Interest building in US$8b logistics hub - Hylton - Business - Jamaica Gleaner - Wednesday | December 26, 2012:
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Industry Minister Anthony Hylton
The Ministry of Industry Investment and Commerce, working with the Jamaica Chamber of Commerce, will be reaching out to businesses to brief them on the global logistics and trans-shipment hub project and opportunities for investment.
Industry Minister Anthony Hylton, who made the comment while addressing a luncheon meeting of the chamber, also said there were growing expectations for the hub and that international traders were waiting for Jamaica to deliver on the project.
Hylton has been to Europe, Asia and Panama to promote the hub project, whose various components Jamaica expects will cost a combined US$8 billion to US$10 billion to execute, he told the Jamaica Chamber of Commerce meeting in Kingston on December 18.
The country is positioning to take advantage of anticipated increased maritime activities expected to result from the expansion of the Panama Canal by 2015.
Hub projects include: dredging of the Kingston Harbour; expansion of the Port of Kingston; development of the Caymanas Economic Zone, a trans-shipment commodity port, and Vernamfield in Clarendon as an air-cargo and passenger facility; and establishment of a dry dock facility.
Development of the hub would make it the fourth such facility globally, along with those in Singapore; Dubai, United Arab Emirates; and Rotterdam, The Netherlands. Jamaica is touting, as a comparative advantage, its location in relative proximity to the Panama Canal and midway between North America and South America, as selling points for the logistics hub.
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