The recent wave of mergers with?and acquisitions of Barbadian companies by firms in Trinidad and Tobago and other countries is hurting Barbados’ private sector as it seeks to expand and thrive, says Minister of Industry, Small Business and Rural Development Denis Kellman.
Indeed, he added, many of the mergers, especially those involving Trinidad and Tobago, have turned out to the detriment of Barbados.
Kellman charged that as a result of some of the takeovers, large conglomerates in Port of Spain, in particular, were dictating what privately-owned firms in Barbados could and couldn’t do, often not in Barbados’ best interest. And the sooner something was done, the better it would be for his homeland, he argued.
“Too many decisions about manufacturing are being made outside of Barbados – in Trinidad and Tobago, in particular,” he told the SUNDAY SUN in an exclusive interview in New York.
