CEOs' predictions for 2014 - Kim Clarke, Managing Director of Maritime and Transport Group of Companies

Although the International Monetary Fund (IMF) has reported the world economy will grow by 3.7 per cent in 2014, the IMF, World Bank, and the United Nations have all agreed that the growth forecast for Latin America and the Caribbean will be around three per cent in 2014 and 3.3 per cent in 2015. They are, however, not in agreement as to how the Caribbean will recover from the 2008 recession.

And it is true we have experienced growth, but Jamaica has not experienced the same level of growth as other Caribbean nations.

US ports have experienced negativity for the month of January. "Too many container ships chasing too little cargo has convinced Moody's to assign a negative outlook for US ports in 2014. This was taken from IHS Maritime Fairplay Daily News - Feb 3, 2014.

Port facilities that are already prepared for Post-Panamax vessels will be in a favourable position in the future.

For Jamaica to take advantage of the opportunities that will arise from the expansion of the Panama Canal, we have to ensure that all the necessary systems are in place, and this includes the dredging of the shipping channel in Kingston Harbour. With a deeper draught in the channel, Kingston Container Terminal will be even more attractive for bidders.

We hope that despite the restrictions placed by the IMF Agreement, we shall be able to move with some speed in carrying out this necessary task.

Another major task is that of growing the economy to increase the throughput of Jamaican cargo, imports, and primarily exports. Growth in logistics will help to facilitate that, although it will be unlikely that that can be achieved in the short run. We have to put great focus on the achievement of this, otherwise we shall have too many container ships chasing too little cargo.

Port developments are good to bring investment into the country. If we don't have things in place to stimulate growth in traditional industries such as agriculture, manufacturing, then diversify to assembling, repacking and logistics will equate to jobs for Jamaicans. We must ensure, however, that a balance is struck between the needs of overseas investors for tax exemptions and work permits against the needs of the Government to increase tax revenues and provide jobs for our citizens.

At the same time, further solutions will have to be found to reduce the costs of security and energy and the other impediments to business, including increased customs fees, long clearance times, and complicated clearance procedures. If these concerns are not addressed, our dreams of becoming the fourth node in the global supply chain will not be realised.