JSEZA welcomes lifting of ban on storage of imported vehicles in free zonesThursday, May 25, 2017
KINGSTON, Jamaica — The Jamaica Special Economic Zone Authority (JSEZA) has welcomed the removal of the ban on storage of imported motor vehicles in a free zone or Special Economic Zone (SEZ) without an import licence from the Trade Board.The JSEZA said the removal, which was authorised by the Minister of Industry, Commerce, Agriculture and Fisheries, Karl Samuda on May 9, will boost business prospects for the automotive sector.
“Before this approval cars destined for regional and/or the domestic market were barred from free zones if the requisite licence was not obtained prior to entry into the country”, the JSEZA noted.
The organisation said it has been pushing to identify investment and value adding opportunities in this sector as the global automotive industry is one of the world's largest manufacturing sectors, and worldwide trade of final products and components accounted for roughly US$1.4 trillion in exports in 2014.
Acknowledging the move, Metry Seaga, Chairman of JSEZA said that the prohibition of motor vehicles destined for the domestic market being stored in a free zone without first obtaining an import permit had the potential to negatively impact Jamaica's ability to build out an automotive distribution hub.
He pointed out that the ban had the great potential to diminish Jamaica's overall attractiveness as a location for automotive industry investment.
“Jamaica is well positioned to become a major logistics and transhipment hub for the storage and distribution of vehicles, auto parts distribution, re-manufacture of vehicles and auto parts, vehicle assembly etc from the SEZs in Jamaica to markets within the Americas,” he said.
Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at https://bit.ly/epaper-login