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JIS News

President of Jamaica Promotions Corporation (JAMPRO), Pat Francis, has said that the mobilization of capital was essential for the survival and global competitiveness of small businesses in Jamaica.
“One of the biggest challenges that Jamaican companies face is the attraction of the right kind of capital to help to transform them into globally competitive companies, because today, competition is on our doorstep, whether you are producing for the local market or for the export market, its global competition . so if you are going to produce today, you have to produce at global standards,” she stated.
Mrs. Francis, who spoke to JIS News at the Jamaica Stock Exchange’s inaugural regional conference on Investments and the Capital Markets held recently at the Half Moon Conference Centre in Montego Bay, endorsed the meeting as a step in the right direction for the business community.
The conference “looked at all the issues surrounding how we are going to mobilize capital and JAMPRO has an interest in this, because this is the only way that our Jamaican companies will be able to take advantage of the opportunities available,” Mrs. Francis told JIS News.
She pointed out that JAMPRO’s main interest was to see the economy grow and to see Jamaican companies take advantage of foreign investment.
She however admitted that when compared to other countries, Jamaica fell short and so needed to do more to make financing more accessible. “I believe that in order to release some of the money that currently exist in the system to the people who need it, we need to change some laws and we need to modify some policies. While a lot of the work we have been doing is putting regulations in place to protect the money, we have not, on the other hand, been putting policies in place to allow some of that money to be released in a structured way”, she pointed out.
She expressed the hope that with the multiplicity of new opportunities now available for growth in business, the necessary capital or the financial power would be provided by government so more businesses could be empowered to participate effectively in the new global economy.