Minister of State in the Ministry of Science, Technology, Energy and Mining Julian Robinson, today reiterated the Government’s commitment to stimulate competitiveness of the Jamaican productive sector by reducing energy costs through a wide range of policy initiatives. The Minister highlighted the fact that Jamaica’s inability to compete even within Caricom was due to the high per kilowatt cost of energy that the Jamaican producer faces relative to its competitors. The Minister highlighted that the solution of Jamaica’s high energy costs was critical to Jamaica’s survival. The State Minister was speaking at MoneyMasters Limited fifth anniversary brunch held at the Terra Nova Hotel last week.
Among the raft of initiatives highlighted by the State Minister to resolve Jamaica’s energy crisis were:
- A commitment to the break-up of the monopoly in power transmission and distribution, in three (3) years. The Minister highlighted that a monopoly did not exist in generation, however as the OUR determine the price at which the power generated is bought and sold, it basically stifles, the further expansion of multiple power generation companies. Minister Robinson was quick to point out that negotiations are continuing with JPSs towards this reality. Additionally a study has been commissioned to determine the appropriate rate for this service to facilitate expansion in the number of players.
- Minister Robinson used the occasion to again maintain the government’s position to foster new sources of energy including coal, LNG and an expansion of wind & solar energy and suggested that there are numerous opportunities for entrepreneurs to participate.
In the area of Mining the Minister Robinson pointed out that there are opportunities for investors to export aggregates and limestone. He indicated that the demand opportunity is available now.
Speaking on the area of technology Minister Robinson said that now that Jamaica is experiencing competition in the telephone industry, his ministry is going after data competition as a critical success area. Citing the high cost of data services on both businesses and individuals the country should soon expect new players who are expected to drive prices down through competition.
On another note Minister Robinson said that in the ICT sector Jamaica stands to lose huge investments and with it numerous jobs unless within a short time Jamaican entrepreneurs can build and provide a significantly large volume of operational lease space to these foreign investors. He challenged the country to look seriously at this area of investment.
MoneyMasters is celebrating its 5th year of existence as a licensed securities dealer, financial advisor, portfolio manager and project financier.
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