An explosion in small businesses is key to the expansion of the economy.
This was suggested yesterday by Minister if Finance, Chris Sinckler as he addressed the launch of a new company, Total Property Management Services at Almond Bay in Hastings.
The minister noted that economies across the world, whether large, medium or small, would only go forward when there was an explosion and a solidification of the creation of small and micro enterprises.
Stressing the critical role small and micro-enterprises can play in generating economic activity, Sickler said: “That is where the action is going to be. Many large businesses will continue to function. They will innovate and they will produce many new products and services for us, but at the end of the day, the generation of new jobs, the generation of new and exciting ideas will really come from small businesses and from individuals who have to take risks.”
Sinckler said the services which Total Property Management Services would be offering would play a critical role in an extremely important area of economic and social development in Barbadian society. He added that the construction and the property management sectors in a country such as Barbados provide a critical service.
“It is important for Barbados, because it suggests to the world at varying levels that Barbados is beginning to move from a small open developing economy to a small developed economy,” Sinckler added.
One of the areas in which Barbados has distinguished itself over the years, he pointed out, was its physical infrastructure, adding that Barbados had set extremely high standards in the construction and maintenance of buildings and properties across its landscape.
“One of the things that jumps out at us whenever we travel to developed countries, is the landscape, the construction-scape, and the way in which those communities are constructed,” Sinckler said.
The St. Michael North West MP argued that over the years Barbados had demonstrated the capacity to move from a developing economy to a developed economy.
“However, we know that in all sectors there is always a need for even further improvement. There is always a need for a variety and a differentiation in the quality and type of service that is offered so that that standard we want to maintain is in fact maintained.”
He pointed out that Total Property Management Services would give to Barbadians, not only at home, but in the Diaspora, an additional option from which to choose in order to ensure that their investments were properly managed. (NC)