Prime Minister Andrew Holness, says the Factories Corporation of Jamaica (FCJ) is poised to close the 2017/18 fiscal year in a strong financial positon, with an out-turn of J$330 million.
This represents a significant turnaround in the entity's financial performance over a two-year period.
It has improved from a $90 million deficit at the end of the 2015/16 fiscal year to record a $209 million surplus for 2016/17.
During his 2018/19 Budget Debate presentation on Tuesday, Holness attributed the FCJ's turnaround to strengthening of the organisational structure and establishment of several critical departments, including Legal, Procurement, Project and Planning as well as Marketing and Communications.
Meanwhile, the Government has mandated the Factories Corporation to implement three projects to develop more than 1.5 million square feet of space over the next three to five years, which will be dedicated to commercial and industrial enterprises.
Among the engagements expected to be facilitated are agro-processing, business process outsourcing, manufacturing, distribution and warehousing.
The Prime Minster says 30 per cent of the space will be dedicated to small and medium-sized enterprises.
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