Business Leaders Looking Forward to 2025/26 Budget with Optimism

As the nation awaits the tabling of the 2025/26 Estimates of Expenditure on February 13, the business sector is optimistic of a strategic, forward-thinking Budget that addresses immediate challenges while laying the groundwork for sustainable, inclusive economic growth.

Speaking with JIS News, President of the Private Sector Organisation of Jamaica (PSOJ), Metry Seaga, who represents 1,890 members, says, “We are hopeful, and we are confident.”

He says the PSOJ expects fiscal responsibility to remain entrenched within the national Budget going forward.

“I think that the Government will do what’s right and they have been a part of that hard work, so I don’t think they’re going to do anything to mess that up,” he points out.

Besides that, the PSOJ President tells JIS News that private-sector members are bullish about how Jamaica can profit from the recent announcements coming out of the United States, noting that there are low-hanging fruits that the Government can take advantage of.

President of the Micro, Small, and Medium-sized Enterprise (MSME) Alliance, which represents 300,000 entities across the island, Antoinette Hamilton, says she expects that the Budget will reflect continued support for the sector.

“The annual Budget often includes initiatives for MSMEs,” she says, noting that last year’s $1.341-trillion Budget, themed ‘Leveraging Economic Stability in the People’s Interest’, was business-friendly.

She notes, however, that “there is still significant room for improvement” and the MSME Alliance expects to see transformative measures in the 2025/26 Budget.

“Small businesses are the heartbeat of any industry and the backbone of the economy,” she points out.

The wish list for MSMEs includes expanded access to low-interest financing, tax incentives for reinvestment and job creation, and subsidies for digital transformation.

The Alliance President emphasised the need for continued streamlining of business registration and compliance processes to reduce bureaucratic hurdles that often impede growth.

Prime Minister, Dr. the Most Hon. Andrew Holness, has announced the establishment of a Speed Task Force that will work to reduce bureaucracy and red tape as part of a broader strategy to foster a more efficient business environment and stimulate economic growth.

In the meantime, the Jamaica Manufacturers and Exporters Association (JMEA), which has a membership base of more than 400 companies across various subsector groups, is looking forward to measures to boost competitiveness in the manufacturing sector.

Among the key proposals is a reform of General Consumption Tax (GCT) to reflect payment on money collected and not invoice raised; greater support for renewable energy adoption by extending solar tax credits, currently available to residential households; and providing more affordable, quality factory space.

Access to affordable financing remains a top priority through lower interest rates on loans offered by commercial banks and expanded access to low-interest financing options tailored for smaller businesses.

There is also strong emphasis on workforce development and inclusion.

Businesses are calling for programmes that integrate marginalised groups, including persons with disabilities, at-risk youth, and residents of underserved communities.

This approach is seen as a win-win, further increasing employment while promoting social equity.

With an eye on global markets, both MSMEs and manufacturers are seeking government backing for training, trade facilitation, and grants to help Jamaican businesses compete on the international stage.