- Prime Minister Mia Mottley anticipates that a new multi-million dollar investment by the computer and technology retailer Promotech Inc will help give the struggling economy a kick.
Promotech yesterday held the ground breaking ceremony for a new $25 million headquarters next to Sheraton Mall in Christ Church.
Mottley said the investment was a statement of confidence in the economy, which Governor of the Central Bank of Barbados Cleviston Haynes had earlier forecast to decline by 0.5 per cent this year, worse than the 0.5 per cent to one per cent growth he had projected at the end of last year, or the jaundiced 0.5 per cent growth which the International Monetary Fund had forecasted in early February, when it had warned that the economy would worsen.
“This investment takes the corporate level to a different dimension . . . . A fully automated building, a building that is premised on how technology can make life easier in every respect is the basis on which we can say that Promotech is not only talking the talk, but walking the walk,” the Prime Minister said.
Mottley added that an investment of such a scale and purpose was critical to raising the bar in the way buildings are constructed here.
She said “there would be a different approach to offices and that the recognition is that an office is not just a place where people go in and sit down at a desk, but it is a place which excites our brain cells, our spirit and our commitment to reach to the highest levels”.
“That is best done in the context of an office that has a family-type environment and I believe that the ability to have persons recreate while still at their workplace is a critical component in getting the best out of our people,” Mottley stressed.
Kailash Pardasani, the chief executive officer of Promotech Inc, said the new headquarters would be housed on 31,000 square feet of space, half of which the company would occupy and the other half to be leased to like-minded businesses.
The four storey structure will be a fully automated “A” class and retail building with a roof top lounge that provides a south coast view, a kitchenette and space for extracurricular activity for staff and tenants.
“We are going international,” Pardasani stated.
During a news conference yesterday at the Central Bank’s Church Village, Bridgetown complex, Haynes revealed that the economy contracted by 0.6 per cent in the first six months of the year, meaning there was negligible movement in the second quarter when compared to the first three months, when the country recorded a 0.7 per cent decline in economic activity.