Alessandro Boyd, Gleaner Writer
With business confidence falling to its second-lowest level during the past 12 years, Christopher Zacca, president of the Private Sector Organisation of Jamaica (PSOJ), has pointed to Jamaica's Social Partnership Agreement as a medium that could develop a fruitful and competitive business environment.
"Social partnerships generally emerge under conditions that challenge the economic and social viability of a country, and after decades of trying, and under similar circumstances, we finally signed such an agreement in July this year. In fact, at the signing of the agreement, I said that as a country, we don't get to a 140 per cent debt-to-GDP ratio and have any easy options remaining," Zacca said.
He said Jamaica's only hope at this time was to unite as a society around common national priorities and principles.
Zacca was speaking on Thursday at the joint PSOJ, Mona School of Business and Management, and the Jamaica Social Partnership Forum, which was staged at the University of the West Indies, Mona.
He noted that the private sector has been demanding a competitive business environment for years.
"To be one of the most successful economies requires that all sectors in the economy - public and private - perform to the highest global standards in terms of efficiency and delivery of goods and services. This is possible only if the business environment is such that it encourages success," Zacca asserted.
"It would be a dream come true for not just the private sector, but the entire country, if we were finally able to increase our competitiveness, and this partnership agreement is the perfect avenue through which this can be achieved. We would finally see a trustworthy environment being created, which is one of the critical factors necessary to increase business confidence," he continued.