Election fever has not affected investment - Melhado
Nagra Plunkett, Staff Reporter

Melhado

WESTERN BUREAU:
The Chief Executive Officer of Manufacturers Sigma Merchant Bank (MSMB), Peter Melhado says the October 16 general election has not caused a decline in business investments in the country.

According to Mr. Melhado, who is also a Vice President of the Private Sector Organisation of Jamaica (PSOJ), people have not conditioned their investments on a possible change of Government.

"The major investments and the projects started were done in the full knowledge that there will be an election," he told reporters in Montego Bay on Thursday. "I think what was important was in summer where you saw quite a few large projects and expansions etcetera going ahead and people knew that before the year was out there would be a change in Government."

The CEO was attending the Montego Bay Chamber of Commerce quarterly luncheon, where he was the guest speaker.

"I will say though that over the last couple weeks you see the normal fears, the kind of human nature fears that people may be being a little nervous about doing business," he remarked. "But I think that's just given because it's so proximate, the election is so near."

Mr. Melhado also expressed his concerns at what he pointed out was the Bank of Jamaica's (BOJ) presence in the market during recent weeks.

"The BOJ has been in the market raising interest rates to maybe suppress a demand for the dollar," he commented. "But I'm hoping that this is just a short-term phenomenon and we will move on from there."

Mr. Melhado said he had faith that Jamaicans "will be mature and level-headed about it (general election) and people will get on with their business and we get on with our lives as of October 17."