said the Cat. - Barbados Investment and Development Corporation
said the Cat. - Barbados Investment and Development Corporation
said the Cat. - Barbados Investment and Development Corporation
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The <strong>Barbados</strong><br />
Competitiveness Programme<br />
A <strong>Cat</strong>alyst for Improving <strong>the</strong> Isl<strong>and</strong>’s Domestic Sectors<br />
Confronted by <strong>the</strong> effects of <strong>the</strong> worst economic recession<br />
in over a century, government is taking steps to ensure<br />
that <strong>the</strong> future development of <strong>the</strong> isl<strong>and</strong>’s domestic<br />
sectors is on a sure footing.<br />
This will be achieved over <strong>the</strong> next four years with <strong>the</strong><br />
implementation of <strong>the</strong> Government of <strong>Barbados</strong>/Inter-American<br />
<strong>Development</strong> Bank (IDB) funded <strong>Barbados</strong> Competitiveness<br />
Programme. The overall cost of <strong>the</strong> programme is US $11.8<br />
million <strong>and</strong>, of this figure, <strong>the</strong> IDB will provide US $10 million;<br />
while government will foot <strong>the</strong> remaining US $1.8 million.<br />
The loan agreement was initialled by late Prime Minister David<br />
Thompson on March 21 last year. The programme was officially<br />
launched during a ceremony at <strong>the</strong><br />
Lloyd Erskine S<strong>and</strong>iford Centre,<br />
earlier this year.<br />
Coordinator of <strong>the</strong> <strong>Barbados</strong><br />
Competitiveness Programme<br />
(BCP), Terry Bascombe, described<br />
it as “a necessary fillip to improve<br />
<strong>the</strong> competitiveness of <strong>the</strong> isl<strong>and</strong>’s economy” in light of <strong>the</strong><br />
challenges being experienced as a result of <strong>the</strong> ongoing economic<br />
crunch.<br />
“Most countries have taken this opportunity to streng<strong>the</strong>n <strong>the</strong>ir<br />
economies to ensure that <strong>the</strong>ir domestic sectors are more<br />
resilient if faced with situations like <strong>the</strong>se in <strong>the</strong> future. In <strong>the</strong><br />
case of <strong>Barbados</strong>, <strong>the</strong> programme would, among o<strong>the</strong>r things,<br />
improve <strong>the</strong> export potential of <strong>the</strong> economy <strong>and</strong> enable <strong>the</strong><br />
domestic sectors to attract more private investors,” he added.<br />
Apart from <strong>the</strong>se goals, Mr. Bascombe alluded to <strong>the</strong> fourpronged<br />
strategy that would be adopted to realise <strong>the</strong>se targets.<br />
“The first component would seek to ensure a coherent business<br />
development framework that deals with matters relating to fiscal<br />
incentives <strong>and</strong> regulation; <strong>the</strong> second component’s emphasis<br />
would be on creating a more coherent architecture of public<br />
sector services to facilitate business development; while <strong>the</strong> third<br />
component would address issues regarding <strong>the</strong> logistics of trade<br />
facilitation <strong>and</strong> improving access to infrastructure through public/<br />
private partnerships. The fourth component on <strong>the</strong> o<strong>the</strong>r h<strong>and</strong>,<br />
would seek to improve public/private dialogue on improving <strong>the</strong><br />
competitiveness of <strong>the</strong> economy,” Mr. Bascombe surmised.<br />
The Project Coordinator expressed <strong>the</strong> hope that a Medium-<br />
Term Competitiveness Strategy would be developed based on<br />
<strong>the</strong> ideas thrown out by <strong>the</strong> technocrats during discussions to be<br />
held on component four.<br />
Competitiveness<br />
On <strong>the</strong> subject of inculcating a culture of competitiveness, <strong>the</strong><br />
Coordinator summed it up this way: “To quote one writer, <strong>the</strong><br />
road to competitiveness is like a marathon <strong>and</strong> not a sprint...<br />
<strong>the</strong>refore, we will not see <strong>the</strong> benefits immediately after <strong>the</strong><br />
four years. Most of <strong>the</strong>se benefits will materialise when people<br />
change <strong>the</strong>ir way of doing things <strong>and</strong> make adjustments in <strong>the</strong>ir<br />
attitudes <strong>and</strong> this is something that will take time.<br />
“We can spend US $11.8 million on <strong>the</strong> latest equipment <strong>and</strong><br />
technology, but if workers do not see <strong>the</strong> need for <strong>the</strong>mselves to<br />
be more productive, <strong>the</strong>n we really would have embarked on a<br />
futile exercise,” Mr. Bascombe underlined.<br />
“In <strong>the</strong> case of <strong>Barbados</strong>, <strong>the</strong> programme<br />
would, among o<strong>the</strong>r things, improve <strong>the</strong><br />
export potential of <strong>the</strong> economy <strong>and</strong> enable<br />
<strong>the</strong> domestic sectors to attract more<br />
private investors,”<br />
He expressed <strong>the</strong> hope that <strong>the</strong><br />
talks to be held with <strong>the</strong> various<br />
constituents of <strong>the</strong> BCP, would<br />
inculcate <strong>the</strong> need for citizens<br />
to embrace <strong>the</strong> ideal of being<br />
more competitive in all spheres<br />
of activity.<br />
Mr. Bascombe noted that <strong>the</strong> current programme might not<br />
capture all those areas which <strong>the</strong> public may conceive as<br />
necessary to improving competitiveness within four years.<br />
He added: “We have been getting feedback that <strong>the</strong> current<br />
programme may not necessarily achieve competiveness as<br />
defined by some persons <strong>and</strong> we too are of <strong>the</strong> view that a four<br />
year programme, designed in <strong>the</strong> way that <strong>the</strong> BCP is, may not<br />
necessarily improve all aspects of competitiveness.<br />
“We are of <strong>the</strong> view, however, that this programme provides a<br />
good starting point for improving competitiveness; while alerting<br />
<strong>the</strong> general population about <strong>the</strong> importance of improving<br />
competitiveness in <strong>Barbados</strong>. Once we have successfully<br />
implemented this first project, <strong>the</strong>n <strong>the</strong>re may be a need to<br />
consider a second exercise, to fill <strong>the</strong> gaps that were observed<br />
during <strong>the</strong> implementation of this first project. In o<strong>the</strong>r words,<br />
<strong>the</strong>re can be a <strong>Barbados</strong> Competitiveness Programme part two,”<br />
Mr. Bascombe pointed out.<br />
The initiative is just one of a number of measures introduced<br />
by government that will boost economic development over <strong>the</strong><br />
long-term. (BGIS)<br />
<strong>Barbados</strong> Business <strong>Cat</strong>alyst • July - September 2011<br />
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