DURING a recent visit to the island, president and chief executive officer (CEO) of Marubeni Power International, Daisuke Arai held meaningful discussions with key stakeholders about his company's plans for further investment in the local economy.
During the one-week trip Arai was hosted by government and other public and private sector organisations as they engaged in discussions about furthering developments for the country and its citizens. The CEO was accompanied by Mo Majeed, chief operating officer (COO) of Marubeni Power International and managing director of Marubeni Caribbean operations, and Keisuke Harada, senior manager of Caribbean operations.
Marubeni is a majority owner of its South Jamaica Power Centre (SJPC) subsidiary, a majority shareholder of Jamaica Public Service Company (JPS). Since its acquisition, Marubeni — through its ownership in the utility — has invested significantly in upgrading the grid as well as in preparation for renewables integration. One such investment is the Hunt's Bay Hybrid Energy Storage System. This system is a combination of a 21.5-megawatt lithium-ion battery and a 3-megawatt Flywheel. The company is also in the process of installing 10 public EV charging stations.
State minister for foreign affairs and foreign trade Leslie Campbell, in welcoming the team, expressed appreciation for the continued investment of Marubeni in the country and pledged the Government's ongoing support. The group also met with local and investment promotions agency Jampro, with President Diane Edwards assuring the representatives of their importance when discussing investment opportunities in Jamaica. He later met with other national bodies including the American Chamber of Commerce Jamaica (AMCHAM), Jamaica Manufacturers and Exporters Association (JMEA), and the Private Sector Organisation of Jamaica (PSOJ) in a final courtesy call.
Meeting with the stakeholders the Marubeni team was promised further commitments for engagement as entities expand their objectives to facilitate greater public-private partnerships and investor-friendly policy developments.
Arai expressed his appreciation for the interest of the stakeholders in Marubeni's current operations and future plans.
"The private and public sector leadership of Jamaica is outstanding and augurs well for its status as an investor-friendly country," he said.
The Marubeni Corporation, founded in 1858 in Japan and incorporated in 1949, encompasses a diverse range of business activities including lifestyle, ICT & real estate, forest products, food, agri-business, chemicals, power, energy, metals and mineral resources, plant, aerospace and shipping, finance and leasing, construction, auto and industrial machinery, and next-generation business development.