$7b could be earned yearly from limestone industry, says researcher
A leading Jamaican researcher says the country could earn up to US$7 billion annually by increasing the production of limestone and its high value-added items for local and export markets.
Executive Chairman of Conrad Douglas and Associates, Dr Conrad Douglas, made the assertion while presenting research findings at a recent event hosted by JAMPRO.
He said the industry offers vast opportunity for investors in agriculture, food processing, and manufacturing.
He cited the production of paper, polishes, paints, rubber, glass, cosmetics, plastics and adhesives.
According to Douglas, Jamaica is blessed with rich limestone resources and is considered as the limestone capital of the world.
He said currently, Jamaica imports limestone products that can be manufactured locally.
However, he pointed out that for the development of the sector, a number of legislation relating to planning and development orders need to be amended.
Douglas’ team is to conduct further studies on the limestone industry looking at the required investment for the sector and exploring technical and environmental plans for the companies involved in the industry.
Jamaica’s limestone resource is estimated at 150 billion tonnes of which 50 billion tonnes is recoverable.
The main export markets for limestone are Canada, the United States, CARICOM, and South America.
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