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Minard Estate Farms is planning a pasture improvement project in order to improve productivity, output and profitability of its 1,600 acre farm. The estate is located at Browns’ Town in St. Ann and is operated by the Agro-Investment Corporation. The farm already has a wide range of developed facilities such as paddocks, troughs, water supply systems, internal roads, offices, store rooms, reservoirs and living quarters and requires little additional capital investment. However pasture development will result in the availability of better forage material will assist in meeting the key performance criteria of weaning calves between 400lbs and 420lbs.

At present, the estate utilizes a little over 750 acres for pastures with the remainder in ruinate and fallow lands. The project will be carried out in a number of phases, over a seven year period, resulting in a herd increase from 763 to 1,429 heads of cattle and to convert an average of 273 animals per annum to revenue, generating revenues averaging J$20.8M over the seven year period. The initial phase will involve the improvement of 100 acres of pasture. The next phases will see the gradual development of 600 acres of existing pastures to fair grazing pastures with good forage material.

Sector Strengths

Jamaica Agri-Business Potential

  • The government has been working to reduce the national food import bill and satisfy export demand for fine Jamaican produce. There is already strong demand internationally for Jamaican produce with food exports reaching US$274 million in 2012, an increase of 22.3% on the previous year[1]. The Jamaican agri-business sector has highly reputable produce, most notably Blue Mountain coffee and fine/flavoured cocoa, as well as bananas and sugar. However, the sector is becoming much more diversified. However, with large areas of fertile land, Jamaica has yet to reach its full potential in agricultural production.
  • The Jamaican market for beef has been growing considerably, primarily being supplied through imports. In 2012 approximately J$3.36 worth of beef products were imported into the country, a 23.7% increase on 2009[2]. Domestic demand has outstripped local supply capability and with Jamaica’s emphasis on self-sufficiency and sustainability in the food sector, there is considerable potential for this project.  

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[1]Jampro
[2] Statistical Institute of Jamaica/Jamaica Customs Department

Incentives

Investments in the agri-business sector are primarily supported by the Omnibus Tax Incentives Act, 2013. Provisions of the act include:

  • The Fiscal Incentives Act: This is targeted at small and medium size businesses and provides for the reduction of the effective corporate income tax rate by applying: An Employment Tax Credit (ETC) at a maximum value of 30%, and a Capital Allowance applicable to a broadened definition of industrial buildings
  • The Income Tax Relief (Large-Scale Projects and Pioneer Industries) Act: This is targeted at large-scale projects and/or pioneering projects and provides for an improved and more attractive rate for the Employers' Tax Credit (ETC). Projects to be designated either as large-scale or pioneer will be based on the decision of Parliament having been informed by an Economic Impact Assessment.
  • Revised Customs Tariff: This is targeted at the productive sectors and provides for the 0% duty on capital equipment and raw material.   Persons in Manufacturing, Tourism and Creative industries stand to benefit from duty free importation of industry-related consumer goods.
  • Revised Stamp Duty Act: This is targeted at the manufacturing sector and provides exemption from additional stamp duty on raw materials and non-consumer goods.
Agribusiness worker 
(annual labour cost  = unskilled production operative)
Electricity cost
The cost for electricity for industrial use per kWh
Water cost 
The cost for water for industrial use per cubic meter.
Gas cost 
The cost for gas for industrial use per cubic meter.
Telecom cost
The cost charged by a leading telecom operator for a 3 minute call to USA
Industrial space (Property) *
capital city – give name - The total cost of industrial space based on rental fees plus any taxes and/or service charge (per sq ft p.a.)
Office space (Property) * 
capital city – give name -The total cost of office space based on rental fees plus any taxes and/or service charge (per sq ft p.a.)
Social security contributions (employer) %
Statutory social security which companies must pay on top of salaries
Select fact file categories to add to export

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Indicators for Labour Costs

Data Point Value Units Year
Labour costs (minimum wage USD per month)1 219 US dollar per month 2015
Social security contributions (employer) %2 9 Percentage 2014

1 - World Bank Doing Business
2 - EY Worldwide Personal Tax Guide 2014/15

Indicators for Utility Costs

Data Point Value Units Year
Electricity cost1 286.6 US dollar per Megawatt per hours 2015
Water cost - The cost for water for industrial use per cubic meter2 0.99 US$/m3 2014
Telecom cost - The cost charged by a leading telecom operator for a 1 minute call to USA3 0.01 USD per minute 2013

1 - Climatescope
2 - Corporacion del acueducto y Acantarillado de Santo Domingo
3 - International Telecommunication Union - ITU

Indicators for Property Costs

Data Point Value Units Year
Industrial space (Property)1 96.8 USD per year/m2 2014
Office space (Property)2 183 USD 2014
Grade A office building costs3 141 USD/sq.ft. 2014
Industrial space building costs4 111 USD/sq.ft. 2014

1 - Cushman and Wakefield
2 - Cushman and Wakefield
3 - RLB - Rider Levett Bucknall (Caribbean Report)
4 - RLB - Rider Levett Bucknall (Caribbean Report)

Indicators for Taxes

Data Point Value Units Year
Top personal tax rate (%)1 25 Percentage 2015

1 - The Heritage Foundation

Indicators for Exports

Data Point Value Units Year
Agricultural raw materials exports (% of merchandise exports)1 0.1 Percentage 2014
Exports of food, beverages and tobacco (% of total goods exports)2 22.2 Percentage 2014
Exports of food, beverages and tobacco per capita2 115 US dollar 2014

1 - World Development Indicators
2 - Based on UN Comtrade database

Indicators for Size of Industry

Data Point Value Units Year
Agriculture, value added (annual % growth)1 -3.3 Percentage 2014
Agriculture, value added (% of GDP)2 7 Percentage 2014
Food production index2 106.1 Index (2004-2006 are the base of 100) 2013
Crop production index2 107.9 Index (2004-2006 are the base of 100) 2013
Cereal production2 2996 Metric tons 2013
Cereal yield2 1204 Kg per hectare 2013

1 - fDi Intelligence from the Financial Times based on World Development Indicators
2 - World Development Indicators

Indicators for Natural Resources

Data Point Value Units Year
Agricultural irrigated land (% of total agricultural land)1 6.9 Percentage 2010
Arable land (% of land area)1 11.1 Percentage 2013
Arable land1 120000 Hectares 2013
Forest area (% of land area)1 31 Percentage 2013
Forest area1 3362.6 Square kilometers 2012

1 - World Development Indicators

Indicators for Track Record

Data Point Value Units Year
Number of companies in beverages1 53 Number of companies 2016
Number of companies in food and tobacco1 210 Number of companies 2016

1 - fDi Intelligence from the Financial Times

18 Trafalgar Road,

Kingston 10,

Jamaica W.I.

Phone: 876-978-7755 ext 2225