HUMAN RESOURCE DEVELOPMENT and the use of technology are key to increasing Barbados’ competitiveness.
This is the view of Ambassador to CARICOM Robert “Bobby” Morris, who suggested the need to offer new services which would give Barbados a competitive advantage.
Addressing the Barbados Chamber of Commerce and Industry’s monthly business luncheon at Hilton Barbados last Wednesday, Morris noted that although Barbados was a services economy, most services did not generate foreign exchange.
“We talk . . . about how we are a services economy but the large number of persons are in services that use, not generate and earn, foreign exchange,” he said.
Morris added that while tourism and other foreign exchange earning sectors “carried the economy”, they were losing competitiveness.
“We are losing competitiveness and have been doing so in those sectors for some time and we’ve been sleeping on the job.
“It is my view that we have to develop other new service sectors where we can gain competitive advantage mainly through the development of excellent human resources linked to competence in technologies including information technology.”
The envoy said there were positive correlations between higher education, wage share and productivity.
“A lot of research coming out of places like Singapore will support the contention that the more your people are paid at higher levels, the better educated they are, the more productive your country is going to be and the higher the wage share will be also.
“Sometimes, we look at the short term problem in financing higher education but we’re not looking down the road at the long term benefits,” Morris said. (NB)
