Holness urges private sector role in Jamaica reconstruction and productivity push

Prime Minister Andrew Holness used the Jamaica Chamber of Commerce's 41st annual awards banquet to call for deeper partnership between government and business as Jamaica rebuilds from Hurricane Melissa and prepares for stronger long-term growth.

Holness said the private sector remains central to economic expansion, arguing that government must create the rules, infrastructure and conditions for enterprise while businesses drive investment, jobs and innovation. He said Jamaica's business climate has remained resilient despite shocks from COVID-19, global supply disruptions, higher energy costs and the hurricane.

He noted that real GDP fell by 7.1 per cent in the December quarter, blaming much of the contraction on Melissa. However, he pointed to record-low unemployment, inflation inside the Bank of Jamaica's target range, US$6.5 billion in international reserves, a stable exchange rate and renewed credit confidence as signs that the country's economic base remains firm.

Holness said Jamaica secured US$6 billion in reconstruction financing within weeks of the hurricane, describing it as the largest development financing package in the country's history. He said that credibility also allowed the Government to provide US$150 million to the Jamaica Public Service Company to support electricity restoration.

The Prime Minister said the National Reconstruction and Resilience Authority is intended to do more than repair damaged roads, bridges, water systems and energy assets. He said the goal is to rebuild in ways that reduce future vulnerability, speed up execution and support commerce, agriculture, tourism, housing and industry.

Holness urged contractors, engineers, architects, project managers, manufacturers, financiers and insurers to help deliver the programme, while inviting private investors with projects of US$15 million or more aligned with reconstruction and resilience to use the authority's platform.

He also warned that Jamaica must tackle low productivity, high energy costs and labour shortages if wages, growth and competitiveness are to improve sustainably. Holness said Jamaica should position itself as a place where people want to live, work, invest, raise families and do business.