Businesses Urged to Make Use of US$2.4 Billion Earmarked for Post-Hurricane Melissa Reconstruction and Recovery

Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, says Jamaican businesses should position themselves to benefit from US$2.4 billion earmarked for private-sector participation in the country’s post-Hurricane Melissa reconstruction and recovery efforts.

Speaking at the regular meeting of the Montego Bay Chamber of Commerce and Industry, held at the National Commercial Bank (NCB) Fairview Financial Centre in St. James, on October 21, Mr. Hill said the allocation forms part of the US$6.5 billion in international financing being made available to support Jamaica’s recovery, and presents opportunities for businesses across several sectors.

“Out of that US$6.5 billion, US$2.4 billion of it must go through the private sector,” he informed.
Senator Hill implored business owners to examine how they could position their operations to participate in the rebuilding process.

He highlighted that the reconstruction programme would generate demand for services and goods outside the construction industry, including healthcare, food and transportation.

Mr. Hill further underscored that the Government’s fiscal management over the last decade had strengthened the island’s standing among international financial institutions. This, he stated, is what enabled Jamaica to garner significant support after the passage of Hurricane Melissa October last year.

He expressed optimism about Jamaica’s economic outlook, outlining that the next phase of the island’s development must be driven by growth and investment. “Growth means you have to invest,” the Minister said.

In his remarks, Chairman of the NCB Financial Group, Michael Lee-Chin, encouraged business owners to build enterprises that are able to sustain generational growth.

He pinpointed differentiation, customer relevance and reputation as three important pillars of long-term business success.

“It’s your differences that will determine your success. Your differences, not your [similarities],” he argued.

He said business owners should stay focused on meeting the needs of customers while fortifying the reputation of their enterprises.

Mr. Lee-Chin outlined that the same principles required to build successful businesses should also guide national development.

He encouraged members of the Chamber to use their business experience and leadership to play their part in the island’s long-term economic development.