JAMAICA IS accustomed to inflows of overseas investments, but local food distributor, the LASCO Group of Companies, will be expanding into the United Kingdom (U.K.) next year.
The company is constructing a factory in Plymouth, south-west England, to produce soy-based goods for the British market.
On Saturday night Lascelles Chin, LASCO's founder, chairman and chief executive officer, told employees that the move was spurred by the U.K.'s unwillingness to allow the importation of certain necessary ingredients of the 'nutritious' soy products.
'To satisfy the extensive market demand' for the soy products, the company has opted to take the product to U.K.-based Jamaicans and other West Indians by setting up operations there, he said to the delight of his audience that including 106 members of staff who were being awarded for serving the company for between seven and 15 years.
He was speaking during the LASCO Long Service Awards Ceremony at the Hilton Kingston Hotel, New Kingston. LASCO is this year celebrating its 15th anniversary.
FUNDING FROM THE BRITISH GOVERNMENT
The LASCO chairman noted that there are approximately 2.5 million Jamaicans living in the United Kingdom, in addition to a similar number of other West Indians.
According to Mr. Chin, the project, which is already under way, is being partially funded by 'quite a large grant' from the British Government.
"You might be interested to know that we only pay 4.5 per cent and the bank is lending us 90 per cent of our requirement," he added, though not disclosing the exact cost of the undertaking.
During his presentation, Mr. Chin also said he has learned a great deal from doing business in the U.K. and expressed a desire to share his experiences with the 'local authorities' in Jamaica. This, he said, would be in an effort to promote more local investment in Jamaica.
He said incentives for business, low interest rates and minimal red tape were issues that stood out.
