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12 major shipping lines, 2.8 million annual containers, and 400 international weekly flights. Jamaica’s investment promotion agency, JAMPRO, said companies can save 25 per cent on costs when setting up logistics facilities in Jamaica compared to markets such as Miami, due to labour and other variable cost savings.

Speaking at the same webinar, JAMPRO also noted that the search for a manager is soon to be launched for Caymanas Special Economic Zone, a planned logistics facility that has been in gestation for years.

“Ultimately, what the Government wants is a private company that understands management and marketing of international free zones and special economic zones to come in and manage that facility. We are excited about the potential that area holds for developing light industry,” said JAMPRO President Diane Edwards.

A special economic zone, or SEZ, is designed to incentivise trade and investment. SEZ operators in Jamaica get a concession on taxes, paying 12.5 per cent or half the 25 per cent corporate tax rate that normally applies, with the opportunity to reduce the concessionary rate to an effective tax rate of 7.5 per cent, said Edwards.

Government is being advised by multilateral donors on the plan to transform lands at Caymanas in St Catherine to a special zone, and international surveys on the efficacy and attractiveness of the project are now being analysed.

“We are coming close to the point of looking at a request for proposal, for a private-sector company to come in and develop that location,” said Edwards.