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.

Minister of Finance and Economic Affairs, Chris Sinckler, will deliver the feature address at the launch, which begins at 9:30 a.m. at the Lloyd Erskine Sandiford Centre. (CL/BGIS)

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