KINGSTON, JAMAICA: “The Caymanas Special Economic Zone (CSEZ) is projected to become Jamaica’s premier special economic zone and the engine to attract major investment and drive the logistics-centred economic pillar of the Government’s long-term economic development strategy,” said Dr. Wayne Henry, director general of the Planning Institute of Jamaica (PIOJ), at the opening ceremony of JAMPRO’s Jamaica Investment Forum (JIF 2018) at the Montego Bay Convention Centre on Tuesday, June 12.

The term ‘special economic zone (SEZ)’ refers to designated geographical areas with special regulations that differ from general trade, tax and investment rules. The PIOJ, through its flagship Foundations for Competitiveness and Growth Project (FCGP), was a headline sponsor of JIF 2018, which ran from June 12-14. The FCGP has supported the development of Jamaica as the fourth node in global logistics through the work of its stakeholders, JAMPRO and the Development Bank of Jamaica (DBJ).

“JAMPRO has facilitated several business environment reforms, including the Special Economic Zone Act and regulations which were passed in 2017,” said Henry. “The passage of the Act and the accompanying regulations led to the establishment of the Jamaica Special Economic Zone Authority (JSEZA) to transform Jamaica from the free zone to the special economic zone regime.” Also, thanks to the DBJ, the FCGP has also developed the Jamaica Logistics Hub Initiative and Master Plan through a partnership with JSEZA. Henry said, “That Master Plan has identified potential investment opportunities of $US28 billion that is expected to create over 87,000 jobs.”

In addition to developing Jamaica as a logistics hub, the FCGP is supporting the implementation of AMANDA (Application Management and Data Automation) Public Portal II system for the submission of applications and payment for the development approvals. “This support is expected to dramatically reduce the timetable for onstruction permits to be approved,” said Henry, who explained that it is a focal point for Jamaica to enter the top 10 rankings in the World Bank’s Doing Business Report by 2020.

The FCGP has also disbursed billions in loans and grants to hundreds of SMEs through the DBJ and its approved financial institutions. Henry said his organisation is looking forward to increased investments coming out of the forum. “The PIOJ is pleased to be a headline sponsor of JAMPRO’s Jamaica Investment Forum (JIF 2018) and it provides a unique and invaluable opportunity to partner with game changers as we shape the Jamaica we want,” he said. JIF is Jamaica’s premier investment forum, held tri-annually since its inaugural staging in 2012.

The FCGP is a six-year Government of Jamaica project funded by a World Bank loan and is designed to provide support to the nation’s Growth Inducement Agenda. The PIOJ, in collaboration with the DBJ and JAMPRO, is implementing the project. Its objective is to strengthen Jamaica’s business environment for private sector investment.