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Doubts linger over scrap metal trade resumption
2013-01-28 12:48:14 | with audio | (0 Comments)
Monique Grange, Assistant News Editor
The Gleaner/Power 106 News Centre
The Jamaica Manufacturing Association (JMA), is also reiterating concerns it has about the reopening of the scrap metal trade.
The trade reopened today with tighter guidelines aimed at regulating the industry.
However, Deputy President of the JMA, Metry Seaga, said he still doubts those regulations will work.
He said the JMA’s major concern stems from the fact that a genuine scrap metal trade does not exist in Jamaica.
Seaga believes unscrupulous traders will find a way to break the rules.
He said while he does not want to pronounce doom on the trade, he foresees several challenges.
Seaga said some manufacturers have had metal stolen since the announcement of the resumption of the trade was made on Thursday.
Meanwhile, some scrap metal dealers have also expressed similar concerns about the trade.
Of major concern to some dealers is the $7 million bond that has been implemented as part of the new regulations.
President of the Scrap Metal Federation Jonathan Aarons believes some exporters will pull out of the industry because of that bond.
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However, Deputy President of the JMA, Metry Seaga.
Source: The Gleaner/Power 106 News
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