Jamaica's hub development seeing high expectations globally, says minister

Expectations for the development of Jamaica's global logistics and transshipment hub are high among stakeholders in the business and the trading community worldwide, according to industry, investment and commerce minister Anthony Hylton. Stakeholders deem the hub to be ''critically needed'' to ensure that trade ''moves as efficiently and effectively as it can'' across the region, Hylton added. The country is seen as ideally positioned for the establishment of the hub based on its location, midway between North and South America and in relative proximity to the Panama Canal. This sentiment resonated among stakeholders in Europe, Asia and Panama, with whom Hylton and members of the ministry have been meeting recently to discuss the matter, state news agency JIS reported. Development of the hub is slated to cost between US$8bn-10bn and is being spearheaded by the government in an effort to take advantage of the anticipated increased maritime activities, expected to be a result of the US$5.25bn expansion of the Panama Canal by 2015. The development involves dredging the Kingston Harbor, expanding the Port of Kingston, developing the Caymanas Economic Zone and establishing a dry dock facility.