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JLP 2016 ten-point manifesto …Were promises kept?

Published:Sunday | February 23, 2020 | 12:00 AM

1 New Economic Growth and Job Creation Ministry will ensure that investments are rapidly facilitated to avoid government obstacles and duplication or working at cross purposes. This ministry will cultivate public-private partnerships to bring economic opportunities to life in the shortest possible time. It will ensure the coordination of resources to minimise red tape and maximise efficiencies. In addition, it will foster collaboration across all ministries to ensure that where Government invests, people see the returns.

STATUS: Ministry established; significant efforts made but red tape still a problem.

 

2 Immediately restore the benefits at the Junior Stock Market to grow equity financing for start-up and expansion of small to medium-size businesses, which form the most stable base for job creation at the community level.

STATUS: Junior Stock Market benefits restored.

 

3 Reform the tax system, leaving persons with more of their income to support their families. This means lower taxes and having a business-friendly tax system. Reduce transfer taxes, stamp duties, and estate taxes; get rid of Pay As You Earn (PAYE) tax for everyone who earns a basic salary of J$1.5 million or less.

STATUS: The $1.5 million was implemented, but the Government moved from direct to indirect taxation to recover billions lost.

 

4 List on the Jamaica Stock Exchange several state-owned enterprises such as the UDC and Factories Corporation. These corporations have significant asset bases which can be properly packaged and placed on the stock market with realistic investment plans that would attract new capital and unleash the economic and job creation potential latent in them.

STATUS: The Jamaica Stock Exchange has been characterised as the best-performing in the world. Neither UDC nor FCJ was listed on the JSE on Friday, February 21, 2020, but other entities were listed, including Wigton Wind Farm.

 

5 Fix Jamaica’s water infrastructure and make strategic capital investments in water. The investment in water will reduce the impact of drought on the economy, and will also boost agriculture and housing construction.

STATUS: Development plans announced by the National Water Commission, but no major water project commissioned outside of the Corporate Area.

 

6 Reform the National Housing Trust (NHT), the Jamaica Housing Agency and the Mortgage Bank; expand affordable housing construction and reduce interest rates on mortgages; create a 50-60-year mortgage to make payments easier.

STATUS: Interest rates on mortgages have been reduced, while several reforms have been made to the NHT, including increasing the loan ceiling.

 

7 Create a special council of investment ambassadors, who will be empowered to specially seek out large investors from all over the world and bring them to Jamaica.

STATUS: One ambassador named.

 

8 Invest in improving skills to attract higher-value investments and more meaningful jobs. Implement compulsory education and skills policy, where young people who are not in a job or currently in school will have the opportunity to develop knowledge, skills, and attitude through a National Apprenticeship Programme and a National Service Programme, where they earn a stipend while gaining a skill, certification and work experience.

STATUS: Attempts at implementation have been fraught with problems.

 

9 Advance Jamaica as a digital society. An important step on this path is to digitise government records and put more business processes online. This will improve the efficiency and accessibility of government, removing a major impediment to the growth of businesses.

STATUS: National Identification (NIDS) Act shot down by the courts. New bill to be retabled.

 

10 Revitalise and rebuild town centres and cities. Government has to lead the way with a clear vision, policy and commitment to partnering with the private sector to make towns and cities attractive and comfortable for residents and businesses again; to start with the redevelopment of the Kingston waterfront and market district, and the Vernamfield corridor.

STATUS: Efforts under way and plans announced.