Building on a solid foundation: The way forward for Ja’s business portfolio
Tomorrow marks the beginning of the first full work week for the new Ministry of Industry, Commerce and Agriculture.
With this change comes a new period of governance and a different strategic approach for dealing with industry development of the agricultural sector and the business community. At this crossroad, we have a unique opportunity to reflect on the past and look to the future with a degree of optimism.
For me, this time of reflection is a chance to thank the agencies, departments and the staff at the former Ministry of Industry, Investment and Commerce for their work over the past four years. Together we have put in place important legislation, strong policies and laid the foundation for a more prosperous Jamaica, even as we pass the baton to the new Administration.
We have worked to position Jamaica as a global logistics hub, maximising on our geo-strategic location, natural harbours and our skilled English-speaking population. This thrust has impacted all areas of the ministry’s work, including the support offered to the micro, small and medium enterprise (MSME) sector, increased investment facilitation for manufacturing and logistics industries, and the modernisation of government business processes.
An objective look at the progress of the business portfolio will reveal that we now possess an improved business environment and are enjoying increased investment supported by a strengthened local business community.
In the 2014-2015 financial year, the ministry, through JAMPRO, facilitated $27.1 billion in capital expenditure, created 8,261 jobs, and facilitated US$225.5 million in export sales. Also, with our improved rankings in the major competitiveness indices, we have earned the moniker of being the best country to do business in the Caribbean.
This improved business environment was largely made possible through the hard work of the National Competitiveness Council. Initiatives such as the electronic registration of companies and business names, the establishment of filing centres across the island, and the implementation of a faster process for getting electricity are still being tracked by the council.
Indeed, what we have always worked towards is to make Jamaica the place of choice to do business, not just in the Caribbean and Latin America, but in the world.
We have implemented a National Outsourcing Strategy to create an additional 18,000 jobs by 2020 as the way forward for this critical industry. We have also implemented a revised National Export Strategy; established the Trade Facilitation Task Force to reduce the hassle associated with import and export; increased emphasis on using intellectual property protection to enhance our competitiveness as an investment location; hosted the first Jamaica Film Festival; and even reopened the once impossible scrap metal industry.
These achievements are not to be outdone by the work to strengthen the MSME sector. Today, we have a comprehensive MSME and Entrepreneurship Policy. We have travelled islandwide, via the Mobile Business Clinic, to build the capacity of our entrepreneurs and established the MSME Unit at the ministry to cater to the needs of the sector.
Importantly, these initiatives have been supported by the implementation of the secured transaction regime to increase access to credit for our entrepreneurs, and a new insolvency regime to encourage responsible risk-taking.
To increase the competitiveness of Jamaican businesses, goods and services, we have strengthened the National Quality Infrastructure. This we have achieved through the completion of the revised National Quality Policy, increased emphasis on accreditation and quality certification for the private sector, while separating the regulatory authority from the Bureau of Standards through the establishment of the National Compliance and Regulatory Authority.
Indeed, the recent announcement by the Bureau of Standards that it has received ISO certification of its business processes and management operations is a fitting culmination to years of hard work by the board and staff of the Bureau.
These achievements and more have been the work of the motivated staff across Government, under the policy guidance of the former Ministry of Industry, Investment and Commerce. The staff have truly brought the principles of joined-up government to life. And for this, I am grateful to have worked with them.
To the current minister of industry, commerce and agriculture, I hope that you will continue the work that has already begun. Before you are the immediate tasks of setting up operations for critical offices including the Special Economic Zone Authority and the Cannabis Licensing Authority, as provided by recent legislation.
Already, the interim regulations required for the Cannabis Licensing Authority to begin issuing licences are complete; the Cabinet has approved the plan to develop the Naggo Head Technology Park to provide work-ready space for business process outsourcing investors, which will result in more jobs for Jamaicans; the Medical Tourism Policy is in its consultation phase and the legislation required for Jamaica to compete to become the location for the Caricom Regional Patent Office is in its final stages.
Also, before the new Cabinet for its disposition is a proposal to access the unclaimed funds by individuals and corporations in banks and insurance companies in order to provide much needed credit to the MSME sector for productive purposes, including agriculture and the creative economy.
Indeed, a strong foundation has been laid but there remains much to be done.
Minister, I wish you every success in this portfolio even as you bring your own ideas and strategic priorities to this office. I implore the business community to show the same level of commitment and support that they have shown me while in office.
On my part, I stand ready to provide my time and expertise in any way possible to continue this work for the benefit of all Jamaica.
Anthony Hylton, MP, is the former minister of industry, investment and commerce.