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Growth is Jamaica’s priority, Shaw tells UK bankers
Thursday, July 29, 2010
LONDON, England — Finance Minister Audley Shaw says the Government of Jamaica will be pushing hard to achieve healthy economic growth during the current financial year, now that the country has achieved macro-economic stability.
Addressing a group of influential financiers, business executives and investors at a business luncheon at the Reform Club in London yesterday, Shaw said the major emphasis would be on attracting new investment to the country, which will lay the foundation for economic growth.
 
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"We have taken some bold steps and succeeded in stabilising the economy. Now that we have economic stability, we have to go for growth. That is our priority and the significant feature going forward," he said.
Jamaica's macro-economic plan came in for plaudits from the group which included holders of Jamaican bonds on the European and global bond markets. They expressed satisfaction with the Government's progress to date and lauded the minister for the highly successful Jamaica Debt Exchange (JDX)
initiative which has brought about a significant reduction in the cost of the country's debt-servicing.
Minister Shaw also provided an update on the social and political situation in Jamaica, noting that the country was ripe for investment. He outlined several of the initiatives being pursued by his administration to ensure that Jamaica becomes more investment friendly, while challenging guests to explore and seize on the opportunities that exist in the tourism, agriculture and agro-processing and other sectors in the country.
Among the attendees at the luncheon, hosted by renowned banker and economist Geoffrey Bell were Alastair Bryce, global head of government coverage, HSBC; Marc Lewell, Debt Capital Markets Group, JP Morgan; Peter Charles, head of European Fixed Income Syndicate, Citigroup; Brian Quinn,
banking consultant and former director of the Bank of England; Jo Morris, Bluebay Asset Management; William Ledward, Franklin Templeton Investments; Silvia Montes, associate director, Canning House; Wilfred Emmanuel Jones, The Black Farmer; Neil Howard, managing director, New Jamaica Railway; David Jessop, executive director, The Caribbean Council; Dr Simon Harkin, head, South America Team, Americas Directorate, Foreign and Commonwealth Office; and Lord Gilbert Peer of the House of Lords.
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7/29/2010
If you want growth in the Jamaican economy and attract investments simply reduce or eliminate corp taxes. Lower the 100% plus custom duties on big ticket items to a high single digit and lower the crime rate crime. We tend to forget that there are other islands close by with zero corp taxes and very little unemployment . If we are not playing on the same level field or better we will not be able to attract the kind of INVESTORS the island needs. We have been in survival mode for 35 yrs.
7/29/2010
I see some commentators are upset at lower interest rates. Bring back "poor people gov't " and get high returns on deposits. Paid for by .....?
7/29/2010
@George watson. If you think the JDX and the IMF deal all came together in the few months during which they were discussed publicly, I have a bridge to sell you in Portmore. Real cheap, great cash flow.
Our Debt became a pyramid scheme more than a decade ago. To find a way out other than repaying everyone a fraction of what was owed or a total default is impressive.
7/29/2010
Jamaica recorded the second highest inflation rate and the sixth lowest estimated growth rate among 33 regional nations in 2009, according to ECLAC's Annual Statistical Yearbook.
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While this was happening Shaw was being praised for growing the economy...
Only in Jamaica can this charade be praised, much like the SOE where 4000 plus people detained and only 16 charged and it is be hailed as a success.
7/29/2010
these people need to make up their minds. what is it? crime reduction, tax collection or growth that is the priority? proiority means one.
7/29/2010
Shaw has done a remarkable job as Minister of Finance. Whilst imperfect, Shaw at least understands what an economy is all about - Omar Davis never could grasp that concept at all and in the process Davis de-industrialized Jamaica for the second time in thirty years.
7/29/2010
Mr Shaw,you might be doing a terrific job but you are operating in a vacuum.
In travelling there are so many people and organisations that I have come across who have expressed a strong desire for Jacan products and to be a part of enterprise there but the chief obstacle has always been crime in its many facets. Your govt. need to control crime in a sustained manner, your job would be so much easier.
For eg with terrorism increasing in asian countries like Indonesia why is Ja not benefitting?
7/29/2010
Minister Shaw is doing such a great job, yet we do not hear Jamaicans giving credit where it is due.There are individuals that are so political blinded that it does not matter how much is accomplished in fixing the economy they will never acknowledge it. But hisory will be the judge.
7/29/2010
People are trying to make out Mr. Shaw as some great economist. Nothing culd be further from the truth. Mr. Shaw is merely following some IMF template without a choice. For two years he floundered around without a clue, blindly following PNP policies while criticizing them.
Not that what he is doing is a bad thing, but one should also remember the JDX in which he just took away our money. This is something that the PNP could not even have thought about.
I prefer to call the JDX, ROD.
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