Jamaica News: Jamaica Promotions Corporation (JAMPRO) is seeking to finalise the collation of stakeholder recommendations from consultations now under way with key government ministries, departments and agencies (MDAs), on the draft National Investment Policy (NIP) Green Paper by the end of the week.
Vice President of JAMPRO, Shullette Cox, said this is aimed at updating the document for presentation to the Ministry of Industry, Commerce, Agriculture and Fisheries, which has portfolio responsibility for JAMPRO.
Mrs. Cox was speaking at a National Investment Policy Forum, jointly hosted by JAMPRO and the Management Institute for National Development (MIND), at the Terra Nova All-Suite Hotel in St. Andrew on Tuesday (October 9).
JAMPRO, the Government’s investment promotion agency, serves as the NIP Technical Secretariat.
Mrs. Cox noted that the Ministry is expected to conduct a review of the policy, for which it has overarching responsibility, as well as other supporting engagements to finalise the Green Paper for submission to Cabinet for deliberation, approval, and subsequent tabling in Parliament.
In this regard, she is encouraging public-sector stakeholders yet to finalise their comments and recommendations to endeavour do so and submit them by Friday (October 12).
“We are working on very tight timelines, because we do want to update the document and submit it to the Ministry as soon as possible,” the Vice President said, while pointing out that the agency will consider extending the timeline where requested.
Mrs. Cox said barring no delays, it is anticipated that the Policy could be implemented by the end of the 2019/20 fiscal year.
The forum was held under the theme ‘Enhancing Jamaica’s Competitiveness among Global Investors’.
Mrs. Cox, who heads JAMPRO’s Research Advocacy and Project Implementation Division, said the current round of consultations commenced in September following the Green Paper’s drafting and submission by a special consultant in June, and subsequent approval by a 15-member Policy Steering Committee (PSC), chaired by Government Senator, Don Wehby, in July.
She said the document was disseminated to all stakeholders who were initially identified in the draft among those who the NIP will impact, for the feedback.
Among the responders, to date, are the Office of the Cabinet; Ministries of National Security, and Justice; National Environment and Planning Agency; and Jamaica International Financial Services Authority.
Mrs. Cox indicated that a short-term consultant has been recruited to assist in incorporating all of the comments and recommendations.
She pointed out that JAMPRO has earmarked fiscal year 2019/20 for wider national consultations, the outcomes of which will serve to further refine the Policy, “before again tabling it in Parliament, hopefully as a White Paper, by the end of fiscal year 2019/20”.
Noting that public education and sensitisation “is going to be critical”. Mrs. Cox said once the Green Paper is tabled in Parliament, “then we will go big on communication… both in the private and public sectors”.
The National Investment Policy aims to establish a comprehensive policy framework that will guide the development, administration and monitoring of the investment community, to ensure cohesion among all related initiatives, programmes, incentives regime and stakeholder contributions.
Source: JIS News