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JAM | Feb 3, 2023

Jamaican consortium encouraged to undertake Caymanas SEZ Development

/ Our Today

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Development will cost approximately US$200 million to undertake

Jamaican investors are invited to form a consortium to undertake the development of the proposed Caymanas Special Economic Zone (SEZ) in St Catherine.

The Zone will cost approximately US$200 million to be developed. Industry, Investment and Commerce Minister Senator Aubyn Hill stated that, while the Government is looking to foreigners for investments on this project, he wants to see “a Jamaican consortium or business firm put that money together [and] become the master developer”.

The Waterloo Road headquarters of the Jamaica Special Economic Zone Authority.

According to him, Jamaica has a wide spectrum of manufacturers, service creators, exporters, importers, and more, who may be able to undertake the development, “so I beg you, please find a consortium and take it on”. The Zone is located on 650 acres of land owned by the Urban Development Corporation and those persons who invest in the area will benefit from a renewable 50-year lease.

Investors will also enjoy tax-free benefits for an extended period. The Zone will be managed by the Port Authority of Jamaica and once completed, will provide employment opportunities for Jamaicans.

SEZs are created to facilitate rapid economic growth in a country by leveraging tax incentives as a way of attracting foreign investments and technological advancements.

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Aubyn Hill Caymanas Special Economic Zone SEZ St Catherine

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