The SEZ Authority has embraced the sustainable development of SEZs as a means of “meeting the needs of the present generation without compromising the ability of future generations to meet their own needs. The Authority, therefore, uses the environmental, economic, and social components of Sustainability to assist the evaluation of SEZ Proposals.
The SEZ policy’s, Special Economic Zones – where globally competitive firms thrive, driving unprecedented growth and development for all in a logistics-centred Jamaican economy, is the vision statement that defines Jamaica’s SEZ Economic and Development Framework. The SEZs are meant not just to attract investments to Jamaica but to spur growth and development. However, the investment that result in growth and development must be the right fit, meaning they must follow the principles of SEZ Jamaica Development Framework which is based on the SEZ Jamaica principles of Sustain-a-Livity.
A socio-economic evaluation is required to estimate the benefits and costs of the project in national terms and including both quantified and non-quantified impacts. An important part of evaluating a project includes the need to address problems and constraints and considering possible alternative solutions.
The Authority needs to determine whether a proposed investment is in keeping with the overall developmental objectives of the Special Economic Zone Regime. This weighs the sustainability (economic, environment and social) of the proposed project by considering its contribution to Jamaica achieving:
The following provides some insight in the Authority’s review and evaluation in keeping with the Economic and Development Framework.
The Sustainable Development Goals are the blueprint to achieve a better and more sustainable future for all. They address the global challenges we face, including those related to poverty, inequality, climate, environmental degradation, prosperity, and peace and justice. The Goals interconnect and to leave no one behind, it is important that we achieve each Goal and target by 2030. Click on any specific Goal below to learn more about each issue.
The Authority also conducts an economic assessment and evaluation of the proposed projects. The economic assessment and analysis calculate the potential costs and assigns values to the anticipated benefits of a proposed SEZ project. This includes getting a clear understanding of the direct and indirect impacts of proposed projects and therefore includes environmental costs and benefits. The Authority is mandated to conduct a preliminary due diligence exercise concerning the applicant’s technical, financial and overall business capacity to undertake the proposed SEZ project together with its detailed technical economic feasibility study, that includes the business plan and financial analysis, that sets out, among other technical, economic, business and financial evaluations, all social mitigation measures and phased development and zoning plans as specified.
The overall economic assessment and analysis will determine the gross financial contribution made by a project to the economy in comparison to the value of the incentives that the government has foregone. This economic impact will measure the financial benefits from the investment, income, direct and indirect spending that the project will generate in the economy; to demonstrate the importance of the SEZ incentive to the prospective stakeholders; and to compare the relative impact and success of the project will have on the economy.