Minister of Foreign Affairs and Foreign Trade, Kerrie Symmonds, has suggested that the government and members of the Barbados Coalition of Services Industries (BCSI) should meet quarterly to engage in constructive dialogue on issues and opportunities within the sector.
He made this comment today as he addressed the leaders of local service sector associations at the second quarterly BCSI’s Council of Leaders meeting, at Warrens Tower II, Warrens, St. Michael.
Mr. Symmonds said having quarterly sessions should be the way forward in improving engagement with BCSI members, especially smaller players, to gather data and understand the challenges and opportunities in the services sector.
The Minister further explained that the meetings would assist so that “things don’t fall through the cracks … and we get clarity of perspective from you who are operating within the services sector as to where you see challenges, where you see weaknesses, and where you see opportunities”.
He noted this was critical because of the pivotal role the sector now plays globally and could play in the country’s development.
“It is a sector that is absolutely critical to this region and more specifically to this country. Globally, it is a sector that is generating, right now, roughly 50 per cent of the world’s employment and certainly two-thirds of its Gross Domestic Product, so it is exceptionally important. It is a sector that is obviously driving economic growth everywhere, and Barbados is no exception in that regard,” Minister Symmonds stated.
He highlighted that if the sector is to build capacity, the trade in services agreements would be vital in facilitating and regulating the exchange of services across borders. These agreements he said would address various service sectors, including financial services, telecommunications, professional services, and tourism.
The Minister also emphasised that BCSI members should pay close attention to growth and transformation in the sector globally, cybersecurity, the need for diversification, accreditation, mutual recognition agreements, and data collection with an aim at improving policy making.
He told those in attendance that the government is committed to seeing greater coordination of services at the public and private sector levels.
President of the BCSI, Amanda Reifer, agreed with the Minister that there is a need for greater dialogue between the two entities, to move the services sector forward.
“One of the things that we want to do is to meaningfully engage you in dialogue. And we know that there are opportunities in the services sector that we are not capitalising on, and our job at BCSI is to assist you in ensuring that we can move things forward and that our services sector can grow and innovate, especially in this day and age.
“And one of the things that we want to encourage in this Leaders Council is not just the sharing of information, but also the sharing of best practices, learning from one another, seeing how we can collaborate and how we can take opportunities, not just in Barbados and in the region, but internationally,” Ms. Reifer stated.
The BCSI President added that the increased frequency of constructive engagements and a collaborative approach would “be extremely beneficial to the services sector”.