Business
Jamaica looking to develop global trans-shipment hub – seeks investment and diplomatic support
Jamaica is seeking the support of the diplomatic community here in a bid to attract investments from overseas private and public sector interests in the development of the island’s global trans-shipment and logistics hub.
Industry, Investment and Commerce Minister Anthony Hylton , making a presentation entitled “Jamaica – the Global Logistics Hub of the Americas: Leveraging the Power of Speed and Connectivity” said Jamaica, like many other countries, is “financially constrained,” and in this regard, “we are seeking investment from the global community, not just locally.
“We hope that you will communicate not only to your governments, but also to your private sector, to your chambers and your other private sector organisations. Let it be known generally that this is Jamaica’s thinking, this is Jamaica’s plan, and we are inviting investments from governments, private sector, anybody that qualifies,” Hylton told the diplomats attending the Jamaica Promotions Corporation (JAMPRO) event.
He cited the “tremendous” global investment interest being expressed, particularly in Asia, adding “I would want you to urge your investors, if they are interested, to express their positions, because others are doing so…this opportunity will not wait”.
Development of the trans-shipment and logistics hub is being undertaken by the government in a bid to position Jamaica to take advantage of the anticipated increased maritime activities, expected to result from the expansion of the Panama Canal, by 2015.
Hylton said the proposed development, targeted for implementation over a five to six-year period, at a cost of US$6 billion, represents an “investment opportunity” for local and international private and public sector interests.
Officials here said central to the development are dredging of the Kingston Harbor; expansion of the port of Kingston; development of the Caymanas Economic Zone, a transshipment commodity port, and Vernamfield in Clarendon as an air-cargo and passenger facility; and establishment a dry dock facility.
