State Minister Highlights Importance of BPO Sector

State Minister in the Ministry of Finance and the Public Service, Hon. Fayval Williams, says the Business Process Outsourcing (BPO) sector has been playing a major role in boosting Jamaica’s economic growth.

Speaking recently at a BPO industry stakeholders’ breakfast in Montego Bay, the State Minister said the sector’s ability to provide sustainable jobs forms a major pillar of the Government’s economic growth and job creation plan.

She noted that the sector’s performance has also assisted in giving Jamaica a favourable macroeconomic outlook, which has given rise to an anticipated expansion in the economy over the medium term.

“We are seeing job growth, and even though we are the first to admit that the unemployment rate of 12.9 per cent is still too high, we know that the BPO sector can help Jamaica to get to very low levels of unemployment,” she added.

Mrs. Williams pointed out that the industry is on the cusp of major growth and expansion, and the support of the stakeholders is now even more important than ever.

Meanwhile, the State Minister told the BPO representatives that the 12.5 per cent corporate income tax being charged to the sector was part of a requirement under the current agreement with the International Monetary Fund (IMF).

She said that a commitment regarding a reduction or removal of the tax cannot be guaranteed over the next three years while Jamaica is in the current IMF agreement.

The State Minister said the Government remains committed to working with the BPO sector to find creative ways to accelerate the industry, build out space, ensure that human resource training is available, and ensure that there is ongoing and open communication at all levels.