THE PRESIDENT OF THE Barbados Chamber of Commerce & Industry (BCCI) has described as alarming the level of unoccupied or unsold properties in prime Bridgetown locations.
Stating that closed businesses did not contribute to the economy, Lalu Vaswani said confidence must be returned in order for economic activity to resume.
“Whilst our steering committee has focused on expanding the network of business and stakeholders to revive activities in our historic city centre, we have seen a continued exit of businesses from Bridgetown as businesses contract in light of limited activity.”
Speaking during a luncheon at Hilton Barbados which followed the BCCI’s annual general meeting last Wednesday, he said the chamber would continue to reach out to property and business owners in Bridgetown to explore how the contraction could be reined in.
“The 150 per cent tax concessions afforded under the tourism development fund is underutilized and still provides a viable way for businesses to contribute to the success of the city even in the face of a tough recession,” Vaswani added.
Announcing that the Inter-American Development Bank had formally approved support for the Revitalization of Bridgetown project, the president said there was a need to actively pursue public-private partnerships to transform heritage properties and the cultural landscape in a way that leveraged the UNESCO World Heritage inscription of Bridgetown And Its Garrison.
The technical cooperation agreement provides for institutional strengthening, developing activities, tours and applications that promote the UNESCO inscription of Bridgetown And Its Garrison as well as sharing the lessons learnt to other economic zones within Barbados and in the region.
Vaswani said the current economic condition and the state of business were matters of dire concern.
“Further delay in Government taking corrective action is not a luxury that Barbados can afford at this time,” he said. (NB)
