Technology Minister Phillip Paulwell on Tuesday expressed "deep regret" at the decision of Solutrea to pull out of Jamaica.

Keith Walker, chief executive officer of Solutrea Jamaica Limited, said on Monday that the company's decision to withdraw was due to the recent controversy surrounding the granting of a mobile spectrum licence by the Ministry of Industry, Technology Energy and Commerce.

On Tuesday, Mr. Paulwell said in a statement that it was a huge loss to the country because it was predicted that, along with the $500 million the Government expected to receive for the licence, there was an expected investment of $2 billion for infrastructure and service roll-out.

National interest

The Technology Minister said care must be taken in how issues are dealt with while an attempt is made to be transparent.

"While we must ensure transparency and probity in the accommodation of investments, foreign and local, we must be careful not to behave in a manner inimical to the national interest," he said.

Mr. Paulwell said the withdrawal of Solutrea could throw a dark shadow over the Jamaican investment market.

"While we understand and appreciate the company's decision, we are saddened by the extent to which Jamaica's reputation as an investment location may have been impaired by the adversarial actions that predicated the withdrawal."