Saturday, 13 September 2014

Productivity and Growth in Jamaica (Final)


In the two previous discussions around “Productivity and Growth in Jamaica” blogs, we wrote on two theme of ideas. In the first instance (Part One) we spoke about the public/private sector differentials and how they conduct themselves in rendering customer service delivery, and in the second instance (Part Two) we spoke about innovation and growth advances. The differentials in customer service delivery and innovation and growth advances in both private and public sectors must collaborate at some point to achieve the synergy required to make Jamaica become more productive as a nation. The Vision 2030 National Development Plan hinges on the Information Communication and Technology (ICT) http://www.vision2030.gov.jm/National-Development-Plan as one of the pillows to drive the vision forward. The plan outlined the issues and challenges, but really never spoke to a working plan of required activities to make the vision come through. 
But for me and others the questions are: 
1. How is the ICT industry clustered in Jamaica?
2. What are the Government of Jamaica (GOJ) policy is in place to support the ICT cluster?
3. Where can that national ICT policy be found at?
4. Who is working on or with that ICT policy now?
The section of Vision 2030 that speaks to ICT sector spoke to the issues and challenges and not the opportunities and incentives to kick-start the success of the ICT industry. First thing for a start, some good recommendations for the policy would be that;
1. GOJ develop a policy designed around building out the platform for the ICT future 
2. GOJ capital base incentivizing ICT infrastructure build out and
3. GOJ legislate data/content management regulations.
The two critical components necessary for these recommendations to be successfully implemented are; 
  • Active mobile broadband infrastructure consideration
  • Smart phone base technology consideration.
I say this considering the connection economy and the ecosystem prerequisite needed to move the economic activities from land base business operation to internet base business operation. Private sector must support public sector and public sector must reciprocate for mutual benefits of both sectors. This can only be done through collaboration with the available ICT innovation to speed dial economic growth in the new connection economy
The InSight: I bought a private sector company stock/share through my private sector brokerage account via the internet, the purchase order was place with a quasi government entity (Jamaica Stock Exchange) and I did not walk into an office building to conduct this transaction. The transaction gets executed, and within minutes I receive a text on my smart phone to say my transaction was successful,
1. No truck to transport anything,
2. No security guard to watch over anything at the gate, and
3. No warehouse space required to store anything.
No wonder Warren Buffett loves buying stocks. I think you too should copy him since he is the second richest man on the Forbes list. Be a shameless cloner and follow Warren Buffett the Oracle of Omaha.


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FII