Brazillian Ambassador to Jamaica, Cezar Amaral. - File Brazil is scouting for new investments in electricity generation and fertiliser manufacturing, as well as more opportunities in sugar and ethanol production.
Coimex, in the meantime, says it remains confident it will win the bid giving it control of Jamaica's failing state-run sugar factories.
Brazilian Ambassador Cezar Amaral said all sugar factories in Brazil generate their own electricity from sugar cane and almost all of them sell the excess to the national grid.
The same could be done in Jamaica, he said Monday, but refused to name the interested parties.
Similarly, the Brazilian diplomat said the by-products from sugar cane could be used to manufacture fertiliser for use in the agricultural sector.
That market remains open with only one supplier in the country. Price hikes in recent months have triggered calls from farmers for the production of cheaper fertiliser.
President of Coimex, Bernadette Coser de Orem, who is here on a visit, told Wednesday Business that her company had the resources to profitably transform the sugar industry, which is about $13 billion in debt and has accumulated losses of $8.3 billion.
Exploring possibilities
The team examining the sugar privatisation bids is expected to make a selection this month. Coser de Orem said she was confident her company would emerge the preferred choice.
"Our strategy is mainly concerned about logistics and trading opportunities," she told Wednesday Business. "Investing in sugar production here could bring us a stronger position inthe sugar market, so it's not only ethanol we do recognise that the ethanol seems to (represent the largest) market opportunity."
Ambassador Amaral said on Tuesday that Coimex was also exploring the possibilities for further investments.
"The choice of Jamaica was due to the fact that foreign investors need a very secure environment," he said. "The Government is competent and helps investors so they are confident of having chosen the best location for investment in the Caribbean."
