Wants to join the ranks of Singapore, Rotterdam and Dubai
Jamaica is not making it a secret that the country wants to become the world’s fourth largest logistics hub after Singapore, Rotterdam and Dubai.
The government is currently looking for interested partners with cash to make it happen.
The Chairman of the Logistics and Investment Task Force, Dr. Eric Deans, said that the Jamaica Cabinet approved the logistics hub push and a task force to make it happen, called “Vision 2030.”
“We now have a clear strategic direction in which to transform the economy.”
The plan is also billed as “Jamaica, the place of choice to live, work, raise families and do business.”
Deans has also stated that a critical aspect of implementing the Logistics Hub is broadening the public-private partnership, especially in investment and financing.
“What this project is about is creating economic prosperity and using the logistics hub as the driver. But this will require quite a lot of coordination because our existing facilities need some amount of upgrading to improve their performance and it will also require, very critically, broadening the private sector participation,” he said.
Deans continues: “The trade opportunities are about to expand exponentially with the expansion of the Panama Canal, and also with the 2014 (FIFA) World Cup being held in Brazil and the Summer Olympics in 2016.
“There is a stimulus package of $880 billion by the Brazilian government to improve their infrastructure, which will result in quite a lot of movement of goods which we can tap into.”
Jamaica is highlighting some current advantages for using the country as a logistics hub.
There is already $26 billion worth of logistics-related activity that involves Jamaica. The country is in the middle of a potential market of 800 million people, and key to this are the US and Brazil, which can be easily reached and served from the island.
Jamaica’s geographic location is good for perishables and air transport since North and Latin American destinations can be accessed in less than six hours.
“From a maritime perspective, we can reach all the destinations in two to three days. That opens up the doors to the 600,000 manufacturers in China and the others in the Asia Pacific region to the Jamaican market in a very short and efficient way,” Deans said.
Jamaica says it is getting interest from America, China, France and other European and Asian countries.
Dr. Deans admits that, as of now, Jamaica´s logistics capabilities come in at 124 out of 155 on the Logistics Performance Index.
This post is also available in: Spanish