Numerous studies have shown that foreign direct investments in Jamaica have not led to significant growth or wealth creation for the majority of Jamaicans. PJ Patterson boasted of billions of dollars of investments during his time but, the economy only grew at an average of under 1% per annum and, unemployment especially among youths rose precipitously! Anyone aware of current economic thinking would know that facilitation of domestic enterprise, vis-a-vis investment in the promotion of indigenous enterprises, would recognize that a focus on locally sourced investment will have a bigger impact on the economy and wealth creation. There are examples; WISYNCO and BOSS Furniture are two which readily come to mind. Several large Manufacturing companies that employ thousands of Jamaicans have impacted the economy in a positive way. These enterprises do not shift their profits overseas as they have vested interests in the growth and development of the economy in which they operate. It is disturbing that those who seek to use their ignorance to fan the flames of political division would not take the time to evolve their thinking to correspond with current socio-economic realities. What Jamaica needs is balance; not an over-reliance or dependence on any one type of investment regime. We need to increase local production and investment among Businesses/Entrepreneurs in the Jamaican Economy.
Posted on: Sat, 03 Jan 2015 18:57:58 +0000
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