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WiredJa Online News

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WiredJa Online News

 Finance minister sees merit in devalued J-dollar

 KINGSTON, Jamaica, Thursday August 21, 2014 –Finance and Planning Minister, Dr. Peter Phillips says Jamaica stands to benefit from several investment opportunities as a result of a devalued dollar.

The Finance Minister told the monthly meeting of the Rotary Club of New Kingston that there is tremendous potential for a “whole range of investment activity”, which was not previously possible because the Jamaican dollar was deemed “uncompetitive”.

He pointed to animal feed as one potential area, noting that “we (have been able to) move from a situation where there was no domestic…production from local root stock…to (a situation) now where there are thousands of acres of sorghum (and) corn, adding that cultivation of these crops “is becoming more competitive.”

Dr. Phillips also cited local production of cassava as a substitute for imported malt base products for use in the brewing of beer, pointing out that this “can result in (the creation of) thousands of agricultural and agro-processing jobs.”

 

 

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