MINISTER?OF INDUSTRY Denis Kellman has dismissed the latest downgrade of Barbados’ sovereign credit rating by Standard &?Poor’s (S&P), saying there was nothing for Barbadians to be unduly worried about.
“Don’t mind what you hear from the rating agencies,” he said. “They can rate, but we have to perform. As long as we have overpayments on the National Insurance Fund, as long as we have foreign reserves, as long as we have a liquid banking system, which includes the credit unions, we have nothing to be worried about.
“The Lord has blessed us with talents and it is how we use those talents. Everyone wants to know how little Barbados is holding its own in this [economic] climate and even though we are doing so, there are people who still want to bad mouth us, including some of our own.”
Kellman was speaking yesterday at an award ceremony for former President of the Senate, Sir Branford Taitt, who also served as Minister of Trade and Industry, for his commitment and contribution to manufacturing.
The minister said manufacturing was still making its mark for Barbados.
“It is rather ironic that in 2012, that we are now back to teach all of those who felt that services would have done it for us. It is agriculture, manufacturing, tourism, and services, but the most important thing is that the two most reliable services are still there for us, that is, sugar and manufacturing,” he added.
“The impression given that manufacturing is dead, is one that someone some day should pay for because it has cost this country a lot.
“I want to say that Barbados is a brand and the products we make are all brands. There are markets for them. What Sir Branford did in the 1970s, we have to recognize the goodwill left and we have to go and tap into those markets.”
