Damion Mitchell, News Coordinator - RadioExecutive chairman of the Sugar Industry Authority (SIA), Ambassador Derrick Heaven, says negotiations will begin within weeks, with investors who have expressed interest in assuming control of the island's sugar factories.
Expressions of interest have been made by groups from Brazil, Canada and India as well as the All-Island Jamaica Cane Farmers Association.
According to Ambassador Heaven, the Government is doing all that is necessary to have the negotiations being spearheaded by the National Investment Bank of Jamaica begin shortly.
"The extent of the assets on all the (sugar) estates need to be put together," Ambassador Heaven said Thursday on the radio programme 'Independent Talk' on Power 106 fm.
He added that, while there is currently an inventory of assets, more evaluation was needed, for example, on the acres of lands owned by Government's Sugar Company of Jamaica (SCJ).
Last year, Prime Minister P.J. Patterson announced that the Government would be willing to sell, for $1, the state-owned sugar factories operated by the SCJ.
two to close
He had said, however, that the investors must be able to operate the factories independent of Government assistance. Mr. Patterson had also announced that two of the five Government factories, Bernard Lodge and Long Pond, would be closed.
Meanwhile, Ambassador Heaven has indicated that increased financing opportunities may be coming for cane farmers.
"One is looking very seriously, and I think that one will see some results soon for the availability of more credit," he said.
This would coincide with the proposed price cut for sugar paid by the European Union (EU) to African, Caribbean and Pacific (ACP) countries.
The EU will, over a four-year period starting this year, reduce the price paid to ACP countries for sugar by 36 per cent.
As part of this new pricing regime the EU is expected to provide compensation to Jamaica and the other 17 ACP sugar-producing states.
But Ambassador Heaven is warning that the Government must also adjust the current taxation policy on agricultural production.
