| KINGSTON, May 12 (JIS): |
 Minister
of Development, Dr. Paul Robertson has lauded the Jamaica Promotions
(JAMPRO) Corporation, stating that the agency’s stellar performance
last year was in the film and music industry, with some 126 projects
facilitated, more than doubling the film expenditure target for the
period.He was making his opening presentation at the 2004/05 Sectoral Debate in Gordon House on Tuesday (May 12). Some $854 million in service inflows were spent through JAMPRO facilitated projects. This involved some 1,495 jobs or 95 per cent of target, Dr. Robertson pointed out. Dr. Robertson divulged that JAMPRO-assisted clients grew export sales over the past year in line with the 20 per cent target and that up to December 2003 large clients increased their exports by 16 per cent whilst the small and medium size enterprise (SME) clients propelled their export sales by 23 per cent. JAMPRO’s target sectors are information and communications technology, manufacturing, and leisure industries including tourism, film, music and entertainment. “We remain optimistic in forecasting manufacturing outcomes for investment,” the Minister said, adding, “this view is informed by the significant investments which agro processors, mining, chemical suppliers and printers continue to undertake through programmes including the modernization of industry programme”. He pointed out that in 2003, manufacturers spent approximately $2 billion on importing capital equipment to retool their plants, which although slightly down from the $2.6 billion in the previous year still represented significant retooling spending. “Based on our prospects, we forecast that manufacturing expansions will continue. In this regard, we expect the realization of various telecoms prepaid calling card manufacturing projects,” the Development Minister said. He informed that the sector continued to court prospects in the sauces, bakery, beverages (alcoholic and non alcoholic), recycling, plastics, construction, bedding/sleep systems, energy and rice production sub-sectors. Dr. Robertson said that as the surge of telecoms spending tapered off, tourism would regain its dominant position as an investment sector by 2005. He noted that pending investments in the industry, such as the Spanish hotel chain, was set to build 13 new hotels with 5,000 rooms, creating 10,000 new jobs; the Harmony Cove project which will build four five-star hotels; and the Cinnamon Hill development, which was already under construction in Rose Hall, Montego Bay and projected to generate $300 million in investment over its implementation period. Together, these investments are expected to place the country in the position to realize the targets under the Tourism Master Plan to construct 11,000 new rooms, and generate jobs and earnings. Direct employment is expected to move from 75,000 to 125,000 over a 10-year period. Dr. Robertson stated that, “At this particular juncture in the world tourist industry, these opportunities are beckoning and we have to seize them,” he said. |
