CEOs' predictions for 2014 - Grantley Stephenson, Chairman and CEO of Kingston Wharves Limited

SINCE OUR return to the International Monetary Fund (IMF) for funding support in May last year, economic activity in Jamaica has been trending in a positive direction, notwithstanding that this growth rate has remained in single digits. Notably, we ended the October to December quarter of 2013 recording growth of 1.4 per cent. The business community is happy that the IMF Extended Fund Facility appears to have a proper management framework and relieved that we have met all quantitative targets and structural benchmarks under the programme thus far. I am encouraged by the Ministry of Finance's prognosis that Jamaica is set to pass the first quarterly review for 2014 despite the steep targets.

Our deliberations with the IMF and the tight fiscal space in which we now are forced to operate may be viewed negatively by many, however, for the shipping industry it is a welcome move, which has resulted in the placement of long overdue priority on those sectors of the economy with the most potential to stimulate economic activity. Shipping and logistics is one such growth area.

I see the Government's focus on the growth agenda as a great opportunity for fiscal discipline and a real chance for us to return to a path of sustained growth, particularly if we remain on course and are successful at executing planned tax and fiscal policy reforms.

Ports in the Caribbean and along the United States East Coast are all looking forward to increased throughput at their facilities from an expanded Panama Canal. There will be some BIG winners, but inevitably, some losers. My colleagues in the shipping industry will support me in saying Jamaica cannot afford to be counted among the losers. Therefore, as we collectively ready our businesses to support the transformation of Port Bustamante into a global logistics hub, we will have to expend greater effort advancing discussions on the enabling regulatory structures that this will require. Issues such as reducing impediments to trade and streamlining services across the Government's network of agencies should occupy central focus.

The divestment of Kingston Container Terminal (KCT), the completion of negotiations for the development of the Goat Islands, and the designation of Special Economic Zones are among the major initiatives that will catalyse the shift in focus for the industry.

There have also been indications that the project to complete the expansion of the Panama Canal will extend into 2016. This should provide us with a priceless expansion in the timeline to shore up funding for infrastructure and capacity strengthening, as well as room to negotiate new private public-partnerships to ensure the WIN for Jamaica.

Kingston Wharves is certainly poised to take advantage of the opportunities that will arise, and we will continue our tradition of strategic thinking as we expand to meet the demands of an increasingly competitive and diversified shipping industry.

We can look to the future with enthusiasm ... Our mission is possible.