THE EDITOR, Sir:
THE GOVERNMENT of Prime Minister Portia Simpson Miller must quickly change the archaic banking laws and bureaucracy that are suffocating development and preventing legitimate investors from bringing their money to Jamaica. It takes cash to care and until we fix this problem, crime, violence and poverty will continue to destroy our nation.
The recent comments by the outgoing chairman of JAMPRO, Ms. Pat Francis, that, "Jamaica is not ready for investors" should set off alarm bells, and any administration that does not understand the urgency that this matter demands has already opened the door wide for the Opposition, come the next election.
There are vast amounts of foreign exchange looking for safe investment havens in the Caribbean, and we in Jamaica had better get our act together fast, that is, if we want to capture the attention of the investment capital that is so badly needed to change Jamaica from poverty, violence and scarce benefits, to wealth, peace and prosperity.
There are several things that the Government must do immediately to capture the attention of these investors and their resources, and eliminating the red tape and attendant corruption which is woven into the fabric of our bureaucracy is the principal thing that must be addressed, post- haste.
REGISTRATION OF TITLES
A very good place to start would be the restructuring of the system for the registration of titles. It still takes too much time and money (13.5 per cent in government fees alone) to do a simple transfer of property, and there is empirical evidence that real estate transactions can be the single most powerful economic dynamic, which can quickly bring vast amounts of cash into the government coffers when managed efficiently.
We also need to look at our banking laws, officially introduce casinos and stop the nonsense that is preventing legitimate businessmen who desire to bring large sums of money into Jamaica for real estate development. I can say from my personal experience as a realtor that many investors are frustrated with the labyrinth of red tape that the various state agencies require, and the simple act of transferring money from the U.S. to a local bank can be a frightening and painful experience.
REAL ESTATE TRANSACTIONS
The banking procedures for real estate transactions must be simplified and seamless, regardless of which financial institution or law firm is involved, and the Ministry of Finance, along with the Bank of Jamaica, must provide the leadership that will attract and protect those persons who choose to invest in Jamaica.
There is also abundant evidence that without substantial constitutional changes, sustainable development in the long term will be evasive and many of the changes that will be required to propel Jamaica economically have already been eloquently presented by Mr. Frank Phipps in a recent article, 'For Controlling the Executive'. (The Sunday Observer, May 14).
The recommendations outlined by Mr. Phipps prove that there will be no change in the status quo until these constitutional changes are implemented and some of the many negative factors which are impeding our economic progress (garrisons, corruption and inefficiency) will continue to wreak havoc, causing the nation to slide even further into the abyss of poverty and violence.
The reality is that 'word of mouth' advertising can be our best friend or our worst enemy, and the Government of Jamaica needs to get the word out that Jamaica will roll out the red carpet, not the red tape, for investors.
I am, etc.,
MICHAEL C. MOYSTON
jahspeed@hotmail.com
32 Sunset Blvd.
Montego Bay
