In a noteworthy development, Minister of Agriculture, Fisheries, and Mining, Floyd Green, has stated that Jamaica’s sugar industry is drawing new investors, with one company already applying to operate in Clarendon.
During a TikTok live stream on Thursday evening, Green shared that the industry has been “rightsized” and is now primed for private sector investment.
“We actually have some new investors coming into the sugar industry… I think there’s a real opportunity here now; it’s an important and exciting one,” Green stated.
“I believe our sugar industry has been rightsized,” he added.
He emphasized that private sector leadership and sustainable practices are essential for ensuring the future success of the industry. Green also mentioned that a company has already applied to operate in Clarendon, and the Government is working closely with them to bring plans for the sector to fruition, reported Loop News.
“We have a company that’s applied, and we’re working through the process with them. They will be operating in Clarendon, so expect to hear more about that. This is the big news for this year,” Green revealed.
The influx of new investors is expected to revitalize the sugar industry, which has faced significant challenges in recent years.
In November 2023, Franklin Witter, State Minister in the Ministry of Agriculture, Fisheries, and Mining, addressed the annual conference of the Jamaica Association of Sugar Technologists (JAST). He acknowledged the industry’s ongoing struggles, which include competition from refined sugar, artificial sweeteners, and other duty-free sugar substitutes, as well as limited opportunities in viable export markets.
To address these challenges, Witter explained that the industry required a comprehensive overhaul, grounded in a modernization strategy.
Key components of the modernization strategy, he said, included a review of essential legislation supporting the industry, the infusion of advanced technology, and the adoption of global best practices for greater efficiency—particularly an increased focus on automation. These efforts were highlighted by Witter as crucial for the sector’s revitalization.
