Ministry of Finance & the Public Service

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General Manager of the Jamaica Stock Exchange (JSE), Marlene Street-Forrest, has emphasised that regional collaboration provides the best approach to properly respond to global challenges.

She said that while it is possible and necessary to pursue goals at the domestic level, the potential gains from doing so with a regional mindset and at the regional level, are significantly greater.

Mrs. Street-Forrest was speaking at the official opening of the Fourth Regional Investments and Capital Markets Conference, at the Rose Hall Resort and Country Club, in Montego Bay, St. James, on January 28.

"Large developed markets understand the benefits of alliances and so should we, especially in light of the global financial crisis," the General Manager argued.

She pointed out that countries within the region are at different levels of development, and in many cases, have different priorities, stressing that regional collaboration would require will power, patience and an ability to appreciate that the effort is worthwhile.

"Lest we be accused of naivety, there is the recognition that the road to regional integration is much more complex than a domestic journey, given the complex issues that arise from differences in social, economic, legal and regulatory structures," Mrs. Street-Forrest said.

She explained that this would not be unique to the Caribbean region, as other established regional alliances have had to work through similar challenges.

The General Manager implored the conference participants to spend some time exploring how, as a region, they can tackle together, the common challenges of: the global financial meltdown and its impact on the Caribbean region; finding the right balance in regulatory requirements, aimed at encouraging cross-border capital markets; strengthening institutional development, in readiness to offer extended products and services; and understanding the regional competitive advantages, and leveraging capital to harness these advantages.

She said that the development of human capital and relationships is paramount to the entire process.

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