KINGSTON, Jamaica (JIS) –The Government is projecting that 170 jobs will come from investments of US$204 million in logistics and manufacturing during the current fiscal year.
Minister without portfolio in the Ministry of Economic Growth and Job Creation, Daryl Vaz, said investment of US$104 million is projected for logistics, which will see the creation of some 70 jobs across various subsectors, including airports and seaports, railway, transhipment infrastructure and dry-docking.
Vaz, who was making his contribution to the 2017/18 Sectoral Debate in the House of Representatives on Tuesday, said the expansion in logistics will be facilitated through the Special Economic Zone (SEZ) Regulations, which is being finalised.
He informed that phase one of the Logistics Industrial Analysis Master Plan has been completed, and phase two is expected in a few months.
In manufacturing, the projects to come on stream are expected to create capital expenditure of some US$100 million and create 100 jobs.
Minister Vaz told the House that the Government is having discussions with the Jamaica Manufacturers’ Association (JMA) to see how the Development Bank of Jamaica (DBJ) and the Factories Corporation of Jamaica (FCJ) can facilitate expansion of the sector, particularly with regard to the provision of needed factory space on favourable credit terms. Source: http://www.jamaicaobserver.com/latestnews/170_jobs_projected_from_US$204m_investment_in_logistics,_manufacturing?profile=1023
Following the acquisition of the Jamaica Broilers Ethanol Plant, local bunkering company West Indies Petroleum (WIP) is eyeing distribution of its fuel across the Caribbean.
WIP has signed an agreement with a multi billion-dollar global fuel supplier that will allow the company to meet the demands to trans-ship fuel regionally.
The partnership will also allow WIP to offer low-cost fuel to cruise and container shipping customers in Jamaica.
WIP has completely retrofitted the acquired ethanol plant to store gasoline, diesel and heavy fuel oil and has renamed the facility the West Indies Petroleum South Terminal.
“We are very excited about what we have done so far. We truly believe in our vision and feel it’s all now just within our reach. The entire team has put our hearts and souls into this company but still feel amazed, blessed and humbled by how much we have been able to achieve in such a short space of time,” CEO of West Indies Petroleum, Charles Chambers said in a release from the company.
Last week, WIP imported into its fleet a third fuel barge with storage capacity of 96,000 barrels. The company has also invested in a 65,000-barrel storage facility at the Ocho Rios Cruise Ship Terminal.
According to the company, the upgraded assets have positioned it to close large contracts with major cruise and container shipping lines as well as bauxite companies, energy companies and local manufacturers.
Overall, WIP sees itself as an important player in the Government’s logistic hub initiative.
“WIP has made a very bold step which has signalled a move to diversify Jamaica’s industrial base while attracting large-scale commodity traders. Having toured the WIP facilities, it is evident that the company adheres to very high standards of operation and it is impressive what they have done and will continue to do,” Head of the Jamaica Special Economic Zone Authority and architect of the logistics hub, Eric Deans, said.
According to WIP, the company now has more than 830,000 barrels of storage, making it the second largest owner of fuel storage on the island, behind Petrojam.
WIP expects its first shipment of approximately 400,000 barrels of fuel to arrive in Jamaica shortly. A host of dignitaries from Jamaica Customs, the JSEZA and various ministries will be present to witness the arrival.
Jamaica is taking steps to strengthen its trade environment as a way to improve the ease and ways of doing business and stimulate growth. In February 2015, Jamaica formed its National Committee on Trade Facilitation, known as the Trade Facilitation Task Force (TF2). During its first year, the Task Force had fruitful consultations with its members in the public and private sectors on how to increase trade facilitation in Jamaica. These consultations laid the foundation for the creation of a Trade Facilitation Project Plan, currently in use as a guide for the execution and monitoring of Jamaica’s trade-competitiveness activities. This Smart Lesson describes the establishment of the Task Force and the progress of the Project Plan— and shares key lessons learned along the way.