The International Business Sector is going to turn this economy around and lead Barbados out of the current recession and bureaucratic procedures and delays will not get in the way.
So says International Business Minister, Donville Inniss. He made this disclosure this morning while delivering the feature address on the topic: The Importance of the Administration of Regulation in Growing the International Business Sector, at the Ministry of International Business and the Barbados International Business Association???s first Regulatory Meeting at Bagnall Point Gallery, Pelican Village.
The Minister told audience members, including service providers and representatives from the Central Bank of Barbados, the Financial Services Commission, the Corporate Affairs and Intellectual Property Office, the International Business Unit, and the Financial Intelligence Unit, that Barbados must adopt good regulatory standards if it was to expand its international business sectors.
???The impact of good regulation and efficient regulatory institutions on economic growth will depend on the efficiency of the regulatory policies and instruments that are used and the quality of the governance processes that are practised,??? he added.
He also stressed that service providers needed to make potential investors feel welcome and it was crucial to move rapidly to improve competitiveness.
Pointing out there was evidence that jurisdictions that adopted higher regulatory standards benefited from higher capital inflows, the Minister underscored that an effective regulatory regime was essential to promoting economic growth and development and in turn international business.
???The global financial turbulence on international markets and on policymakers??? attitudes towards offshore financial jurisdictions is a big challenge. It is, therefore, necessary for these jurisdictions to implement steps to strengthen the value proposition of the international business sector, and enhance their international competitiveness. Their main action therefore, should be ensuring compliance with international standards and having zero tolerance to anything not compatible with being a well-respected and well regulated jurisdiction,??? he said.
Mr. Inniss asserted that the reality was that persons were free to choose other destinations in which to do business, but Barbados needed their investments. He also reiterated the importance of the International Business and Financial Services Sector to Barbados, since last year it contributed almost $860 million to the economy.