Minister of Industry, Investment and Commerce, Hon. Karl Samuda, has said that the government must move away from the watchdog approach in the regulation of the business sector, noting that rules need to be less stringent in order to allow businesses to thrive.
“We must trust business. We must begin to move away from the watchdog approach and the application of regulations…and rather, hedge on the level of trust. That would demand that we be more flexible and we reduce the level of surveillance in every single aspect of business,” the Minister said.
He was addressing the General Assembly of the National Export Strategy (NES) held on Wednesday (November 10) at the Terra Nova All-Suite Hotel in Kingston.
Minister Samuda said that through the NES, “those areas where we can have a relaxation of the regulatory mechanisms that frustrate business,” could be investigated.
Minister of Industry, Investment and Commerce, Hon. Karl Samuda, addresses the General Assembly of the National Export Strategy (NES), held on Wednesday (Nov. 10) at the Terra Nova All-Suite Hotel in Kingston.
He noted, however, that it is in the interest of businesses, to “do that which is right, in order to join the movement of trying to make our economy go forward and make their businesses succeed.”
The Minister in the meantime, called for more focus to be placed on the creative industries, noting that areas such as music, entertainment, film and sports, provide “great avenue” for expansion.
“Those are areas that have tremendous potential to earn foreign exchange and to heighten the sensitivities of the Diaspora and all that makes us culturally rich and gives us the brand that we have – Brand Jamaica,” he stated.
The NES is a unified initiative that seeks to maximise the export sector’s direct contribution to economic and social development.
The strategy provides a practical roadmap on how Jamaica can achieve increased levels of economic development by focusing its limited but valuable resources on developing export capacity in those sectors and areas in which the country has the greatest competitive advantage.
It also addresses cross-sectoral issues that need to be resolved in order to increase Jamaica’s competitiveness.
The NES was developed under the leadership of the Ministry of Industry, Investment and Commerce with contribution from a wide cross-section of the Jamaican export community and trade support. The strategy development and implementation is being managed jointly by JAMPRO and the Jamaica Exporters Association.
Wednesday’s general assembly brought together key implementing ministries, departments, agencies, industry associations, targeted donors and other stakeholders to discuss the progress of the strategy’s implementation as well as the priority industries, initiatives and critical success factors going forward.