Gov’t/Pv’t Sector Partnership must be Based on Trust – PM

Prime Minister, the Hon. Bruce Golding has re-emphasized the need for partnership between Government and the private sector that is based on trust and dedication to building the economy through the promotion and procurement of sustained investment.
“The kind of partnership that has to exist between the government and the private sector has to be one that doesn’t require documentation. It has to be one where there is an understanding between us as to what our separate roles are, and it has to be based on trust,” Mr. Golding stated at a Private sector Organisation of Jamaica members’ luncheon held at the Hilton Kingston Hotel on (Dec. 11). “You could prepare contracts and documents all you want. But if a businessman does not have a feeling that he can put his money on the line and know that the material conditions under which he took that investment decision will be sustained, protected and defended, and that there is not going to be any dramatic policy shift that will make what was a good investment turn bad (then) we will get a little investment here and there where people see an immediate advantage to be gained. However, the kind of long term commitment that is going to be reflected in hard investment, job creation, that kind of commitment, you are not going to be able to get,” the Prime Minister expounded.
Therefore, he pointed out, in addition to all of the physical particulars that are being worked out to foster and secure partnership with the private sector, of even greater importance is the creation of an atmosphere of trust. Mr. Golding said he is encouraged by the discussions that are taking place with a range of investors who are actively pursuing major projects in Jamaica. “I believe that next year is going to be a significant year in terms of the start up of some interesting new projects, many of them venturing into areas of business that we have not contemplated before, and many of which I think are capable of really putting Jamaica in the fast lane for investment and growth,” he disclosed.
Meanwhile, the Prime Minister informed that the administration’s first Cabinet retreat, which will be held in the third week of January, will be significant. This he said as the occasion will be used to consolidate into government policy, many of the decisions that have been arrived at in the course of deliberations that have been held with the various interest groups, arriving at a consensus around a number of strategic objectives and initiatives that are to be taken. This policy framework, he said, will help to guide the government into the new financial year and set the parameters for the 2008/09 budget. In addition, the three-day retreat will outline the broad economic development parameters for the next five years.