Growth & Jobs | Long-term, tax-free benefits for investors in Caymanas SEZ
Potential investors/developers who decide to operate within the proposed Caymanas Special Economic Zone (SEZ) in St Catherine will enjoy tax-free benefits for an extended period.
This was disclosed by Minister of Industry, Investment and Commerce Senator Aubyn Hill, who said the Government is looking to attract interest in the development of the property as it seeks to get the Caymanas SEZ project started.
“They will get 50 years’ tax-free benefit – no taxes, no income tax for 50 years. In contract, by lease, you’ll get this wonderful piece of land,” he said.
https://jamaica-gleaner.com/article/...s-caymanas-sez
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Ready to invest
Businessmen looks to exploit opportunities at Caymanas Special Economic Zone
WHILE Jamaica continues to transform itself into a strategic destination point for logistics, delegates from the 2022 World Free Zones Organization Annual International Conference and Exhibition (AICE) gave Jamaica praise for the organisation of the event and economic opportunities from the expansion of its special economic zones (SEZs).
The delegates gave their comments last Thursday as part of a tour of the proposed 650-acre Caymanas SEZ and associated logistic points from the Kingston Freeport Terminal to Port Royal. The conference was held from June 13 to 17 at the Montego Bay Conference Centre.
“I visit this wonderful country, Jamaica. I love it,” said minister of economic development of state in Qintana Roo, Mexico, Rosa Elena Lozano Vazquez, on her impression of the country as she enjoyed a chicken patty.
Free zones are usually defined areas where goods can be stored and received with a reduction in associated fees by the local authorities. SEZs approved by the Jamaica Special Economic Zone Authority (JSEZA) benefit from asset tax, income tax and customs duty relief.
“It’s been very interesting. All the speakers, organisers, personalities and meeting with businesses. Jamaica is a strategic place for logistics and unites Mexico with other Caribbean islands. The economic free zone is very important for the people and economies of countries. Incentives are necessary for the attraction of investors,” she added on the relevance of free zones.
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US$452-million Kingston port modernisation project
US$452-million Kingston port modernisation project nearing completion
The US$452-million port modernisation project is moving towards completion in Kingston, and it is already remaking Jamaica's major port.
The Inter-American Development Bank (IDB), based in Washington DC, is providing two loans, amounting to US $215 million, while China Infrastructure Fund has given a loan commitment of US$50 million to Kingston Freeport Terminal Limited (KFTL) for the project to modernise the port of Kingston.
KFTL operates Kingston Container Terminal (KCT) under a 30-year lease concession to finance, expand, operate and maintain the port, which is one of the largest container and trans-shipment ports in the Caribbean.
The project is being executed in three phases of which Phase 1 is completed while Phase 2, which is almost complete, has already transformed the port of Kingston through a number of land and offshore developments. Phase 3 is about to begin.
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