PM Says Jamaica Should Improve Ranking in Doing Business Report Next Year

Photo: JIS Photographer Prime Minister, the Most Hon. Andrew Holness. (FILE)

Story Highlights

  • Prime Minister, the Most Hon. Andrew Holness, says he is expecting Jamaica to have an improved ranking in the World Bank’s Doing Business Report for next year.
  • Addressing the Sixth International Monetary Fund (IMF) High Level Caribbean Forum held at The Jamaica Pegasus hotel in New Kingston on Thursday (November 16), the Prime Minister said despite the fall in ranking, the report has recognised a number of reform programmes being undertaken to enhance the business climate in Jamaica.
  • The Doing Business Report is a yearly report, published by the World Bank, to measure business regulation, business reforms and their enforcement. The report pays special attention to regulations that will impact domestic small and medium-size companies.

Prime Minister, the Most Hon. Andrew Holness, says he is expecting Jamaica to have an improved ranking in the World Bank’s Doing Business Report for next year.

For the Doing Business Report 2018, Jamaica has fallen to 70th position, down from a ranking of 67th.

Addressing the Sixth International Monetary Fund (IMF) High Level Caribbean Forum held at The Jamaica Pegasus hotel in New Kingston on Thursday (November 16), the Prime Minister said despite the fall in ranking, the report has recognised a number of reform programmes being undertaken to enhance the business climate in Jamaica.

The Doing Business Report is a yearly report, published by the World Bank, to measure business regulation, business reforms and their enforcement. The report pays special attention to regulations that will impact domestic small and medium-size companies.

Mr. Holness noted that Jamaica was one of 34 countries whose economy improved the most across three or more ‘doing business’ topics in 2016/2017.

“We improved in starting a business. Jamaica made starting a business faster by reinstating next-day service for company incorporation. Jamaica improved reliability of electricity supply in Kingston by investing in the distribution network, through several initiatives, including the installation of smart metres and distribution automation switches,” Mr. Holness said.

Jamaica also reduced the time for documentary compliance for importing by implementing a web-based customs data management platform, ASYCUDA World.

The Prime Minister said the Government has already started to take several steps to improve Jamaica’s ranking in the report.

“A few days ago in our Senate, we passed the National Identification and Registration Act, which will establish a national civil registry and create a national identification system. This will significantly improve commerce, reduce identity aspect of transaction cost, and it will form the basis of creating a digital economy. We will see significant improvements in our ease of doing business index,” he emphasised.

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