The island’s business sector organisation is backing an academic paper that found the Caribbean private sector is non-innovative and over-reliant on governments to drive investment.
President of the Barbados Chamber of Commerce and Industry (BCCI), Tracey Shuffler, said at the monthly business luncheon at Hilton Barbados yesterday afternoon that there was some truth to the author’s suggestion.
“As difficult as it is to examine ourselves in this light, perhaps this hypothesis is to some degree true. We have in some cases relied on traditional channels in traditional industries to give us superior returns,” Shuffler added.
“That is not a sustainable model.”
The BCCI head said enterprise survey information showed that the Caribbean business person identified corruption, getting business licences, limited assets and finance, theft and disorder, customs and trade regulations and burdensome taxation as some of their obstacles to doing business in the region.