However, the Prime Minister pointed out that Jamaica is now on a path of fiscal discipline, fostering an environment of a significant increase in employment and a steady decline in poverty.
He said these and other positive indicators make Jamaica attractive for investment.
"To get real economic growth we need greater skills in the economy. The focus of the Government now is to improve the skills base of the economy to support the new industries and the innovative industries that are likely to come as a result of the creation of this new investment friendly environment. We are ensuring that you have the human resources on the island to support the various investments that you may want to bring to Jamaica,” said Prime Minister Holness.
The Prime Minister said Jamaica has made significant gains in reducing the debt to GDP ratio, which is set to fall below 100% at the end of this year.
“I want to reassure investors that it is now a part of the DNA of our government, it is now a part of the political-economy, that Governments in Jamaica must be fiscally responsible, across administration, across the political divide, we agree that Government must be fiscally responsible,” said Prime Minister Holness
The Prime Minister also said the Government is now on a stronger economic path as the public and investors have a long-term view of public finances.
“We were able to cast a budget with no new taxes and it is our intention to as far as possible maintain that stance that our investors and the general public can have certainty as it relates to tax and the government’s imposition of taxes,” stated Prime Minister Holness
The Prime Minister assured investors and the audience in Toronto Canada that the country is now being managed in a manner where Government plans are certain.
“Government is unlikely to be imposing any new taxes on the people of the country because we have been profligate or in any way indiscreet in our management of the fiscal affairs of the country. So Investors can rest assure that the Government will not place an additional burden on you by virtue of taxes.
This is a Government that wants to give you a stable environment in which you can take your investment decisions and properly calculate your risk of investment in Jamaica,” stated Prime Minister Holness.
- Countries: Jamaica
- JAMAICA | PNP says Gov't Failed to Implement 'Bad Gas' Recommendations
- JAMAICA | House approves bill to expropriate Venezuela's shares in Petrojam
- JAMAICA | Island placed on Influenza Alert
- JAMAICA | Gov’t Lobbying Support for Cannabis Industry Development
- JAMAICA | Ramharrack paid $2.7 million in performance incentive