JISCO to spend $3b on Industrial Park and Special Economic Zone at Nain
KINGSTON, Jamaica (JIS) — Chinese entity Jiuquan Iron and Steel Company (JISCO) plans to invest more than $3 billion to develop the Gansu Industrial Park and Special Economic Zone in Nain, St Elizabeth, where it operates the Alpart alumina refinery.
The park, which is expected to generate approximately 60,000 jobs, is pivotal to Jamaica’s Logistics Hub Initiative (LHI), development of which is being spearheaded by the Jamaica Special Economic Zone Authority (JSEZA).
It is one of the three largest being developed by the Authority. The others are the Caymanas Special Economic Zone in St Catherine, and Vernamfield Aerotropolis in Clarendon.
Work on the park’s development is expected to get under way by year end.
Chairman of the JSEZA, Metry Seaga, provided details during a media briefing at the Authority, Waterloo Road, St. Andrew, on Wednesday (June 20).
Seaga said the park’s phased development will involve the establishment of a bauxite/alumina refinery and an electricity plant to power this and other businesses that are set up; and a smelter that will underpin JISCO’s focus on manufacturing aluminium and its by-products locally.
“I think it is important that we, as Jamaicans, understand the game changer that this is going to be. It is going to transform, not only St. Elizabeth, but all the towns around it. Most importantly, this has the backing of the Government of the People’s Republic of China. This is real and we are going to make it happen,” the Chairman said.
Meanwhile, Seaga, who indicated that this is part of a wider project targeting housing developments, said JISCO has given an undertaking that liquefied natural gas (LNG) will be utilised to generate power.
“(They) made it very clear that this is not going to be a concrete jungle… and that they are going to make sure that this is ecologically friendly… with lots of green space. So, that’s encouraging,” he added.
Meanwhile, JSEZA Chief Executive Officer, Dr Eric Deans, said the key summary findings of the Logistics Hub Initiative Master Plan, which was recently endorsed by Cabinet, articulate the creation of three new towns around these SEZs that will impact 75,000 households and 220,000 residents, “but, more importantly, a market reach of 80 million people”.
