Industry Ministry Being Restructured to Become Investment Gateway


The Ministry of Industry, Investment and Commerce, is being restructured to become the gateway for investments in the Jamaican economy.

Addressing the Meet the Ministers Power Breakfast Series staged by Strategic Corporate Interventions at the Jamaica Pegasus hotel in New Kingston on March 22, portfolio Minister, Hon. Anthony Hylton, said that business facilitation will be the first order of business, going forward.

“Improving the ease of business by making this Ministry the ‘one-stop shop’ to facilitate all business needs – from business registration to accessing business information and data, will be our focus,” he stated.

He said that a new structure will be put in place that can support the seamless integration of various agencies under the Ministry such as the Jamaica Business Development Corporation (JBDC), the Micro Investment Development Agency (MIDA), Jamaica Promotions Corporation (JAMPRO), and the Bureau of Standards Jamaica (BSJ).

He emphasised that while focusing on new idea generation, strategic planning and startup of new ventures, the “new structure will also include leveraging research and technical resources in the business schools and university departments.

With respect to the country’s premier investment promotions agency, JAMPRO, the Minister explained that the entity will be refocused on marketing export goods and services.

"JAMPRO and JBDC’s roles will be expanded to work with the Ministry of Foreign Affairs and Foreign Trade to establish markets in the Diaspora and beyond,” he declared.

He also advised that the Ministry and its agencies have started to “create policies that enable the private sector to undertake the investment effort needed to expand the domestic economy,” and that focus will be concentrated on removing the barriers to the development of industry and a sustained process of capital accumulation.

“JAMPRO will focus on investment packaging and a more focused strategy to target investors and secure investment commitments from the investor community, large and small, local and foreign,” he declared.

The Minister observed that conditions today demand that “we work in a different way, and in a disciplined way, to meet the challenges of a new era in the country’s development."

 

By Allan Brooks, JIS Reporter

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