Special Economic Zones Poised For Additional Multimillion-Dollar Foreign Investments
By: , March 4, 2020The Key Point:
Photo: Rudranath Fraser
Chief Executive Officer (CEO) for the Jamaica Special Economic Zones Authority (JSEZA), Dr. Eric Deans (right), greets JSEZA’s Senior Legal Officer and Corporate Secretary, Chantal Bennett, following a recent sensitisation session hosted by the agency at the S Hotel in Montego Bay, St. James. Sharing the moment is JSEZA Director for Regulations, Policy, Enforcement and Monitoring, Ainsley Brown.The Facts
- Noting that Jamaica’s investment climate is “very attractive right now”, he cited significant interest from the United States (US), United Kingdom (UK), Japan, Canada, France, and Spain, among other countries.
- “Within the next two years, you will be seeing some very exciting projects rolling out. We are looking at US$100-million projects, US$200-million projects and, in some instances, US$500-million projects,” Dr. Deans informed.
The Full Story
Chief Executive Officer (CEO) for the Jamaica Special Economic Zones Authority (JSEZA), Dr. Eric Deans, says the country’s Special Economic Zones (SEZs) are poised to benefit from additional multimillion-dollar foreign investments that will serve to further boost the economy.
Noting that Jamaica’s investment climate is “very attractive right now”, he cited significant interest from the United States (US), United Kingdom (UK), Japan, Canada, France, and Spain, among other countries.
“Within the next two years, you will be seeing some very exciting projects rolling out. We are looking at US$100-million projects, US$200-million projects and, in some instances, US$500-million projects,” Dr. Deans informed.
The CEO contended that the structure of Jamaica’s Special Economic Zones Act “gives us a wide playing field, in terms of attracting businesses”.
He was speaking at a recent sensitisation session for Special Economic Zone (SEZ) developers and operators in western Jamaica, at the S Hotel in Montego Bay, St. James.
Meanwhile, Dr. Deans said there are plans to establish additional SEZs across the island.
He informed that these new industries will create a platform for investors to establish businesses, adding that “we are looking at large township-type zones to be developed”.
“Most will be around the southern coast. The automobile cluster [for example] will most likely be in the Caymanas area [of St. Catherine]. The pharmaceutical cluster will either be in St. Ann or Clarendon. The creative cluster will most likely be in St. James or the Trelawny area, and the aluminium cluster in St. Elizabeth,” he explained.
Dr. Deans indicated that two zones have been granted SEZ status for cannabis-related medicinal manufacturing, with other major projects “in the pipeline”.
The Jamaica Special Economic Zones Authority is the government agency responsible for piloting SEZ development across Jamaica and promoting investments in these facilities.
The JSEZA was established in 2016 under the Special Economic Zones Act.