Jamaican Vision 2030: Creating an Enabling Business Environment

Challenges faced in creating an enabling business environment

1. One of the aspects of the Jamaican Vision 2030 is the   promotion of an Enabling Business Environment. Under goal number three of the Jamaican Vision 2030, it seeks to foster a robust economy while establishing an enabling business environment for business organizations to thrive and thus improved the country’s economy.  There are several challenges that are faced in an attempt to create an enabling business environment. The challenges include:

• Constraints in the business environment- there is no much that has been done   in the establishment of a regulatory as well as an institutional framework for business. The frameworks are needed to enhance the access to capital. These frameworks are also needed so as to utilize foreign relations in the establishment of an enabling business environment that is a requisite for economic growth and one of the major pillars of the Vision 2030. The framework is also used in assessing the progress of the goal of establishing an enabling business environment especially now that major emphasis is laid on the SMEs.
  
  
• Inadequate resources – just like any other developing country, Jamaica is faced with a challenge of inadequate capacity of ensuring that institutions meets the certification requirements of the professionals to ensure that they  confront to the international  trends as well as   requisites for regional accreditation in  its quest to establish an enabling environment for businesses in the economy. More resources has been channelled towards labour market efficiency leaving other aspects such as promotion of the labour satisfaction,   improving the labour environment as well as the boosting of the SMEs capacities. This has hindered the government efforts which is not only concerned with what is measurable but also inputs   in which the policies should impact positively.
  
  
• Business environment constraints- these constraints include;   existing procedures of trade, delays in the development of the process of land approvals and transfers. The other challenges are the high cost of capital as well as the operating inputs. The levels of crimes and violence are also very in the country. The Jamaican process of tax payment is also very inefficient. All these contributes in hindering the attainment of the goals of Vision 2030.

2. The Jamaican Vision 2030 is made up of several aspects:

Financial Services-a number of strategies has been implemented to attain this goal. They include:  establishment of financial system that is fully automated,   diversification of various financial institutions as well as products.  Promotion of the awareness of the public regarding financial literacy, improving the financial institutions capacity on   matters pertaining administration of credit and the development of offshore banking are among the actions taken to attain this goal.

Business Services and Distribution- a number of actions has been initiated to attain this goal. They include; development of the capacity of the service providers to confront   to international certification standards and improvement of the transport infrastructure as well as the network for the services of distribution.  Expansion of the utilization of the full range mode of transport for the export services delivery has been initiated.

Sectorial- – to attain this goal several actions has been initiated and they include; improvement of the levels of trainings of the staff and the managers by entities, improvement of the trade relations while promoting services trade and investment.  Other strategies include collaboration in the development of advanced   ICT as well application for services with the providers.  The capacity of the educational and institutions of research is also enhanced to offer appropriate services research and innovation.   The service providers   technological and innovation capacity is boosted.   Another important strategy that has been initiated is the promotion of energy efficiency and conservation among the service providers.