KINGSTON, Jamaica — Jamaica Chamber of Commerce (JCC) said it strongly supports the call by the Minister of Finance and the Public Service, Dr Nigel Clarke, for dialogue ahead of any decision regarding the future of the Urban Renewal Incentive.

The organisation noted that it is indisputable that successful urban renewal initiatives act as vital drivers for economic growth, and that the approach, given Jamaica’s lack of success in this arena, cannot be to reduce inducements.

Instead, the JCC said it believes that to be successful the objective must be to increase or modify the existing regime to be more effective.

The chamber also noted that true urban renewal is only achieved when private capital believes that there is a sustainable regime for investment. It therefore asserted that involving the business sector in discussions would greatly aid any deliberations to determine the regime that will seek to engender such confidence.

According to the JCC, among the other inducements for investment in our city centres that should be considered is a commitment to maintaining basic infrastructure on a timely basis, streamlining decision making around development and the provision of municipal services, and heightened attention to public order and personal safety.

The JCC urged the minister to recall the dialogue that emanated regarding proposals to withdraw incentives for firms listing on the Junior Stock Exchange and the successful outcomes that resulted from the decision to maintain those incentives while improving the macro-economy and micro support.

The JCC said it stands ready to urgently engage on this important matter.