PSOJ

CHIEF EXECUTIVE OFFICER’S REPORT
JANUARY 2010
OVERVIEW OF THE ECONOMY

The IMF AND JDX
After many months of negotiations, Jamaica’s Letter of Intent to the IMF was tabled in Parliament on January 19, 2010. Jamaica’s request for a Standby Facility was formally considered and approved by the IMF Board on February 3rd.  As a result of the Agreement, the IMF will provide US$1.4 billion to Jamaica over the next 27 months as balance of payment support in return for a medium-term program of structural reforms to consolidate and stabilise the fiscal deficit and place the Jamaican economy on a sustainable growth path.

As a measure of progress towards these goals the GOJ has committed towards the following macroeconomic and fiscal targets:

1)    After a further decline of 3.5% in FY2009/10 achieving GDP growth of 0.5% in 2010/11 and 2% in 2011/12.
2)    Reducing inflation from 10-11% currently to 6-7% in the medium term.
3)    Reducing the fiscal current account deficit from 12.75% of GDP in fiscal year (2009/10) to 5% in two years (2011/12).
4)    Reducing the public sector debt to GDP ratio from 140% currently to 120% in four years.
5)    Improving the current account deficit in the balance of payments from 10.5% of GDP to 9% in 2010/11 and further to 5% in the medium term.

To achieve these targets the GOJ intends to implement a number of corrective revenue and spending measures; a concerted debt management strategy; and introduce reforms to further strengthen the financial system.

Three packages of revenue measures equivalent to 3% of GDP were introduced in 2009, with the last, aimed at generating $21.8 billion taking effect on January 1st, 2010.

On the expenditure side, the Government intends to: (a) enforce a wage freeze for the next two years to reduce the public sector wage bill from 11.75% to 9. 50% of GDP; (b) contain recurrent expenditure by cutting back or freezing expenditures on travel, utilities, and the purchase of various goods and services; and (c) divest several non-core public entities such as Air Jamaica, the remaining sugar factories, possibly Petcom and the Port Authority. In addition, the Government hopes to reduce the operational losses of Jamaica Urban Transport Company by 40% within the next three years.

Tax reform measures to structurally reinforce the revenue and expenditure measures are also to be introduced. These include scaling back the system of incentives and exemptions to broaden the tax base to allow for a progressive reduction in the corporate income tax rate to a more competitive level.

On the administrative side, the Government plans to unify the tax administration by vesting necessary legal powers in the Tax Administration Director General instead of the commissioner of each department; facilitating compliance through more streamlined procedures; expanding the Large Taxpayer Office; and developing an IT interface between Customs and other domestic tax departments to facilitate easier compliance verification. Very importantly, a Central Treasury Management System (CTMS) and Treasury Single Account are to be established to improve cash management.

The Jamaica Debt Exchange (JDX) has been the most talked about of all the proposals introduced by the Government. Introduced as part of the Government debt management strategy, the JDX aims to swap $700 billion of GOJ short term high interest debt for bonds with longer maturities and lower coupons. The JDX settlement date is February 16th however the Ministry of Finance has already disclosed that the participate rate was in excess of the 90% threshold required by the IMF as a prior action. 

As a result of the JDX, two rating agencies revised their outlook. Under pre-existing criteria disclosed by these agencies any change in the terms of fixed income issuers rated B- and below will result in a transaction rating of Selective Default. This is true even in voluntary exchange offers. In their ratings actions, both ratings agencies said they expect to upgrade the GOJ credit upon the successful completion of the JDX.

Perhaps already pricing in the improved credit profile of the GOJ has a result of the $42 billion in annual fiscal savings as a result of the JDX, GOJ global bonds across the yield curve have rallied following the announcement of the transaction.

Regarding inflation, the Bank of Jamaica has committed to the tall order of keeping inflation in single digits, lowering interest rates and keeping J$ exchange rate stable. Keeping inflation low at a time of increasing pressure on prices, especially from the 15% ad valorem tax on fuel imposed by the Golding Administration in December 2009, will be no easy feat.

The Government is hoping that demand will remain subdued in the economy and keep a lid on incipient price pressures.  But expectations are that the global recovery should at least speed-up moderately this year and lift prices of commodities, especially oil. On the one hand, a pick-up in the global recovery should boost Jamaica’s exports, but it could also mean higher prices for the goods we import and the balance of benefits are likely to weigh against us.

Interest rates have fallen sharply following the announcement of the JDX.  The transaction will lower rates on Jamaican dollar instruments eligible for the exchange by over 600bps and US dollar instruments by over 300bps. The first Treasury bill auction following the exchange also saw a large decrease in the clearing interest rate. Repo rates have already started to fall across all dealers. Whether these rates can remain low, will be in part a function of inflation expectations.

The exchange rate could be affected by countervailing forces. The infusion of IMF and World Bank loans should boost the NIR and support the exchange rate. But lower interest rates could discourage the purchase of Jamaican dollar denominated bonds. So long as interest rates remain low (2% and under) in other parts of the world, there might not be much capital flight especially if the GOJ continues to come to the market with occasional issues of USD denominated or inflation indexed bonds.

Growth in the Jamaican economy is not guaranteed even for the modest targets of 0.5% to 2%. This is because our economy has become dominated by low value added retailing and services activity. To boost growth, the Government needs to step up its support and facilitation of construction, manufacturing and agriculture and other potentially higher value added activities.

STANDING COMMITTEE ON NATIONAL SECURITY (SCNS)
The meeting of January 19 was held primarily to focus on the draft of The PSOJ’s Policy Paper on Crime.  However, there were elements of the presentation/document which needed to be re-visited.  The sub-committee was expanded to include additional representatives from the security forces.  ACP Les Green, ACP John McLean, Supt James Forbes, Lt. Commander George Overton together with Col Rocky Meade, PSOJ’s Sandra Glasgow and Earl Bartley formed the new committee. 

Meeting with Minister of National Security:
PSOJ President Joseph M. Matalon, the Chairman of SCNS, Mr. Peter John Thwaites and the CEO Mrs. Glasgow met with the Minister of National Security, Senator the Hon. Dwight Nelson on January 14, to discuss the PSOJ’s concerns regarding issues of crime and violence.  Arising from that meeting, it was recommended that a representative from the Ministry be invited to attend the SCNS and a formal invitation was later sent to the Minister.  It was also recommended that quarterly meetings be held with the Minister to provide an update on PSOJ’s initiatives as well as to learn firsthand from him policy measures that were being proposed and implemented to maintain a peaceful and lawful country.

CRIME STOP 
Based on the Crime Stop Coordinator’s report, the following was noted for the month of December, 2009: 
•    The success ratio for December was 1 in 3 and in November it was 1 in 9.
•    The number of arrests was 10 in December and 7 in November.
•    The number of calls received was 49 in December and 87 in November.
•    The rewards paid totaled $60,000 in December and $80,000 in November.
•    Property recovered was valued at $1,170,000 and in November was $600,000.
•    The value of narcotics recovered was $371,250 in December compared to $1,418,239 in November.

JUSTICE REFORM COMMITTEE (JRC)
The Committee did not meet in January, as the Chairman and one other member resigned. The President and CEO are collaborating to identify a suitable Chair.

The Committee continues work to identify funding for its main project, the establishment of a Commercial Alternative Dispute Resolution Centre.  In January, the IDB advised that it will provide a grant of US$150K to support the project, on condition that the PSOJ and JCC enlist other donors to support it.  In January, the CEO met with Dr. Jennifer Leith, Head of DFID Caribbean, who indicated that a grant of £100,000 could possibly be made from DFID’s discretionary fund.  The CEO also met with James Burrowes of USAID, who indicated that USAID could perhaps fund components 3 and 4 (component 3 is the public awareness component and 4 is the revision of the legislation).  A meeting with Mrs. Lorraine Bélisle, head of CIDA took place on February 5, but all indications are that CIDA will not support the project.

The PSOJ and JCC will also host a meeting between private sector leaders and the President of the Chartered Institute of Arbitrators of Great Britain, Mr. Joe Behan, on February 19th , 2010 at the PSOJ.  Mr. John Bassie, Chairman of the Caribbean Branch of the Chartered Institute of Arbitrators, with whom the PSOJ and JCC are collaborating on the CADRC, will also attend the meeting.

CORPORATE GOVERNANCE (CG) COMMITTEE
The Committee did not meet in January.  Its first meeting for the year took place on February 2, 2010.

The Committee will host a “Round Table on Corporate Governance” on Tuesday, February 23, 2010 from 7:30 – 9:00 a.m.   Courtesy of EduNova in Canada, who will sponsor her visit to Jamaica, the special Guest Speaker will be Dr. Sheila Brown, the CEO for the Centre for Ethics in Public Affairs.  Sheila was selected five times as one of Atlantic Business Magazine's "Top 50 CEOs in Atlantic Canada" and, in 2005, she was one of the first four inductees into the "Top 50 CEOs in Atlantic Canada Hall of Fame".  She served two terms on the Board of Nova Scotia Business Inc. and also chaired its Governance Committee for six years.  She is an active volunteer in her profession and in her community and is currently the Executive Vice-President, Leadership of the International Women's Forum of Canada.

We will use the event to launch the PSOJ’s revised “Code on Corporate Governance” as well as a “Handbook and Tool Kit on Good Governance”, which were prepared with the kind support of the Canadian International Development Agency (CIDA).

EDUCATION COMMITTEE
The PSOJ Education Committee had its meeting on Friday, January15, 2010.   The Committee reviewed the Scorecard contained in the PSOJ's 2010 Strategic Plan and the Partnership for Progress Scorecard (PFT) promised by Joseph Matalon was passed to Chair, Jacqueline Sharp for circulation.

Regarding the articles promised by Committee members, Saffrey Brown (JN Foundation) promised to submit a draft by February 2010 The Committee was updated on an offer made by Jamaica News Network (JNN) to air a weekly programme on private sector issues.  

Mrs. Caroline Mahfood advised that the proposal put forward to the Grace Kennedy Foundation by Dr. Lloyd- Eubank-Green for a Reading Programme initiative at his adopted school Epsom All- Age was approved. The CEO updated the committee on the Reading Award Initiative to take place at the PSOJ-adopted school, St. Michael’s Primary. Contact has been made with the acting principal who has promised to send a “blurb” for the proposal to be submitted to Multi-care Foundation and GraceKennedy Foundation.

A new date is to be set for a meeting with private sector foundations to discuss how the PSOJ can collaborate with them to support the Committee’s CSR agenda.  The Committee was updated on a survey to be carried out to ascertain the CSR initiatives being undertaken by PSOJ members.  It was noted that Brigette Levy had done extensive research in this area and she should be tapped for guidance.

The CEO reported that a letter was received from the National Council on Education soliciting private sector representatives to sit on school boards in Region 5 (St. Elizabeth, Manchester and northern Clarendon). The Committee agreed to make an appeal through HR Officers to support this initiative.

Regarding the PSOJ’s participation on external committees, it was confirmed that CKLN is still active but the committee had not met recently.  We have been advised that the Independent Schools Commission has been disbanded.

Dr. Lloyd Eubank Green- updated the Committee on the CAPRI seminar on education, the main focus of which was a discussion on report cards for school principals.  The report card will promote transparency in schools, will help set public agenda for reform and send a message to schools that they are being watched.  This initiative is still a work in progress and a launch date has not been set.

The CEO noted that there is an information gap with respect to education policy and proposed that the Minister be asked to assign someone to sit on the committee in order to bridge this gap.

TRADE POLICY COMMITTEE (TPC)
The Jamaica Coalition of Service Industries (JCSI)
A preliminary meeting to hand over the JCSI to the private sector was held on February 2 at Jampro.  The project manager, Sharon McIntosh, will be returning to her home country in February and responsibility for follow up for the transition to a private sector led initiative will be passed to Arlene Martin at Jampro.
The JCSI is envisioned as a mechanism for private/public sector cooperation in policy development, coordination, and trade promotion for private sector firms in the services sector, with a focus on service providers who have been relatively unrepresented or under-represented in advocacy efforts for greater sector support.  The proposal for a national coalition of service industries arose out of a CARICOM initiative to identify targeted sectors for growth in the region. The services sector was selected based on the fact that it represents one of the fastest growing areas of economic activity in the region, and CARICOM has identified funding under the Economic Partnership Agreement, with the EU, to finance the development and implementation of a strategic plan for the sector to be driven by the national coalitions.  Three quarters of member states have already established national coalitions of service industries.
So far the JCSI has received enthusiastic support from professional service providers and other small service providers who see benefits to be gained from a more coordinated approach in addressing the needs of a diverse sector.
However, the JCSI has not yet been established as a legal entity due to uncertainties about the model to be used which would result in a sustainable organization.  It was noted at the meeting that the private sector would have to be committed to the concept in order for the JCSI to be incorporated as a legal entity.  This would also require some level of financial support from committed and supporting companies.
The question was asked as to whether the PSOJ, or another private sector secretariat, would be willing to house the entity.  Otherwise, it would have to operate out of the offices of JTI.  However, because of the budgetary constraints at this time, the government would not be able to finance its operations.
The Ministry of Foreign Affairs informed that they have already received confirmation of external donor support, and that the JCSI should be formed as a separate legal entity in order to receive this support.  Additionally, the JCSI has applied for funding under the EPA regional development fund being managed by the Caribbean Development Bank, CARTfund, and should soon receive confirmation.
The JCSI will be working with small service suppliers mainly, and with Jampro, in trade promotion activities to create business benefits for private sector association members.
Agriculture Breakfast Meeting
The Trade Policy Committee in association with Jamaica National Building Society held a breakfast meeting at the Knutsford Court Hotel on January 19, where the Minister of Agriculture, Dr Christopher Tufton, urged more private interests to invest in the sector.
Dr Tufton spoke of returns on investment ranging from between 25 per cent and 86 per cent, depending on the area of investment. New government policies, among them, the current debt-management strategy, lowering of interest rates, agricultural land utilisation, organic food, nutrition, security and agricultural export policies would make investment in the sector more attractive.
He stressed that the sustainability of the agricultural base must be linked to the nation's trade policy.
Pointing out that the Jamaican food-import bill for 2008 was over US$900 million; Minister Tufton said that there would be increased opportunities for import substitution. Targeted crops that could be grown locally include onions, Irish and sweet potatoes.
The Minister said that Government support included lands for lease, access to low-cost financing, technical support, market information and tax incentives, including the 20 per cent concession on vehicles, concessions on general consumption tax, other import duties and income tax.
It was noted that although there were numerous challenges facing the productive sector, agriculture showed improved performance and had been doing far better than most other sectors.
Meeting with the Senior Trade Commissioner from the High Commission of Canada
Joseph Matalon, PSOJ President, and Omar Chedda, PSOJ, Trade Manager, met with Mr. Shaw-Wood at ICD Corporate Headquarters on Friday, January 22, where they discussed possible increased trade and investment cooperation between Jamaica and Canada, in light of the negotiations for a Free Trade Agreement between both countries.
Mr. Shaw-Wood mentioned the CIDA Industrial Cooperation Programme which would fund the participation of Canadian investors in joint-ventures in Jamaica.   Previous investments of this nature have involved Canadian green-house expertise, a mini-hydro power project, and sheep-farming. The internet link for the program itself is at: http://www.tradecommissioner.gc.ca/eng/funding/investment-cooperation-pr...
The Canadians are of the view that the most significant benefit to be derived on the Canadian side from the successful conclusion of the negotiations would be an agreement on investment. In relation to services, much could be accomplished, since the existing CARICBCAN preferential system applies only to goods, and service imports to Canada are therefore governed by existing commitments under the more general WTO.   With respect to goods, it was noted that CARICBAN will expire in 2011.  Also to be noted is that a bilateral arrangement would provide greater scope to deal with technical barriers to trade issues. 
Mr. Shaw-Wood and Mr. Matalon agreed to continue communications on possible investment cooperation between Canadian business interests and the ICD group, among others.
It was suggested that Mr. Shaw-Wood be invited to have a discussion with the TPC at its next meeting in February.  Mr. Matalon also suggested that the PSOJ send a representative to the next negotiating session of the Technical Working Group on the Canadian negotiations in Barbados in March.  The JMA sent a representative to the last meeting, but would not be able to attend the next session.
UK Trade Fair, EU Mission and 2012 Trade Promotion
Jamaica Trade and Invest (JAMPRO) is coordinating Jamaica’s participation in the Food & Drink Expo, which will be held March 21-24, 2010 at the National Exhibition Centre in Birmingham, UK.
This event is the largest UK food and drink trade exhibition bringing together all sectors of the food and drink market - retail, foodservice, wholesale and manufacturing.  Over 23,000 buyers attend the trade fair.
As part of the 2012 PSOJ Group initiative, Earl Jarrett of JNBS, and Steven Sykes of National Bakery, will be participating in JAMPRO’s representation at the Birmingham Trade Fair in March 2010, and have proposed to use this opportunity as a launching pad for a proposed EU mission in May and the UK 2012 Olympics Jamaica promotion programme.
The plan for the 2012 programme would involve utilizing Diaspora resources and facilities.  A Jamaica village would be created leading up to the 2012 Olympics in the UK in an appropriate location and/or existing Jamaican businesses in Birmingham would be invited to participate in providing a unified Jamaican experience for customers.
The 2012 group will be seeking the assistance of the following PSOJ members for the indicated activities:
Jamaica Producers – Logistics
Gleaner - Communications and PR
Cable and Wireless/Digicel - Events and Entertainment 

Jampro has been requested to assist with the following activities:

Legal arrangements
Marketing and Branding
Logistics and shipping
Communications and public relations
Events and entertainment
UK coordination

MEMBERSHIP

Subscription collection for the month January 2010 was $4,168,471.13

Follow up calls were made to members to remind them of payments for the period January to December 2010.  Requests were made for extensions of time for payment.

There were two new members for the period. They were:
•    Nexus Hospitality 
•    New World Realtors

Their invoices have been sent to them and we are awaiting payment

Application packages were sent to the following persons/companies
They are:
•    Seawind Key Investments (Secrets Hotel)
•    Paula-Anne Porter-Jones
•    Lilieth Douglas

A page was created on the popular social networking site Facebook. Within one week there were forty individuals joining the group with one taking a further step of beginning the application process.  The Facebook page will allow for two-way interaction with the public on the work of the PSOJ.

A list of one hundred (100) prospects was forwarded to the CEO for approval.

CORPORATE AND PUBLIC AFFAIRS DEPARTMENT (CPAD)
Chairman’s Club Forum – January 22
The Chairman’s Club Breakfast Forum held on Friday January 22 at the Jamaica Pegasus Hotel saw PSOJ President Joseph M Matalon formally launching the PSOJ Economic Policy Framework.  The framework represents a synopsis of detailed economic research representing the combined efforts of the private sector, the public sector, academia and multilateral agencies and provides a clear and concise outline of the PSOJ’s economic policy recommendations.

Although the framework does not encompass all the policies the PSOJ supports, it provides a realistic set of policy recommendations which recognises the constraints imposed on policy makers using limited resources. The PSOJ believes that the framework presented can produce high levels of sustained economic growth and is committed to working with the Government and other stakeholders to ensure its successful implement.
The meeting was well attended with a wide cross section of members and also members of the diplomatic corp.  The presentation made by the President and Policy Framework which was published in the Daily Gleaner generated high levels of interest in both the print and electronic media.
Public/Media Relation - Press Releases/Media Advisories/Radio & TV interviews
PSOJ
•    Sunday Observer, January 3, 2010 – year in review with caption “2009 was a big year for ….” with mention of Chris Zacca demitting office as President of PSOJ for two years and taking up post in the public sector

•    Friday January 8 – The Gleaner article with caption “PSOJ eyes greater economic development”

•    Wednesday January 13 – Press release from PSOJ in support of the government’s decision to execute the Jamaica Debt Exchange programme

•    Wednesday January 13 – Pres Matalon interviewed by Kingsley Robert on CVM’s current affair programme Direct regarding Jamaica Debt Exchange programme

•    Wednesday January 13 - The Business Day on TVJ – Owen James with President Matalon regarding PSOJ’s support of government’s decision  to execute the Debt Exchange programme

•    Wednesday January 13 – Power 106 news item following PSOJ press release in support of government’s decision on Jamaica Debt Exchange programme

•    Thursday January 14 – The Gleaner – front page side line “PSOJ backs Golding’s debt check” with details of story on A4 with caption “Good Move – private sector groups endorse Govt’s debt exchange” 

•    Thursday January 14,  – Telephone interview with President Matalon and Beverley Manley on The Beverley Manley Show 

•    Thursday January 14 – JNN – information from press release on PSOJ in support of  Govt’s debt exchange carried on their news

•    Thursday January 21 – The Daily Gleaner – PSOJ feature on PSOJ Economic Policy Framework 

•     Thursday January 21, – Business Day – Owen James mentioned made by Owen James of the launch of the PSOJ Economic Policy Framework at

•    Friday January 22, – The Financial Gleaner   – reprint of PSOJ Economic Policy Framework (tabloid format)

•    Friday January 22, Nationwide News – news item on PSOJ Economic Policy framework

•    Friday January RJR’s Fame FM – news item on PSOJ Economic Policy Framework highlighting proposal for custodial sentence for tax fraud

•    Saturday The Gleaner January 23, photograph with with R. Danny Williams, President Matalon and VP Earl Jarrett at PSOJ Chairman’s Club Forum held Jan 22

•    Sunday Observer (carried in newspaper and online) – January 24 – photo with Agriculture Minister, Dr. Christopher Tufton, President Matalon and PSOJ Vice President, Earl Jarrett, CD at the PSOJ Trade Policy Committee Breakfast 

•    Monday January 25 – The Daily Gleaner – congratulatory message from PSOJ President to the Jamaica Customs Department in celebration of International Customs Day

•    Monday January 25 – Telephone interview with President Matalon on Nationwide’s This Morning programme with Emily Crooks and Naomi Francis regarding PSOJ Economic Policy Framework

•    Monday January 25 – Taped telephone interview with President Matalon on  Klas FM’s Financially Speaking programme with Errol Gregory regarding PSOJ Economic Policy Framework

•    Monday January 25 - Telephone interview with President Matalon on RJR’s  Beyond the Headline programme with Dionne Jackson Miller regarding PSOJ Economic Policy Framework

•    Tuesday January 26 - Telephone interview with President Matalon on Power 106  Real Business programme with Ralston Hyman regarding PSOJ Economic Policy Framework

•    Tuesday January 26 – The Daily Gleaner – article with caption “PSOJ backs JDX”

•    Tuesday January 26 – The Daily Gleaner – full page advertisement with caption “A New Vision for a Stronger Jamaica”

•    Tuesday January 26 – The Jamaica Observer – full page advertisement with caption “A New Vision for a Stronger Jamaica”

•    Wednesday January 27 – Presentation on PSOJ Policy Framework made by PSOJ Vice President Paul Scott at afternoon session of Diplomatic Week

•    Thursday January 28 – Airing of interview with Owen James and President Matalon on the Business Day (TVJ) on the PSOJ Economic Policy Framework

It should be noted that Power 106 FM is running a series of ads featuring the “dramatic presentations” in the Economic Policy Framework.

JBA & JSDA
•    Thursday January 14, joint press release from Jamaica Bankers Assn and Jamaica Security Dealers Assn in favour of the Government's decision to execute the debt exchange programme

•    Thursday January 14 – Power 106 – voice clip with JBA President Minna Israel on the JBA’s take on government’s decision to execute debt exchange programme

•    Tuesday January 19 – The Daily Gleaner article with caption “We’ll back you but …’ Bankers say gov’t needs to give more information on economic plan”  - comments made by JBA President Minna Israel and other leaders from the financial sector at the Gleaner’s Editor’s Forum.

•    Tuesday January 19 – The Daily Gleaner article with caption “Customers join banks in support of JDX”  comments from RBTT’s President & Country Officer on the positive response of the bank’s customers on the proposed debt exchange programme

•    Friday January 29 – Press release from JBA regarding responses/queries about reduction in interest rates in light of the Jamaica Debt Exchange programme

THE JAMAICA INSTITUTE OF BANKERS

MBA PROGRAMME

Orientation
Orientation for new students was held Friday, January 8, 2010 in the Training Room of the Manchester Business School Worldwide Caribbean Centre.  Local tutors were invited to the session for the first time.  This gave them a chance to meet with the new students and to share expectations for tutorials.

Jamaica Stock Exchange Conference
The Caribbean Centre participated as a sponsor in the Jamaica Stock Exchange Conference held January 19 – 20.  The area of sponsorship was the Business Luncheon/Leadership Conversations which took place on January 20.  MBSW, MBA graduate, Antoinette McKain, CEO of Jamaica Deposit Insurance Corporation, was a member of the panel, the topic for discussion - ‘CEO Performance & Company Profitability: Trends, Developments & Perspectives of Private Sector Leaders’.  Mr. Patrick Foran, the Director for the North American Region, MBSW, was in Jamaica for the conference and also participated as a panelist. 

Meeting with new President of the Jamaica Institution of Engineers
The Director met with Mr. David Chung, the new President of the Jamaica Institution of Engineers.  The immediate past president, Mr. Joseph Aryee, as well as Dr. David Smith, Head of Professional Development of JIE were also a part of the meeting.  A proposal is being developed based on the discussions held regarding collaboration between MBSW and JIE.

Meeting with President of Trinidad’s Association of Professional Engineers
The Director met with Mrs. Hannah Wei-Mudden, President, Association of Professional Engineers of Trinidad & Tobago (APETT).  The discussions revolved around possible collaboration between APETT and MBSW.

DEVELOPMENT PROGRAMMES

No development programmes were held for the month of January.

Sales Meetings
Meetings were held with the following training institutions to collaborate and provide training for the Financial Services sector and the wider business community, with a view to broadening the client base:

January 7 & Feb 1     -    College of Insurance & Professional Services
January 20         -     Oracle Financing (via telephone)
January 27        -     Financial Investigation Division (FID)

February 5, 2010