Lack of Information on Logistics Hub Affecting Investor Decision- Jarrett
Earl Jarrett, General Manager of the Jamaica National Building Society (JNBS), says that a lack of information on infrastructural projects being pursued by the government to position the country as the world’s fourth logistics hub is having a negative effect on investor decision.
“Upcoming projects currently being discussed will have a strong impact on the economy and the absence of information in Jamaica is having a negative effect on investors’ decision,” Mr. Jarrett said, noting that members of the Jamaican Diaspora, particularly in New York and Toronto, have a better perspective of the ongoing and upcoming infrastructural initiatives being pursued by government than Jamaicans, locally.
Jamaica National recently organised two fora in Toronto and New York, which featured presentations from Dr. the Hon. Omar Davies, Minister of Transport, Works and Housing; Professor Gordon Shirley, President and Chief Executive Officer designate of the Port Authority of Jamaica and Ivan Anderson, Managing Director of the National Road Operating and Constructing Company.
The presentations focused on the various ongoing and future port and maritime projects, as well as road infrastructure development initiatives, including the completion of Highway 2000, to position the country as an efficient transshipment hub in time for the completion of the Panama Canal in 2015.
“There is a need for us to consider some of the certain realities of the future: The highway infrastructure, where funds are already committed and the timeline in place for completion, and the impact this will have on the economy, for example reducing the time to travel to Ocho Rios, and the opportunities for development along the highway,” he said.
The JNBS General Manager added that there were also maritime projects proposed for Kingston and the expansion of the Kingston Harbour; as well as, the development off the coast of St. Catherine and Clarendon, which will also generate economic activities for investment.
“These are projects which will ultimately impact the economy; and, in the absence of full information, investors continue to make decisions with limited knowledge about the outcome of the projects and the effect they will have on government issued notes and bonds,” he affirmed.
He also noted that the inequities observed in Jamaican bonds could be the result of an information gap between market behavior and the realities of the projects now taking place.
“We invite Minister Davies and his team to share the same presentations they did with persons in the Diaspora with Jamaicans at home, so that we can all have more knowledge about the initiatives; and discuss them from a better perspective,” Mr. Jarrett said.