Tue | Oct 24, 2017

Gov’t committed to creating environment for investment

Published:Wednesday | May 24, 2017 | 12:00 AM
Minister without portfolio in the Ministry of Economic Growth and Job Creation, Dr. Horace Chang (centre), shares a photo opportunity with (from left) Kerry-Ann Spencer of AVP Wealth Management; Chairman of the Economic Growth Council, Michael Lee-Chin; Executive Director, Financial Services Commission, Janice P. Holness; and member of the Economic Growth Council Paula Kerr-Jarrett. Occasion was the International Organization of Securities Commissions Gala at the Hyatt Ziva in St. James on May 17.

Minister without portfolio in the Ministry of Economic Growth and Job Creation, Dr Horace Chang, said the Government is committed to creating a hassle-free environment to facilitate investment.

He said that while the State must always be seen as an enabler and not an obstacle to development, regulatory systems and framework should not be bypassed in favour of expediency.

"It has been said that the greatest hindrance to creating a balanced and enterprising economy is government bureaucracy. This is something we have to take note of. However, there will always be some level of bureaucracy, so I think what we really want is for it to be more efficient and effective, as it cannot be that Government must be kept out of the way," he pointed out.

"What must happen is for Government to facilitate and be a catalyst in the development process," he added.

Chang was addressing the International Organization of Securities Commissions (IOSCO) Gala at the Hyatt Ziva Rose Hall Hotel last week.

MARKET ORGANISED

Established in 1983, the IOSCO is the international body that brings together the world's securities regulators and is recognised as the global standard-setter for the securities sector. Its membership regulates more than 95 per cent of the world's securities markets in more than 115 jurisdictions. Securities regulators in emerging markets account for 75 per cent of its ordinary membership.

Chang, in commending the work of the body, said markets must be organised and supervised efficiently, and there must be clear rules and high standards that will result in transparency.

This, he said, will create a stronger foundation to grow markets and create economic stability.

"We want to see the capital markets in a state of constant development, leading to more material progress in Jamaica and the region," he pointed out.

He said that a strong capital market gives Jamaicans the opportunity to leverage the gains made in the productive sector.

"We continue to encourage the banking sector to be innovative in their financial products. We also want to encourage persons to become investors and take reasonable risks for better returns," Chang said.