Getting the economy back on a growth path is a major need which must have the full support of every Barbadian. In the case of tourism, we expect that the hoteliers, their employees and in fact every single Barbadian will put his hand to the plough.
This country is ours and developments constructed here are for the benefit of the country, and consequently for our benefit in the short, medium and long term. We cannot afford to view foreign investment as unwelcome, and have to see and regard such as the lifeblood for our economic body.
Equally, we must renew our energies and efforts to get the industry back to the stage where we are regarded as the first choice for overseas holidays by British visitors at all economic levels. We have had an excellent reputation as a luxury destination and we have to maintain that market, while making sure that the other levels are equally well catered for.
Needless to say, the Government will have to do its part. The statement on the reduction of the VAT applicable to aspects of the hotel sector seems a step in the right direction, since lowering of the necessary costs should allow hotel operators some elbow room within which to continue to render the quality service visitors have come to expect.
Since we regard tourism and the offshore financial sector as composite parts of the same objective to encourage the earning of foreign exchange and business taxes payable to the authorities, we need to ensure that not only the financial sector industry practitioners are vigorous in their personal and national marketing, but that Government devotes increased resources for the development of the sector. It has to be an all-out effort.
A fully-established department looking after the offshore sector needs to be populated by trained international tax lawyers and accountants working at a high technical level to get every advantage out of our international business efforts. We have not begun to tap this market properly but we have hope that the effort which has been put in so far will bear fruit.
Ms Francoise Hendy, now stationed in London, is doing an excellent job in keeping on the cutting edge of developments so that our position is not misrepresented in the marketplace itself. She is a trained tax lawyer who has negotiated several treaties and brings excellent skills to our efforts in Britain.
Might similar other postings be done, for example, in the Canadian market, or is it too late for that jurisdiction? Do we have that kind of expertise available? If the answer is no, then efforts must be made to develop it, since we have to be in the financial industries sector for the long haul. It is to the modern economy what sugar was to the old.
And because we are in it for the long haul, we must get back to establishing the International Arbitration Centre here. This opportunity, which was negotiated before the present administration came to power, is one good idea which must not be lost, and it is a natural fit for the offshore sector. In any case, apart from the budgetary measures, we have to fire all the economic cylinders.