Growth Being Boosted by Investment – PM Holness
Prime Minister Andrew Holness says the spur in growth in the economy is in part the result of the numerous investments being undertaken in the country.
The Prime Minister was speaking at the Groundbreaking ceremony of the new showroom for Land Rover and Jaguar for the Stewart’s Automotive Group.
“What you are seeing happening now is a return to investment in capital goods,” said Prime Minister Holness.
He added: “One, you can see movement in the Stock Market, you can see movement in the Private equity and debt market because usually those kinds of movement and liveliness in that market would signal that people are borrowing to make capital investments and we’re seeing that now happening in Jamaica.”
Jamaica’s economy grew by 1.8 percent for the third quarter of this year when compared to the corresponding quarter for last year.
The Prime Minister further stated that the Government is pleased with the growth numbers as it is creating significant employment.
“I am proud to say there are more Jamaicans employed today than ever in the history of the employment statistics. Jamaica can and will achieve full employment. We need to continue this pace of capital formation, we need to continue this pace of investment and we will achieve full employment which in itself will create a larger demand; which in itself will drive consumption, which in itself will drive economic growth,” stated Prime Minister Holness.
In the meantime, the Prime Minister lauded Stewart’s Automotive Group for its continued investment in the country.
“I wish to congratulate the Stewart family and encourage them to keep on investing. The Government gives the commitment that it will continue to ensure the environment for business is friendly, is inducive, conducive; that it gives you the ability to make even greater investment decisions and take even greater risks,” said Prime Minister Holness.
After its completion, the five storey Stewart’s Automotive Group building will house a showroom for Land Rover and Jaguar vehicles, a rental space and BPO operations.