Government Looks to Boost Investment Infrastructure

Jamaica’s government is claiming commitment to providing an enabling infrastructure for investment.

Shaw AudleyAccording to Agriculture and Fisheries Minister Audley Shaw, Jamaica is fast becoming the Caribbean’s poster child for fiscal prudence and economic growth, buoyed by a skilled and talented workforce with current and relevant legislative framework support established, as well as fledgling industries.

Speaking recently at the opening ceremony of the third staging of the Jamaica Investment Forum (JIF), the country’s premier investment event, which was held recently in Montego Bay, Shaw explained he is charged with micro-economic mobilization. He told the gathering of business leaders, investors, entrepreneurs and media that the Jamaica government has sought to build a strong and robust landscape in which businesses can thrive, recognizing that comprehensive and supportive business facilitation frameworks are essential for investments and business development.

PLATFORMS

According to Shaw, the government has begun to develop two complementary electronic platforms designed to allow the investment and exporting community a more efficient service.

“The National Business Portal will be the central point through which all investment projects are routed, giving access to all relevant public stakeholders and thereby providing transparency and government cohesion,” he said, “while the National Trade Portal will serve as a precursor to the Electronic Single Window, aimed at fast tracking information sharing, facilitating online application submissions and enabling back office interface among Government’s Border Regulatory Agencies.”

Shaw said the trade portal was approved by Cabinet in the 2017/18 budget under the Trade Facilitation Initiative. The World Bank is supporting both projects as part of its Foundations for Competitiveness and Growth Project.

POLICY

The minister explained that Jamaica’s move toward coordinating its development as a premier investment hub began with the forming of the National Investment Policy, approved for development by Cabinet in Feb. 2017.

“This pivotal blueprint is the overarching policy framework by which the government of Jamaica will attract and facilitate investments and will guide the development, administration and monitoring of the investment community, to ensure cohesion among all related initiatives, programs, incentive regimes and stakeholder contributions,” Shaw said.

 

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