JRC Chairman Ryan Parkes
By Halshane Burke
The Jamaica Railway Corporation has hailed a deal with Mineral Agency for Retail and Logistics (MARL) as a game changer in the quest for the revitalisation of the rail service.
The deal will see the Corporation's rail network being used for the movement of industrial minerals and aggregates for a period of 15 years.
It will come into effect by the end of June.
JRC Chairman Ryan Parkes says a number of other rail services are to be reintroduced, including the movement of passengers and goods.
"We believe that the movement of freight, expecially when you look at the various opportunities for export, it's going to be a very important ingredient towards Jamaica realising greater economic growth and development," he asserted.
Mr. Parkes said, though the deal is valued at about $33 million in the first year, the potential exists for upwards of $400 million in revenue after the first three years.
"It's scalable, because as the service gets off the ground and other private interests see the JRC as another alternative for the movement of cargo then those numbers can quite naturally increase. But for now, what we're looking at is a conservative estimate with the incredible potential for that to be scaled," he said.
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