Government is shoring up business development in this country by launching a Competitiveness Programme this Wednesday, May 18.
Government and the Inter-American Development Bank (IDB) entered into a US$11.8 million loan agreement to facilitate the implementation of the programme on March 21, 2010. Slated to be executed in four years, some US$10 million will be provided by the IDB and US$1.8 million by Government.
The programme has four major components which are broken down into a number of sub-components that will complement the aims and objectives of the project. Designed to increase Barbados’ competitiveness by supporting initiatives that will rationalise the incentive system and regulations, it will ensure a coherent framework to support business development.
The venture will also explain the institutional architecture of business development services and introduce a framework for clustering initiatives. Moreover, it will improve logistics and trade facilitation, lower the cost of the movement of goods and people, and enhance access to infrastructure through public/private dialogue to develop and implement a medium-term competitiveness strategy.
Barbados is trying to ensure that by having a competiveness programme its economy is more resilient and sustainable, leading to an increase in welfare as the country moves closer to optimal production.