Prime Minister Andrew Holness said the Garmex Freezone Redevelopment and Expansion ceremony on Monday serves as a signal of the government and its partners’ collective ambition to position Jamaica as a global logistics, manufacturing and investment destination.

Holness said Garmex Freezone is a shining example of what can be achieved when public enterprise is powered by purpose and disciplined execution.

He revealed that in just over two years since the new facilities became operational, they have generated more than $340 million in rental income. “These revenues will be reinvested to finance additional phases of expansion; a self-financing government enterprise delivering quality infrastructure, creating jobs, and expanding economic opportunity, all without putting a strain on the taxpayer. That is the kind of governance we aim to institutionalise across the public sector. We are building for the future without taking from the future,” Holness added.

Holness announced that this generation of public enterprise will be a net contributor to the wealth of future generations. “Today’s ribbon cutting marks not only the formal opening of phase one but also the launching of phases two and three, which together will represent nearly half a million square feet of new commercial and industrial space. Phase two, at an estimated cost of $3.2 billion, will feature a new Marcus Garvey Drive entrance and a new headquarters for the Factories Corporation of Jamaica (FCJ). It will also include multi-level warehouse buildings. A modern high-rise commercial complex, and all of what we’re doing is catered to micro, small and medium-sized enterprises.”

In addition to standard commercial facilities, such as food outlets, medical centres, and banking services, Holness said the area is being positioned as a technology-friendly space.. “So, phase three will see the transformation of 5.7 acres of vacant greenfield land into 150,000 square feet of productive space at a cost of 1.5 billion dollars.”

He reported that contracts have already been signed and work is underway with an initial investment of over 240 billion dollars.

“These two phases combined [phase two and three] are projected to create up to 400 jobs in the construction phase and as many as 3,000 new permanent jobs across the campus over the next five years. This project reflects the government’s economic strategy in action. It embodies our commitment to catalysing the productivity of our people and our determination to build a modern, competitive economy. What is being built here is the infrastructure of prosperity,” Holness added.

History of Garmex Freezone

Holness highlighted that nearly five decades ago, the Garmex Freezone was established, and this over 50-year-old plant has been the cornerstone of industrial development in Jamaica. “It has become a catalyst for job creation, particularly in the 1980s and early ’90s, employing at its peak over 12,000 Jamaicans,” Holness said.

He outlined that many families in and around the corporate area can trace their household stability and upward mobility to the opportunities made available at Garmex Freezone. “Over the years, this complex has evolved to serve as a hub for manufacturing, logistics, warehousing, and even education and healthcare. Today, it is the most diverse free zone in Jamaica and the largest commercial and industrial complex on the island,” Holness said.