2010-05-14

Caymans Economic Zone Project Expanded to Accommodate Additional Interest

The Caymanas Economic Zone (CEZ) project in St. Catherine has been oversubscribed and the project expanded to accommodate the additional interest, according to Minister of Industry, Investment and Commerce, Hon. Karl Samuda.

The Minister, who opened the 2010/11 Sectoral Debate in Gordon House on May 11, said that there has been “overwhelming” response from local business interests to the August 2009 press advertisements for expressions of interest in phase one of the project.

The Minister siad that a shortlist has been created and, with the planning and preliminary design completed, the Ministry is about to engage in negotiations with these parties.

The Government is employing a two-pronged approach to the development of the CEZ, one of which involves the Ministry spearheading the build-out of a zero emission industrial park on the northern-side of the zone.  The responsibility for implementing this project has been transferred to the Factories Corporation of Jamaica.

The other segment will be led by the private sector and comprises a logistics hub and manufacturing facilities on the southern-side of the Mandela Highway consisting of between 1,000 and 1,500 acres.  

Last year, the Ministry of Investment, Industry and Commerce signed a Memorandum of Understanding with Intercontinental Worldwide Limited for the project and since then, the company has held discussions with strategic partners in China, Hong Kong, and South-east Asia.

The efforts have resulted in the identification and commitment of an anchor tenant for the CEZ. A major Chinese financial conglomerate has also expressed interest in participating in the project along with several major manufacturing, processing and trading companies.  Mr. Samuda said the Government was now moving forward to the contractual stage of the process. 

The CEZ is expected to generate about 10,000 jobs when implemented.