State Minister in The Ministry of Industry, Investment and Commerce Sharon Folkes-Abrahams said there is "an urgent need for qualitative improvements" in doing business locally. Although the country has made some advances in making entrepreneurship better, she said, there is much that still needs to be done."
Our performance in the World Bank's last Doing Business Report suggests that a lot needs to be done for businesses to grow and be more competitive, she said, adding that it's important that we support local products and companies.
The minister was speaking at the Jamaica Business Development Corporation's (JBDC) Fifth Annual Small Business Expo yesterday.
Jamaica ranked in the lower half of six of the measures used to determine the ease of doing business including getting electricity, registering property, securing credit and enforcing contracts. The country only did better than 13 others in paying taxes, ranking 172 of the 183 surveyed.
However, the Government considers entrepreneurship to be critical, she said, and has started a "number of initiatives towards achieving that objective".
Read more: http://www.jamaicaobserver.com/business/Business-climate-needs-fixing-for-growth_11494367#ixzz1vDBfmcSB
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