... Private sector takes rein of growth

Partnerships on large projects facilitate efficiency

TRANSFORMATIVE, STRATEGIC investments that have a multiplier effect on competitiveness continue. The largest power plant facility ever constructed in Jamaica is expected to break ground on the south coast this year. Energy diversification is a reality with last summer’s launch of commercial operations of Jamaica’s first utility-scale solar plant, and the commissioning of the largest private wind farm, along with the October commencement of previously elusive LNG supply. This trend is set to continue as Jamaica’s largest solar plant is expected to be operational next year.

Production at the Alpart facilities is anticipated to return to levels not attained in nearly 10 years with the commencement of mining operations in the short term, and various confirmed resort and hospitality investments are expected to add at least 7,000 additional hotel rooms over the medium term.

FAVOURABLE ECONOMIC CLIMATE

Increased demand, higher levels of employment, greater incentives for work, record levels of business and consumer confidence, large investments across multiple sectors, SME vibrancy and the gradual removal of supply-side constraints together conspire to create the most favourable atmosphere for sustained expansion of the economy in a quarter-century.

Risks remain and vulnerabilities exist. However, all things considered, this represents the best chance in a generation.

Ambassador Dr Nigel Clarke is deputy chairman of the Economic Growth Council, chairman of the board of directors of the National Housing Trust and the Port Authority of Jamaica, and deputy chairman of the Musson Group.