Chinese Enterprises Drive Development of Jamaica's Construction Market in 2013

2014-01-06 562 0人评论
      Thanks to the implementation of government housing projects and growth in capital expenditure, Jamaica's construction industry stood on the verge of recovery in 2013, growing 1.7% year-on-year in the first nine months and reversing the 3.8% decline of 2012.

  Stuart, chairman of the Jamaica Masterbuilders Association, said the growth was mainly generated by international companies, with local Jamaican firms accounting for only 15%-20% of market share. The industry generally believes that Chinese enterprises are the main beneficiaries; for example, China Harbour Engineering Company undertook most of the work on Jamaica's North-South Highway project. At the same time, Chinese enterprises are no longer confined to projects funded by foreign investment and have begun bidding for and winning projects funded by local Jamaican capital.

  Stuart believes that the new year will bring more competition, but local participants will have fewer and fewer opportunities. However, Arc Systems, one of Jamaica's main suppliers of construction materials, said that although Chinese enterprises import large quantities of materials, they also purchase construction materials locally because the prices are suitable and foreign exchange risks can be avoided.

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