Business

PM targets two PM targets two Special Economic Zones within three years

Wednesday, June 12, 2019

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Prime Minister Andrew Holness says it is the intention of the Government to establish at least two special economic zones (SEZs) in the country within the next three years.

He noted that work is already under way on the Caymanas Special Economic Zone in St Catherine, where a comprehensive feasibility study has been undertaken.

Holness further disclosed that he recently approved a Cabinet submission relating to development of the south side of the Caymanas lands.

“We are now going to have an investor come and 'conference' to determine the level of interest that is in the market to start this kind of development,” he noted.

The prime minister was addressing the Ministry of Economic Growth and Job Creation's Strategic Leadership Retreat at Moon Palace Jamaica Grande in Ocho Rios, St Ann, recently.

He outlined that the Government is currently in the process of finalising negotiations for the north side of the Caymanas lands, and “as soon as that is [done], I will be informing the public as to where we are”.

“I can see, spatially, that we can very well have the entire Caymanas area developed as an SEZ, connected by the significant investments already made on Mandela [Highway and] Spanish Town Road, going straight into our ports,” Holness pointed out.

“The train line is already there, which runs in proximity to Caymanas. So, we have everything already in place to have one of the most successful SEZs within the region. Now, can you imagine the level of employment that would bring,” he asked.

“I am giving the Government three years to get it up and running. It's going to be a long process because we have to do the procurement, we have to find the right contractor to do it — and that will take some time,” he pointed out.

The prime minister then added that once the zones are in operation, they will facilitate a seamless “plug and play” framework for investors to create and nurture new industries.

“The investor who is coming to do business is not coming to worry about getting permit for this, permit for that, deal with contractors and workmen, sourcing materials and all that. That's not what they are coming to do. They are just coming to do their business.

“So, whether they are into cosmetics, information and processing, [or] high-level research, they just come, the space is ready, they plug in their computers, and they start working. That is the concept of the SEZ,” he explained.


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