Jamaica is Entering a New Era of Economic Transformation Fueled by Infrastructure and Long-Term Planning
Prime Minister the Most Honourable Dr. Andrew Holness says Jamaica is entering a new era of economic transformation driven by infrastructure, discipline, and long-term planning that is beginning to yield measurable results.
Prime Minister Holness was speaking on Monday (June 23) at the ribbon-cutting ceremony for the expanded Garmex Free Zone facility in Kingston, where Phase One of the redevelopment project has delivered 126,000 square feet of new industrial space across 17 enterprises in multiple sectors. The expansion includes mini warehouses for small and micro businesses, constructed at a cost of $1.1 billion, fully funded from the internal resources of the Factories Corporation of Jamaica (FCJ), without borrowing.
“In just over two years since these new facilities became operational, they have already generated more than $340 million in rental income. That is prudent public financial management, which leads to smart and sustainable development,” the Prime Minister noted.
Prime Minister Holness emphasized that the real value of this model lies in its ability to generate its own growth, using rental revenues to reinvest in future phases of expansion and industrial development.
“We are building for the future without taking from the future,” he said. “A self-financing government enterprise delivering quality infrastructure, creating jobs, and expanding economic opportunity, all without putting a strain on the taxpayer. That is the kind of governance we aim to institutionalize across the public sector.”
The Prime Minister underscored that this approach is part of a broader vision for economic modernization. He pointed to the recently completed Morant Bay Urban Centre and similar plans for Boundbrook in Portland, Salem in Ocho Rios, Negril, and Falmouth, all aimed at revitalizing local economies and creating a strong foundation for national development.
“We are creating the conditions to move Jamaica up the value chain,” he said. “From logistics and BPOs, we must now scale up to light manufacturing, tech-based production, design, and innovation. But that means not just buildings. We need roads, ports, telecommunications, energy, and housing to support these growing ecosystems.”
The Prime Minister described Jamaica as being at an inflection point, a moment where the country is beginning to see exponential returns on nearly a decade of investment and disciplined governance.
“For the last nine years, we have done the difficult, sometimes invisible, foundational work,” he said. “Now the results are beginning to spike in our economy, in national security, and our infrastructure. We are not just preparing for the future; we are shaping it.”
The Prime Minister reaffirmed the Government’s commitment to ensuring that development is both inclusive and sustainable and said the real measure of success will be how well Jamaica uses these gains to create opportunities and improve lives across the country.