JIS News

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  • Deputy Director of the Directorate for Finance, Fiscal and Enterprise Affairs of the Organization for Economic Co-operation and Development (OECD), Rainer Geiger, has said that three main issues would dominate tomorrow's (March 11) Caribbean Rim Investment Conference at the Jamaica Conference Centre.
  • Mr. Geiger informed JIS News that three countries had participated in a pilot project designed to explore issues related to the business environment and their readiness for foreign direct investment (FDI).
  • He said coming out of these pilot exercises, which were seen to be necessary for a successful investment climate, the need for good policies were identified as critical, in terms of identifying gaps and deficiencies in actual policies.

Deputy Director of the Directorate for Finance, Fiscal and Enterprise Affairs of the Organization for Economic Co-operation and Development (OECD), Rainer Geiger, has said that three main issues would dominate tomorrow’s (March 11) Caribbean Rim Investment Conference at the Jamaica Conference Centre.

Mr. Geiger informed JIS News that three countries had participated in a pilot project designed to explore issues related to the business environment and their readiness for foreign direct investment (FDI).

He said coming out of these pilot exercises, which were seen to be necessary for a successful investment climate, the need for good policies were identified as critical, in terms of identifying gaps and deficiencies in actual policies.

Secondly, he said, there was the issue of effective investment promotion policies, which meant image building for the country. “So part of our exercise deals with image building, not just for the countries which have participated in the pilot project, but for the entire Caribbean,” he said.

The third aim was to arrive at a developed agenda. “We need to promote positive linkages between foreign investment and domestic enterprise development,” Mr. Geiger said, “and I feel that we are making progress on this major point of the agenda”.

Pat Francis, President of JAMPRO, Jamaica’s investment and export promotion agency, which facilitates and promotes the Conference, said Jamaica was part of the pilot group of countries which were chosen to begin the project with the OECD. “So we have already been through some of the analysis of our economy, our business environment, and our legislative reform agenda, and there is going to be a report presented at the conference on the findings of the consultants about the business environment here,” she said.

Mrs. Francis said from JAMPRO’s perspective, “the objective of the programme is to look at the business environment, to look at the inhibiting factors to a good business environment, the reform agenda that should come out of the analysis of where we are and therefore, what programmes we can begin to work with to be able to make our country more attractive for foreign investment”.

Continuing, Mr. Geiger said the conference was of vital importance for the project. “It’s the transition from analysis to action. We now have a pretty clear idea of the business environment of three pilot countries and we are now in a position to launch a reform agenda for these countries, but also draw lessons from these pilot exercises for future reviews,” he said.

“We intend to launch in this conference, business environment reviews for a new set of countries, including the Netherlands Antilles, Trinidad & Tobago, and Belize. We are also going to review the reform agenda for Columbia,” Mr. Geiger added.