Minister of Economic Affairs and Empowerment, Innovation, Trade, Industry and Commerce, Dr. David Estwick
Government should soon know those persons who have controlling interests in monopolies in Barbados. Minister of Economic Affairs and Empowerment, Innovation, Trade, Industry and Commerce, Dr. David Estwick, has announced stepped up efforts by Government to stamp out this practice.
He made this announcement today after touring the Department of Commerce and Consumer Affairs, at its Pelican Estate, St. Michael headquarters.
Dr. Estwick, who revealed the steps being taken to correct the situation, said that discussions were already underway with the CEO of the Fair Trading Commission, Peggy Griffith, and subsequent meetings were on the cards to examine all the monopolies in Barbados.
“I have already had cursory discussions with the CEO of the Fair Trading Commission to alert her that I would be asking to have meetings very shortly to look at all the monopolies, even those that had been created by Government inadvertently”.
The Minister further pointed out that: “I intend to look at them because I cannot therefore approbate and reprobate at the same time. I am only sounding a warning at this stage but over the next couple of months we will deal with this situation,” Dr. Estwick stated.
In addition to meeting with the FTC head, the Economic Affairs Minister also pledged to scrutinise the Fair Competition Act and to see whether goods could be sourced from alternative markets.
Dr. Estwick pledged to closely examine the Fair Competition Act to see whether it made provisions “to deal aggressively with monopolistic behavior”.
The Minister further pointed out that: “One can look to bring in competition directly as a government initiative. We would source the competition, provide the resources for it to function in Barbados, so that it can provide not only for greater efficiency, but to give Barbadians a better product at a particular price.”