Minister for Economy, Aiyaz Sayed-Khaiyum says the government has provided capital funding to projects that will literally create hundreds of jobs and inject $60 million to $70 million back into the economy within one year.
Sayed-Khaiyum says these “ready to shovel projects” are projects that are ready to begin.
He says millions will be injected back into the economy within one year just from the construction of the 4 police stations, the Prime Minister’s Office and the CWM Hospital Maternity Ward.
Sayed-Khaiyum says this is being done to spur confidence in the business and the informal sector, and to spur domestic investment which is not directly dependent on the tourism numbers escalating.
The Minister says there is also a need to spur confidence in the private sector.
He says there are businesses who are cashed up and there is an opportunity for them in the construction sector where the cost of construction has gone down compared to the last 2 to 3 years.
Sayed-Khaiyum says a businessperson needs to feel that there is a lot of changes including the removal of bureaucracy where the stamp duty has been completely removed.
He adds there are other incentives such as removal of the Service Turnover Tax and reduction in Environment and Climate Adaptation Levy from 10% to 5%.
