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More work needed, to make Jamaica business-friendly - Phillips

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Featured More work needed, to make Jamaica business-friendly - Phillips
Jamaica’s Finance Minister Dr. Peter Phillips says while Jamaica is expected to pass the latest quarterly test under the country's agreement with the International Monetary Fund (IMF), more challenges await the country’s economy.

Speaking to Rotarians on Friday morning, Dr. Phillips, pointed out that the more difficult components of  economic reforms were yet to come.
These he said "involve changing the basic operational arrangements of our economy, including the way government functions." He explained that "if we are to compete in the world, we need to ensure that institutions of government - places like Customs, Bureau of Standards - operate at world class standards."

Acknowledging the negative impact that bureucratic snags have long had on ding business efficiently in Jamaica, he "it makes no sense, if your competitor can get building approvals in thirty days in one jurisdiction, and it's going to take them six months here."

He cited the recent initiative by Jamaica Customs to digitize its operations, resulting in reduced time for importers to complete transactions.
Additionally, Dr. Phillips said that, as part of the reforms, the country should make provisions for the swift movement of workers and resources to facilitate companies conducting business in Jamaica.
In that regard, he said Jamaica may have to change regulations governing work permits, in order to remain competitive.

"A company that takes a decision to oursource some of its business process in Jamaica, will be sending people from the head office in and out of Jamaica regularly to check on their business."   


Last modified onSunday, 17 August 2014 16:16