BBCCaribbean.com | Barbados seeks further investments

Barbados seeks further investments


Barbados is looking to diversify from financial services
Barbados is looking to develop new business partnerships, in a further quest to build and expand the island's economy.
Economic Development Minister Mia Mottley has been meeting with officials from the International Services Sector and other investors in London, in a bid to promote investments in the island.

Miss Mottley told BBC Caribbean, that while the country will continue to focus on the services sector, it is taking steps to diversify from international financial services.

Outside of tourism, the international financial services sector is Bridgetown's leading income earner.

"We believe that there are opportunities in terms of education, health, business and professional services," she said.

Barbados has taken advantage of opportunities in Caricom.

However the economic development minister says it is now looking to nurture stronger business partnerships with larger commonwealth countries, where the education and health services are similar to those in the Caribbean.

"Traditionally providers of these services have not exported en masse in Barbados.

"What we have been trying to do is to work more systematically with a lot of these service providers, so that they can be in a position to take advantage of the commercial opportunities that are there," Miss Mottley said.

As another source of investment, Barbados is also seeking to develop its fledgling fashion industry.

"I've had the opportunity to meet with a number of persons from the London fashion industry in terms of helping us to structure out a road map as to how best to support designers from Barbados," Miss Mottley said.

Perhaps China could be the answer. But it seems Barbados opted out due to

If they are going to do this then it might be another fashion capital which is essentially another tourist destination like Paris or Milan.

The advertisement of this would have to be enormous.

Big subject...Serious subject...I always stress that serious and committed people need so spend more time in their home countries, regions or seriously studyiing developments taking place there because in war things move fast and those who are ready and with their fingers on key pulses can fire deadly shots or make match winning interventions and change the shape of the game. This issue of what is taking place in Barbados is key and I spent some time there not long ago.

A lot of radical black people waste their time too often on macro issues and I say waste their time because most of them are doing jack about the big picture so in my mind that is time wasted on areas such as international debt, international trading issues all structurally designed to cripple us and retard our regional progress. But in my view its a bit like fighting or foot ball when the enemy provides you with little space to fire off some good shots or get your passing game going. You have to fight and win and hard hard and ruthlessly inside in the clinches and that is how you can open up the enemy.

Backstory. Historically Jamaica and Barbados have been the dominant players in most Caribbean economic affairs. Bigger, better organised, more highly educated and trained people etc. So these countries created their own currencies controlled most of the tourist industry, manufacturing, banking and financial services or major contractors period. Almost any island you go you will see Bajan financial, insurance and related institutions. They were the most fiercely independent islands and not happy about any notion of integration. Barbados has a more cautious attitude but not necessarily as arrogant and condescending as the Jamaicans at the time. However, the Eastern Caribbean countries came back fighting with a vengeance.

Suffice it to say Eastern Caribbean islands have yammed out the advantage these islands enjoyed in tourism big time, their creation of a unified currency was a master stroke which again weakened the old dons, their increasing moves into the financial services and other related industries has really moved the ground from beneath them. For example some of the best share offerings and the most organised have come from the Eastern Caribbean countries who are growing in confidence and coming hard and seen by their superior growth compared to others.

So the issue of diversification which is an old one, and all islands have been engaged in and can be seen by the growth of other industry areas in the case of Barbados is because their monopolies are being broken and their goods and services expensive and that is the downside of their pride in having their own currency. Great and makes them feel good but hear what that shit is expensive when converted and that is hurting them. But it is creating a positive environment where new angles and options are being explored and typical of us as a people always 20 years too late, but when the money is coming in it is too sweet and people don't want to take some of that resources and explore other areas.

But we are here now and this is where we play a crucial role in shaping our collective futures because when our people are looking for options...as in football we got to make those spaces or plays so they can pass the ball. Because folk looking for new angles want to see who is running into the channels or coming down their flanks or in their eye line. No reason why sisters here or whoever aint making for the next plane to Barbados to talk to them about fashion and outlets.

Same way in all the major share issues coming from the Eastern Caribbean which have been successful, especially the last big one. That can only happen because people like me and my crew are involved in talks and developing relations for a long long time waiting for particular things to happen so we can seize on it. So when people make moves for example these offerings they do not look stupid because they know we can respond. The thing is successful and everybody is happy and then they look for more ways to rope us in and make them and us look good.

So big opportunities what is going on in Barbados and elsewhere.