← News Thu May 29, 2014 - 5:22 pm - 0 comments

Gov’t abandons bidding process for Caymanas Economic Zone


THE Government has abandoned the bidding process seeking investors for the proposed economic zone for Caymanas Estates in St Catherine.

Cabinet decided to change the concept for the economic free zone and has appointed two teams to guide the process, according to industry minister, Anthony Hylton.

Now, the project is to be called Caymanas Special Economic Zone (CSEZ) in order to comply with the decision of the World Trade Organisation (WTO) to phase out free zones by 2015.

“We have elected to transition from free zones to special economic zones, in keeping with the direction in which the world is moving,” said Hylton.

A policy steering committee (PSC) and an enterprise team set up to oversee the CSEZ are supposed to attract large-scale investments in specific value-added industries, as well as facilitate the participation of the micro, small and medium sized business sector through a cluster approach.

Published in the Jamaica Observer
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