The contentious issues of foreign currency trading and the gaming industry, more particularly casino gambling rather than being dismissed as detrimental aberrations should be re-evaluated as means of mobilising resources for Jamaica, said Paymaster's Managing Director, Audrey Marks.
She was the special guest speaker at the University Council of Jamaica's launch of the fourth Quality Assurance in Tertiary Education Week, held at the Terra Nova Hotel, in Kingston on Tuesday.
Marks stressed the need for greater dialogue between the private sector and the universities to determine areas of tertiary training and the need to mobilise the necessary resources needed.
"The speed with which the currency trading financial sector, now commonly called the 'alternative investment scheme', has attracted clients and mobilised savings indicates its potential as a positive contributor to the Jamaican economy," said Paymaster's managing director.
Many of the schemes have ran afoul of the main regulatory body, the Financial Services Commission (FSC), and after many protracted legal battles and skirmishes with the banks are now making efforts to obtain the requisite licences. The alternative investment schemes have redefined the financial landscape in Jamaica and the legislative and financial framework to monitor them is at best nebulous.
This point was not lost on Marks who noted the difficulties being experienced within such a short time as a result of an inadequate regulatory framework and a lack of knowledge of the parameters within which the sector operates, which suggests an urgent need for more suitable trained human resources both in the government institutions and the media.
Marks declared, "There must be an understanding of the difference among currency trading, a trillion-dollar global business investment and various other schemes.
"We must keep in mind that the nature of the financial system is that the regulators are always lagging behind developments taking place in the sector. What has to be done is to regulate with a view to ensure transparency and in as much as is possible financial probity, but not to stifle creativity and entrepreneurship. Further, with adequate regulation, withholding tax of major significance could be obtained to meet some of our educational and social needs
Receipts from the gaming industry could finance our education transformation
The gaming industry, particularly casinos, has incurred the fury of the clergy and those who feel that it will be yet another blot on Jamaica's moral landscape. The Minister of Tourism, Ed Bartlett, has met opposition to his suggestion to add a gaming component to his grand plan for tourism in Jamaica.
Marks says there already exists an almost inevitability about casino gambling in Jamaica with forms of it already in place in many hotels and gaming lounges. Supreme Ventures' Acropolis readily comes to mind.
Addressing the issue she said: "It surely is not beyond us as a people to put infrastructure in place which would minimise the deleterious effects of casino gambling, while maximising its benefits. One suggestion would be to specify a minimum investment to have this facility, as part of the major developments in our tourism attractions. The revenue derived there could be another way to finance the education transformation that is needed, and for which both Government and Opposition agrees that the financial resources do not exist to tackle at present."
Many other countries in the region have embraced casino gaming and have used it to bolster their economies.
"Last week we saw where the Bahamas has just garnered another massive investment from top hospitality developer Harrah's and Starwood to the tune of US$2.6 billion and the last time I checked people were still having a good, safe standard of living," in the Bahamas. What are we afraid of?" said Marks.
High tertiary enrolment rates
The Paymaster boss went on to say that her research shows that all the countries which have recorded significant increases in their per capita income and improvement to their living standards have high tertiary enrolment rates.
A high tertiary enrolment rate means that the number of students in the age group 17-24 enrolled in tertiary institutions is rapidly increasing. In Japanese cities such as Osaka and Tokyo it has already exceeded 50 per cent.
"We should also note that the economic development which has taken place in the fast growing economies has been consistent with their cultural and social development. These countries have at least one thing in common - all have a vested interest in producing a highly educated workforce. A commitment that has helped to ensure the growth and development of a strong middle class and a cadre of thinkers and knowledge purveyors, bred for strong decision-making and leadership," said Marks. |
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