The Jamaican government has signed an agreement with China's Gansu Provincial government to develop a $6 billion industrial park and Special Economic Zone around the JISCO/ALPART alumina refinery in Nain, St Elizabeth so that they can generate optimum revenue from their bauxite reserves.
A press release from the Transport and Mining Ministry said the investment would be the first and largest in a foreign country by the Gansu provincial government.
"The size of the investment for this contemplated development is of major significance for both Jamaica and China, in that it is the largest investment ever contemplated in Jamaica and it’s the first overseas investment for Gansu Province," the release from the Mining Ministry stated.
Jamaica has the world’s fifth largest reserve of bauxite at 2 billion tonnes, one of the major revenue generating minerals in the country. Recently, the Alpart bauxite and alumina facility has restarted production under new ownership of China's Jiuquan Iron and Steel Group Co (Jisco), which could boost goods exports by 20 per cent in 2018. However, the government is planning to expand the industry further to develop a complete aluminium value chain based on their bauxite reserves. The development of the industrial park and special economic zone in Nain is aimed at moving Jamaica from exporting their raw materials to developing value added manufacturing and fabrication industries, beginning with the Bauxite Sector.
The Jamaican government's Mining Ministry has already assigned Minister with Portfolio in the Ministry of Economic Growth and Job Creation, Dr Horace Chang, to expedite the development of the industrial park project. The initial political, administrative and procedural activities will begin immediately so that the next phase of the development can be outlined during the both party meet in China in September.
The Framework Agreement on Thursday was signed by the Gansu vice Governor Huang Qiang and Mining Minister Mike Henry. The event was also witnessed by Prime Minister Andrew Holness who is committed to the objective. The Framework Agreement followed the Non-Binding Agreement of Intent (NAI) on September 21 last year, between Henry and Governor of Gansu Province, Tang Renjian in China.
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