The Private Sector Organisation of Jamaica (PSOJ) and the Jamaica Manufacturers’ Association (JMA) have welcomed Finance Minister Audley Shaw’s national broadcast on the economic state of the nation and called for continued national reports as the global financial crisis continues.

“We are in serious times, and it is good that Government has spoken frankly,” said PSOJ president Chris Zacca, who added that the measures taken by the Government to mitigate a fallout in the financial sector were good. “Regular reports need to be done going forward,” Zacca contended.

“I fully agree with the minister’s communication effort and I hope that it will be done at least every two weeks,” JMA president Omar Azan concurred. “We must not be surprised by anything that happens.”

On Sunday, Shaw sought to allay fears about the possible impact that the world economic crisis could have on the island and reiterated measures taken by his Government to soften the effects.

Azan nonetheless urged the finance minister to provide an investment-friendly environment and speed up Government’s promised support to the productive sector.

“For us to get out of the hole we need to produce and stop trading paper,” the JMA president declared, while calling on the Government for the establishment of a Manufacturing and Construction Board to drive production, similar to the Tourist Board.

Shaw, in his address, said that production was the only way to successfully emerge from the current financial crisis gripping the world economies.

But the JMA head, while agreeing with Shaw, charged that the local productive sector has always been neglected with prominence given instead to tourism.

“There is duty-free concession on materials for building a hotel, but if you are building a factory full duties are paid,” he argued.

“You can’t grow an economy around one sector, everything needs to be linked,” said Azan.