Jamaica has an ideal location; not just for tourism but for the logistics sector.
“Sitting at the doorway to the newly expanded Panama canal, Jamaica wants to position itself to join Rotterdam, Dubai and Singapore as the fourth node in the international logistics chain,” explains. G. Anthony Hylton, MP, Minister of Industry, Investment and Commerce.
Hylton points out that Jamaica compares favorably with the existing three nodes as it sits astride the trade routes in the Windward Passage and has access to the 800 million-person market of North, Central and South America.
This large asset is the cornerstone of the country’s future economic development. To translate the opportunity into concrete plans, the country created a Global Logistics Hub. The Hub will involve multiple modalities through the integration of world-class seaports (handling containers, dry bulk and liquid bulk commodities), airports, special economic zones, free zones, logistics parks, logistics centers, integrated intermodal transport capabilities, supporting infrastructure, telecommunications and trade facilitation mechanisms.
Given the scope of the Hub, which Hylton estimates at between $8-10 billion, the government is turning to public-private partnerships as the source of funding for these projects. In fact the Investment Forum 2015, held in March, was the government’s opportunity to present a number of investment opportunities to the global market.
The major projects up for funding include the expansion of the Port of Kingston; construction of a dry dock at Jackson Bay, Clarendon, installation of bunkering facilities at Cow Bay, St Thomas; construction of cargo and maintenance, repair and operations facility at Vernamfield in Clarendon; and the development of an economic zone at Caymanas with direct road link to the Port of Kingston.
More on Jamaica’s growth on MH&L.