A section of the audience at the Business Networking International meeting??at the Dining Club.??
Government is still pursuing the option of liberalising the local wholesale and retail distribution sectors to provide cheaper goods for Barbadian consumers.
This was outlined by Minister of Economic Affairs, Empowerment, Innovation, Trade, Industry and Commerce, Dr. David Estwick, who promised to allow new entrants into the market. He was recently addressing a Business Networking International meeting,??at the Dining Club, Newton Industrial Estate, Christ Church.
He noted that Government was cognisant of its obligation to intervene in the market to correct the existing inequities. "We [Government] have started to prepare a holistic approach to the problem of the rising cost of living despite being a price-taking and net-importing country," he said.
Dr. Estwick added: "The policy programme for my Ministry through the Business Development Unit is underpinned by the broad thematic element of economic empowerment."
He expressed disappointment with the level of growth and sustainability of small and medium-sized enterprises, despite the allocation of resources by Government to expand such operations. "We have started the provision of incentives for new persons and organisations to come meaningfully into the business sector.?? Thus, we are looking to ensure that at least 40 per cent of all Government’s procurement requests for goods and services are sourced from these kinds of enterprises," he explained.
The Economic Affairs Minister pledged to step-up efforts to implement innovative concepts to stabilise the economy and create jobs.