More work needed, to make Jamaica business-friendly - Phillips

Finance Minister Dr. Peter Phillips has served notice that while Jamaica is expected to pass the latest quarterly test under the country's current agreement with the latest International Monetary Fund (IMF) more challenges are on the horizon for the country.
    
Dr. Phillips, speaking at a Rotary Club breakfast on Friday morning, said the more difficult components of  economic reforms are yet to come.
 
"They involve changing the basic operational arrangements of our economy, including the way government functions," he said.

Elaborating, he explained that "if we are to compete in the world, we need to ensure that institutions of government - places like Customs, Bureau of Standards - operate at world class standards."

Acknowledging the negative impact that bureucratic snags have long had on ding business efficiently in Jamaica, he "it makes no sense, if your competitor can get building approvals in thirty days in one jurisdiction, and it's going to take them six months here."

He cited the recent initiative by Jamaica Customs to digitise its operations. resulting in reduced time for importers to complete transactions.
                                                 
Additionally, Dr. Phillips said that, as part of  the reforms, the country should make provisions for the swift movement of  workers and resources to facilitate companies conducting business in Jamaica.
    
In that regard, he said Jamaica may have to change regulations governing work permits, in order to remain competitive.

"A company that takes a decision to oursource some of its business process in Jamaica, will be sending people from the head office in and out of Jamaica regularly to check on their business."