NCB signs agreement to fund UWI research
19 Feb 2014
"The signing of this agreement today is a culmination of an effort that began with talks awhile back, about the importance of such research being done given the identification of the challenges facing our various organisations within the Caribbean; how UWI could help us in utilizing data to inform sustainable business strategies that are needed to transform our businesses and our society within the current dynamic and volatile operating environment," said Patrick Hylton, NCB Group Managing Director. NCB's support was a strategic decision arrived at after months of dialogue and is valued at US$908,000."It is appropriate for us to be gathered here during the UWI Research Days," said Hylton, as he addressed those gathered in the Council Room at the University of the West Indies (UWI). "We thank NCB for having the confidence in the UWI to invest nearly one million US dollars in this research project," said Professor Archibald McDonald, Pro Vice Chancellor and Principal of the UWI. Mr. Hylton and Professor Archibald were speaking at the signing of an agreement between National Commercial Bank Jamaica Limited (NCB) and the UWI to fund research to be conducted by the Mona School of Business and Management (MSBM), which will focus on Corporate Renewal and Transformation. The stated objectives of the agreement will generate new knowledge to guide not only NCB but all Jamaican and Caribbean firms on how to develop dynamic capabilities and strategies for profitable growth in the current environment. The agreement will be executed in two phases, which includes, but is not limited to: Phase 1: The delivery of two technical papers, a seminar and a short executive-level course for NCB; and Phase 2: A sponsored chair will engage in a variety of scholarly activities to advance knowledge in the area, including the publication of scholarly academic papers, which will also be distilled for consumption by the public. Professor McDonald expressed that lack of funding and national support for research has contributed to Jamaica being unable to establish a significant foothold in the international research environment. "As the nation's leading tertiary institution, supported by scholars and researcher who are dedicated to becoming pioneers in their respective fields, the University has the intellectual capacity to lead Jamaica on the path of ground-breaking research and innovation. However, without the support of our public and private sector partners in education our ability to do so will be severely limited," he said. "Today's signing is an important milestone which can be held as an example and launch-pad for future engagements and partnerships of this nature," said Hylton. "Given the integral nature of our current regional business strategy and the new paradigm in how business is executed globally, research informs any decision we make."