Jamaica has to decide whether it is ready to cede control of sovereign assets to outside investors to achieve its ambition of becoming a global logistics hub, in the example of Singapore and Dubai, says British High Commissioner to Jamaica Asif Ahmad.
Jamaica wants to position itself to join Rotterdam, Dubai and Singapore as the fourth node in the international logistics chain – a project that it has been talking about for several years and across political administrations.
“Some conversations I have had here lead me to believe that there is ambition for Jamaica to become a mega-logistics hub,” said Ahmad. “These are visions of a Dubai or Singapore in the Caribbean. Is it possible? Can it be done? It would be easy for me to flatter everyone and say, of course,” he said.
However, Ahmad said Jamaica, unlike Dubai, does not have a royal cousin with deep oil pockets, while Singapore has deliberately expanded its land mass and has been open to migration.
He said Singapore has also invested in facilities that expatriates need for their families and work. In addition, it has an open attitude towards globalisation and has no protection policies for inefficient businesses.
“For Jamaica to follow the example of Singapore, it has to accept the notion that anyone can own the mega-logistics hub,” said Ahmad, while addressing the 14th regional investments and capital markets conference of the Jamaica Stock Exchange last Thursday. The conference ran from January 22-24.
“I do not think any company listed on the Jamaica Stock Exchange would want to take on the business risk on its own of building a mega hub in the hope of being successful,” he said.
The high commissioner said that in Britain, “our ports are operated by owners from Dubai, Hong Kong and beyond. Our flagship airports are owned by international consortia. Is Jamaica ready to cede this level of business sovereignty? This is not a question that I can answer. It is for Jamaicans to decide.”
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