Holness Unveils New Energy Strategy at MJS Technology Park Launch

Prime Minister Andrew Holness recently addressed a gathering of business leaders at the MJS Technology Park in Spanish Town, where he announced an upcoming national energy strategy aimed at boosting investment in renewable energy. This announcement comes at a crucial time as manufacturers express concerns over high electricity costs that hinder their growth.

During the launch event, Holness emphasized the importance of reducing operating costs to revive Jamaica’s industrial ambitions. “We’ve already tackled several key barriers to investment, including macroeconomic stability and fiscal incentives,” he stated, highlighting the government’s commitment to creating a favorable business environment.

Tackling Energy Costs

Energy costs remain a significant issue for Jamaican manufacturers, with Holness acknowledging that Jamaica ranks among the highest in the region. “That’s the next step to attract more investments in renewable energy,” he said, promising that details of the new policy would be revealed shortly. The government has already taken steps to alleviate some of the burden, such as reducing the General Consumption Tax (GCT) on electricity bills and investing in prepaid metering systems to curb line losses.

However, many in the manufacturing sector feel these measures are not enough. Holness hinted that the new strategy would aim for a coordinated approach to renewable energy adoption, warning against a chaotic shift away from the national grid that could increase costs for those who remain dependent on it. “We don’t want a rapid migration from the grid that drives up costs for everyone else,” he cautioned.

Revitalizing Manufacturing

The MJS Technology Park, developed by businessman Michael Subratie, represents a significant investment in Jamaica’s manufacturing future. Located on the site of the former Ariguanabo textile factory, this US$50-million redevelopment project aims to restore investor confidence and repurpose idle government assets. Holness framed this initiative as part of a broader strategy to resuscitate Jamaica’s manufacturing base, stating, “We must get back into manufacturing.”

Subratie announced plans to expand the tech park by an additional 300,000 square feet, with 100,000 square feet earmarked for an international manufacturing business. “What we’re doing now is purpose-built development from the ground up,” he explained, indicating that the project is on track for launch within 18 to 22 months.

Community Impact

The revitalization of the tech park is not just about business; it’s also about community. Holness emphasized the importance of creating jobs and opportunities for local residents. The park currently houses seven tenants across 440,000 square feet, with local manufacturing company Honey Bun constructing what is described as its most advanced facility to date.

In a follow-up interview, Subratie mentioned that the revival of the neighboring railway service would facilitate the movement of goods, further enhancing the park’s operational efficiency. “We’re working closely with Jamaica Promotions Corporation (Jampro) to attract more investors,” he added.

Looking Ahead

As Jamaica prepares for a general election expected by September, the government’s focus on energy and manufacturing signals a commitment to economic growth. Holness’s upcoming energy strategy could be a game-changer for the country, addressing long-standing concerns about energy costs and paving the way for a more competitive manufacturing sector.

With the promise of new investments and a renewed focus on renewable energy, one can’t help but wonder: Will this be the turning point Jamaica needs to reclaim its industrial strength?