PM pushes investment initiatives
Published:Saturday | July 10, 2021 | 12:08 AMJudana Murphy/Gleaner Writer
Prime Minister Andrew Holness is urging local and international investors to transform idle properties across Jamaica into meaningful economic activities.
“Put together more deals and transactions with these properties that are just laying there, some giving cover for criminals, others becoming dump sites and others just sitting there rusting and rotting away,” he said in his keynote address during the groundbreaking ceremony of the new IMCA Jamaica (Caterpillar) corporate headquarters.
The heavy equipment company is the sole authorised dealer of Caterpillar, a leading manufacturer of construction and mining equipment.
The US$8 million headquarters will be located on 443-445 Spanish Town Road and will become the new home for sale and servicing.
The facility will also have an equipment exhibition patio, spare parts sales office, parts storage warehouse, equipment servicing, a repair workshop, loading and equipment wash bays, staff and customer parking and a lubricant tank farm.
Signal of confidence
Holness said the venture is set to employ 200 workers over the one-year construction period and 82 staff members for its permanent operations.
The prime minister reasoned that every groundbreaking was a signal of confidence in Jamaica’s strong recovery from the effects of COVID-19.
He said he was pleased that IMCA Jamaica had chosen to deepen its investment as Caterpillar has had a long and successful history in the country.
“I am optimistic that this project will be another industrial growth stimulating project for Jamaica as Caterpillar continues to bolster its presence,” Holness said, adding that the construction industry has been growing even amid the pandemic.
IMCA Jamaica Country Director Jose Sasso said the Dominican Republic company has served the market with machinery, equipment and power solutions for 76 years.
“The buildout of this new facility will help us in our mission to provide the best working environment for our employees and deliver solutions that exceed the expectations of our customers and stakeholders,” Sasso said, adding that the company is grateful for the opportunity to continue to contribute to the sustainable development of the Jamaican economy.
Meanwhile, ambassador of the Dominican Republic, Her Excellency Angie Martinez, asserted that since IMCA’s arrival in Jamaica in 2008, the company has consistently been able to provide 120 direct and indirect jobs.
“This investment in Jamaica is not an isolated one. We can see it through many sectors, such as construction, tourism, transportation, energy and agriculture,” she said.
The project will be financed by Sygnus Real Estate Finance (SRF).
In 2019, IMCA Jamaica and SRF commenced discussions to establish a project under which SRF would identify and acquire a suitable property for a new facility for IMCA.
Having completed the purchase, SRF has the responsibility to design, build-to-suit and deliver the 32,500 square foot facility.