Minister of Agriculture and Fisheries, Hon Pearnel Charles Jr, has said that among the major investment opportunities available in the agriculture and fisheries sector for overseas investors are the development of fruit tree orchards, and hay and aquaculture production.
Speaking during a Diplomatic Week event held at the Ministry of Foreign Affairs and Foreign Trade on Tuesday, February 28, the Agriculture and Fisheries Minister said that approximately 40 hectares (100 acres) of land in Nonsuch, St. Mary and another 24 hectares (60 acres) in Spring Plain, Clarendon are available for purchase for the cultivation of high demand fruits such as ackee, breadfruit and mango.
Charles Jr also outlined that the significant shortfall in the supply of hay in the current commercial market is an excellent opportunity for investors to capitalize on.
“The current supply is approximately 2,142 tonnes (102,375 bales) annually. In contrast, the potential demand is estimated at 409,500 bales, representing a shortfall in the market of 307,387 bales, which signifies a loss of more than a million US dollars in potential revenue,” he pointed out.
He adds that the high cost of commercial feed, coupled with frequent and prolonged droughts in Jamaica, has promoted the need for high-yielding, nutritious grass and hay for the cattle sub-sector. This, he says, presents an opportunity to meet the unmet demand for hay as well as provide a more cost-effective alternative to commercial feed concentrates.
Regarding the fisheries sector, the agriculture and fisheries minister noted that aquaculture production is experiencing a rebound since 2016, which presents significant opportunities for investment, especially through infrastructure development.
“It is expected that facilities (to) be constructed by the ministry, which includes a modernized hatchery, will help to provide improved brood stock for tilapia and facilitate the increase in seed stock production,” Charles Jr said.
“For investors who may be interested to get into that side of the market, we have been, for years, unable to tap into the demand for tilapia and that does not include export to the Caricom region where there is also an increase in demand.”
Charles Jr also spoke to investment in greenhouses as a very exciting investment opportunity for potential investors. He said the ministry is anticipating the formation of new partnerships and that it is prepared to have the necessary dialogue with resident and non-resident ambassadors and high commissioners regarding how they can support the sustainable development of food systems and maximize the contribution of overseas investors to local and regional food security.
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