Jamaica’s Growth Inducement Strategy (GIS), developed by the Planning Institute of Jamaica (PIOJ), is now available on the agency’s website for public viewing.
Speaking at the PIOJ's quarterly media briefing at the Institute’s New Kingston offices on Tuesday (November 20), Director General, Dr. Gladstone Hutchinson, advised that “significant work has been made in all of the critical areas” related to the strategy’s development.
The document, entitled: ‘Growth Inducement Strategy for Jamaica in the Short and Medium Term”, provides a strategic framework for robust economic growth and is aligned with the National Development Plan, Vision 2030 Jamaica, and Jamaica’s Medium Term Framework (MTF) for the 2009 to 2012 period.
Dr. Hutchinson said the strategy, which has been in development over the past two years, was pivotal in the crafting of the 2012/13 Budget, and “is playing a significant role in the International Monetary Fund (IMF) negotiations”.
It envisages reforms in a number of areas to be undertaken in two phases. The first phase, aimed at achieving “dynamic efficiency” in the economy will address matters such as: registering businesses; improving access to credit; enforcing contracts; promoting labour market reform; instituting a divestment/strategic investment framework, inclusive of a Public-Private-Partnership (PPP) Policy, and venture capital framework for promoting the incubation of ideas; and reducing bureaucracy, coupled with other fiscal reforms, including tax policy and customs administration.
This initial phase is expected to lay the foundation for the second phase, which will entail specific growth projects in strategically targeted sectors where Jamaica will seek to exploit its global competitive advantage, Dr. Hutchinson outlined.
The main areas of investment are: global logistics; shipping; tourism; agriculture; and business process outsourcing. These areas, the Director General added, will be supported by initiatives in research and development, and education and training, as well as new investments in infrastructure and energy.
He stated that these undertakings will have "significant" private sector participation, in terms of financing and development.
Dr. Hutchinson said that after two years of intense work, the PIOJ is satisfied that the outlined strategic framework "is the appropriate response to improving the dynamic efficiency of the economy, increasing domestic linkages, hardening the resilience of the built and natural environment; and, thereby, stabilizing our supply chain for goods and services…improving our global competitiveness…and achieving sustainable broad-based and inclusive growth."
He said the PIOJ is also convinced that the GIS and, by extension, the Government’s Medium Term Growth Programme, “is built on a solid foundation and is targeted in the right areas”.
“We are very pleased with the collaboration we have had across ministries, departments and agencies. And we are very pleased that we have gotten support from all of our international partners, including the World Bank, the European Union, the International Monetary Fund (IMF), (and) the Inter-American Development Bank (IDB), in their country strategy, because they recognize that the work that we are doing and how it is framed, is the work that is going to allow the Jamaican economy to turn itself around and achieve its promise, once and for all,” Dr. Hutchinson stated.
The Growth-Inducement Strategy for Jamaica in the Short and Medium Termcan be found at http://tinyurl.com/piojgrowth.