National Competitiveness Council says upcoming reforms will improve Jamaica’s ease of doing business


The National Competitiveness Council (NCC), housed at the Jamaica Promotions Corporation (JAMPRO), has outlinedreforms that will improve Jamaica’s place on global competitiveness and doing business rankings.  The body made the announcement following the release of The World Bank’s Doing Business Report 2017 (DBR 2017), which ranked Jamaica 67 out of 190 countries. Jamaica is now the second highest ranked economy in the Caribbean, and 7th in the Latin America and Caribbean (LAC) region.  

The DBR 2017 highlighted Jamaica as one of nine countries in the LAC region to have implemented more than one reform, and emphasized that the country ranks in the Top 50 worldwide in business processes such as Starting a Business, Getting Credit and Resolving Insolvency. The newest reforms, focusing on tax collection and improving trade through the use of ASYCUDA World (an automated customs data management system) were instrumental in the country’s performance in the report.

While Jamaica has been making headway in passing regulations to improve the business environment, there is still concern that reforms are not being realised at the speed needed to meet international best practice.  The NCC says that upcoming reforms and initiatives such as an electronic land titling system, Customs reforms and tax collection will improve Jamaica’s performance on global ease of doing business rankings, and will help Jamaica to be more appealing to persons that are interested in investing in the economy.

JAMPRO President Diane Edwards said that the NCC was focused on the passage of reforms to improve Jamaica’s competitiveness. She explained that the rankings had great impact on investors’ interest in Jamaica, and that it was critical to ensure that regulations were enacted to make it easier for Jamaicans to do business. “While we are pleased with the significant progress Jamaica has made thus far in improving our business environment, we must accelerate the pace of implementation of reforms to make sure that we improve our global competitive position, and that we make it easier for persons to invest in our country. The NCC understands that the Business Environment Reform Agenda (BERA) will bolster the country’s growth and support the move to an internationally competitive business environment”, said Ms. Edwards.

The Doing Business Report has recorded more than 2,900 regulatory reforms across 186 economies since 2004.  Jamaica has increased it’s distance to frontier (or distance to global best performance) score from 66.73 in DBR 2016 to 67.54 in the DBR 2017 report, suggesting that the country is moving closer to meeting the international standard for business that is measured out of 100.  

 

 

To view the 2017 Doing Business Report, please visit http://www.doingbusiness.org .



Source: 
JAMPRO
Published Date: 
Friday, October 28, 2016
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