Gov’t Fast-Tracking Reforms to Improve Ease of Doing Business
By: , October 26, 2016The Key Point:
Photo: Donald De La Haye
Prime Minister, the Most Hon. Andrew Holness (2nd right), addresses a retreat of the Ministry of Economic Growth and Job Creation held on Friday (October 21) at the Ministry’s offices in Kingston. He is flanked by (from left) Minister without Portfolio in the Ministry, Hon. Dr. Horace Chang; President of the Jamaica Free Zone Council, Metry Seaga; and Head of the Logistics Unit in the Ministry, Dr. Eric Deans. Mr. Holness used the retreat to encourage the speed-up of projects for the development of the logistics hub initiative.The Full Story
The Government is fast-tracking business, legal and tax reforms to align with international best practices in order to achieve inclusive and sustained growth.
Addressing a Ministry of Economic Growth and Job Creation Retreat on Friday, (October 21), Prime Minister, the Most Hon. Andrew Holness said the administration’s task is to improve the ease and speed of doing business.
“I cannot stress that anymore – the velocity of doing business. Jamaica has to comply with international rules and regulations, and so we try to ensure at all times our laws, systems and practices align with international rules and regulations,” Mr. Holness said.
On the matter of the Special Economic Zone (SEZ), Prime Minister Holness stressed his administration’s focus on the export market.
He said new and existing businesses will qualify for the SEZ based on their generation of exports and foreign exchange earnings.
“That’s primarily the reason behind it; it gives a greater level of efficiency and integration of services as well as facilitation around certain laws and regulations,” Mr. Holness said.
SEZs represent a wide variety of geographically demarcated areas that offer simple and efficient business regulations and procedures to investors.
These zones attract foreign direct investment, stimulate local investment, increase trade and create jobs.