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Logistics By Number

Published:Friday | February 27, 2015 | 12:00 AM

Logistics By Number

16: number of proposed special economic zones

The development of Special Economic Zones (SEZs) in Jamaica is expected to become critical pillars of the Global Logistics Hub Initiative.

Minister of Industry, Anthony Hylton, has said that the SEZs will play a key role in attracting foreign direct investments and attract new technologies, which will help the island to achieve its long term economic targets.

The SEZs are expected to also provide opportunities for local businesses and absorb some of the country's trained labour force.

The Port of Kingston (Garmex Freezone) and the Caymanas Economic Zone in St Catherine are two examples of SEZs already in operation.

An interim policy, governing the establishment and implementation of the SEZs, has already been developed by a SEZ Steering Committee.

Through consultations and research, the Minister informed that strategies have been developed to successfully help with the establishment of the SEZs.

An SEZ Green Paper, tabled in Parliament, proposes a number of fiscal and non-fiscal incentives to attract business over the medium to long term, including a low corporate tax rate for qualified companies.