Jamaican Finance Minister challenges local investors to look at fresh opportunities

Finance Minister Dr Peter Phillips has lamented the lack of Jamaican investment in certain critical areas of the economy.

Addressing the launch of the management firm Moneague Consultants on Tuesday, Phillips said such cooperation needed ‘to maximize Jamaican participation in some of the most vibrant sectors, not only in our own economy but the wider global economy.

Phillips pointed to the renewable energy, telecoms and mining industries where the local private sector has been shy to invest in.

He conceded that the issue of scale may be a factor, but suggested that they could pool funds.

Philips challenged local investors to move beyond the historical factors and take a fresh look at opportunities locally.

“If we are to secure the benefits of the most technologically vibrant and most profitable sectors for our economy and our people, we have to take the risks in these areas and combine our capital in these areas, which means trust building within the private sector,” he said.