Minister of International Business, Donville Inniss has outlined a number of measures to make it easy to do business in Barbados.
He spoke of the measures at the monthly luncheon of the Barbados International Business Association (BIBA) at the Hilton Barbados on Tuesday. The theme was International Business – Our Best Hope In The New Economic Order.
“My ministry recognizes that in order for the sector to progress and develop certain innovative developments have to be made,” Inniss said.
As a matter of urgency, he added, his ministry would be focusing on the development of an integrated approach to the marketing and promotion of the sector, “refashioning” of regulatory frame work, development of policies as well as placing “renewed emphasis” on product formulation and development.
He said his ministry had already started consultation with stakeholders to identify the challenges and “agree on solutions”. Efforts had already been made to address issues relating to the Corporate Affairs and Intellectual Property Office (CAIPO) which should result in the ease of filing documents and applications as well as speed up decision making.
Inniss also proposed changes to the Companies Act Cap 308 and Evidence Act Cap 121 “to allow for recognition of electronic signatures”, as well as changes to the Companies Act.
“Another area of concern relates to the perception that we are slow to respond to dynamics in the market place, to amend or create new legislation and to be more proactive. As a result of these concerns we will have a Product Development Unit within my ministry that will be driven by the work of the Joint Policy Working Group and will be tasked to work closely with Invest Barbados, Chief Parliamentary Counsel Office and all other stakeholders to address these concerns. This will be in place by June 01,” he said.
Inniss also promised “enhanced surveillance” and timely and regular data collection on the sector in an effort to better carry out analysis and make decisions. He also said they would be addressing the issue of delays in the renewal of licences.
“These and more will be included in our new strategic plan for the sector which is in train and will chart a development path for the International Business and Financial Services Sector over the next five years,” he said.
