Government is setting a target that will see Barbados consistently achieving economic growth at a rate of five per annum in the medium term, over the next five to seven years.
To achieve this, Prime Minister Mia Amor Mottley, is urging the private sector to double-down on its investment from approximately $1 billion dollars to $2 billion in domestic private investment, and boost foreign direct investment in the region of five to six million dollars.
She was addressing the Barbados Chamber of Commerce and Industry’s annual business luncheon and discussion forum under the theme: Strengthening Barbados’ Economy through Collective Partnerships at the Lloyd Erskine Sandiford Centre recently.
In a wide-ranging talk, Ms. Mottley pointed out that the country’s economic growth was about 4.3 per cent of GDP (gross domestic product) and stressed that attaining economic growth did not rest with the government alone, but “a big push now has to come from the private sector”.
She added that Government’s capital works projects were not enough to spur the country’s return to economic prosperity.
Ms. Mottley expressed the belief that thee way forward for the country had to about encouraging more major global companies to set up their headquarters in Barbados.
“Gildan has over 400 people employed in this country…it’s not running its corporate headquarters here but running its corporate operations here in finance, marketing, in IT and in a number of areas. Barbados must be that country through its combined attraction in quality of life, taxation, investment confidence, access to the rule of law, that is prepared to get at least five major global or regional headquarters here in the next three years,” she stated.
The Prime Minister noted that this would allow for the creation of more opportunities for Barbadians for other types of high value-added work while at the same time, boosting our numbers.
She also touched on the need for a Fiscal Council to ensure greater accountability and fiscal prudence. Noting that there were a few institutions that would be necessary to the effort, she stressed: “We need a Fiscal Council that will send the message to everyone, both locally and internationally, that what we say we will do we will do. This will be assessed independently of Government.
“This is important because it was the absence of proper management that put us here in the first place over the course of the lost decade. The Fiscal Council will have one person from the international investors and the rest from regional or local, to ensure the credibility and independence when it is set up between now and the end of the fiscal year.”
Ms. Mottley further stated: “There must also be a Private/ Public Sector Growth Council [which] will keep us away from that slide, because that is the mission of all of us. People say that our private sector is too laid-back and too risk-averse in order to follow through with this plan. Prove them wrong! We can have managed, sustainable and inclusive growth.”