Innovation cannot be marginalised for mainstream policy, says Minister of Industry, Innovation, Science and Technology (MIST), Marsha Caddle.
Speaking at the launch of the 2024 Science and Technology Festival on Wednesday evening, at the Lloyd Erskine Sandiford Centre (LESC), Ms. Caddle emphasised that, instead, industrial policy must be driven, at its core, by innovation “across every sector”.
The festival is being held at LESC from March 21 to 23 and is hosted by MIST and the Faculty of Science and Technology of The University of the West Indies, Cave Hill Campus.
She further noted that Government has shown through Monday’s Budgetary proposals, its commitment to investing in ideas.
“You can always tell a government’s priorities by its budgets; where does it seek to invest?….Some of the things we sought to create have to do with the enabling environment for innovation and creation. And so, you see references in this year’s Budgetary Proposals to things like a 25 per cent tax credit to boost the 50 per cent research and development tax credit on oceans and greening,” she pointed out.
She added: “You’ll see a 50 per cent tax credit on centres offering artificial intelligence, coding, robotics and digital training. You will see similar considerations for projects with net zero emissions as well as 50 per cent tax credit for the creation and operation of laboratories.”
Minister Caddle explained that the work of the Barbados National Standards Institution (BNSI), which now falls under MIST, was at the core of what the Ministry will be seeking to accomplish.
She explained that it was “all well and good” for businesses to develop products and evolve ideas but they would only be fit for export if they met the required standards.
She said one of the other critical areas the Ministry would be focusing on through the BNSI was standards for the construction industry.
The Minister emphasised that as a climate vulnerable country, Barbados had to take the lead in developing standards that guaranteed people’s investments in their homes could last and have value “for years to come”.
Ms. Caddle added that Parliament will soon discuss a Metrology Bill which will address a fair and harmonised weights and measures system when it comes to products. This will ensure consumers get fair volumes of product for what they purchase.
She also noted that her ministry was about to finalise a Sustainable Industrial Development Bill that would go to Parliament. The MIST Minister added that the ministry intended to take some of the new models of doing business and of applying standards, and innovating to existing industries.
She lauded the work of The University of the West Indies calling the institution “one of the best universities in the world”, while pointing out that Government would continue to work with the institution to “create value for the people of Barbados and this region”.