Gov’t Targets Growth Projects

Minister of Finance and the Public Service, Hon. Audley Shaw, says the Government has identified a number of strategic investment projects as it targets economic growth and job creation.

The projects, which will be given priority attention over the next two fiscal years include privatisation of the Kingston Container Terminal and Norman Manley International Airport, and road infrastructure and tourism developments.

Focus will also be placed on attracting investments in agro-parks, business process outsourcing, energy diversification, information communication technology, the creative industries and urban renewal.

Minister Shaw was addressing the Montego Bay Chamber of Commerce luncheon on June 15 at the Montego Bay Convention Centre, Rose Hall, St. James.

He noted that as the Government pursues economic growth and development, it is important that effective systems are put in place in the public sector to aggressively reduce waste and improve inefficiencies in Government operations.

The growth agenda, he said further, is supported by tax and pension reforms, fiscal accountability, public-sector transformation, and the control of inflation.

“Other core components of the growth agenda is the Government’s move to improve access to credit, in particular for the micro, small and medium-sized enterprises, streamlining of approvals and businesses registration, customs processes and legal processes and energy sector reforms,” Mr. Shaw noted.

“The Government must ensure that we create an enabling environment for private investors and we must demonstrate that the public sector is serious about the matter of providing services to the citizens of the country in an efficient and effective manner,” he pointed out.

He said that only a few days ago, an enhanced Public Investment Management System was launched to provide a common framework for the preparation, approval and management of public investments.

This, he pointed out, will ensure that projects that are aligned with Government’s development objectives and are fiscally responsible, are approved and prioritised for implementation.

“We expect that a more efficient and effectively functioning Public Investment Management System will support the promotion of economic growth and encourage capital formation for future investments, maximise the efficiency of public investments through better selection and management of investment expenditure, and the improvement of the quality of social and economic infrastructure in the country,” Mr. Shaw added.