More Positive News This Year on International Business Ranking – Hylton

Photo: JIS Photographer Industry, Investment and Commerce Minister, Hon. Anthony Hylton, addresses the launch of the Mona School of Business and Management’s inaugural conference on Wednesday (January 7), at the Western Jamaica Campus of the University of the West Indies (UWI) in Montego Bay, St. James.

Story Highlights

  • Jamaican can expect further improvements in its international business ranking this year, as result of continued moves by the Government to boost the business and investment climates.
  • Last year, Jamaica improved its ranking in the World Economic Forum's Global Competitiveness Report, moving up eight places to 86 out of 144 countries.
  • Jamaica also moved up 27 places from 85 to 58 in the World Bank’s Doing Business report, to become the Caribbean’s highest rank country in terms of ease of doing business.

Jamaican can expect further improvements in its international business ranking this year, as result of continued moves by the Government to boost the business and investment climates.

“Indeed, 2015 is the year of continuing change, and I implore you to watch out for more positive news on Jamaica’s international business ranking…it will come,” said Industry and Investment Minister, Hon. Anthony Hylton.

He was delivering the keynote address at the launch of the Mona School of Business and Management’s inaugural conference on Wednesday (January 7), at the Western Jamaica Campus of the University of the West Indies (UWI) in Montego Bay, St. James.

Last year, Jamaica improved its ranking in the World Economic Forum’s Global Competitiveness Report, moving up eight places to 86 out of 144 countries.

Jamaica also moved up 27 places from 85 to 58 in the World Bank’s Doing Business report, to become the Caribbean’s highest rank country in terms of ease of doing business.

Minister Hylton credited the country’s improved position in the international business indices to the systematic work being undertaken by Government.

These include implementation of the Security Interest and Personal Property Act and the Insolvency Act; launch of the super form to reduce the time to register a business; and introduction of capacity building initiatives such as JAMPRO’s Export-Max programme .

“We continue to push for legislation to enhance the protection of intellectual property,” Minister Hylton said.

He noted that some key reforms are underway such as establishment of the port community system and a Customs management system; implementation of a Single Electronic Window for Trade; and the establishment of an on-line platform for the registration of companies.

“These are not just to get businesses up and running but also to put them on the path of being market-driven, which are fundamental pillars to enable global competitiveness and sustainable growth,” he said.

The Industry Minister commended the National Competitiveness Council, which he chairs, for spearheading the work, which, he said, is being supported by representatives of the private sector and members of academia.

Minister Hylton said the work of the National Competitiveness Council will continue in coordinating the business environment reform agenda, which outlines the critical changes to be carried out.

He said that efforts must now be sustained to build on the gains that have been made.

“The ranking serves as a thermometer to monitor our progress and to point to areas where we need further improvements. However varying improved rankings are simply a means to ensuring that Jamaica is at the forefront in the race of global competitiveness and investor confidence,” he noted.

 

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