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Need to revamp investment policies The Issue: Arcane investment policies, coupled with protectionist measures, have done these isles more harm than good. Our View: The 12th Legislature, in concert with the administration, must jointly review
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Posted on Nov 09 1999
We’ve heard so much discussion about the continuing downturn of the local economy without offering solutions or a plan of action to take the beast by the horn. It seems a local hobby where we identify, re-identify and regurgitate upon the same materials as though they’re new fodder. The material is new, not!
Politicians and bureaucrats can no longer afford braving the thick dense forest of complacency or the picnic attitude when in fact our house is being gutted by an inferno both from within and without. The least that we can do is begin the process from within by formulating an economic plan involving all pertinent sectors keeping technological advances in mind.
The NMI needs to retain economists and financial experts from Think Tank groups who could sit down to map-out the strengths of these isles and economic opportunities beyond tourism and the apparel industries. Yes, we’ve heard lots of speculation of the eventual departure of the apparel industry when the General Agreement on Tax and Tariffs (GATT) kicks in.
The issue is far more serious than all the ramblings we’ve heard from politicians and bureaucrats. There’s the dire need to converge and trump out our cards centering on economic substitutes in such bureaucratic niceties as “economic diversification”. If in fact there are windows of opportunities in other forms of lasting investments within the concept of “diversification”, then we insist upon bureaucrats, politicians and businessmen to buckle down to the task of putting an economic plan together forthwith.
Yes, we understand that there are efforts to seek for economic stimulus to kickstart the fast ailing economy. But such effort would be fruitless or an exercise in futility if it isn’t organized into a plan. That tourism has seen an increase isn’t a sure indicator of real recovery. It makes it imperative, therefore, that as difficult as it may seem to get down to real decision-making, it isn’t an option any longer. And we can begin by reviewing current set laws on investments so we do away with arcane policies in taxes that have done nothing but stifle wealth and jobs creation. Si Yuus Maase`!
