The development is being driven by significant investments already made on Mandela Highway and Spanish Town Road going into the Port of Kingston.

The estimated total investment for phase one of CSEZ is US$222 million with a total of 1.6 million square feet and an estimated 70,000 jobs.

The World Bank-funded CSEZ feasibility study highlighted that the project has potential areas for warehousing, manufacturing, logistics and global services.