A University of the West Indies (UWI)?academic has gone against the grain and argued that the manufacturing sector, rather than tourism, is the single biggest factor in improving Barbados’ economy.
Ken Blawatt, professor of entrepreneurship and marketing at the UWI St Augustine Campus in Trinidad and Tobago, said figures from the Central Bank of Barbados and various Government ministries were “all wrong” and the sector contributed way more than five or six per cent of the island’s economy.
“Over the last six to eight years we’ve been studying Barbados’ manufacturing. We’ve come to the conclusion that manufacturing is a very important part of your economy. We have established clearly and unequivocally that up to 25 per cent of your economy in Barbados comes from manufacturing, he said.
Blawatt, who has been a visiting senior lecturer at UWI Cave Hill since 2002 and continues to guest teach in the Masters of International Business programme, based his assessment on a 2006 UWI study.
He said these figures were confirmed by a recent study conducted for The Productivity Council by the Sir Arthur Lewis Institute for Social and Economic Studies.
The professor has taught in various parts of the world and said manufacturing accounts directly and indirectly for 20 per cent of employment in Barbados, including unregistered companies.
However, he noted that the sector was “dying” and tourism was struggling, querying where this left the island’s economy.
Blawatt said innovation was key.
Adapting an Australian import substitution model to Barbados’ situation, he said, could create another US$600 million for the economy and add 5 500 new jobs by generating US$120 million per year.
The professor was speaking last Thursday at the Cave Hill School of Business (CHSB) during an innovation seminar hosted by CHSB, the Barbados Manufacturers’ Association, Barbados Private Sector Trade Team, Barbados Agricultural Society, and City of Bridgetown Cooperative Credit Union Ltd.
