📷: Prime Minister, Andrew Holness, inspects a new Hyundai motor vehicle while Chief Executive Officer, Magna Motors Dealership (Jamaica), Erick Gutierrez (right) explains the features. Looking on is Transport and Mining Minister, Audley Shaw.

Government is making preparations for the transformation of the automotive industry, which will see the mainstreaming of electric vehicles in the local market.

Prime Minister Andrew Holness, said that the administration is moving very quickly to put in place the regulatory and legislative environment to support the development.

This he said includes facilitating the installation of the necessary infrastructure to accommodate the new technology.

He noted that it is projected that the global industry will transition from combustion engines to electric vehicle technology within the next 10 years as technology drives the evolution of the sector

He said the government is also looking at providing monetary incentives to encourage the market to move in this direction. 

The prime minister was speaking at the official launch of Magna Motors Dealership Limited’s, dealers for Hyundai, new state-of-the-art facility and seventh anniversary celebrations on Thursday at the entity’s Oxford Road address in St Andrew.

And Chief Executive Officer of Magna Motors, Erick Gutierrez, said while the Hyundai brand has enjoyed success in the Jamaican market, it is always seeking to improve on its performance. 

He said the company is poised to enter the driverless market.

Meanwhile, local businesspeople are being encouraged to look for opportunities in other countries, even as Jamaica continues to court international investments. 

Prime Minister Holness said the move will assist the country’s expansion into overseas markets.

He noted that investment by Jamaicans in other countries will also promote stronger relationships between the island and its partners.

This, the prime minister said, will secure mutually beneficial agreements for trade, encourage the exchange of knowledge, technology, trade cooperation and investment.

Prime Minister Holness said the government is leading in this regard, citing opportunities being looked at with the Dominican Republic as part of ongoing efforts to increase and diversify Jamaica’s investment portfolio.