For the first time in a very long long time, the words ‘job creation’ has been mentioned in an election pledge. We have in a previous post mentioned about jobs being a non-issue in our politics. But this seems to be changing now. Of course election pledges are just empty words and most rational people do not believe in the flowery language. But the fact that job creation is at least mentioned now is an improvement. The promised figure is 26k and way they would go about doing that according to PPM would be by inviting more investors and building more resorts. This is of course easier said than done. Our tourism industry has grown up from humble beginnings to ludicrously expensive industry in a recession prone world. In today’s standard, there simply is very little space except for the rich guests. The resorts are designed just for the rich, not for the budget traveler. What cost 5m to build today costs anything over 50m in the space of roughly 20 years. Attracting that kind of investors would be a challenge especially when a healthy opposition is hell bent on thwarting the administration on everything. The saddest part of this political drama is when opposition started calling to boycott our tourism industry and the effects of their negative campaign were felt. There simply has to be a way to do politicking without damaging the economy.
Another useful nugget of information from the Yageen Team was their belief that oil exploration will be renewed, if they basically had their way. There was an attempt to test for oil exploration roughly 20 years ago and it was stopped some years for some reason. The reason we now understand is that it was not feasible at 20$ per barrel at that time. Now that a barrel costs 125% it would be feasible.
Coming from politicians there is little reason to be overjoyed with these prospects. They have a reason to make pledges and promises and we have a reason to be judicial on whether to take their pledges at face value or not.