Business

Jamaica to intensify efforts to improve on Doing Business Report — Vaz

Wednesday, November 01, 2017

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Chairman of the National Competitiveness Council (NCC) Daryl Vaz says the council will intensify efforts to get Jamaica in the top 10 of the Doing Business Report (DBR) by 2020, following just-released data that the country ranked 70 out of 190 countries in World Bank's 2018 Doing Business Report.

The 2018 ranking indicates that the country has slipped three places in the prestigious report, moving from the 67th position it held for 2017. Despite the decline in ranking, Jamaica was, however, lauded for its implementation of reforms which resulted in the country improving in the distance to frontier scores.

“We know that these reforms are important for Jamaica's economy to grow, for the country to attract more investment, and for our local entrepreneurs to be more productive,” Vaz, who is also minister without portfolio in the Ministry of Economic Growth and Job Creation, said in a press release.

“As chairman of the NCC, it is my view that as a body we must become more vigilant to ensure that Jamaica moves quickly in how it implements reforms, including the passing of critical legislation that can impact jobs and economic growth. In fact, we will be looking at what needs to be done to pass more reforms over the next two financial years, as we continue to intensify the NCC's strategy to get Jamaica in the top 10 of the DBR by 2020,” he continued.

Meanwhile, JAMPRO President Diane Edwards said that while Jamaica has increased the passing of business reforms, the country must improve the pace to remain competitive in the global economy, as countries continue to advance reforms to boost economic growth.

Edwards explained that while the country was improving gradually, Jamaica must accelerate the execution of reforms to guarantee that the country remains attractive for international and local investment.

“The competition for investment and economic growth globally is like a race; the countries that pass the most reforms in the shortest times will always benefit from positive exposure and economic growth. The report noted that Jamaica executed three reforms in the past year,” she said.

Notably, Jamaica is now fifth in the world with regard to the starting a business indicator due to advancements at the Companies Office of Jamaica, and also improved in the getting electricity and trading across border indicators.

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