The Private Sector Organisation of Jamaica (PSOJ) held a press conference on January 9th to outline its strategy for 2020-2022. The overarching objective is “ensuring Jamaica achieves inclusive growth and creating an environment that enables private sector led investments while protecting Jamaica’s environment”.
According to PSOJ President Keith Duncan, “The PSOJ is combining and advocacy and action to create opportunities for all Jamaicans to achieve their potential. Our private sector associations, companies and individual members can remain assured that the Organisation will continue to provide meaningful representation on their behalf and ensure that the PSOJ’s presence and strong voice is always maintained”
ECONOMIC STABILITY & GROWTH
As Jamaica has achieved macroeconomic stability over the past 7 years, and as the country embarks on its journey without the oversight of the IMF, we must ensure that we maintain macroeconomic stability, fiscal responsibility and continued reduction in debt levels consistent with Jamaica’s fiscal rules. The PSOJ, through EPOC membership, will therefore continue to provide oversight of Jamaica’s Economic programme.
CONFIDENCE AND INVESTMENTS
Having achieved macroeconomic stability, the PSOJ’s strategic efforts will be focused on enhancing the business environment to create greater consumer and business confidence levels which should translate into increased domestic and foreign investments and as a result, greater growth levels.
The number one priority of the PSOJ, along with other private sector bodies, is to create an environment of law and order and citizen safety. We will continue to build on the efforts of immediate past President Howard Mitchell in pushing for a national consensus and bipartisan support around Jamaica’s Crime Strategy in an effort to break the back of the crime disease. Crime has been a negative drag on our economy for decades and has our citizens living in a state of fear and paranoia.
The PSOJ believes a social partnership vehicle providing oversight of Jamaica’s Crime Strategy is required. This Oversight body will provide visibility, create buy in, and increase confidence of all stakeholders.
A sustained social transformational programme is needed as a measure to complement Jamaica’s crime fighting strategies. The PSOJ, through collaboration with Government of Jamaica (GOJ) and non-governmental organizations (NGOs), will be moving to encourage members to direct resources through their corporate social responsibility efforts in the form of cash, kind, time and mentoring into the most, depressed, vulnerable, crime producing communities.
HUMAN CAPITAL DEVELOPMENT
Our education and training programmes must be transformed if we are to increase productivity, purchasing power and the living standards of our people. PSOJ will identify human capital needs of the emerging economy and direct recommendations to Jamaican Training Institutions.
The Organisation currently promotes the growth of a diverse, inclusive, equal and equitable workforce by reinforcing, promoting and supporting the implementation of policies and strategies through the Gender and Disability Affairs Committee.
GOVERNANCE AND CORRUPTION
As corruption levels continue to undermine confidence in our leaders and institutions, the PSOJ will continue to play a leadership role in actively promoting good corporate governance practices in the public and private sector which should lead to reduced corruption and increased accountability in the public sector.
In keeping with the mandate of greater inclusive growth, the PSOJ has formed 2 new committees: (1) Small Business Committee and (2) Innovation and Digital Transformation Committee. The small business committees, in the short to medium term will continue to focus on access to finance for SMEs while the Innovation & Digital Transformation Committee will focus on the digitizing of the public and private sectors to ensure increased efficiency in doing business.
The first order of business for the Innovation and Digital Transformation Committee is actively participating through input and facilitation of the process of implementation of the digital identification which would go a long way in increasing efficiency of the private and public sectors in the delivery of services to the public.
Another critical focus area of PSOJ for 2020-2022 is the sustainability of our environment. It is important that economic development is balanced with a sustainable environment. As such, PSOJ will continue to advocate for and promote solutions which protect our natural resources and environment.
The PSOJ believes its 2020-2022 strategy is focused on these critical areas that will move Jamaica forward to achieve its developmental goals. It intends to keep the public updated on the achievement of these strategies and invites other private sector companies who are not yet members, to join them in moving from advocacy to action to uplift Jamaica.