PM Holness Hails Private Sector Resilience

Prime Minister, Dr. the Most Hon. Andrew Holness, has hailed the private sector for its resilience and commitment to Jamaica, reiterating the Government’s steadfastness in ensuring an enabling environment for businesses to grow and thrive. 

He was addressing the Jamaica Chamber of Commerce (JCC) 41st annual awards banquet at the Jamaica Pegasus hotel in New Kingston on June 11. The event recognised organisations and business leaders that continue to make outstanding contributions to Jamaica’s advancement. 

Dr. Holness said that the relationship between the Government and the private sector is one of great cooperation,  noting that businesses are the foundation on which the economy and country depend. 

Citing the impact of Hurricane Melissa, compounded with the Middle East conflict, which has driven up oil, grain and shipping costs, the Prime Minister noted that “it has not been an easy road” for businesses. 

“Bear in mind that after the COVID pandemic, we faced a round of sustained increases due to supply chain disruptions…The fact that you are still here, still investing, still employing, still improving, is a testament to your own resilience and commitment to Jamaica and I want to commend you,” he said. 

Dr. Holness noted that despite all the challenges, the macroeconomic environment remains strong, with record low unemployment, low inflation, record US$6.5 billion in reserves, and a relatively stable foreign exchange rate. 

In addition, he said that the country’s credit rating has been affirmed by the three major credit rating agencies following Hurricane Melissa. 

He further highlighted the sustained reduction in murders, which is creating safer neighbourhoods and a stronger foundation for investment and growth. 

“After a 42 per cent reduction in 2025, murders are now down a further 22.5 per cent  year to date and this is not a flash in the pan; this is a sustained downward trajectory. In fact, murders are down 67 per cent over the last four years,” he said. 

“This is a game changer for Jamaican communities and Jamaican enterprises. So, even after a sustained series of exogenous shocks…the macroeconomic foundation of Jamaica remains intact, the security environment is improving at pace, and the truth is that few would have predicted 10 years ago that we would be able to stand here today and say that murders are below 700,” Dr. Holness said. 

The Prime Minister reiterated the Government’s commitment to continue to protect economic stability,  invest in infrastructure, confront crime and support the country’s rebuilding through the National Reconstruction and Resilience Authority (NaRRA). 

“We will continue to work with you but we need you to keep investing, keep training, keep exporting, keep improving, and of course, keep holding the Government to account and remember, you have to also hold yourselves to account,” he said. 

“Let us build roads that carry commerce. Let us build firms that can compete beyond our shores. Let us build workers who are ready for the economy and that is workers who are productive and creative. Let us build a country that can take a shock, quickly recover, and accelerate its growth,” he added. 

The Prime Minister hailed the JCC for its leadership “across 247 years of Jamaican commercial life,” and extended congratulations to the award recipients and nominees.