News from the OPM

Investments in Agriculture & Agro-processing Will Lead to Significant Economic Growth – PM Holness

Investments in Agriculture & Agro-processing Will Lead to Significant Economic Growth – PM Holness
The Most Hon Andrew Holness, Prime Minister with Minister of Industry Commerce, Agriculture and Fisheries, Hon Audley Shaw overseeing the production process at consolidated Serge Island Dairies plant in Linstead, Bogwalk on Tuesday, May 28, 2019.

Prime Minister Andrew Holness has underscored that significant economic value can be derived from investments in agriculture and agro-processing.

In that regard, the Prime Minister noted that the secret to rapid economic growth is to create more value in local agriculture.

“The real value to be created right away is in agriculture and agro-processing. That is where you can get immediate value creation. So when I hear of a $7 billion investment over the next five years and significant investments already made in addition to partnership with international companies of high repute to produce here locally using our local milk, then that is telling me that we are going to be creating over the next decade significant value and capacity in a local industry that is going to signal a higher rate of growth”, said Prime Minister Holness.

Prime Minister Holness was speaking yesterday (Tuesday, May 28) at the official launch of the consolidated Serge Island Dairies plant at Bogwalk, St Catherine.

Seprod purchased the dairy-processing factory in Bog Walk three years ago from Nestlé Jamaica, which ceased its manufacturing operations in the island. The Acquisition costs and upgrades amounted to $7 billion.

In the meantime, Prime Minister Holness encouraged the business community including entrepreneurs to invest in Jamaica.

“We need more business people to start taking more risks in this environment and the business people can be anyone. So I want to use this platform to encourage the seven billion dollar investment, seven hundred million dollar investment, the seventy million dollar investment, the seven million investment and seven hundred thousand investment – make the investment in Jamaica”, stated Prime Minister Holness.

The Prime Minister also commended SEPROD and the Mussons Group for their continued confidence in the Jamaican economy.

“It is not a small feat to place that level of capital at risk because ultimately that is what you’ve done, you’ve taken a big risk but you can afford to take that risk. So I’m very happy for the vote of confidence that is being made now by our investing community”, said Prime Minister Holness.