Business Leaders Looking Forward to 2025/26 Budget with Optimism

• As the nation awaits the tabling of the 2025/26 Estimates of Expenditure on February 13, the business sector is optimistic of a strategic, forward-thinking Budget that addresses immediate challenges while laying the groundwork for sustainable inclusive economic growth.
• Speaking with JIS News, President of the Private Sector Organisation of Jamaica (PSOJ), Metry Seaga, who represents 1,890 members, says, “We are hopeful, and we are confident.” He says the PSOJ expects fiscal responsibility to remain entrenched within the national Budget going forward. He emphasised the need for continued streamlining of business registration and compliance processes to reduce bureaucratic hurdles that often impede growth.
• Prime Minister, Dr. the Most Hon. Andrew Holness, has announced the establishment of a Speed Task Force that will work to reduce bureaucracy and red tape as part of a broader strategy to foster a more efficient business environment and stimulate economic growth.
• In the meantime, the Jamaica Manufacturers and Exporters Association (JMEA), which has a membership base of more than 400 companies across various subsector groups, is looking forward to measures to boost competitiveness in the manufacturing sector.
• Among the key proposals is a reform of General Consumption Tax (GCT) to reflect payment on money collected and not invoice raised; greater support for renewable energy adoption by extending solar tax credits, currently available to residential households; and providing more affordable, quality factory space.
• Access to affordable financing remains a top priority through lower interest rates on loans offered by commercial banks and expanded access to low-interest financing options tailored for smaller businesses.
• There is also strong emphasis on workforce development and inclusion. Businesses are calling for programmes that integrate marginalised groups, including persons with disabilities, at-risk youth, and residents of underserved communities. This approach is seen as a win-win, further increasing employment while promoting social equity. With an eye on global markets, both Micro, Small, and Medium Enterprises (MSMEs) and manufacturers are seeking government backing for training, trade facilitation, and grants to help Jamaican businesses compete on the international stage.

(Source: JIS)