Momentum maintained on solidifying Singaporean assistance to Jamaica on special economic zone development

It is always gratifying to see one’s work in contributing to Jamaica’s national development take positive steps forward. Met Jamaican PM @andrewholnessjm, who is visiting Singapore for the first time today. We discussed possible cooperation in trade, infrastructure and urban planning. Jamaica is famous for its celebrities (sprinter Usain Bolt and musician Bob Marley), music, and beautiful beaches. But the

Share
Read more

What are Special Economic Zones?

Special economic zones (SEZ) are not a panacea for nation’s economic and developmental challenges. However, they are proven tools, if implemented correctly, to rapidly diversify a country’s industrial base, attract foreign direct investment (FDI), increase job creation and improve economic growth. Examples of such success range from Singapore, to  China (the factory of the world), to Ethiopia( the fastest growing

Share
Read more

Jamaica’s Special Economic Zones: Form, function, and model

The activities within the SEZs are aimed at fully integrating the Jamaican economy into the global production and distribution systems that rely on global value and supply chains. This complex and dynamic system, at the heart of globalization, places Jamaica at a critical intersection of global trade, investment and services. In a globalized environment companies face several conflicting demands simultaneously, for example there is an equal drive to both centralize and decentralize production and distribution. Additionally, companies must balance global and local demands at the same time in the sense of being able to produce and distribute worldwide but at the same time adjusting product specifications through postponement to meet the local taste of consumers through customization.

Share
Read more

Jamaica’s special economic zone framework designed to support private sector SEZ development

Greater involvement of the private sector in the development of zones reduces the burden placed on public resources and increases the efficiency of zones by allowing them to operate under market mechanisms. International experience reveals that a significant number of governments developed and managed zones have been less effective than their private counterparts. In order to facilitate private development of zones, an appropriate legal, regulatory and institutional framework should be in place. The Government’s main role would be to regulate economic zone activities, promote the zone regime, and aggressively identify, assemble, and make available land suitable for development through PPPs or JVs or private development.

Share
Read more

China’s Special Economic Zone experience… seven things Jamaica has learnt

The strategic and focused use of special economic zones (SEZs) as a development tool holds a special – pun intended – place in China’s story. And as Jamaica embarks on its own journey using its modernized SEZ framework, China’s journey holds valuable insights into the remarkable transformational power of SEZs.

Share
Read more

Is it time for Electronic Free Trade Zone?

The Executive Chairman of the Alibaba Group, Jack Ma, seems to think so. In his recent address at the St. Petersburg International Economic Forum he called for the establishment of online free trade zones. These e-hubs would be focused on increasing the participation of small business in global trade who due to their size often face challenges plugging into the global market place.

Share
Read more

Jamaica’s Global Logistics Hub: So Much More Than Ports

The simplest answer is that ports and airports, while very important, in the main facilitate trade and economic activity while the SEZs are the drivers of economic activity, economic development and wealth creation for the people of Jamaica.

Share
Read more