Jamaica
News - Real Estate - Economy
Source: Jamaica Observer, Dwight Bellafante, August 31, 2005
PIOJ
head sees economic boom on the horizon
Jamaica's two major arterial roadways now under
construction - Highway 2000, and the North Coast Highway are among the basic
investments and infrastructure that the economic planners believe will drive
future growth and development.
These were
among the specific projects that Dr Wesley Hughes, the director general of the
Planning Institute of Jamaica cited as he charted a way forward for Jamaica
during his presentation at Sunday's tourism conference organised by the Mona
Academic Conference. The seminar was held over two days at the University of the
West Indies Mona Campus, Kingston.
Hughes cited
other projects which are at various stages in the development cycle - that he
believed to be critical to the future of the Jamaican economy.
. The
damming of the Rio Cobre River to supply reliable domestic water to the
Corporate Area and the St Catherine plains.
. The
development of Agro 2012 to supply export quality agricultural products,
especially for the tourism industry.
. The
development of a massive free-zone industrial park including an Internet city to
foster high-tech industries and an innovative environment for entrepreneurs.
. An
international financial and convention centre for downtown Kingston.
. The
transformation and redevelopment of downtown Kingston.
. The
completion of what he termed the "Kingsley Thomas Empire" such as the
Harmony Cove tourism development in St Ann and the Vernamfield cargo air
terminal in Clarendon.
Hughes told
participants at the conference - that examined the role of tourism in forging
broad economic changes in Jamaica - that the industry was in the "incipient
stages of a massive takeoff".
He cited major investments in new properties, highways, ports and
telecommunications facilities.
But the PIOJ director general expressed concerns about the quality of the
products being supplied to the industry. For example, produce supplied by local
farmers to hotels need to be of a consistently high quality and quantity, and
delivery time and other efficiencies need to match world standards if local
agriculture were to benefit from the expansion of tourism.
Hughes also
cited other constraints to the rapid development of the Jamaican economy - among
them, the lack of social capital, or the facility to trust others in business.
"The
weakest link in the development of Jamaica is the absence of social capital, to
trust others in business," he said "(This) is a major, major problem
in Jamaica."
This
weakness prevented the creation of partnerships in business, and retarded access
to sources of capital from avenues like the stock market, he said.
According to
Hughes, these will have to be addressed if Jamaica is to fully take advantage of
the investments now taking place in roads and hotels.
Among the
other supporting factors Hughes identified:
. the rule
of law,
. an open economy and high investment,
. sustained macro-economic stability including low inflation,
. a low fiscal deficit and stable exchange rate,
. an efficient public sector,
. a high level of quality infrastructure,
. an agreed and settled role of the state and private sector in the economy,
. leadership with a clear and compelling vision of the future
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