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...says Chinese moving too slow
UNSATISFIED with the pace at which the Chinese investors are responding to the proposed development of the Kingston Port and Caymanas, Minister of Industry, Investment and Commerce Karl Samuda has taken to the United States and Europe to seek additional investors for the planned US$6-billion investment.
That trip has returned the promise of over 600 additional jobs in the Information and Communication Technology (ICT) sector by 2013.
Samuda said he had visited the US between September 22 and 25 this year in the hope of attracting investment in 'premium' areas of Kingston and St Catherine with the hope of spurring economic activity locally.
"You have heard me speak about this in the context of trying to attract investors from China, that process has been a little slower than we had hoped. So we took the decision that we would take the bull by the horn, so to speak, and we would become more aggressive from the level of Jampro, and not necessarily to engage an investing group from China only because we are not entirely satisfied with the outturn of the process that we had hoped by this would have materialised into something more concrete," Samuda said.
For over a year, Samuda has been trying to finalise investment deals with Chinese entrepreneurs to develop the port, the Kingston Freezone, the Tinson Pen lands and the Caymanas lands linking into Vernamfield. However, the pace of the development has been slower than expected because the Chinese, who have been approached to develop Caymanas lands have demanded the bulk of the lucrative main Kingston Port, according to ministry officials. This has stalled negotiations between the groups.
"This country cannot be put on hold while people speculate as to what is more attractive and what is more appropriate," Samuda said. "So we are going to be going out there in a more aggressive and dynamic way and I may be returning to China for the purpose of making direct contact with the investing community, as well as to have discussions here with companies that are now operating in Jamaica because they have expressed an interest in discussing it with us. But we are looking to create this kind of economic enterprise that will bring about real financial benefits to the country and the creation of jobs."
Samuda said his recently concluded mission to New York opened opportunities for investment in the ICT and manufacturing sectors in Jamaica. He said one multinational company with offices in Jamaica has promised over 600 new jobs by 2013 if the conditions for investment remain favourable.
One such company is Vista Print, which employs approximately 425 persons in Jamaica.
"We have been told by them based on their level of satisfaction with this destination, especially where they are on the north coast, they intend over the next three years to increase their employment workforce from 425 to about 800 which is a positive sign and we are very encouraged by the fact that they plan to spend some J$2.1 billion or US$25 million to expand their facilities in order to accommodate this increase in output," Samuda said.
Additionally, Teleperformance, a business processing outsourcing company with locations worldwide, including Jamaica, has also promised to employ more Jamaicans and is also examining the possibility of establishing operations in Kingston and southern St Catherine. "They too have expressed the intention to expand by some 300 employees over the next couple of years," Samuda said. "We are trying to steer them in the direction of Portmore and we have also explained to them the plans for Caymanas for the building out of ICT facilities," he said. "Those were very encouraging meetings and resulted in positive plans for the future for the creation of jobs and the investment of money in Jamaica."
Samuda said New York was chosen as a target for investment deals for Jamaica because of what it represents as the centre of financial activity in the US and as a potential partner in the further development of the Caymanas Enterprise area.
"We are seeking to establish a logistics facility and an economic zone that will see the unloading, re-assembling and transshipment of products to the United States, Central America, Latin America and the wider Caribbean. And simultaneously to utilise the lands at Caymanas to construct light manufacturing and assembling plants," Samuda said of the plans for the area.
"In the meanwhile, I must tell you that plans are well advanced for the establishment of a 200-acre investment opportunity for the local businesses. We have some 14 local business groups that have expressed interest and are willing to purchase lots and build out facilities, factories, stores, warehousing, light manufacturing. And within that will be the construction of a 40-acre informatics park where we will be seeking to expand the facilities available for the ICT sector."
Factories Corporation of Jamaica has been assigned the responsibility approved by the Cabinet for the development of those 200 acres.
http://www.jamaicaobserver.com/busin...stment_8031519
UNSATISFIED with the pace at which the Chinese investors are responding to the proposed development of the Kingston Port and Caymanas, Minister of Industry, Investment and Commerce Karl Samuda has taken to the United States and Europe to seek additional investors for the planned US$6-billion investment.
That trip has returned the promise of over 600 additional jobs in the Information and Communication Technology (ICT) sector by 2013.
Samuda said he had visited the US between September 22 and 25 this year in the hope of attracting investment in 'premium' areas of Kingston and St Catherine with the hope of spurring economic activity locally.
"You have heard me speak about this in the context of trying to attract investors from China, that process has been a little slower than we had hoped. So we took the decision that we would take the bull by the horn, so to speak, and we would become more aggressive from the level of Jampro, and not necessarily to engage an investing group from China only because we are not entirely satisfied with the outturn of the process that we had hoped by this would have materialised into something more concrete," Samuda said.
For over a year, Samuda has been trying to finalise investment deals with Chinese entrepreneurs to develop the port, the Kingston Freezone, the Tinson Pen lands and the Caymanas lands linking into Vernamfield. However, the pace of the development has been slower than expected because the Chinese, who have been approached to develop Caymanas lands have demanded the bulk of the lucrative main Kingston Port, according to ministry officials. This has stalled negotiations between the groups.
"This country cannot be put on hold while people speculate as to what is more attractive and what is more appropriate," Samuda said. "So we are going to be going out there in a more aggressive and dynamic way and I may be returning to China for the purpose of making direct contact with the investing community, as well as to have discussions here with companies that are now operating in Jamaica because they have expressed an interest in discussing it with us. But we are looking to create this kind of economic enterprise that will bring about real financial benefits to the country and the creation of jobs."
Samuda said his recently concluded mission to New York opened opportunities for investment in the ICT and manufacturing sectors in Jamaica. He said one multinational company with offices in Jamaica has promised over 600 new jobs by 2013 if the conditions for investment remain favourable.
One such company is Vista Print, which employs approximately 425 persons in Jamaica.
"We have been told by them based on their level of satisfaction with this destination, especially where they are on the north coast, they intend over the next three years to increase their employment workforce from 425 to about 800 which is a positive sign and we are very encouraged by the fact that they plan to spend some J$2.1 billion or US$25 million to expand their facilities in order to accommodate this increase in output," Samuda said.
Additionally, Teleperformance, a business processing outsourcing company with locations worldwide, including Jamaica, has also promised to employ more Jamaicans and is also examining the possibility of establishing operations in Kingston and southern St Catherine. "They too have expressed the intention to expand by some 300 employees over the next couple of years," Samuda said. "We are trying to steer them in the direction of Portmore and we have also explained to them the plans for Caymanas for the building out of ICT facilities," he said. "Those were very encouraging meetings and resulted in positive plans for the future for the creation of jobs and the investment of money in Jamaica."
Samuda said New York was chosen as a target for investment deals for Jamaica because of what it represents as the centre of financial activity in the US and as a potential partner in the further development of the Caymanas Enterprise area.
"We are seeking to establish a logistics facility and an economic zone that will see the unloading, re-assembling and transshipment of products to the United States, Central America, Latin America and the wider Caribbean. And simultaneously to utilise the lands at Caymanas to construct light manufacturing and assembling plants," Samuda said of the plans for the area.
"In the meanwhile, I must tell you that plans are well advanced for the establishment of a 200-acre investment opportunity for the local businesses. We have some 14 local business groups that have expressed interest and are willing to purchase lots and build out facilities, factories, stores, warehousing, light manufacturing. And within that will be the construction of a 40-acre informatics park where we will be seeking to expand the facilities available for the ICT sector."
Factories Corporation of Jamaica has been assigned the responsibility approved by the Cabinet for the development of those 200 acres.
http://www.jamaicaobserver.com/busin...stment_8031519
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