Durrant Pate/Contributor

Minister of Industry, Investment & Commerce, Senator Aubyn Hill is trumpeting the expansion taking place in local direct investments (LDIs) in Jamaica.

In a statement in the Upper House of Parliament on Friday, Hill pointed to the significance of LDIs, which he argues has a crucial role to play in the country’s economic development. He cited several local companies, which have invested in technology and operations, indicative of their commitment to enhancing capacity productivity and competitiveness.

He pointed to local distribution giant, Wisynco, which has invested J$11.63 billion expanding in the last two years, focusing on increasing production capacity, adding new facilities and modernising its operations.

This includes the implementation of advanced manufacturing technologies to boost efficiency and meet growing local market demand with a focus on exports.

Another entity cited was lighting and energy company, FosRich, which has expanded into the United States market, supplying infrastructural products for Minority Business Enterprise (MBE) projects across several states.

FosRich has obtained JA$900 million in financing to commence operations in Guyana, specifically targeting the expansion of its services in PVC manufacturing, transformer repairs, and the solar sector. 

A third company mentioned by Hill was building material supplier, Tank-Weld, which is making strides in enhancing its logistics capabilities and increasing manufacturing output by building out a new 200,000-square-foot warehouse at a cost of approximately US$20 million. 

He also cited Jamaica’s lone cement manufacturer, Caribbean Cement, which is investing US$16.5 million in projects to enhance its production capacity and operational efficiency and US$39,000 in training and human capital development.

Finally, the minister listed Mother’s Enterprises, which has launched a new café at the University Hospital of the West Indies (UHWI), marking a $30 million investment as part of its multimillion-dollar expansion plan.