Wednesday, April 24, 2024

Expect more from international business sector, says Inniss

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A FAR MORE meaningful contribution can be made by the international business sector to this country’s social and economic development.

In fact, International Business Minister Donville Inniss is of the view that the International Business and Financial Services Sector (IBFS) will only advance “once greater clarity to the sector is brought.”

Addressing the Institute of Chartered Accountants of Barbados’ International Business Workshop at the Lloyd Erskine Sandiford Centre earlier today, the Minister maintained that staying ahead of the curve in terms of new products, having the right regulations and ensuring that service levels in both public and private sectors are second to none were also critical to the IBFS’ growth and expansion.

“One of the early matters that we all have to agree on is the new definition of IBFS within the Barbadian context.  This is critical for it helps us to remove ambiguity over the size and scope of the sector, allows us to better market the area and certainly helps us to create the right policy mix for it,” he explained.

He further reiterated that Government sees the IBFS as “a big pillar in the economic growth and development of Barbados,” and stressed that the government was committed to ensuring that this island remains an attractive domicile for international business and investment.

The International Business Minister also noted that to enforce such changes would not be without some challenges.

“I am mindful that an expanded IB sector based on such new definitions will bring additional challenges for us in many areas.  However, we must not be daunted as fundamentally the challenges contain similar core principles even if magnified due to diversity of the sector.”

Additionally, he told his audience that although the international business sector has, over the past two decades comprised mainly of Canadian companies, there has been an increase in business out of non-traditional markets such as Venezuela, Mexico, Colombia and the USA in recent times.

“At Government level, we are pursuing deeper relations with Latin American countries, Africa and Eastern European states. Between My ministry and Foreign Affairs we are steadfastly exploring and expanding diplomatic and economic relations around the world” He added that “the service providers, must “take the baton and run with it.”  (BGIS)

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