Ease of doing business must improve, says BIBA president

Gregory McConnie, President of Barbados International Business Association (BIBA), has re-emphasised the importance of improving the ease of doing business in Barbados to drive the international business sector.  

 

In his opening remarks at the International Business Week Conference: ‘Weathering The Perfect Storm’, he noted that Barbados has many attributes that make it attractive to international investments, such as a stable political system, mature financial institutions, a well-balanced regulatory environment, a great geographical location, etc. However, he maintained in order to continue to capitalise on these attributes, the key area that Barbados needs to address and continuously seek to improve is the ease of doing business. 

 

McConnie explained, “Our ranking in the worldwide Doing Business reports has been on a downward trend, falling to 119 out of 189 countries reviewed in the 2016 edition. 

 

“We are cautiously optimistic and encouraged by developments over the last few months that suggest the ease of doing business is an issue being taken very seriously by our government leaders. First of all at the level of the Immigration Department, BIBA has been involved in a number of recent meetings regarding a review of processes and producers underlying immigration services, but in these consultations it is clear that the department is seeking to re-evaluate processes in order to improve efficiency and transparency.

 

“Secondly, under the umbrella of the Barbados Private Sector Association, BIBA has participated in a recent meeting with the Social Partnership, where it was agreed that action teams would be re-established. These teams BIBA would participate in will examine, amongst other things, various aspects of Barbados’ competitiveness. We are optimistic that collaboratively the public and private sector, together with the labour unions, can re-examine business processes so that they can be redesigned where necessary.

 

“In addition, have resources redirected to those areas that have the most significant impact on improving the ease with which we can do business…”

 

Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss, at the same event, also highlighted a move towards improving business in the sector.

 

“My colleague Senator, the Hon. Darcy Boyce, has been given a very critical mandate to resolve urgent business facilitation matters – and this is across all sectors. My Ministry intends to collaborate with the various stakeholders to ensure that this crucial function engages our full attention and that all matters pertaining to it are handled expeditiously and effectively. For one of Barbados’ key attributes is that it offers a business friendly environment; we therefore need to demonstrate, let me hasten to add, in a more definitive and tangible way, that indeed we are a jurisdiction that is serious about doing business and attracting investment to our shores.

 

“Barbados has made great strides in several areas over the past 50 years. It has progressed from a heavy reliance on a thriving sugar industry towards a shifting focus on manufacturing and tourism. The latter, tourism, together with international business and financial services, is today the two mainstay sectors driving our economy. Furthermore, with the various changes, and many challenges encountered over the years, I believe we have become stronger and better as a nation: more experienced, resilient and self-reliant…,” he added. (NB)