PM GOLDING GIVES DEVELOPMENT UPDATE TO REALTORS’

PM GOLDING GIVES DEVELOPMENT UPDATE TO REALTORS'

Prime Minister Bruce Golding told realtors' that the government was supporting the real estate sector in many practical ways and advised them of activities that are benefiting the sector. Mr. Golding was speaking at the recent 2009 Real Estate Symposium that was organized by the Realtor's Association of Jamaica in Kingston.

Mr. Golding said that efforts by the government should result in economic growth by the third quarter of the next financial year. Noting that government was not rushing its approach to the International Monetary Fund (IMF) for fiscal support, he said that the final result must be a "stepping stone" for the economy and "cannot be sudden as the local financial system cannot sustain the shock."

With regards to the real estate sector, Mr. Golding spoke of the faster development approvals process that had improved on-time compliance from four per cent to 94% compliance.

Exciting opportunities exist on the seafloor, the Prime Minister advised. He said that in January the agencies responsible for building and environmental regulations will be delivering a draft policy for building on the seafloor. This policy has become urgent as the government has several applications for permits to construct buildings in the sea.

Highlighting the recent achievements in attracting corporations to Downtown Kingston, Mr. Golding said that although the city centre had social challenges, the area was poised to be the headquarters of the nation's international capital financial market.

Underscoring that Jamaica had a positive image in the international financial markets, the Prime Minister said that a team within the Ministry of Finance will have a proposal soon that would show how Kingston can become the regional leader for international finance ahead of traditional offshore banking destinations.