Jamaica ready to take advantage of upcoming regional investments -PM
Published:Tuesday | June 14, 2022 | 11:23 AM
Prime Minister Andrew Holness has declared that Jamaica is ready to take up potential upcoming investments targeting the Caribbean region.
It was indicated that there are several developments in the pipeline which will provide opportunities for entrepreneurs and facilitate national growth.
During his keynote address this morning on the second day of the Eighth Annual International Conference and Exhibition (AICE) at the Montego Bay Convention Centre in Rose Hall, St James, Holness identified the Caymanas Special Economic Zone as a primary project geared towards enhancing Jamaica's standing for that projected regional development.
The prime minister also noted that Jamaica is supportive of the United Nations Conference on Trade and Development's [UNCTAD] declaration of special economic zones [SEZ], or free zones, as a powerful economic tool for countries to recover from the worldwide impact of the global COVID-19 pandemic.
“There is a natural thrust toward free zones, and free zones are critical to the future growth of the world economy. This is the time for free zones to work together to leverage these conditions, and Jamaica is actively positioning itself to take advantage of this new wave of investment projected for the region,” said Holness.
SEZs are localised areas that are subjected to different economic regulations.
Jamaica has over 160 SEZs, which have been established since 2018, including Cathexis Limited in Kingston, Happy Sandy Bay in Hanover, and the Montego Bay Technology Park and Free Zone in St James.
Holness also announced that Jamaica's debt to Gross Domestic Product [GDP] ratio currently stands at 96 percent, which he said is projected to be lowered to 84 percent by the end of this fiscal year.
- Christopher Thomas
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