Cabinet Approves Growth Inducement Strategy

Cabinet has approved an interim framework document for a Growth Inducement Strategy of Jamaica in the short and medium terms.

This was disclosed by Minister with responsibility for Information, Telecommunications and Special Project, Hon. Daryl Vaz, at today's (February 23) post-Cabinet press briefing at Jamaica House.

Minister Vaz informed that the focal points of the strategy are job creation, income generation and increased production and exports, and are underpinned by the principles of co-ordination and harmonisation of programmes and fiscal consolidation and discipline.

"The guiding principles of the Growth Inducement Strategy include, inter alia, unleashing entrepreneurial dynamism by  unlocking latent wealth tied up in idle assets; social inclusion through community renewal, expanded self-agency and equity; and pro-active partnership between Government and private sector," he said.

He said that components of the Strategy, which are to be implemented in a time-bound manner over the short-term and the medium-term are: crime reduction (social inclusion); asset mobilisation (idle capital, labour and land); competitiveness (tax reform, energy, finance and skilled labour); business networks (clusters, micro, small and medium enterprises, linkages); built environment (infrastructure and housing); and urban-regional development (social inclusion).

Mr. Vaz  added that a revised action plan for the implementation of the strategy is to be considered by Cabinet at a later date.

CONTACT: CHRIS PATTERSON