E-Malt.com News article: Jamaica: Government welcomes Red Stripe investment in cassava production

The Jamaican government said on October 29 that investment by local beer company Red Stripe in cassava production will provide a boost to the island's economy, Fox News reports.

Finance and Planning Minister Peter Phillips told reporters on October 29 that Red Stripe will invest J$10 million over the next five years to plant and cultivate cassava for the beer-making process, helping ensure "stability in the Jamaican economy."

He said the investment outlay by Red Stripe, the main local beer maker and a unit of multinational Diageo, is a product of the government's economic reforms.

"What we are seeing is the result of our efforts to reduce debt, and inspire confidence in the stability of the Jamaican economy," Phillips said.

The minister, who made a visit on October 28 to the southern coast, where Red Stripe has a plantation, said cassava production is evidence of an agricultural revolution in Jamaica.

In January 2014, Red Stripe signed an agreement with Jamaica's Agriculture Ministry to plant and cultivate up to 2,400 acres of cassava over five years.

The processing plant of Jamaica's most famous beer brand will begin cassava-based beer production in February, when the crops will be ready for harvesting.



31 October, 2014