Business
BEF: Working to create create the new competitive Barbados
Transformational change can happen quickly with the full engagement of public sector agencies. Their participation is critical now.
We are inviting government to work with the BEF and its strategic partners and all other stakeholders to immediately establish a public sector project to establish firmly the ‘#1 Entrepreneurial Hub in the World by 2020’ Vision in the government sector. The mandate is in Protocol VI of The Social partnership.
Four key additional elements of the Barbados Entrepreneurial Ecosystem that need immediate action are:
(i). Broadband internet connectivity;
the growth of any services based economy has to be enabled by broadband of the highest efficiencies;
(ii). Establishment of an initial BBD$10 million (US$ 5 million) capital pool to support Start-Up SMEs-the initial commitment by government to Bim Ventures of BBD$3 million (US$ 1.5 million) was a good start but much more is needed.
This is an excellent opportunity for our Financial Institutions in banking and insurance and large Corporations to help the emerging sectors and make a strategic investment in the development of the Barbados indigenous sectors; returns will take time but will be there in the long term to their benefit.
(iii). Energetic encouragement and support for the transfer of international skills and entrepreneurial talent to Barbados. Foreign direct investment (FDI) in strategic targeted sectors will create good jobs, open export markets, attract capital and develop local skills.
