What are P3 Industries?
As part of the strategic direction of the Logistics Hub Initiative (LHI) and the Jamaica Special Economic Zone Authority it was determined that the development of Hub and Zones infrastructure must be targeted and are to serve more fundamental economic interests. Therefore, identifying those sectors that can provide a long-term competitive advantage for Jamaica should form the basis for identifying the Priority, Permitted and Prohibited Industries under the SEZ investment promotion strategy.
Through analysis of Jamaica’s investment trends and requirements (bearing in mind the growth potential identified through the trade flow analysis and demand forecasts), survey results from local and international investors, and SWOT and multi-criteria analyses, industry sectors and sub-sectors along with industry clusters are recommended for prioritization by the LHI. Related, recommendations are made on how best to improve logistics hub competitiveness in Jamaica with a focus on addressing institutional and regulatory improvements, industrial development, and promotion strategies that are in line with the LHI vision.
The commodities that may be of most interest to investors located in the JLHI are those with the highest trade flow volumes and values identified through this analysis (e.g., electric, water, space, and soil heaters; TV receivers; parts and accessory for motor vehicles) as well as intermediate products that may be imported to Jamaica for value-added activities (e.g., assembly of automobiles and motorcycles) and subsequently exported to the US and Latin American markets as finished products.
Key industries that are most suited to take advantage of Jamaica’s strategic position and capitalize on its comparative advantages include: