Cabinet approved tabling of the Jamaica Logistics Hub Initiative (JLHI) Market Analysis and Master Plan in Parliament last month for adoption.
The implementation strategy for the JLHI Market Analysis and Master Plan was also approved.
This is according to Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Hon. Daryl Vaz, who was addressing a plenary session of the Jamaica Investment Forum (JIF) on Thursday (June 14) at the Montego Bay Convention Centre, in St. James.
Mr. Vaz said the Master Plan specifically details the actions Jamaica will need to take “on several fronts simultaneously”, in order to realise the vision of the Jamaica Logistics Hub Initiative.
“This entails approximately 3,900 hectares of development across the island, with a total investment cost of over US$28 billion,” he pointed out, adding that this represents a potential to create some 87,000 direct jobs.
The Market Analysis and Master Plan is being advanced by the Jamaica Special Economic Zone Authority (JSEZA), in association with the Planning Institute of Jamaica (PIOJ).
The Master Plan recommends land use and infrastructure improvements as necessary for successful implementation of the Jamaica Logistics Hub Initiative, which will involve the creation of zones, the upgrading and further development of ports and the creation of an enabling environment, allowing businesses to fully exploit Jamaica’s strategic location.
It was developed through the World Bank-funded programme, the Foundations for Competitiveness and Growth Project (FCGP), a US$50-million project designed to strengthen the business environment in Jamaica for private-sector development.