- Contributed
President of the Private Sector Organisation of Jamaica, Beverley Lopez, second left makes a point to Minister of Finance and Planning, Dr.Omar Davies, second right at the official signing of a financing agreement for the Private Sector Development Programme (PSDP) between the Government of Jamaica and the European Commission. Others, from left, are Ambassador of the Federal Republic of Germany, Dr. Christian Hausmann; and Head of the European Commission delegation in Jamaica, Gerd Jarchow. The signing took place at the Ministry of Finance's Heroes Circle offices last Friday.
Al Edwards, Business Co-ordinator
THE TAPS will open on a $1.4 billion funding arrangement for the private sector by June, says Michael McMorris, executive director for markets at JAMPRO.
Minister of Finance and Planning, Dr. Omar Davies, on Friday signed the 20 million euro agreement being provided by the European Commission. The financing will be used to support the country's Private Sector Development Programme (PSDP).
"We need to ensure that all the parties are ready to receive funding, ready with the kind of structure we need to put in place," Mr. McMorris said. "We anticipate that by June we will have everything in place."
Being co-ordinated by JAMPRO, the PSDP aims to enhance the competitiveness of local enterprises, said Gerd Jarchow, Head of Delegation of the European Commission of Jamaica. This will be done through the development of effective business development services and creating conditions that ease access to corporate finance.
"There is a whole institutional framework that is going to be established," said Veniece Pottinger, who administers the PSDP at JAMPRO. This will be necessary, she said, "to drive and monitor what has been happening."
Much of what is intended is to build capacity for exports, said Dr. Andre Gordon, president of the Jamaica Exporters Association (JEA). Thus, the JEA will be one of the several private sector bodies partnering with JAMPRO.
The PSDP focuses on the people who provide services to companies, aiming to improve their skills, Dr. Gordon said. Improving the capabilities of service providers should provide an added edge to firms seeking to become more internationally competitive.
"The ability of companies to compete has already improved significantly over the last year or two," Dr. Gordon said. Significant advances have been made in the agribusiness and tourism sectors.
CONFIDENT ABOUT PROSPECTS
A "fantastic" development is taking place in the entertainment industry, the JEA president said. Major film studios are being introduced to the capacity available to them in Jamaica.
"I have never felt as confident about the prospects for expansion of our economy," Dr. Davies said. "There are several opportunities in terms of major investments, for both foreign and local investors."
Until now, Jamaica has not had a cohesive private sector development strategy, Dr. Gordon said. That has changed.
"We are focusing specifically on those areas that are high growth areas, that will provide jobs, that will drive investment, that we can be competitive in," Dr. Gordon said.
Barring a major disaster, he said, "When the export figures come in for next year, you will begin to see some increases higher than the five per cent targeted."
