DUNCANS, Trelawny — The long-awaited US$1-billion Harmony Cove resort project sluggishly inched closer to getting off the ground Tuesday with a ribbon-cutting ceremony where Prime Minister Andrew Holness assured that taxpayers will not be unduly burdened to ensure investors turn a profit.

Tough negotiations from a position of strength bolstered by solid economic performance had made this possible, he boasted, unable to resist taking a jab at the People’s National Party (PNP) which had conceptualised but was unable to get the mega project moving.

“Suffice to say that the Government did not give up more than it had to for this project to be considered feasible. The public purse was not sacrificed to make this project profitable. That’s the best way to explain it. The people of Jamaica are going to get from this project significant benefits, and in fact, more benefits than what we would have had to give as incentives,“ Holness said.

”I want to say this because we are in a particular season, and there is a particular attempt, which is believed even by intelligent people, [to say] that the economic performance of this Administration does not matter, that good governance does not matter,” he said, referencing the looming general election which transforms almost every issue into a political football.

Holness, who is also leader of the Jamaica Labour Party, told guests at the event that after he “took over” the Harmony Cove project that “lay fallow for maybe 11 years”, the challenge was to make it work for both Jamaica and the investors.

“The big question for us was: Could we give the level of fiscal incentives that were originally promised?” he explained.

In a clear jab at the PNP, Holness noted that governments saddled with debt of 150 per cent of GDP are sometimes “forced” to make decisions they later regret, such as offering extensive incentives to secure a massive $1-billion project.

“In fact, sometimes you give away not just the house; you give the kitchen sink and the dog house and everything with it just to secure the project because it is a promise that ‘I could reduce this massive debt’. When your unemployment rate is 13 per cent and you get a project that says US$1 billion, of 1,000 rooms, 3,000 persons are going to be employed, you really don’t care what the long-term impacts are; you want to get those jobs in now. Can you see what poor economic outturns can do to governments in making investment decisions?” he questioned.

“This Government did not do that,” he added.

On the contrary, he said, the parties engaged in very detailed and sometimes testy negotiations because much was at stake. He noted that it was beneficial to have people in government who understood both business and governance, as this allowed them to appreciate the risks faced by their business partners while clearly outlining the public, political, environmental, social, climate change, and infrastructure risks involved.

“We negotiated, [former Finance Minister Nigel] Clarke and the team from the Ministry of Finance… they deserve some commendation. I will take some of the shine off that and say it took too long. I got many calls, calls of frustration, including, ‘We’ve got an investor now, and if we don’t sign, our investor is going to leave’… We eventually settled the tax issues and the other incentives, and we’re here today with a very solid agreement that will form the corners within which this investment will operate,” Holness said without providing details of the deal.

He gave an assurance, though, that at the end of the day Jamaicans will benefit and the developers will also make a profit.

“Whatever investment we undertake, it must be for the benefit of the people of Jamaica. I’m looking here at a very distinguished audience, but I’m really speaking to the people in the Coronation Market or in the Trelawny Market in Duncans or in Stewart Town, Wakefield or Clark’s Town. This project is for you. You will benefit from this project. The entire Jamaica will benefit from this project,” Holness said.

“And I also say that the investors will make a profit from this project as well. This Administration is pro the benefit of the people. We are not anti-profit. We don’t see the two things as opposing. We want projects to be profitable, because it is only when the projects are profitable that people can have sustainable benefits,” he added.

For his part, Christopher Anand, managing partner of Nexus Luxury Collection, noted that while the project had already spanned more than 21 years, he is of the belief that it will now successfully get off the ground.

“It’s taken too long. I think I’ve been through about five prime ministers. I hope this is the last one, for both of our sakes,” he said.

Anand argued that the project will be better than it would have been before because the country is now being touted as the poster child for prudent economic management.

“I think this is only going to be 10 times better than what it would have been on two levels. One is, the country is in a very different place. It is now the model for fiscal responsibility, and it is literally just ready to blast off… and we’re going to help lead that,” he said.

“I’m very grateful to you for believing in us, because I know there were moments and times where people questioned our commitment. But I will say this, I’m actually glad it’s taken this long, because when I see what Jamaica is today versus what it was then, we are partners in this. We are financial partners, we are strategic partners,” Anand added.

Tourism Minister Edmund Bartlett described the project as “a powerful testament to the unwavering confidence that investors have in Jamaica’s tourism industry and the overall economic climate”.

“Today is truly an exciting moment for Jamaica’s tourism industry and our nation as a whole. As we [participate] in the symbolic ribbon-cutting for the long-awaited Harmony Cove Hotel right here in beautiful Trelawny, the ceremonial event marks the culmination of years of meticulous planning. It represents the planting of seeds that will grow into a transformative addition to a tourism landscape creating ripples throughout our country,” he guests.

“In addition, this development represents a powerful partnership between the private sector investment leader, Tavistock, and now Nexus, and the Jamaica Government’s Harmonisation Limited,” Bartlett added.

Trelawny Northern Member of Parliament Tova Hamilton also welcomed the mega project which will be built in her constituency.