UPDATE: Jamaica slips five places in ease of doing business rankings
Jamaica has slipped from 70th to 75th in the latest doing business report that surveyed 190 countries.
Local officials this morning explained that the slippage is largely because of the progress of other countries and maintained that Jamaica has been making strides in creating an environment conducive to local and international investments.
However, important fixes are needed in the areas of access to credit and electricity.
Speaking at a press conference at the office of the Prime Minister a short while ago, President of JAMPRO, Diane Edwards, said transparency in business, lower levels of corruption, and the removal of trade barriers, would also make Jamaica far more competitive on a global platform.
She said policies are being fast-tracked to ensure that the environment better favour investors.
Meanwhile, Prime Minister Andrew Holness said adjustments are imminent so that Jamaica doesn’t have to continue borrowing money for development.
According to him, constant borrowing has not been conducive to growth.
“We have been giving up seven per cent of our surplus every year since around 2013, because we have been borrowing to develop," Holness said.
"The delivery of electricity, is something we should have conquered long ago. The world will not stop to wait on Jamaica. Other countries have taking our coffee, beating their chests and making money and we are arguing over these things. Jamaica is slipping," Holness said.