Holness urges business sector to help drive Jamaica’s post-Melissa reconstruction

Prime Minister Andrew Holness used the Jamaica Chamber of Commerce’s 41st annual awards banquet on June 11 to call for stronger partnership between government and business as Jamaica moves into a major phase of reconstruction after Hurricane Melissa.

Holness said the country had endured repeated shocks, including the COVID-19 pandemic, global supply disruptions and the category five-plus hurricane, but argued that Jamaica’s economic base remained sound. He pointed to record-low unemployment, inflation within the Bank of Jamaica’s target range, international reserves of US$6.5 billion and stable exchange rates as signs of resilience.

He said Jamaica’s credibility with international partners helped the Government secure US$6 billion in reconstruction financing, which he described as the largest development financing package in the country’s history. He also said the Government was able to provide US$150 million to the Jamaica Public Service Company to speed up electricity restoration after the hurricane.

Holness told business leaders that the National Reconstruction and Resilience Authority was not created simply to replace damaged infrastructure, but to rebuild roads, water systems, energy assets and public works in ways that reduce future vulnerability. He said private companies with qualifying projects of US$15 million or more could use the authority’s platform where their plans aligned with national reconstruction and resilience goals.

The Prime Minister also raised concerns about energy costs, saying Jamaica must pursue lower electricity prices and prepare for wider use of alternative energy, including nuclear technology over the longer term.

He urged businesses to invest in skills, technology, exports and productivity, warning that wage growth without matching production would feed inflation. Holness said Jamaica was approaching full employment and would need a new conversation about labour, work policy and attracting people into the workforce.

He closed by praising award nominees and firms that continued operating after Melissa, saying the Government would keep working on stability, infrastructure, crime reduction and reconstruction while expecting the private sector to keep investing, training and holding itself accountable.