Samuda

In three months, a comprehensive plan for the proposed Caymanas Economic Free Zone (CEFZ), aimed at attracting potential investors, is expected to be completed.

Karl Samuda, Minister of Industry, Commerce and Investment during his post-sectoral debate press briefing held at Jamaica House on Wednesday, said a team from Jamaica Trade and Invest, led by its president, Robert Gregory, had been charged with the responsibility to compile the document that would be presented to investors as far away as the Far East.

A clear plan

"I am clear in my mind what I want this free zone to be," said Samuda.

He added, "This, we must put together, what we are going to market on this 500 acres of land."

Opening the sectoral debate on Tuesday, Samuda gave Parliament a glimpse of CEFZ, located near Ferry, St Catherine, off the Mandela Highway.

Potential investors

Samuda said he would next week be meeting with potential telecommunications investors in Sweden, seeking collaboration in establishing the economic free zone.

The meeting with the Swedes follows dialogue the minister has had with various investment groups such as the Chinese, the Russians, and interested parties in Dubai, the United States and local entities.

"(Thus far) the response has been overwhelming. We are selling an opportunity, a future to an investor, a government that is business friendly," Samuda said.

While the investment minister could not definitively state the dateline and cost for construction of the free zone, he said CEFZ would be a major foreign exchange earner for the country.

"The total cost has not been quantified, but we are talking in the billions for infrastructure and setting up the business," he said.

"It will be one of the greatest sources of employment and sources of foreign exchange," he added.

Samuda's dream of the free zone includes numerous industries and clusters in the areas of manufacturing, pharmaceutical, software, warehousing, food processing and other sub-sectors.