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Chartered accountants institute says no opening up local bids

Published:Friday | January 9, 2015 | 10:12 AM

The Institute of Chartered Accountants of Jamaica (ICAJ) is cautioning against opening up the local procurement process to players in other CARICOM countries.



ICAJ Council Member, Raymond Campbell, told the parliamentary committee examining the new procurement law yesterday that such a move could be harmful to local businesses.



Noting that there is no reciprocity within the Caribbean Community for Jamaican firms to bid on jobs in their territories, he said the ICAJ believes that opening up the bidding process will put local businesses at a competitive disadvantage.



Committee Chairman, Horace Dalley, indicated that the Government would tread carefully before signing off on the issue.



Under the Government Procurement Protocol, now being considered by CARICOM, contracts for goods valued at more than 100 thousand dollars and for works more than a million US dollars in value would be subject to regional procurement.



Senior Director in the Office of Procurement and Asset Policy in the Ministry of Finance, Cecile Maragh, told the committee that once the protocol was promulgated Jamaica would be required to advertise to the region.



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