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The first phase of the Caymanas Special Economic Zone, CSEZ, project will take four years to complete at a cost of $8 billion, Chairman of the Port Authority of Jamaica Alok Jain has said.
During construction, which will encompass 200 acres of the 700-acre property, some 500 direct jobs and 200 indirect jobs will be generated, said Jain at the launch of the project on Tuesday. The CSEZ will be the largest project ever undertaken by the Port Authority, he said.
The zone is a major component of Jamaica’s programme to transform itself into a global logistics hub, a years-long ambition transcending political administrations.
“We are laying the foundation for a new engine of economic growth for the Jamaican economy. We want to position Jamaica as the fourth global logistics node, the other three being Singapore, Dubai and Rotterdam,” said Jain, at the groundbreaking ceremony for the first phase of the CSEZ development.
The CSEZ project will be executed in three phases, the first being land preparation, in which the land would be raised by approximately two metres to prevent flooding; the second phase involves infrastructure works, including the installation of water, sewerage, electricity, drainage and telecommunications, all to withstand a 150-year event; and the third encompasses construction of commercial facilities ready for occupancy by investors.
Prime Minister Dr Andrew Holness said at the launch ceremony that the CSEZ represents another phase of Jamaica’s development as a shipping and logistics hub, which he described as a dream that’s now moving closer to reality.
He also disclosed that proceeds from the previously divestment of various assets of the Port Authority would be poured into further development of another 50 acres of the Caymanas property. Those monies will come from assets to be divested via the stock market and other means, the PM said.
The CSEZ project comes after improvements to the Port of Kingston to accommodate larger shipping vessels in tandem with the expansion of the Panama Canal, which is the main shipping route to the region.
“Over US$400 million was invested in the Kingston Harbour over five years. This included dredging the access channel, rebuilding Gordon Key, installing new terminal equipment, upgrading computer systems, and implementing a new security framework. The result: A modern terminal with a certified capacity of 3.2 million 20-foot equivalent tons,” Holness said. A 20-foot TEU refers to a standard shipping container.
Cargo volumes at the port have grown year-over-year since the initial round of investment was completed in 2020, surpassing 60 per cent growth by 2025, Holness said.
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