Edward Seaga
CONTRIBUTION TO NATIONAL DEVELOPMENT
Financial Development
Mr. Seaga has established, encouraged, promoted or introduced several institutions, which have contributed to the modernization and development of the financial sector. These include the Jamaica Stock Exchange (1969), Jamaica Unit Trust (1970), Jamaica Mortgage Bank (1973), National Development Bank (1981), the Agricultural Credit Bank (1981), the Ex-Im Bank (1986), and the Students’ Loan Bureau. The Self-Start Fund (1984) was established by him to provide loans to micro-businesses.
He promoted the modernization of commercial agriculture by introducing high technology and stimulating agricultural enterprise in new crops. In 1988 he launched a programme to plant 1 million trees. He put unused and under-used publicly-owned lands to work. The highly successful Jamaica National Investment Promotion Ltd, JNIP (now JAMPRO) was created by him in 1981 as a one-stop investment organisation to promote local and overseas investment in Jamaica .
Under his administration, in the 1980’s, the income and corporate tax system was comprehensively reformed and modernised to make it more equitable and efficient. The rate was substantially reduced to a flat 33% from a high of 60%, for both individuals and corporate entities. Mr. Seaga also introduced modern computerized technology into the administration and organisation of revenue collection in which each taxpayer would be assigned a Taxpayer Registration Number. He overhauled the indirect tax system by combining a number of taxes into a single General Consumption Tax (GCT).
As Minister of Finance, Mr. Seaga represented Jamaica as a Governor of the International Monetary Fund, the World Bank, the Inter-American Development Bank, and the Caribbean Development Bank.
COMMUNITY DEVELOPMENT
Urban and Rural Development and the Environment
In the 1960’s Mr. Seaga transformed the country’s then worst slum – “Back-o-Wall” – into a modern, low-income residential community, re-named Tivoli Gardens . Tivoli Gardens has a full range of cultural and social amenities for all age groups, and remains a model of successful urban community development.
Mr. Seaga established the Urban Development Corporation (UDC) in 1968. Through the UDC the waterfronts of Kingston , Ocho Rios and Montego Bay were developed into major resort, residential, port, commercial and office complexes. Among other accomplishments, the UDC has spearheaded the development of Negril as a resort area. Notably some 50,000 acres of choice land were acquired by the UDC at Mr. Seaga’s initiative to establish a land bank for further development. This formed the basis for planned developments such as Hellshire, Bloody Bay (Negril) Seville and Auchindown (Westmoreland).
Perhaps the largest of all urban development projects will be the 30,000 acre Hellshire area on the outskirts of the over-populated capital city. Mr. Seaga initiated the purchase of this prized area, together with nearby Caymanas lands, for the creation of a new city , through the UDC.
In 1985, Mr. Seaga established the Metropolitan Parks and Markets (MPM) as a subsidiary of the UDC to be responsible for public cleansing, beautification and the maintenance of the parks and markets in the city of Kingston and other specified urban areas. MPM literally transformed this aspect of city management by delivering an effective and cost-efficient service.
