Investment Climate Continues to Improve – Minister Shaw

Industry, Commerce, Agriculture and Fisheries Minister, Hon. Audley Shaw, says Jamaica’s investment climate continues to improve, consequent on measures implemented over the last few years that have resulted in macroeconomic stability and ongoing improvements in growth.

“Our local investment is increasingly improved, and our leading investment promotion agency – Jamaica Promotions Corporation (JAMPRO) – can attest to the fact that investors are calling,” he said.

He was speaking at the PIOJ’s inaugural Growth Forum, which was held at the Terra Nova All-Suite Hotel in St. Andrew on Thursday (March 14), under the theme, ‘From Elusive to Inclusive Growth’.

Among the notable achievements, Mr. Shaw said, are estimated 1.8 per cent growth in 2018, representing the sixth consecutive year and 15th straight quarter of economic expansion; and a further 3.1 per cent reduction in unemployment, to 8.4 per cent as at July 2018.

He noted the pivotal role played by the PIOJ in supporting and helping to steer the country’s development.

“Our growth inducement strategy, established by the PIOJ, has helped to contextualise the scope of work and the areas in which this work is needed in order to bolster our position as a country, to grasp and maintain a handle on sustainable development,” the Minister said.

He noted that based on the positive out-turns recorded to date under the economic reform programme, “what is clear is that we must, as a Government, continue to create an enabling environment for individuals and businesses to strive and create wealth for themselves”.

In his remarks, PIOJ Director General, Dr. Wayne Henry, noted that the positive outcomes recorded to date have been achieved against the background of an ongoing economic programme aimed at restoring macroeconomic stability and setting the foundation “for meaningful growth to emerge and be sustained”. He cited among the achievements, ongoing debt reduction, projected to fall to 96 per cent by the end of the 2018/19 fiscal year, on March 31; modest inflation; and substantial net international reserves (NIR).

Dr. Henry noted that the country’s “excellent performance” is being recognised by international agencies that are tracking the performance of global economies.

“So, we commend the Government (and) the Opposition for the continuity (of policies and programmes), and all other stakeholders on the performance we have achieved. Today, we can say that macroeconomic stability has been entrenched,” he said.

Dr. Henry noted that “with this stronger foundation and continued efforts to sustain the gains that have been achieved, the country can now move to achieving economic independence”.

The occasion was also used to launch the PIOJ’s 2019 Growth Inducement Programme (GIP) Research Report, a collection of eight papers by researchers encompassing economic growth-related disciplines.

These include financial inclusion, tertiary education, labour market developments, and social interventions.