Jamaica gov’t allocates $1.75 Billion for competitiveness and growth Project

The Government has earmarked approximately $1.75 billion to continue work under the Jamaica Foundations for Competitiveness and Growth Project.

The objective of the undertaking is to strengthen Jamaica’s business environment to facilitate private-sector investment by enhancing competition; facilitating strategic private investments; strengthening the capacity of small and medium-sized enterprises; and financing policy and societal sensitisation through project implementation, monitoring and evaluation.

Key achievements, to date, include completion of the Cabinet-approved Logistics Hub Initiative Market Analysis and Master Plan, drafting of the Caymanas Special Economic Zone feasibility study final report, completion of a business plan for Jamaica’s creative and cultural industries, drafting of a National Investment Policy Green Paper, and completion of a merger review and proposed amendments to the Fair Competition Act.

Imperatives for 2019/20 include support for development of the National Spatial Plan and accompanying platform, and phases two and three of the National Business Portal; implementation of the National Investment Policy; and phase-two implementation of the Application Management and Data Automation (AMANDA) public portal.

The six-year initiative, which commenced in September 2014, is being jointly implemented by the Ministry of Industry, Commerce, Agriculture and Fisheries; Planning Institute of Jamaica; Development Bank of Jamaica; and Jamaica Promotions Corporation through funding from the Government and Jamaica and the World Bank.

It is scheduled to conclude in June 2020.