This past week we have had timely reminders of the benefits which can flow from a national policy which invites and encourages direct foreign inward investment as a necessary component of our economic strategies.
Thirty years ago, we foolishly rejected the establishment of offshore medical schools in our country; but this past week the American University Medical School opened its permanent sprawling new campus in Silver Sands, Christ Church. Such a school will earn foreign exchange for us and provide jobs. Why did we wait so long?
The Top Gear Festival being staged this weekend at Bushy Park is another example of the benefits to flow from foreign investment combined with local input, and it behoves us to fashion a consistent national attitude which welcomes such investment.
A few years ago, pursuant to a visionless, shortsighted and xenophobic policy, we sent the Guyanese and other workers packing. Ever so welcome, wait for a call, was the message. A few weeks ago, Minister Ronald Jones was telling us that we may need to import people to help boost our birth rates as he was concerned about the ageing population.
We criticised tourism developments on the West Coast, in particular, as creating two “Barbadoses”, but we all bitterly regret the stoppage at Four Seasons and have made major efforts to get it restarted. Sometimes nothing so concentrates a nation’s mind like a crisis.
The situation now confronting our small but proud nation must not therefore be wasted. We must use present events to shape the national consciousness about what needs to be done in order to allow us to straighten up and fly right once again, and get the economy growing and the deficit reduced.
Our father of Independence frequently pointed out we have always paid our way, even in colonial times. Since Independence we have proudly created social safety nets in education, health and other social welfare policies which have grounded our economic social and political stability. These factors matter to foreign investors.
High deficits and resulting cutbacks threaten our safety net policies, and deserving families like those highlighted in our Back Page story on Thursday, may not get the help they need. We cannot take these events lightly.
Our achievements allowed us to punch above our weight, but our successes may have clouded the reality that we cannot totally finance our own development and that foreign investment is necessary. That is why we need the offshore sector, the tourism industry, and now offshore education, and we must promote these sectors. But often we allow political expediency to cloud our national attitude.
We also corrupt debates on domestic economic issues. Scaremongering against privatisation was used as a political expedient during the last election campaign, only to be touted now by those who did the scaremongering.
The reality is that in our country, it has to be discussed as a policy option, given our social and economic landscape, and we cannot benefit one iota in using scare tactics to becloud the debate.
The state of our economy may not be what we would wish it to be. But we must rationally analyse the bright spots on the horizon in order to grow this economy out of the doldrums. We may be late now, but it is better to start late than never to start at all.