JIS News

Prime Minister, the Hon. Bruce Golding, says productivity in the manufacturing sector has taken a positive turn and is rising for the first time in many years. He made the observation following discussions with the President of the Jamaica Manufacturers’ Association, Mr. Omar Azan, this week.
At that meeting Mr. Golding pledged government’s support for the sector. “I have always been a believer in the manufacturing sector. There are some people who figure that we can never compete with China, but I do not accept that. We may not be able to compete with them in everything, but there are things that we can do and things that only we can do,” he said.
Addressing a Town Hall Meeting in May Pen, Clarendon, on September 23, the Prime Minister mentioned that part of the problem facing Jamaica’s manufacturers is that the cost of inputs is too high. He informed the audience that the government is doing everything possible to support the sector, especially those engaged in small businesses.
“The majority of people who have a job in Jamaica are employed to small businesses. They are what hold the economy together and we want to support them as much as possible, by facilitating access to funds and by providing institutional support. Many of them fail because they don’t fully understand how to run a business and how to manage money,” the Prime Minister said.
Mr. Golding announced that in supporting small businesses, the government is providing credit reporting arrangements that will enable owners to get money from banks. He said government is changing the law to allow banks to treat as collateral, things that they never accepted before. A significant amount of loan financing is also being provided through the Development Bank of Jamaica, and this is accessible through various financial institutions.

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