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  • Shaw comforts business community

    published: Tuesday | November 25, 2008


    Leaders in the business community have been comforted by Minister of Finance and the Public Service Audley Shaw's broadcast to the nation on Sunday night.

    During his broadcast, Shaw sought to alleviate concerns about the state of the economy and some major players in the private sector agreed he struck the right chord with Jamaicans.

    Omar Azan, president of the Jamaica Manufacturers' Association, told The Gleaner he was especially pleased that the Government indicated it was getting ready to implement a procurement policy his association had proposed to the former People's National Party administration. The policy would give manufacturers and service providers special and differential treatment in government procurement practices.

    In addition to the new procurement policy, Azan supported the Government's planned investments to improve and expand agriculture and production.

    Agriculture loan

    During his broadcast, Shaw noted that the Government was providing a $3-billion loan for agriculture modernisation and agro-processing, as well as for small- and medium-enterprise expansion.

    "There are many challenges out there at this point in time and I think the challenges are going to get worse by the first quarter of next year," Azan said.

    He, however, agrees with Shaw that the country is not yet in crisis. In spite of Labour Minister Pearnel Charles' revelation that some firms were considering cutting staff in order to cut costs due to global challenges, Azan said he still had no such word from his members.

    "I wouldn't say we are in a full panic. The challenges are getting a bit tougher," he, however, acknowledged.

    "Business is nowhere where it is supposed to be or where it normally is at this time of the year and I am sure that further down, or in the first quarter in the year, it is going to get a little rougher," he added.

    Crisis or not

    President of the Private Sector Organisation of Jamaica, Chris Zacca, shared some of Azan's views.

    "I wouldn't want to define it as a crisis or not a crisis. I just think that in such times there needs to be 100 per cent attention to what is going on," Zacca said.

    He said Shaw's presentation contained the right message, but stressed that the Government needed to communicate more often.

    "I would like to see from the minister more regular reports going to the people because I think the times are so serious it demands constant attention," Zacca said.

    He added that, while Shaw delivered well, he did not address specific plans for the economy.

    "He delivered in terms of what the Government is doing for the financial sector. However, in terms of business activity - consumption, tourism, manufacturing - there needs to be a more specific response based on what is happening on the ground as we go forward."

    http://www.jamaica-gleaner.com/glean...business3.html
    "Jamaica's future reflects its past, having attained only one per cent annual growth over 30 years whilst neighbours have grown at five per cent." (Article)

  • #2
    PSOJ, JMA welcome Shaw's address

    BY PATRICK FOSTER Observer writer fosterp@jamaicaobserver.com
    Tuesday, November 25, 2008



    The Private Sector Organisation of Jamaica (PSOJ) and the Jamaica Manufacturers' Association (JMA) have welcomed Finance Minister Audley Shaw's national broadcast on the economic state of the nation and called for continued national reports as the global financial crisis continues.

    "We are in serious times, and it is good that Government has spoken frankly," said PSOJ president Chris Zacca, who added that the measures taken by the Government to mitigate a fallout in the financial sector were good. "Regular reports need to be done going forward," Zacca contended.

    "I fully agree with the minister's communication effort and I hope that it will be done at least every two weeks," JMA president Omar Azan concurred. "We must not be surprised by anything that happens."

    On Sunday, Shaw sought to allay fears about the possible impact that the world economic crisis could have on the island and reiterated measures taken by his Government to soften the effects.

    Azan nonetheless urged the finance minister to provide an investment-friendly environment and speed up Government's promised support to the productive sector.

    "For us to get out of the hole we need to produce and stop trading paper," the JMA president declared, while calling on the Government for the establishment of a Manufacturing and Construction Board to drive production, similar to the Tourist Board.

    Shaw, in his address, said that production was the only way to successfully emerge from the current financial crisis gripping the world economies.

    But the JMA head, while agreeing with Shaw, charged that the local productive sector has always been neglected with prominence given instead to tourism.

    "There is duty-free concession on materials for building a hotel, but if you are building a factory full duties are paid," he argued.

    "You can't grow an economy around one sector, everything needs to be linked," said Azan.


    http://www.jamaicaobserver.com/news/..._S_ADDRESS.asp
    "Jamaica's future reflects its past, having attained only one per cent annual growth over 30 years whilst neighbours have grown at five per cent." (Article)

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