Minister of Finance and the Public Service Audley Shaw is indicating that the horse racing industry can look forward to a well-needed fillip with the granting of appropriate duty-free waivers to import quality horses.

“I am prepared, as minister of finance, to provide appropriate waivers so that we can import more horses to improve the stock for the industry,” Shaw said while delivering the keynote address at the recent seventh Caribbean Gaming Show and Summit hosted by the Betting Gaming and Lotteries Commission at the Montego Bay Convention Centre.

“This would be a boost for the development of the industry as Jamaica is positioned to become a leading regional provider of training for jockeys and grooms.

“The industry will benefit from the importation of horses as this will lead to improvements in the quality of the local breeding stock.

“Having quality horses in Jamaica will ultimately lead to a better racing product, with more competitive and exciting races, thereby increasing the attraction of the sport,” the finance minister said.

Making reference to the divestment of Caymanas Track Limited to Supreme Ventures Limited, Shaw stated that already the Jamaica Racing Commission (JRC) is reporting a 30 per cent increase in revenue since the new operators took over. He said the injection of funds will create the platform for several development projects in the industry.

Shaw then announced that a Revolving Loan Fund is to be created to provide start-up capital to persons wanting to enter the industry. He also advised that a Stud Farm Development Fund is to be established to bolster the horse breeding section of the industry.

“We recognise that there cannot be a vibrant racing industry without a strong horse population with quality horses.

“Sustaining and advancing such an industry means having it properly capitalised, and providing the tools and synergies necessary for it to grow.”

The minister further disclosed that the Jamaica Racing Commission is in discussions with the authorities in St Lucia, who have expressed an interest in partnering with Jamaica’s local training schools, to provide certification and training for their industry workers and racing officials, as they position themselves to leverage the US$2.6-billion state-of-the-art racetrack development by the Chinese in that country.

“Work will also begin to improve the facilities of the laboratory at The University of the West Indies which handles drug testing for the horse racing industry, as it is positioned for full accreditation this year,” the minister said.