Local sugar industry seeing influx of new investors – Green

In what is reported to be a significant development, Minister of Agriculture, Fisheries and Mining, Floyd Green, has announced that Jamaica's sugar industry is attracting new investors, with a new company having already applied to operate in Clarendon.

Speaking on a TikTok live stream on Thursday night, Green said the industry has been "rightsized", and is now ripe for private sector investment.

"We actually have some new investors coming into sugar (industry)... I think there is an opportunity in our sugar industry now; very important, very good opportunity," Green said.

"I think our sugar industry has been rightsized," Green declared.

He said private sector leadership and sustainable practices are crucial for the industry's future success.

He added that a company has already applied to operate in Clarendon, and said the Government is working closely with them to bring plans for the sugar industry to fruition.

Sugarcane cultivation back in the 'good old days'.

"We have a company who've applied, and we're working through with them. They will operate in Clarendon, so look forward to that. That's the big news for this year," Green indicated.

The reported influx of new investors is expected to breathe new life into the sugar industry, which has faced major challenges over recent years.

In November of 2023, State Minister in the Ministry of Agriculture, Fisheries and Mining, Franklin Witter, told the annual conference of the Jamaica Association of Sugar Technologists (JAST) that the sugar industry had its fair share of challenges and issues that impact its income-earning potential.

The challenges included, among other things, issues surrounding the direct and indirect competition from refined sugar; artificial sweeteners and other sugar substitutes, which often are duty-free; and a limited opportunity for viable export markets.

To combat those issues, Witter said then that the sugar industry required an overhaul that must be rooted in a complete modernisation strategy.

Some of the activities that were to take place under the modernisation strategy, according to Witter, included a review of key legislation that supports the operation of the sugar industry.

The infusion of new cutting-edge technology and adoption of global best-practices for improved efficiency, to which increased focus on automation is a key aspect, were among the ongoing activities that the state minister announced as part of the modernisation strategy for the sector at the time.