Minister of Industry, Commerce, Agriculture and Fisheries (MICAF) Audley Shaw says that the response of the private sector to his ministry’s performance in setting an appropriate policy and legislative framework for business shows an overwhelming level of confidence.
Opening the 2018/19 Sectoral Debate in the House of Representatives yesterday at Gordon House, with the theme “Building Resilience, Securing Our Future”, the minister had this to say:
“This performance by the ministry, in setting the appropriate policy and legislative framework, has resonated well with the private sector. They have expressed an overwhelming level of confidence through investments in industry and agriculture, totalling over $29.9 billion throughout the 2016/17 financial year up to roughly March 2018, which are as follows:
• Lasco Manufacturing spent $130 million to expand its juice manufacturing business, with the aim of accessing the export market. They have also signalled their intention to enter the cannabis market.
• J Wray and Nephew has spent $780 million to improve its manufacturing capabilities and further increase its environmental and waste management systems.
• Seprod has invested $3 billion in the development of a state-of-the-art grain mill and another $5 billion in a new venture to develop local palm oil.
•Red Stripe has spent $2.3 billion in the expansion of its production lines, which now see it being able to meet its local and international demand for its products with LNG being the main energy source.
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