Private Sector Invited to Seize Growth Opportunities in Jamaica

Private-sector stakeholders are being encouraged to seize growth opportunities in Jamaica.

Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, made the call while addressing the Private Sector Organisation of Jamaica (PSOJ) Partners’ Circle Meeting at the entity’s head office in Kingston on Friday (August 23).

He emphasised the potential for economic growth through strategic partnerships and innovative initiatives within Jamaica’s business landscape.

Senator Hill further highlighted the importance of leveraging local resources to stimulate economic development.

“Making houses is one of the things that we can do. You have the land or you can get the land from [the National Housing Trust] NHT, and if you build to the [specifications] and price point of the NHT, they will buy the houses off you,” he stated.

Senator Hill said the focus should be on scalable housing projects that can create employment opportunities and empower individuals to become homeowners.

In response to the Minister’s call for innovation in the housing sector, Managing Director, Caribbean Cement Company, Jorge Martinez Mora, shared insights into the entity’s US$50-million investment to expand production capacity by 25 to 30 per cent.

“Right now, the market is one million, and with this increased capacity, we’ll be able to cover [demand],” he said.

Mr. Mora further emphasised the need to train Jamaicans in cutting-edge building techniques, to meet the industry’s evolving demands, signalling a commitment to skills development within the workforce.

Meanwhile, Senator Hill underscored the untapped potential of crops that could yield significant economic rewards for Jamaica if they were treated as orchard crops.

He referred to food items such as breadfruit, avocado, ackee and mango, urging business owners to view these crops as viable commodities for economic growth.

Highlighting the need for enhanced security measures in agricultural operations, Minister Hill drew parallels between securing perishable goods, like mangoes, and protecting valuable assets in the business world.

In a notable example of government support for local businesses, he recalled a scenario where Lydford Mining Company bought equipment for US$2.4 million and got back US$500,000 in customs duties and fees waived, as a result of the Productive Input Relief (PIR).

As such, the Minister extended an invitation for manufacturers to explore similar cost-saving opportunities through customs duty waivers, emphasising the importance of maximising incentives to drive industry growth.

Senator Hill encouraged the PSOJ Partners’ Circle to explore collaborative ventures in Special Economic Zones (SEZs), particularly highlighting the Caymanas location in St. Catherine as a prime investment destination.

With significant tax benefits and government support for private-sector ventures in SEZs, he underscored the potential for creating a robust consortium of Jamaican businesses to capitalise on emerging opportunities.

PSOJ President, Metry Seaga, echoed Minister Hill’s sentiments, advocating for members to consider SEZ investments as a strategic pathway for expanding their businesses.

Mr. Seaga emphasised the Caymanas Economic Zone’s strategic advantage as an ideal SEZ location, due to its accessibility and infrastructure support.

Source: JIS