Business
Jamaica: Budget focuses on job creation, economic growth – no new taxes
According to Phillips, establishing Jamaica as a logistics hub will require significant investments in the sea and air ports as well as Jamaica’s industrial infrastructure and will involve a wide cross section of public and private sector interests.
It is anticipated that the hub will take advantage of the expansion of the Panama Canal due for completion in 2015.
During his presentation, Phillips said that the government would focus on activities surrounding Information and Communications Technology (ICT).
During this financial year, a total of US$20 million will be committed by the Development Bank of Jamaica to facilitate the construction of ICT centers that will create an estimated 7,000 to 8,000 jobs.
The government is also committed to the establishment of nine agro parks in order to create employment, increase agricultural output, reduce the national food import bill and stimulate food exports.
Phillips said as of June 1 this year, casino operators hoping to set up business in Jamaica will be able to make bids for permission to do so and that the period for the receipt of Requests for Proposals and Completed Applications will expire on September 30 with the government making orders declaring approved integrated resort developments by early 2014.
He told legislators that the relevant laws and regulations concerning casino operations on the island-nation, provide that they not be stand-alone installations but be part of Integrated Resort Developments, in which substantial new hotel rooms will have to be built.
