The private sector is being urged to lead the charge in boosting productivity, driving growth, and accelerating national development.

This was the charge from Minister without Portfolio in the Office of the Prime Minister with Responsibility for Efficiency, Innovation and Digital Transformation Senator Ambassador Audrey Marks.

She was speaking during the Jamaica Chamber of Commerce (JCC) 40th Annual Awards Banquet on June 12, at The Jamaica Pegasus hotel in New Kingston.

The banquet was held under the theme ‘Shaping the Future: Driving Productivity, Championing Equity, Inspiring Entrepreneurship’.

Marks pointed out that, “The theme is a call to action and a blueprint for building a Jamaica that thrives locally and competes globally.” She noted that productivity challenges remain a “stubborn barrier” to unlocking the country’s full potential.

The minister explained that, over the past decade, the government has prioritised debt reduction, inflation control and broader socioeconomic stabilisation—creating an enabling environment for businesses to operate and thrive.

She said these efforts have yielded tangible results, including a debt-to-GDP ratio of 68.7 per cent, inflation falling within the Bank of Jamaica’s four to six per cent target range, and a 43.3 per cent decline in murders between January and May 2025, compared to the same period last year.

Marks assured that Jamaica has reached a stable socioeconomic position, one poised to unlock exponential growth and national development.

“To achieve that growth, the government will now have to pivot from stabilisation to GDP growth strategies. We must boost productivity, not by working harder but by working smarter. It’s about integrating technology, upskilling our workforce, streamlining operations, and investing in innovation. This is where the private sector can lead the charge,” the minister outlined.

Senator Marks noted that the second pillar of the theme, ‘championing equity’, challenges stakeholders to confront the entrenched issue of unequal access to opportunities.

“Equity means ensuring access to financing, financial inclusion, fair treatment under regulation, and a level playing field for all, including women, youth, and marginalised communities,” she said.

The Minister pointed out that the JCC has been playing a key role in levelling the playing field for micro, small and medium-sized enterprises (MSMEs).

“The President of the Chamber of Commerce has placed a spotlight squarely on ensuring that MSMEs are not left behind, because it’s these businesses that are the backbone of the economy. They are the creative and entrepreneurial engine in every community, in every parish, that keep our economy going, and they must be empowered, not as an afterthought but as a priority,” Marks stated.

She noted that the JCC has spearheaded several initiatives over the years to bridge opportunity gaps for citizens and entrepreneurs, from redevelopment projects in downtown Kingston to partnerships aimed at tackling crime and advancing technology.

Meanwhile, Ambassador Marks underscored the importance of inspiring entrepreneurship, the third pillar of the JCC event’s theme. She highlighted that Jamaicans are natural innovators, excelling as creators in music, cuisine, logistics, fintech, and other dynamic sectors.

“But there needs to be developed, locally, a culture that celebrates and encourages young innovators to start, and if you fail, to continue… and you can fail again, we will still be here to support you. That is my primary purpose in this position in the Government, to create that culture that celebrates innovation and supports entrepreneurship,” Marks affirmed.

She urged the JCC to continue supporting Jamaica’s boldest thinkers, noting that the awardees are examples of what is possible. “Please continue to nurture that spirit. Let us invest in it, educate it, mentor it, and showcase it, because the next tech genius could be a young Jamaican right now with nothing but a laptop and a dream,” Marks said.

The JCC annual awards banquet celebrated outstanding businesses and individuals across categories, including the best in business performance, sustainability and marketing.