Factories Corporation to Lead Naggo Head Technology Park Project

Jamaica News: tories Corporation of Jamaica (FCJ) will be leading the construction of the Naggo Head Technology Park in St. Catherine.

Cabinet, in September 2018, gave approval for a joint venture agreement between the FCJ and China Harbour Engineering Company (CHEC) for development of the facility on 34 acres of land in Portmore over a period of two years.

The development will be in close proximity to all required infrastructure and amenities.

Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Hon. Daryl Vaz, said that the project will focus on providing ready-made space for business process outsourcing (BPO) and for innovative small businesses.

It will also benefit from fiscal incentives under the Special Economic Zones Act, he said, during his contribution to the 2019/20 Sectoral Debate in the House of Representatives on July 16.

He said that the expected investment in the development is US$75 million.

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Turning to the Kingston Logistics Park (KLP), Minister Vaz said that investors will be able to access space via a range of commercial arrangements aligned to their needs.

These include long-term leases to develop their own facilities; leasing turnkey facilities designed according to client requirements; or enter joint venture arrangements with appropriate partners.

KLP is to be a marine-based industrial zone that is intended to tap into increased business coming through the expanded Panama Canal.

The project has an expected life of 50 years.

 

Source: JIS News

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