High energy costs no deterrent to some investors
KINGSTON, Jamaica, Wednesday February 29, 2012 – Despite high energy costs, Jamaica is still a viable destination for local and foreign investment.
This according to Minister of Industry, Investment and Commerce, Mr. Anthony Hylton, who is determined to attract such investments.
Mr. Hylton made it clear that his ministry will not be shying away from the fact that the country’s high energy costs was a hurdle for investors, and gave the assurance that government was committed to tackling the problem.
According to him there is a time table that must be followed. “We have to settle the liquefied natural gas issue shortly. That is a priority. That is the time table,” he said.
He made it clear that the liquefied natural gas was the best solution at present, and government was poised to make critical decisions in that area.
Mr. Hylton added that 380 megawatts of new power was expected to come on board, and noted that the investment from the Jamaica Public Service Company was present.
However, president of Jamaica Promotions Limited, Sancia Templer said there were some investors who did not focus on initial hurdles, but looked towards the economic benefits to be gained.
But while conceding that Jamaica will not be able to compete with countries like the Far East or China in terms of volumes and cost outputs, she stressed there were still possibilities for a manufacturing sector within the country.