Winston Lawson (right), president of the Manchester Chamber of Commerce and branch manager for National Commercial Bank, makes the presentation of the President's Award to Cecil George Dawkins for entrepreneurship at last Saturday's annual awards banquet held at the Golf View Hotel in Mandeville. Mr. Dawkins manufactures busta sweets. - Nathaniel Stewart/Freelance Photographer

Finance and Public Service Minister Audley Shaw says some 30 new projects that were submitted by prospective investors are currently being examined by the new Government.

He made the announcement at Saturday night's Manchester Chamber of Commerce annual awards banquet which was held at Golf View Hotel in Mandeville.

Shaw, who was the keynote speaker, cited a return to investment as one of the five pillars on which a return to positive growth and debt reduction in the economy must be built.

"Jamaica has recorded (aggregate) growth in 19 years of 30 per cent, the rest of the world has grown in increments between 80 and 100 per cent in that same period. Trinidad and Tobago has grown by 152 per cent in the past 19 years," the minister said.

Economic shocks

To that end, the Government has set a medium-term target of getting back to six to 10 per cent growth within the next three years.

The Golding administration has been hit by a flurry of economic shocks since assuming government, including a slide in the value of the Jamaican dollar, hurricane-ravaged industries, as well as hikes in fuel and food costs. More bad news came recently when central bank governor Derick Latibeaudiere warned that inflation could reach 13 per cent by year end.

Shaw was upbeat, however, arguing that barring major natural disasters during the next fiscal year, his administration was projecting a three-four per cent rate of growth in the Jamaican economy.

The Treasury boss also told his audience that one of the legacies of marginal growth was the number of persons in the formal business sector who lost their jobs and subsequently found refuge in the huge underground economy.

"The formal economy must be rebuilt and we must provide the environment in which it will be done," he said.

Shaw added that the new administration faces a challenge of putting the country on a path of competitive growth with debt reduction, a sustainable energy policy, elimination of government bureaucracy and completing the tax reform process as the other pillars of the rebuilding process.

"The challenge facing this administration is to put the country on a path of competitive growth. Therefore, the debt problem must be attacked in a very deliberate and powerful way," he noted.

barbara.ellington@gleanerjm.com