special economic zones can provide boost to the Jamaican economy: Hill

Newly-elected Minister of Industry, Investment, and Commerce Aubyn Hill has stated that the special economic zones (SEZ) as a primary sector than can provide a well-needed boost to the Jamaican economy.

special economic zones can provide boost to the Jamaican economy: Hill

Newly-elected Minister of Industry, Investment, and Commerce Aubyn Hill has stated that the special economic zones (SEZ) as a primary sector than can provide a well-needed boost to the Jamaican economy.

While addressing the press launch of the 8th annual conference of the World Free Zones Organization (WFZO) at the Montego Bay Conference Centre on Thursday, Hill stated that Jamaica is looking ahead to hosting the event that will take place from June 13 to June 17 in the second city.
He said the event would push the country’s goal of attracting major opportunities to develop large-scale modern SEZs and attract investment in Jamaica by several multinational companies (MNCs) that will provide employment opportunities for Jamaicans.

He further said, “Our government is recognising Jamaica’s SEZ as one of the most significant facilities to promote our nation’s investment, drive job creation and, importantly, boost the wider economy via investments and training.”

While noting that Jamaica has in place an SEZ regime, Hill argued that the benefits projected under the arrangement include stimulation of widescale economic activities, mainly in new and growing sectors.

He further argued, “In the long term, it is expected that the Jamaican economy will be transformed to reflect a greater focus on efficiency, transparency and predictability,” adding that the COVID-19 pandemic has brought a great level of unpredictability within the economy.

He further added that, “We are trying our best to deliver a measure of predictability that investors and business people can say ‘yes, Jamaica is a destination that I should put my investment dollars.”