THE FUTURE OF THE CARIBBEAN is in logistics and Barbados must position itself to take advantage of that billion-dollar industry.
That advice came from financial analyst Jeremy Stephen, who said that although the tourism industry brought in much needed foreign exchange, it was not sustainable.
He predicted that the logistics industry could drive down the cost of living in Barbados within ten years and bring about a major economic turnaround within 30 years. In fact, he suggested the country’s growth rate could surpass what was recorded during the Owen Arthur era.
Addressing a recent meeting of the Democratic Labour Party’s St Lucy branch in Pie Corner, he said Barbados geographical location provided the ideal opportunity to cash in on the transshipment trade.
Failure to act, the economist warned, would mean that the country would lose out on an alternative source of income.
“Logistics tend to have a lot of industries that depend on it. We are service-driven right now, so naturally that would fit into our culture. Even more so, it fits into tourism. You begin to import products cheaper so, therefore, you become a bit more competitive as a tourism destination,” Stephen said.
“Secondly, you can then get into medical tourism in a meaningful manner because the equipment that you need to import, like medicine, on a regular basis, can become more competitive once you have those costs falling. You can start importing building materials . . . then it becomes even cheaper, so it helps with the construction industry locally.” (WILLCOMM)