Private-sector stakeholders are being encouraged to seize growth opportunities in Jamaica.

Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, made the call while addressing the Private Sector Organisation of Jamaica (PSOJ) Partners’ Circle Meeting at the entity’s head office in Kingston on Friday (August 23).

He emphasised the potential for economic growth through strategic partnerships and innovative initiatives within Jamaica’s business landscape.

Senator Hill further highlighted the importance of leveraging local resources to stimulate economic development.

“Making houses is one of the things that we can do. You have the land or you can get the land from [the National Housing Trust] NHT, and if you build to the [specifications] and price point of the NHT, they will buy the houses off you,” he stated.

Senator Hill said the focus should be on scalable housing projects that can create employment opportunities and empower individuals to become homeowners.

In response to the Minister’s call for innovation in the housing sector, Managing Director, Caribbean Cement Company, Jorge Martinez Mora, shared insights into the entity’s US$50-million investment to expand production capacity by 25 to 30 per cent.

“Right now, the market is one million, and with this increased capacity, we’ll be able to cover [demand],” he said.

Mr. Mora further emphasised the need to train Jamaicans in cutting-edge building techniques, to meet the industry’s evolving demands, signalling a commitment to skills development within the workforce.

Meanwhile, Senator Hill underscored the untapped potential of crops that could yield significant economic rewards for Jamaica if they were treated as orchard crops.

He referred to food items such as breadfruit, avocado, ackee and mango, urging business owners to view these crops as viable commodities for economic growth.

Highlighting the need for enhanced security measures in agricultural operations, Minister Hill drew parallels between securing perishable goods, like mangoes, and protecting valuable assets in the business world.

In a notable example of government support for local businesses, he recalled a scenario where Lydford Mining Company bought equipment for US$2.4 million and got back US$500,000 in customs duties and fees waived, as a result of the Productive Input Relief (PIR).

As such, the Minister extended an invitation for manufacturers to explore similar cost-saving opportunities through customs duty waivers, emphasising the importance of maximising incentives to drive industry growth.

Senator Hill encouraged the PSOJ Partners’ Circle to explore collaborative ventures in Special Economic Zones (SEZs), particularly highlighting the Caymanas location in St. Catherine as a prime investment destination.

With significant tax benefits and government support for private-sector ventures in SEZs, he underscored the potential for creating a robust consortium of Jamaican businesses to capitalise on emerging opportunities.

PSOJ President, Metry Seaga, echoed Minister Hill’s sentiments, advocating for members to consider SEZ investments as a strategic pathway for expanding their businesses.

Mr. Seaga emphasised the Caymanas Economic Zone’s strategic advantage as an ideal SEZ location, due to its accessibility and infrastructure support.

By: Andrew Laidley JIS

The Bank of Jamaica (BOJ) has signalled to commercial banks and other deposit-taking institutions (DTIs) that interest rates are on a downward path.

For the first time since October 2022, the BOJ’s Monetary Policy Committee (MPC) has decided to cautiously ease its monetary policy stance.

Effective Wednesday (August 21), the Central Bank’s indicative policy interest rate was reduced by 25 basis points to 6.75 per cent per annum.

This reduction means that commercial banks and other DTIs could commence lowering the rates at which they offer loans and other lines of credit to consumers.

Speaking during the BOJ’s Quarterly Monetary Policy Report press conference at the Montego Bay Convention Centre on Wednesday (August 21), Governor, Richard Byles, noted that consumers started to benefit from its previous decision to increase market liquidity, adding that the policy rate reduction will continue that trend.

“Rates have started to come down already from June, and the policy rate reduction of 25 basis points is really a signal. In and of itself, it is not really such a material thing. A bank that has a deposit with us earning seven per cent yesterday is not likely to move that out in a rush because it went to 6.75 per cent. But it says to the banks and to the business community that [reducing interest rates] is the trend… so get ready,” he said.

Based on assessments coming out of meetings on August 16 and 19, the MPC determined that the current economic environment supports a cautious easing of the monetary policy stance.

The Committee also disclosed that there was a unanimous agreement to implement several key decisions aimed at promoting stability and growth in the Jamaican economy.

Other decisions which were made include plans to continue gradually reducing BOJ’s absorption of liquidity from DTIs through open-market operations.

The BOJ said the MPC’s previous decision in June 2024 to reduce liquidity absorption has already injected $20.5 billion into the system.

Rates have started to come down already from June, and the policy rate reduction of 25 basis points is really a signal

Additionally, efforts will be made to maintain relative stability in the foreign exchange market.

Following the last consumer price index report from the Statistical Institute of Jamaica (STATIN), inflation was found to be more anchored within the Bank’s four to six per cent target range, with annual headline inflation reported at 5.1 per cent in July 2024.

The MPC noted that inflation has consistently remained within the target range over the past five months.

Core inflation, excluding agricultural food products and fuel, was at 4.5 per cent in July 2024, indicating a gradual decrease in underlying inflation since the beginning of the year.

“Despite the impact of Hurricane Beryl, the MPC projects inflation to remain largely within the Bank’s target range over the next two years. Short-term forecasts indicate a temporary rise in inflation, primarily due to disruptions in agricultural supplies caused by the hurricane. However, the MPC expects inflation to return to the target range after this initial shock,” Governor Byles indicated.

Looking ahead, the BOJ said economic conditions appear favourable for maintaining low, stable and predictable inflation.

The MPC believes that domestic fiscal policy responses to the post-hurricane recovery efforts, along with the Bank’s monetary policy posture, will continue to support favourable economic conditions.

Domestic demand, wage pressures and inflation expectations are showing signs of moderation, aided by stable foreign exchange rates and international commodity prices.

The MPC emphasised that any future decisions regarding further interest rate reductions will be data-dependent.

The next policy decision announcement is scheduled for September 30.

By: Andrew Laidley JIS

Traveling across Jamaica has just been elevated to a new level of comfort, convenience, and safety with the introduction of JUTA Express powered by InterMetroOne. This premium bus and coach service, available through the InterMetroOne app, is set to revolutionize travel for both visitors to the island and locals alike, offering a seamless and luxurious way to navigate Jamaica’s main towns.

A Legacy of Excellence

The Jamaica Union of Travellers Association (J.U.T.A.) has been a cornerstone of Jamaican transportation since its inception in 1974. With chapters in major locations such as Mandeville, Portland, Montego Bay, Ocho Rios, Falmouth, Negril, and Lucea, J.U.T.A. boasts a fleet of over 6,500 vehicles, making it the largest transportation company in the Caribbean. Known for its superior customer service, safe and courteous operators, and exceptional staff, J.U.T.A. has set the standard in public transportation. Their commitment to excellence has earned them numerous awards and a sterling reputation among tourists, locals, and corporate clients alike.

Unmatched Comfort and Safety

At JUTA Express, powered by InterMetroOne, your safety and satisfaction are our top priorities. By partnering with J.U.T.A. we ensure that every journey is handled by professional and dedicated operators who are committed to your well-being. From the moment you board until you reach your destination, you can rest assured that we have your comfort and security covered.

Comprehensive Services

JUTA Express offers a broad range of services designed to meet the diverse needs of travelers. Whether you are commuting for work, heading to school, or embarking on a group tour, we have the perfect transportation solution for you. Our services include:

• Ground Transportation: Reliable and efficient travel across Jamaica’s main towns.
• Tourism Transportation: Seamless connections to and from major tourist destinations.
• Staff and Student Contracts: Dependable transport solutions for educational institutions and businesses.
• Group Tours and Fun Days: Enjoy organized and hassle-free excursions.
• Airport Transfers: Stress-free transport to and from Jamaica’s national airports.
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• Luxury Coach Buses: Accommodations for delayed flights and special occasions.

Book with Ease Using InterMetroOne

The InterMetroOne app makes booking your travel with JUTA Express simple and convenient. Available on both Google Play and the App Store, the app provides a user-friendly interface where you can plan and manage your trips with ease. With just a few taps, you can schedule rides, track your journey in real-time, and enjoy exclusive perks and rewards.

Why Choose JUTA Express Powered by InterMetroOne?

1. Professional Service: Experience the best in Jamaican transportation with J.U.T.A.’s highly trained and courteous operators.
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4. Seamless Integration: Book, track, and manage your trips effortlessly with the InterMetroOne app.
5. Trusted Legacy: Benefit from J.U.T.A.’s decades of experience and award-winning service.

Join Us on a Journey of Excellence

Whether you are a visitor exploring the vibrant culture of Jamaica or a local navigating your daily commute, JUTA Express powered by InterMetroOne is your ideal travel companion. Download the InterMetroOne app today and discover a new standard of transportation that combines the reliability of J.U.T.A. with the innovative technology of InterMetroOne.

Experience the Difference. Travel with JUTA Express Powered by InterMetroOne.   

JUTA’s transportation solution

The Companies Office of Jamaica (COJ) says that by the end of the current financial year, its customers will witness an even broader array of online service offerings.

Speaking at a recent Jamaica Information Service (JIS) Think Tank, Manager for Anti-Money Laundering, Inger Hainsley-Bennett, said, “As we move further into the digital age, bringing more services online continues to be our priority.”

Currently, customers can only complete new company and business registrations online; however, by March 2025, they will be able to not only register their new businesses but also renew them online.

“This development means that sole traders and individuals operating small businesses, such as haberdasheries or consultancy services, will no longer need to visit our office for these services,” she said.

For new-company customers, the benefits are even greater, as moving services for incorporation online is designed to simplify the process, allowing customers to file annual returns without ever needing to step into the office.

This initiative will save valuable time and remove the hassle of taking time off from work for administrative tasks.

Mrs. Hainsley-Bennett further noted that the COJ expansion plans will allow for changes to me made for registered office addresses and even the allotment of new shares.

Coupled with its online service expansion, the company has also taken steps to enhance its customer contact centres, making continuous improvements as the year progresses.

“We have also strengthened our human resource capabilities in this area, so what you will see over time, is an improvement in how we answer the phones and this is not just simply throwing persons at the problem but we have evolved to understand the needs of our customers. To assist with this, we have introduced artificial intelligence in the form of a Live Chat feature to help answer basic questions on our website,” the Manager told JIS News.

These improvements, she said, are already showing results, with a noticeable decrease in wait times.

For more information about the new online services and upcoming improvements, persons can visit the COJ website at https://www.orcjamaica.com/ or call (876) 908-4419-26.

As a Jamaican employed in an organisation, you are worried about the future of our nation. It appears as if our country is stumbling along, barely keeping its head above water. At the same time, you are aware of the power of a corporate vision.
Why hasn’t someone done the same for our 2.8 million people on the island, and the other 2+ million in the Diaspora?

The good news is that something is already in place in the form of Vision 2030. But why isn’t it changing your everyday experience?

The truth is that we need help. The two main things Jamaicans care most about – economy and crime – seem not to have progressed for decades. Instead, we want the hyper-growth of Trinidad-2004 and Guyana-2023. Or maybe even the steady high performance of the Bahamas.

Or perhaps more importantly, we envy the low crime rates of Barbados or Cayman (formerly a Jamaican protectorate.) At some point, we led all these countries in these areas.

Today, we are working hard not to slip into the same zone as Haiti.

If our leading companies can accomplish so much long-term success, why can’t our country, we wonder? While a direct comparison is unfair, maybe there are a few things we can learn from best practices accepted in your organisation.

A Joined Up, Far-Away Future

A “joined-up” future is one that lots of stakeholders contribute to creating. In a company, it means engaging the board, executives, staff, customers, suppliers, regulators, local communities and more.

Shouldn’t our country do the same?

Based on my experience and queries of colleagues outside government…we don’t know that we already have a joined-up faraway future…at least on paper. In fact, the process used to create Vision 2030 Jamaica from 2003-9 is a world-class model. As such, I have shared it at in-person and online strategy conferences as a case study.

Perhaps you recognise the summary statement: “the place of choice to live, work, raise families and do business.” In times gone, it was the tagline of speeches given by the Governor General, Prime Minister, Leader of the Opposition and many others.

But I looked over the recent Budget Debate notes. I struggled to find much of a mention. A Google search didn’t help. Here are a few ways business people at all levels could intervene now to prevent what former leaders of our country seem to be telling us…this is too important to allow it to be eaten up in regular chakka-chakka.

Why the urgency?

With six or so years remaining until we cross the finish line in 2030, we can’t afford to waste a single moment in mid-race. Remember when Miller-Uibo glanced up at the screen and lost her lead in the 400m final of the 2017 World Championships? We are likely to stumble into defeat also as a nation, unless we pay attention to the following.

A Divisive Election – You and I watch the bitter combat underway in the USA. It appears that cooperation towards common goals is impossible. Within a year, our political parties will try to win the next election by emphasising their differences. This is natural. But it’s the opposite of the intent of Vision 2030 Jamaica. Just imagine if the board of your company were divided into opposing camps. Let’s intervene so that their attention remains on what is most important.

Continuous Inspiration – Your ability to recite our National Pledge and Anthem were picked up as a child. We could elevate Vision 2030 Jamaica to that level of importance, starting with the Forward by Dr. Wesley Hughes, which states in part:

“Today, our children, from the tiny boy in Aboukir, St. Ann, to the teenage girl in Cave, Westmoreland, have access to technologies that were once considered science fiction. They seek opportunities to realise their full potential. This Plan (vision) is to ensure that, as a society, we do not fail them. “

Updated Business-like Measures – How can we know the progress we have made from 2009-2023? Are the measurable results listed in the document beyond reach? Do we deserve an A-? or a D+?

How about fresh, intuitive measures of success which tell us whether or not Jamaica is becoming “the place of choice”? Let’s measure the length of lines outside the US and Canadian Embassies for those seeking permanent residency and how they are growing or shrinking.

Wheeling and Coming Again – Companies have no problem resetting fresh objectives when the old ones no longer do the job. In business, a strategy that is not working is replaced as soon as it’s found to be lacking.

We can do the same for Vision 2030 Jamaica to keep it relevant. This is the beauty of long-term strategic planning.

An honest read of the original document reveals that certain assumptions about the government’s capacity to lead the effort were unquestioned. Today, after over a decade of effort, we have learned much. For example, it’s hard to argue that the planning done in 2009 was enough.

While we once led the world in long-term national planning, we aren’t doing the same in the more difficult world of national strategizing and execution. But there’s time.

As the clock ticks down to 2030, things are likely to become more awkward for all of us. As you may imagine,. the human tendency is to avoid the issue entirely, hoping it goes away.

That may yet happen. But if we don’t confront the gaps in our initial attempt to create a joined-up, faraway vision, we’ll block our citizens from ever believing in a national vision again.

In fact, it would be better if it were declared null and void, than ignored. At least that would have some integrity and enable us to move on to a better national vision, lessons earned.

Better National Strategic Planning

And that is perhaps the biggest lesson for all concerned. We Jamaicans say that we are great starters, but poor finishers. In other words, we know how to kick things off. But when the going gets tough, we aren’t strong at bringing them to fruition.

Said differently, we don’t know how to keep promises just because we made them.

The point here is that Vision 2030, with some five to six years remaining, puts us in an awkward spot. But that’s a lie. We have put ourselves in an awkward spot.

At some point we were strong in envisioning great things. Like a company who creates BHAGs, our executive team gave its sacred honor to accomplish a great thing, like the framers of the Declaration of Independence.

However, we haven’t put in place mechanisms sufficient to rescue our current situation. At the current rate, we won’t be closer to being a “place of choice” than we were in 2009.

In a company it’s easier to find individuals or a team of leaders who may hold themselves accountable for a game-changing result. Often, the metrics are clear.

Unfortunately, no such clarity exists around Vision 2030. And given our impending election fever, it may not come from politicians. Instead, it’s time for business to step up and bring sound strategic planning to the accomplishment of the most important outcomes of our national lifetimes.

Let’s inspire each other to intervene so we can have what we already
know we want. It won’t happen any other way.

Francis Wade is the founder of the Jump Leap Long-Term Strategy newsletter and podcast, and operates a management consulting firm.