Monday, February 18, 2013

The Industry and Manufacturing sector of Jamaica

The Industry and Manufacturing sector of Jamaica

 Manufacturing contributes around 8.4% of Jamaica's GDP (2008). Key sectors in Jamaica's manufacturing industry include agro processing, light manufactures, rum, cement, metal, paper and chemical products. The sector employs about 6% of the population (2007). The Jamaican Government has several incentives in place to encourage new investment in the manufacturing sector. The Export Industry Encouragement Act offers ten years' income tax relief to qualifying firms, plus exemptions on duty for imported machinery and raw materials. Companies can also apply for income tax relief on profits and for exemption from import duties and licensing under the Jamaica Export Free Zone Act. Some of the main companies operational in Jamaica include Jamaica Fibreglass, Millwood Industries Ltd, Caldoors, Jamaica Producers Group LTD and Red Stripe Beer.

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