Within recent weeks, the image of Barbados has taken a serious beating. And the attack upon it is by no means over.
Advertising and public relations professionals often say image is everything, and while we may not agree with this entirely, there can be no doubt that our image as a small, developing, open economy is vital to our well-being and, probably too, to our survival.
When, for example, the mortgage banking crisis struck the metropolitan countries, the word on the financial ground was that Barbados had a properly regulated banking system, and that the fallout from North America and Britain would have little or no impact on our banking and financial structures.
Our image as a properly regulated island helped to prevent the kind of adverse results that attended some larger countries. Our image helped us considerably then and our banks needed no governmental crisis support.
The collapse of the regional conglomerate CL Financial and its local subsidiaries somewhat dented this shining image, and control of this troublesome issue has not been as clinically expeditious as it might have been.
As a result, we are yet to see resolution of this matter. Further, support from the Government was made available to a local Clico subsidiary.
The importance of this matter of image is clear. One of the most important tenets on which we sell ourselves as a financial centre is our political stability and our adherence to the rule of law.
Indeed, we mention in the promotional literature our connection, through the training of our lawyers and judges in the judicial system, with the reputed and well respected system of the common law as practised in Britain and elsewhere.
Yet, other recent events which have or may soon receive regional and international scrutiny may well put our image in these respects under some pressure.
Foreign direct investment has always been of great importance to us. Investors have put their money down in our country very often influenced by the notion that in the matter of a dispute, particularly with the authorities, the integrity of our legal system will protect them, once their case is proved.
But the noise that Mr Al Barrack has generated for the payment of his judgment, growing daily upwards of $65 million, will not enhance our image in the eyes of the most discerning of investors, for it is the Government which is the debtor in a judgment, which has remained unpaid for quite some years.
Neither can sensible Barbadians feel any comfort at the allegation – and that is all it is just now – of a cavity search allegedly carried out on a Jamaican woman who tried to visit the island. An allegation does not have to be proved for any damage to our image to be done.
Indeed, even if this matter is eventually concluded to the island’s benefit, the damage that has already been done may never be fully erased.
We therefore call upon the Government to take us fully into its confidence about the measures being employed to contain or control the future development of the airport allegation, and the Clico and Barrack matters.
These three problems have the potential to cause much damage to our reputation as a desirable place to live, work and do business. Given the structure of our economy and our thrust to sell tourism, financial and other services, we cannot allow these matters to destroy or diminish our reputation for probity and financial stability.
We must have a plan to deal with the image aspects of these problems, and the public must be fully informed. Government must act now!
