Speaking at this morning’s Economic Growth Council press conference at Jamaica House, Prime Minister Holness stated that to achieve tangible growth, the private sector must lead the initiative and government operations must be more efficient.
“We must support the private sector. The private sector must lead the growth initiative,” he emphasised.
Prime Minister Holness noted that in supporting the private sector, the Government has to change the way it does business. “We have to rethink the public sector. Government needs to become more efficient and more agile in regulation, law enforcement, planning and giving support in terms of enabling businesses” he said.
He highlighted that the Government will be refocusing on two core areas: facilitating and enabling.
“Our job is to facilitate the private sector in growth. We must make markets work where they are not working by providing the right regulatory environment and we must make markets where none exist. A lot of opportunities are out there and a lot of people have resources waiting to invest. Government must connect investors with opportunities. That is the core competence we need to develop to really make economic growth happen.”
According to the Prime Minister, governments across the world recognize that they must support private enterprise.
“This doesn’t mean that it is the big man who will get everything. What it means is that we will create an environment where many Usain Bolts of business can emerge. That’s what this government wants to do,” he stated.
Prime Minister Holness said he is confident that the country can achieve 5% growth within the next four years and encouraged members of the public service to play their part in transforming Jamaica.
Businessman, Michael Lee-Chin, chairs the Economic Growth Council.
The Council is set up to advise the Government on a framework of proposed initiatives to achieve economic growth.
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