P B Scott, president of the Private Sector Organisation of Jamaica, will be stepping down from that position on November 29, when a new president and team will be elected.

“This will be my last Hall of Fame as PSOJ president, as regrettably, given business commitments, I am unable to go beyond the one term I had initially committed to,” he said.

Scott made the announcement at the PSOJ function to induct Richard Byles to its hall of fame at the Jamaica Pegasus in New Kingston on Monday evening.

In his last public address as PSOJ president, Scott said that Jamaica needs to grow.

“The truth is, our economy is overly reliant on imports, which is a huge drag on our growth,” he said, arguing that “we have to unlock our capital markets so Jamaica can become a meritocracy”.

“We have to fine tune our economy on a constant basis,” he said.

Scott said that he was amazed at how simple it was for a consumer to borrow to buy a motor car, while companies face difficulty to access loans to improve their operations.

http://www.jamaicaobserver.com/business-observer/scott-prepares-to-step-down-as-psoj-president_117107