Rice viable in Jamaica

A group of consultants have concluded that rice can be an economically viable crop for Jamaica.



The consultants said it would cost about US$6.5 million to produce 10,000 tonnes of rice.



This would guarantee a return of about $3.6 million in the first year.



The group said net cash inflow could reach US$36.5 million after just 10 years.



10,000 tonnes of rice is only about 10 percent of Jamaica’s rice imports.



Agriculture Minister, Dr. Christopher Tufton, said he would be outlining the findings of the consultants to potential investors this week.



He wants to begin growing rice locally by year-end.



He said he is still considering an offer from Guyana to begin growing rice in that country.



The price of rice has risen more than 20 percent on the international market in the past year, forcing countries like Jamaica to begin looking at alternatives to importation.