Private sector urged to invest more in agriculture

Christopher Serju, Gleaner Writer

Prime Minister Bruce Golding yesterday challenged the private sector to broaden its investment portfolio in agriculture, claiming the timing is right, with opportunities aplenty.

Delivering the main address at the closing ceremony for the 58th Denbigh Agricultural and Indus-trial Show in Clarendon, Golding said agriculture was the new frontier and not the old rickety area it has long been viewed as.

"We want the private sector to look seriously now at investment in agriculture. We used to appeal, a great deal, for the private sector financial institutions to lend money to agriculture. We want them to do more than that. We want them to invest in agriculture, and investment in agriculture doesn't mean investment in putting crops in the ground," Golding said.

"It doesn't necessarily mean investing in raising livestock. If you're investing in that part of agriculture that ensures that the farmer can produce because there is a market, and the farmer is assured that no matter how much he produces there is a market, and the price is reasonably safe, you are investing in agriculture."

Support farmers

Golding appealed to the private sector to view agriculture in a broad sense and to look to areas where it can begin to make a difference by putting systems and infrastructure in place that will support farmers, ensuring they become part of a more sophisticated network.

The prime minister then proceeded to blast the private sector for consistently cherry-picking safe investments over the years.

"Interest rates are the lowest that they have been in the last 32 years. Therefore, those who used to put their money in government paper to get their 18 and 19 and 20 and 20-odd per cent and say, 'Well bwoy, I don't need to look anywhere else', you need to look somewhere else now," he said. "We have brought interest rates down ... below nine per cent."

Golding said he was satisfied that the policies being pursued by his administration, in respect of agriculture, were bearing fruit.