Business
Barbados working to boost manufacturing in bid to grow economy
(BGIS) – The Freundel Stuart administration in Barbados is focused on creating an enabling environment for industries and businesses to not only survive, but also thrive in an effort to create jobs and growth the economy.
According to the island-nation’s Industry Minister Donville Inniss, the administration remains committed to ensuring that all is being done to bolster the local manufacturing sector.
Speaking Saturday, Inniss indicated that in relation to the manufacturing sector, the administration was intent on continuing to work on a number of issues, including high fuel costs.
“We are very mindful that it is a major component of the manufacturing sector and we have just made some adjustments to the subsidy. I have already spoken to the minister of finance and we are committed to making the adjustments therein”, he added.
Inniss also took the time to urge manufacturers in attendance to get fully involved in renewable energy or alternative energy programs as a way of driving down the fuel costs in the country, adding that “Barbados could not maintain an environment where it was solely dependent on fossil fuel as they certainly have to march more towards renewable energy”.
He further disclosed that government was fully committed to improving business facilitation, in terms of removing some of the barriers in doing business in Barbados.
Noting that he recently met with government and private sector officials from various agencies to “agree and decide on the way forward”, Inniss said he looked forward to the support of the private sector in achieving this effort.
In addition, the minister stated that he had made a commitment to the rum manufacturers, with whom he met recently, that he would work on eliminating the Spirits Act, which should reduce the cost of production of rum in Barbados.