Growing interest is being shown by both local and foreign investors in the global logistics project, being spearheaded by the Ministry of Industry, Investment and Commerce.
Minister of Industry, Investment and Commerce, Hon. Anthony Hylton, speaking at a meeting today with members of the diplomatic community, said the Government is seeking to broaden the level of participation in the project “so that we all can have an opportunity to realize the benefits from its development”.
Minister Hylton stated that the project is quite vast, with opportunities for investors, logistics players, distributors, manufacturers, and suppliers across many industries around the world. He said the initiative will provide a myriad of opportunities for global and domestic commercial and industry interests.
The Industry Minister said the development of Jamaica’s transportation -- maritime, aviation, road and rail -- and logistics infrastructure will enable Jamaica to be positioned as the logistics hub of the Americas (North and South America). This effort, he said, represents the centrepiece of a sustainable economic growth strategy.
“I recently returned with a delegation from Asia as part of advancing the logistics hub initiative and I must tell you that the results of my trip are very reaffirming and instructive. The results reaffirmed the soundness of the logistics hub initiative and further clarified the opportunity and the tasks that are before us”, Minister Hylton told members of the diplomatic community.
He said that based on consultations and meetings with major global players in the logistics and shipping industry, he firmly believes Jamaica can become the 4th node or pillar in the global supply and logistics chain, along with Singapore, Rotterdam and Dubai.
Chairman of the Logistics and Investment Task Force, Dr. Eric Deans, during his presentation, said a market of 800 million persons, including the USA and Brazil, can be accessed readily from Jamaica. He said trade opportunities are due to “burst wide open with the expansion of the Panama Canal scheduled to be completed in 2015; and the US$880 billion stimulus package by Brazil for World Cup 2014 and Olympics 2016”.
Dr. Deans said a critical aspect of the global logistics hub initiative is broadening bilateral collaborations with Jamaica’s global partners, and encouraging private sector investment and financing through private-public partnerships (PPPs).
Members of the diplomatic community expressed interest in the project, with at least one member seeking further information on where to direct the growing number of potential investors asking about the project.
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