‘Shovel-Ready’ Initiative to Fast-Track Investments
By: , May 27, 2014The Key Point:
The Facts
- The initiative seeks to attract more local and foreign investments into the economy.
- The ‘Shovel-Ready’ Project Initiative is being developed as part of efforts to pre-package a number of investment opportunities that will streamline and expedite the process of investment in Jamaica.
The Full Story
The Ministries of Tourism and Entertainment, and Industry, Investment and Commerce, have collaborated for the development of a major economic initiative aimed at attracting more local and foreign investments into the economy.
The ‘Shovel-Ready’ Project Initiative is being developed as part of efforts to pre-package a number of investment opportunities that will streamline and expedite the process of investment in Jamaica.
Making the announcement during his contribution to the 2014/15 Sectoral Debate in the House of Representatives on May 27, Tourism and Entertainment Minister, Hon. Dr. Wykeham McNeill, said the initiative will target local and foreign investors.
“We are confident that this will add further momentum to the flow of investment into our economy. We expect it to further encourage investment in hotels and attractions in Jamaica,” he stated.
The programme, he informed, will be jointly implemented by the Tourism Enhancement Fund (TEF), Jamaica Promotions Corporation (JAMPRO), the National Environment and Planning Agency (NEPA), the Urban Development Corporation (UDC), and the Commissioner of Lands.
He said in its pre-promotion phase, the project will prepare a number of sites by obtaining tacit development approvals; conducting capacity studies; assessing appropriate land utilisation; and installing preliminary infrastucture.
In its post-promotion phase, after an investor has been identified, assistance will be provided with land acquisition, concept design, planning and approvals, environmental permits, and building approvals.