Sat | Jun 10, 2023

Hill wants local consortium to take on Caymanas economic zone development

Published:Thursday | February 2, 2023 | 9:39 AM
Minister of Industry, Investment and Commerce, Aubyn Hill, addressing stakeholders at a Rebranding and Quality Recognition ceremony, held at the AC Hotel by Marriott in St Andrew recently. - Contributed photo.

Jamaican investors are being encouraged to form a consortium to undertake the development of the proposed Caymanas Special Economic Zone (SEZ) in St Catherine.

Minister of Industry, Investment and Commerce, Aubyn Hill, made the call while addressing a Rebranding and Quality Recognition ceremony held at the AC Hotel by Marriott in St Andrew recently.

He said that the zone will cost approximately $200 million to be developed.

“Yes, we're looking to foreigners [for investment] but I want to see a Jamaican consortium or business firm put that money together [and] become the master developer,” he said.

Hill informed that the Zone is located on 650 acres of land owned by the Urban Development Corporation (UDC), and those persons who invest in the area will benefit from a renewable 50-year lease.

Investors will also enjoy tax-free benefits for an extended period.

Hill said Jamaica has a wide spectrum of manufacturers, service creators, exporters, importers, and more, who may be able to undertake the development, “so I beg you, please find a consortium and take it on”.

The zone will be managed by the Port Authority of Jamaica (PAJ) and once completed, will provide employment opportunities for Jamaicans.

SEZs are created to facilitate rapid economic growth in a country by leveraging tax incentives as a way of attracting foreign investments and technological advancements.

- JIS News

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