Capital Programmes Worth $1.32Bn to Be Implemented by FCJ

• For the fiscal year 2021/22, the Factories Corporation of Jamaica (FCJ), plans to implement capital programs valued at $1.32Bn.
• Under the program, the focus will be placed on the redevelopment of Garmex Free Zone Phase 1, which will involve the construction of four factory buildings, providing 90,000 square feet of commercial and industrial space; two mini-warehouses totaling 36,000 square feet, along with other infrastructure works.
• The focus will also be placed on the development of Garmex Free Zone Phase 2. This phase will see the upgrade and improvements of other facilities of the FCJ, to make them more attractive and supportive of micro, small and medium-sized enterprises (MSMEs).
• Construction of the Morant Bay Urban Development Centre, which will be undertaken via a joint venture agreement with China Harbour Engineering Company, will commence during the year. The Urban Centre will provide 492,000 square feet of office and commercial space and will favorably impact economic development and employment in the parish of St. Thomas.
• This project will provide existing and new businesses with the industrial space and necessary support facilities required to operate in the special economic zone to take advantage of benefits that will flow to them from working in the zone and make them more competitive externally. The benefits include tax-free rental income, employee tax credits, low corporate income tax, stamp and customs duty exemptions on import goods, among others.
• This will foster increased economic output and job creation which should enable a stronger recovery of the Jamaican economy.

(Source: JIS & NCBCM Research)