Private sector must lead Jamaica’s economy – Minister

By Admin Wednesday December 18 2013 in Caribbean
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KINGSTON: The government of Jamaica has announced it will continue to encourage public private partnerships (PPP) as the island moves towards realizing its national development plan.

 

Minister of Industry, Investment and Commerce, Anthony Hylton, said that if Jamaica was to become a place to live, work, raise families and do business, as set out in Vision 2030, the economy must be transformed into one which is led by the private sector.

 

Hylton told a Private Sector Organization of Jamaica function that the PPP was a core strategy for driving investment and economic development and that the Portia Simpson-Miller government was advancing measures to reform the business environment and encourage investment.

 

He said recently passed legislation such as the Security Interest in Personal Property Act, and the Omnibus Incentive Act, as well as the proposed changes to the Insolvency Act, was intended to achieve that objective and “underscore government’s commitment to improving the business environment”.

 

Hylton said the recently launched micro, small and medium enterprise (MSME) and entrepreneurship policy recognizes the pivotal role of MSMEs in driving the expansion of the private sector and in job creation.

 

“This is crucial as the success of new ventures and the ability of new businesses to operate sustainably, depend in large measure on the competitiveness of the business environment,” he said, noting that when the Logistics Hub become operational, the success of the private sector would greatly depend on its ability to leverage economic power by partnering with global businesses and strengthening its ability to penetrate new markets.

 

Hylton said that the sector would be able to grow its market share in existing markets, and adhere to standards which will facilitate trading on every global platform.

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