$717 Million to Strengthen Business Reforms

The Government will be spending $717 million on initiatives aimed at strengthening the business environment, to enhance private-sector investment.

The funding is earmarked under the Jamaica Business Environment Reforms Project, which is being implemented by the Planning Institute of Jamaica (PIOJ), Ministry of Industry, Investment and Commerce, Jamaica Promotions Corporation (JAMPRO) and the Development Bank of Jamaica (DBJ).

As contained in the 2024/25 Estimates of Expenditure, now before the House of Representatives, the funds will go towards completion of precursory activities and development of the Export Max market penetration plan, commencement and completion of the Jamaica Legal Information Portal and commencement and completion of the upgrading of the online filing portal for the Companies Office of Jamaica (COJ).

The Government also plans to prepare a proposal in support of drafting instructions for the repeal and replacement of the Trade Act, complete Phase II of the Jamaica Development Application portal and upgrade the Application Management and Data Automation (AMANDA) system from AMANDA v.6 to AMANDA v.7.

The funds will also be used to complete the digitisation of land-titling records and design, and develop and implement Phase 3B of the National Business Portal (NBP) intervention.

The Jamaica Business Environment Reforms Project is jointly funded by the Government of Jamaica and the International Bank for Reconstruction and Development (IBRD).

The project, which commenced in October 2021, is slated to conclude in March 2025 after one period of extension.