Gov’t Engaged In Initiatives To Boost Private Sector

Development Minister, Paul Robertson, has said the Government was engaged in a number of initiatives with overseas development partners to boost private sector growth.
In the meantime, emphasis will be placed on creating an environment for local entrepreneurs, by clearing bureaucratic hurdles, which constrained the development agenda, and “fetter the private sector, which is the engine of growth,” the Minister said.He was speaking yesterday (May 13) at a stake holder’s workshop on the development of the private sector, hosted by the Planning Institute of Jamaica (PIOJ), and the Delegation of the European Commission.
Mr. Robertson noted that there were a number of joint venture efforts in place to encourage growth, including the Jamaica Regulation, Legislation and Process Improvement Project, which aims to improve the business environment by working with the Government and its business facilitation agencies.
He also pointed to several initiatives, which his Ministry was working on, to improve public sector efficiency and stimulate the economy, such as the Jamaica Cluster Competitiveness Project, sponsored by the Jamaica Exporters Association and the United States Agency for International Development (USAID); the Caribbean Rim Investment Initiative and the National Export Strategy Project, which is designed to make Jamaica globally competitive.
The Development Minister noted that Government had also “refocused” collaborations with development partners, thereby encouraging private sector growth. Some programmes of note, being implemented in conjunction with the European Union are, a micro-financing initiative; the European business advisory service in association with the Jamaica Business Development Centre; a trade development project, being worked on with the Jamaica Promotions Agency (JAMPRO); and a small business credit scheme.
Pointing out that Jamaica had moved from being a mixed economy to a liberal one, Mr. Robertson stated, “we have come a long way. Price controls are things of the past, foreign exchange controls are things of the past and commodity controls are things of the past”. He contended that unlike in the past when it was difficult to access foreign exchange on the open market, the private sector was now able to transfer capital by electronic means and purchase foreign exchange at will. He further outlined that there were no long lists of requirements for importers, and that few restrictions were placed on those who were engaged in the export and import business. He referred to the fact that the Commodities Trading Board, which determined what could be imported and in what quantities, was no longer in existence.
In addition, Mr. Robertson said the Government has been attempting to include the private sector in the negotiations relating to the establishment of the Caribbean Single Market and Economy (CSME) as well as the Free Trade Areas of the Americas (FTAA), as “they are best able to articulate their concerns and to argue for concessions that would be most appropriate for their development and survival in this new dispensation”.