Yearwood proposes new economic strategies to spur growth

Democratic Labour Party (DLP) hopeful Dr. Ronnie Yearwood is pegging the kick start of the Barbados economy on special economic service zones.

He believes these zones, as they have done in other parts of the world, will generate export activity and attract foreign direct investment which will ultimately boost employment and development in Barbados. This was one of the economic strategies aimed at taking Barbados forward which the party unveiled during a candidates showcase at Haggatt Hall, St. Michael on Sunday night.

Yearwood explained that these new zones, which he distanced from the typical 1980’s exploitative free trade zones, would focus on high value-added industries, utilizing and recognising Barbados’ stellar educational system. According to the St. James South candidate, these special zones will be aimed at attracting domestic and foreign investment from the diaspora and may include areas such as high technology, manufacturing, medicinal cannabis, creative industry, renewable industry, financial technology, software design, law and arbitration services.

He maintained that the most important role of any economic plan should be to empower and provide opportunities for all Barbadians.

“What is important about this new economy and these new service zones is that any project in development for Barbados must empower Barbadians and it must provide opportunities for all Barbadians. At the moment, the Barbados Labour Party seems to be throwing ideas out there, hoping something sticks and nothing is sticking. The point is, these service zones can provide economic empowerment for you and your family and provide a basis for a new economy. It is also not just about providing because you must have opportunities to create your own jobs, your own businesses and sustain your family to pass wealth down from one generation to the next generation to the next generation,” Yearwood said.

The first-time candidate said that the University of the West Indies has a major role to play in the creation of these zones and he envisioned that St. James South could be a hub for talent, housing, green spaces, employment not only for constituents but for new graduates and for all Barbadians.

On the other hand, the political hopeful noted the need for governance, economy and welfare reforms, the latter through the introduction of what he characterised as a universal basic income. He explained that unlike a reverse tax credit, a universal basic income is a set amount of money that every citizen receives and it can replace various forms of welfare, food vouchers, hampers, bus fare grants, uniform grants, benevolent fund, part rent payments. Yearwood believed that government could afford to implement this programme by amalgamating existing welfare programmes to the tune of $3 million but the bottom-line is, it has to be a priority.

He said the DLP’s aim is to change the state of politics by empowering people so they have control over their own lives.

“At its core, what universal basic income does is it empowers the individual. You have a choice over your life and the ability to change your family’s situation.. . . Too much of our politics gives members of Parliament power over your lives, literally deciding if you can eat, if you have bus fare, if you can send your kids to school, if you can pay your rent.

“That is not right. You should not be a member of Parliament for 20 or 30 years bragging about how you still support a people. That is not empowerment. We have to empower people so they have control over their lives because people will not be dependent when you have a universal basic income and they are not tied to a politician to meet their basic needs. If people want or need their basic needs met it should be that they make the decisions about it. So that if we are serious about empowering people, then we must get serious and do the things necessary. I’ve heard too many horror stories in my constituency about people not getting help because of who they voted for. The universal basic income is a way to change this relationship. Why should anyone in 2022 be begging a politician for anything in Barbados?” Yearwood asked. (KC)