Jamaica News: Ground is scheduled to be broken in December 2018 for the Jamaica-Gansu special economic zone and industrial park in Nain, St. Elizabeth.
Minister without Portfolio in the Office of the Prime Minister, Hon. Mike Henry, made the disclosure while providing an update on the project in the House of Representatives on June 27.
Chinese entity, Jiuquan Iron and Steel Company (JISCO), plans to invest over US$3 billion to undertake the development in Nain, where it operates the JISCO Alpart alumina refinery.
The project, along with expansion works at JISCO, will bring overall investment of US$6 billion to the Jamaican economy and generate approximately 60,000 jobs.
Minister Henry said that the phased development of the park and economic zone is slated to get under way in January 2019 and rolled out over the next two to eight years.
He indicated that the timing of the project will be confirmed at the launch of the International Investment Conference and Expo in Dunhuang, China, in September.
A Framework Agreement for the undertaking was signed in February, and approval was granted by China’s Central Government and the Gansu Provincial Government in March.
“There is no question of the scale, the developmental scope and the economic imperatives of this project,” Mr. Henry said.
Features of the project include a high-technology zone, economic and trade zones for manufacturing and processing, expansion and modernising of the applicable port and rail logistics facilities, research and development parks, community development, as well as urban rejuvenation and growth.
The industrial park and special economic zone will focus mainly on fabrication, processing and assembly for export. The plans also include high-end industries and fabrication enterprises.
It will integrate six main functions – processing and manufacturing, modern logistics, international trade, research and development, professional services; and urban support.
Source: JIS News