PM urges investment in construction projects to help speed up growth

Prime Minister Andrew Holness wants Jamaican investors to help to accelerate growth by placing funds now held in pension and insurance schemes into real investments that will create jobs.

Holness made the appeal today at the groundbreaking ceremony for a residential development being undertaken by Guardian Life Limited in New Kingston.

Holness acknowledges that many are questioning why there has not been a greater level of growth in the economy.

However, he says the government by itself will not be able to achieve the desired level of growth and it’s time for the private sector to step up.

Holness notes that the New Kingston area has been getting a few new investments in real estate and hotel construction.

However, he says there is room for more, particularly in the construction of business process outsourcing spaces and housing and hotel rooms.

Guardian Life Limited is building 238 residences at a property dubbed ‘The Hampshire’.

It will be targeted at the middle-income market.

The $6 billion investment is the company’s first real estate development project and is intended to speed up investment returns for the life insurance company.

The residential development will be done in two phases over three years on property owned by Guardian Life at Musgrave Avenue in Kingston.

Meanwhile, Prime Minister Holness is predicting that the new development projects in the New Kingston area will bring more attention from criminals, such as extortionists.

He notes that crime is a significant drag on the economy and investors.

However, he has urged investors not to be deterred, pledging the government’s support in the area of security.

He has invited the business community to work with the government and police force to develop a plan for the security of the business community.