Yesterday’s budget hit the “sweet spot” of at least one local manufacturer.
Randolph Sandiford, chief executive officer of Matrix Marketing Furniture Alliance, told the DAILY NATION he was heartened at the time Minister of Finance Chris Sinckler took to consult and consider the small business and manufacturing sectors.
Speaking soon after Sinckler delivered his Financial Statement and Budgetary Proposals, Sandiford lauded the mandate given to the Barbados Industrial Development Corporation to engage in discussions with a foreign financier to procure a US$50 million loan.
This loan, which Government proposes to guarantee, will allow the organisation to build both internal capacity to assist domestic manufacturers, and other small businesses that seek their services.
“That really hit the nail on the head,” he said, noting that this attempt to increase working capital and improve production capacity showed sound analysis.
Sandiford said the onus was now on the private sector to use its resources to employ Barbadians and boost their market share.
The furniture manufacturer was also full of support for the proposed $20 million Small Hotels Refurbishment Programme which would allow approximately 300 rooms to become aligned with established market standards.
He urged these hotels to source their materials, including furniture, locally.
“You don’t want a high level of leakage. Upgrade, expand but use local resources,” he added.
Sandiford said the budget contained lots of practical points and there was little with which he could find fault.
“Everything had logic to it,” he said. (NB)
