Jamaica’s Business Reforms Being Strengthened

The ease of doing business in Jamaica is being bolstered to further accommodate private sector investments under the Jamaica Business Environment Reform Agenda (BERA). The Agenda, which is managed through the National Competitiveness Council (NCC) seeks to position the country as an attractive destination for investors, buyers and local and international businesses.?

BERA, between the short and long term, aims to increase the automation and efficiency of Government processes, reduce transaction costs, provide greater transparency and predictability, increase foreign and local direct flows, bolster employment and increase economic growth.?

The Agenda includes collaboration between 17 Agencies with 49 reform projects encapsulating 12 distinct areas of business regulations. These regulations span the continuum of starting, to closing a business, in Jamaica.??

Since 2010, when the NCC was established, 30 projects to digitally transform and reengineer business processes were successfully executed and positively impacted over 50 Government entities which provide services online.??

Additionally, adjustments to relevant legislative frameworks over time resulted in 47 reforms being implemented. These include the creation of new laws, amendment of laws and the promulgation of regulations.?

For further strengthening of these reforms, Dr. The Hon. Nigel Clarke, Minister of Finance and the Public Service, recently announced in Parliament that the Government intends to spend $717 million on initiatives under BERA.?

The 2024/25 Estimates of Expenditure, according to JIS NEWS, states that funds earmarked will go towards the completion of precursory activities and development of the Export Max market penetration plan as well as the commencement and completion of the Jamaica Legal Information Portal and the upgrading of the online filing portal for the Companies Office of Jamaica (COJ).?

The implementation bodies for BERA include the Ministry of Industry, Investment and Commerce (MIIC), the Jamaica Promotions Corporation (JAMPRO), an agency of the MIIC, the Planning Institute of Jamaica (PIOJ) and the Development Bank of Jamaica (DBJ)?

Senator the Hon. Aubyn Hill, Jamaica’s Business Minister, said the Government remains committed to facilitating these reforms to change the economic status of the country at large and improve livelihoods.??

“We must make the ease of doing business in Jamaica, faster, easier and better,” he underscored.?

For her part, Shullette Cox, President of JAMPRO highlighted that these business reforms, including the ones pending, will allow stakeholders to save time, money and other resources, “...as companies will be able to focus their attention on actual business and growing their revenue rather than Government bureaucracy.”?

“Of course, in turn, and in time, this will lead to higher productivity, increased employment, bigger company profits and more earning for Jamaica as a country,” she further noted.??

To learn more about Jamaica’s Business Reform Agenda, visit www.jamaicabusinessreforms.com.?