Despite the few ???headwinds??? facing Barbados, it remains resilient and open for business.
This is the strong message which the Advisor to the Governor of the Central Bank of Barbados, Peter Whitehall, says must be sent about this country. He made the comments during the opening of the 2014 Week of Excellence Seminar at the Grande Salle.
???Yes, the business climate could be better, at this time. But, there are still opportunities out there. Therefore, we wish to commend the private sector [and] ???those investors – local and foreign – who are still actively seeking investment opportunities, in Barbados, in spite of the sluggish growth scenario which the country has been experiencing,??? Mr. Whitehall stated.
He acknowledged that part of the current weakness of the economy reflected the challenges in the tourism sector and identified some of them as external pressure arising from competition, taxes in source markets and changes in seat capacity, together with the on-going need for the rejuvenation of the industry.
???But, the tourism product in Barbados remains competitive. Tourism is still competitive and evidence of this was seen, in the last few months, in the fact that there continues to be interest in acquiring our hotels and in investing substantial sums in the sector. So, while we continue to look towards diversifying the Barbados economy, tourism remains the sector on which everything else hinges, because it is still the leading foreign exchange earning sector,??? he stressed.
Mr. Whitehall expressed the view that as officials sought to diversify this country???s productive base, employers and employees must be willing to embrace new techniques, technologies and modes of thinking, in order to lay the groundwork for the nation???s future prosperity.
The theme of this year???s Week of Excellence is: Embracing and Supporting Initiatives for Recovery: Challenges and Solutions in Charting the Way Forward. A number of seminars will be held over the next two days and the week will climax on Saturday, March 1, in Bridgetown with the Taking Service Excellence to the Streets and Healthy Lifestyle Expo.