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Minister of Industry, Investment and Commerce, Hon. Anthony Hylton, says  the establishment of Jamaica’s Global Logistics Hub “is much closer to realisation than people think.”

He noted that there has been keen interest from investors who have bought into the Government’s drive to transform the country into a logistics-centred economy in preparation for this development.

Speaking at Jamaica Promotions Corporation (JAMPRO) Leadership Dialogue and Colloquium, at the Jamaica Pegasus Hotel, on October 21, the Minister cited recent investments in logistics and manufacturing plant facilities being undertaken by Kingston Wharves Limited, Lasco Limited and Unicomer/Courts through their warehouse logistics project; as well as investor interest in ship repairs and dry docking, as manifestations of logistics driven investment efforts.

“The proposed assembly manufacturing facility near Spanish Town, expected to come on stream shortly, is the latest investment in line with Jamaica’s further build-out as a logistics hub,” he said.

The Minister also pointed to the planned development of the Liquefied Natural Gas (LNG) Hub on the South Coast of Jamaica, which “will serve as a magnet for global ships passing through the expanded Panama Canal and create the condition for a thriving maritime industry.”

“Indeed, the United States government’s decision to permit the shipping of LNG to Jamaica is catalytic to the revival of Jamaica’s status as a maritime state,” he said.

The Minister argued that the initiative to transform Jamaica into a logistics-centred economy represents the key organising principle which has, and continues to guide the implementation plans and strategies of the Ministry of Industry, Investment and Commerce and its portfolio agencies.

“This includes investment facilitation and trade promotion, strategies to support the development of the micro, small and medium-sized enterprise (MSME) sector, fostering the Creative Economy, workforce development, and fostering competition, standards and quality, and an enabling business environment,” he said.

The Logistics Hub Initiative aims to take advantage of the anticipated increase in trade activities as a result of the expansion of the Panama Canal, scheduled for completion by 2015.The development of the hub will position Jamaica to become the fourth node in the global logistics chain.

Staged in partnership with the Embassy of the United States, Futures Forum and the Institute of Caribbean Studies at the University of the West Indies (UWI), the Colloquium was held to discuss the use of strategic planning and future studies to accelerate Jamaica’s growth.

The primary goal of the event was to initiate dialogue surrounding the future growth areas for Jamaica and the country’s strategic economic development path. It is intended to provide JAMPRO with an avenue to increase collaborations between the private sector and policymakers to further shape the country’s economic development.

The dialogue is being informed by Vision 2030 Jamaica – National Development Plan, and the Government’s Growth Agenda and will focus on how to identify and then prepare the country for the new areas of growth.

Source: JIS

Published Date: October 21st, 2015