Once again, the economy has returned to the front burner. Perhaps, it never left; but this past week there have been opinions expressed that could help to move the debate forward.
Among the commentators was Prime Minister Freundel Stuart assuring the Chamber of Commerce that he was optimistic his Government would not falter, even though, as he said, there was no clear indication as to when the global crisis would end.
Mr Stuart was adamant that as a country we must remain vigilant and ready to respond to whatever challenges might confront us.
We applaud these assurances coming from the Head of Government because in our democratic way of life, the Government must provide the playing field on which the business sector, and in particular entrepreneurs, will plant their investment in the hope of reaping financial rewards and providing jobs.
It is therefore a symbiotic relationship, and that must be clearly understood by both sides.
No one expects businesspeople to make blood out of stone, but given the current international economy, sometimes that is what some of them may feel they have to do, for the international economy is a very harsh and cruel taskmaster.
For example, while the Prime Minister was speaking, the Four Seasons project was commanding attention in other areas of the media, with its chairman Avinash Persaud having to defend the project against the claim that the International Monetary Fund had frowned on the National Insurance Scheme’s investment in the development.
That project has been the victim of the cruel international economy, and all sensible Barbadians will be hoping, as the Prime Minister said, that the Government can get what he calls some sanity injected into the enterprise.
But the effort which is being expended in Four Seasons reminds us of the importance of foreign direct investment in our small economy, and the lesson to be learnt that in such investment any political controversy must be off the table.
We need projects like the Four Seasons, and when the administration has done its due diligence, and has decided to allow investors into our country, they must always be made to feel welcome.
It would be a good thing if we could get more of the “brand-name hotels” established in our country; and we must therefore get real and refrain from describing luxury tourism developments as developing Barbados for the tourists and not for the locals.
The truth is that we all benefit from foreign investment, and we must face the reality that lands which once earned foreign exchange from sugar must now do the same in the paradigm shift there has been in the past half a century. We have moved from an agricultural economy to something nearer to a service one.
For this reason alone the Government is right to make every effort to save the Four Seasons project, but not at the expense of prudent management of public capital.
