BRIDGETOWN, Barbados – The Barbados government says it is committed to providing an enabling environment to protect the island’s highly lucrative international business sector from stiff competition in order to remain buoyant.
Prime Minister Freundel Stuart said his administration attaches the “highest importance” to the sector as evidenced by the passage of the first piece of legislation in 1965.
Stuart, speaking at a reception at his official residence, said the late prime minister Errol Barrow, who led the country into independence, had understood the important role the international business sector would have on the future socio-economic development of the island.
“Forty-seven years later, we can see why he took that decision because from that sector annually, we get our largest tax intake for the revenues of the economy and we also get our largesse from the sector as well.
“So, let there be no misunderstanding about the government’s position as it relates to the international business sector. We attach the highest importance to the sector and, therefore, try as best as we can to create the kind of environment that would make for the thriving of this very important sector,” Prime Minister Stuart said.
He said that “over time, Barbados has bestirred itself to try to find out as much as possible about the international business sector so that when we sit down to make decisions, we can make those that are wise and informed by relevant, enduring types of information.
“We [government] keep abreast of what is going on in the market to find out how we can do things that other people have not learnt yet to do because we are still trying to find out ultimately, what it is possible to know about this sector.
“So, you should not be surprised that between 1965 to the present that the sector has developed because that is the approach that we have been using,” he said, addressing the importance other stakeholders in assisting government develop policies to ensure the future growth of the international business sector.
“This explains why, from time to time, we have to amend our legislation or pass new pieces of legislation that take account of new developments taking place in the sector and that is the path that government has embarked upon,” he added.
Stuart gave the assurance that government would remove the obstacles that impeded the smooth functioning of the sector.
“We do not always get it right as little obstacles are drawn to our attention we move swiftly to correct those kinks so that those persons who want to invest in the sector would have no difficulty,” he said, adding that the authorities were always reviewing policies to satisfy potential investors and to respond to challenges in the marketplace. (CMC)
