Mon | Aug 21, 2017

Logistics committee concerned about prospective investors

Published:Wednesday | June 3, 2015 | 6:33 PM

The National Logistics Initiative Council has raised serious concerns about the groups seeking to invest US$5 billion in Jamaica’s logistic hub project.

The committee raised concern in a report to the Cabinet.

According to the Investment and Commerce Ministry, the report, noted, among other things, the need for clarification and verification of information supplied by the proposing parties, Krauck Gruppe, Krauck Systems and Anchor Finance Group LLC.

The Committee says there was unease about the capacity of the investors to execute the intended projects and their fit and proper status to do business with the Government of Jamaica.  

The Commerce Ministry says representatives of the investors are to visit the island within the next two days to give clarification.

The investors along with the Ministers of Industry, Investment and Commerce and Transport, Works and Housing had signed a 30-day Memorandum of Understanding.

The MoU requires the investors to supply the government with information on their proposed investment in the logistics hub initiative. 

The initiative is a major plank of the Government of Jamaica's growth strategy over the next 15 years and includes areas such as transportation, manufacturing and technology.

The Opposition and some civil society groups and individuals had raised concerns about the legitimacy of the investors.