AF/1456/21
KINGSTON, September 6 (JIS): Agro-Investment Corporation (Agro-Invest) is seeking interested persons to invest in more than 1,000 acres of land in Toll Gate, Clarendon, that have been reserved for a Mango Agro Park.
“Currently, we are trying to seek [local and] overseas investors as well, and the response, so far, has been great,” Marketing and Communications Manager at Agro-Invest, Alecia Brown-Forbes, told JIS News.
“We have received 16 solid applications that we can consider, but we are still seeking more overseas investors,” she noted.
Mrs. Brown-Forbes said that interested persons will be able to lease 50-acre plots and “if we see where persons are financially capable to manage more than 50 acres, then they can get more”.
The Toll Gate location allows for access to the highway for ease of transporting goods to the ports.
Mrs. Brown Forbes, in highlighting the features of the Mango Agro Park project said it provides for linkages to markets in the United States (US), Canada and the United Kingdom (UK).
“We have a business development department, which offers business planning and business development services, technical support and advice, local and international food-safety certification. We’re also getting an overseas investor to put in an approved hot-water system and we will be able to provide certified mango seedlings from Bodles to persons,” she noted.
Suitable locations for commercial mango production in Jamaica are in the parishes of St. Catherine, St. Elizabeth, Clarendon, and St. Thomas.
Information in the Ministry of Agriculture and Fisheries’ 2019 Mango Investment Profile, indicates that the markets with the greatest potential for local mango exports are the Netherlands, US, and the UK.
The US market has the highest demand potential for mango, which is the eighth most popular fruit in the world.The total untapped export potential of guava, mango, and mangosteen, fresh or dried, is valued at roughly US$2.3 billion. Jamaica’s total exports of mango for 2017 was 517,172 kilograms valued at US$907,788, with Canada being the largest importer of the fruit.
In terms of the viability of mango production, the 2019 report stated that “under favourable conditions, investors can expect a gross margin of 90 per cent in the 10th year and an annualised return on investment of 33.71 per cent”. It also noted that the internal rate of return assessed over a period of 10 years amounts to 44 per cent, with a positive net present value of $2.7 million. “[This] suggests that the investment is worthwhile using a 9.5 per cent discount rate,” the report indicated. For details on the Mango Agro Park Programme and to invest in mango farming, persons can visit agroinvest.gov.jm or call 876-923-0086.
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CONTACT: TWILA WHEELAN
