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Prime Minister Bruce Golding is reassuring farmers that they will be able to secure fertiliser at cheaper rates.
Addressing the closing ceremony of the 56th staging of the Denbigh Agricultural and Industrial Show in Clarendon, Mr. Golding stated that a recent agreement brokered with Venezuela has resulted in the importation of the product.
"We are going to be able to get the fertiliser at a substantially, very substantially reduced price when compared to the price that they now have to pay," he said.
He said that come later this week 25,000 tons of fertiliser will be sought from Venezuela.
"It will include the seven most popular that are used in Jamaica, I have spoken to the Minister of Finance who will be making arrangements to establish the necessary letter of credit this week," he added.
Last month, the Prime Minister threatened to allow the importation of cheaper fertiliser due to what he said were unjustified increases in local prices.
Mr. Golding ordered the Ministry of Agriculture to conduct an investigation and present him with a report.
Sole manufacturer affected
Meanwhile, the General Manager of the country's sole manufacturer of fertiliser Newport Fersan, John Allen said his company will have to revisit production plans in light of the Prime Minister's announcement.
"We will have to now revisit our investment in terms of our expansion plans, incidentally we intended to invest starting this year an additional half a billion dollars in addition to that one billion dollars that we have already invested in a very technologically improved plant in Jamaica. We are going to also revisit our productivity capacity," he said.
Addressing the closing ceremony of the 56th staging of the Denbigh Agricultural and Industrial Show in Clarendon, Mr. Golding stated that a recent agreement brokered with Venezuela has resulted in the importation of the product.
"We are going to be able to get the fertiliser at a substantially, very substantially reduced price when compared to the price that they now have to pay," he said.
He said that come later this week 25,000 tons of fertiliser will be sought from Venezuela.
"It will include the seven most popular that are used in Jamaica, I have spoken to the Minister of Finance who will be making arrangements to establish the necessary letter of credit this week," he added.
Last month, the Prime Minister threatened to allow the importation of cheaper fertiliser due to what he said were unjustified increases in local prices.
Mr. Golding ordered the Ministry of Agriculture to conduct an investigation and present him with a report.
Sole manufacturer affected
Meanwhile, the General Manager of the country's sole manufacturer of fertiliser Newport Fersan, John Allen said his company will have to revisit production plans in light of the Prime Minister's announcement.
"We will have to now revisit our investment in terms of our expansion plans, incidentally we intended to invest starting this year an additional half a billion dollars in addition to that one billion dollars that we have already invested in a very technologically improved plant in Jamaica. We are going to also revisit our productivity capacity," he said.
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