Parliament

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Jamaica stands to benefit from a number of new investments, which the Government, through Jamaica Trade and Invest (JTI) will be pursuing during the current fiscal year.

"(Regarding) investment targets for the financial year 2008/09, Jamaica Trade and Invest targets $20 billion in investments, as well as 9,000 permanent and temporary jobs," said Industry, Investment, and Commerce Minister, Karl Samuda, in his contribution to the Sectoral Debate in the House of Representatives yesterday (May 13).

Mr. Samuda said that specific strategies have been formulated for each of the seven sectors in which JTI carries out direct intervention, which include tourism, the creative industries, information and communications technology, manufacturing, minerals, and agriculture.

Giving a breakdown of investment expenditure that JTI is working on now he cited US$3.1 billion for tourism; US$300 million for mining, and US$25 million in industry, specifically in printing.

Among the projects that will be pursued are the US$100 million Ocean Point luxury/heritage project and the US$8 billion Alcovia Project/Tranquility Cove Developments in St. Mary; the US$1 billion Negril Peninsula luxury mixed-use development; and the US$1.2 billion Amaterra 865-acre beachfront property development.

Additionally, the Minister informed that United States firm, Rinker Group, had signed an agreement with local bauxite and alumina company Jamalco and Chemical Lime, for port and raw material access "in support of plans to build a large scale quarry operation in Clarendon." The Rinker Group is one of the largest producers of building material in the United States.

Other projects, include the expansion of Vista Print, a specialist graphic design firm in the Montego Bay Freezone, which is intended to create 1,000 jobs, as well as the impending International Financial Centre, which is being guided by the Minister without Portfolio in the Ministry of Finance and the Public Service, Senator Don Wehby.

In the meantime, the Minister disclosed that JTI has facilitated "unprecedented investment capital expenditure inflows" of $22.3 billion as at the end of April 2008. The agency also exceeded by 277, its target of 7,000 jobs as at April 2008.

"So, when all of this is put together, Jamaica has a bright future in terms of our inflows of new investment, and capital formulation, and employment,"
Mr. Samuda said.

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