The head of a leading distribution firm has called for more investment from corporations for the island to climb out of the economic trenches.
Stansfeld Scott & Co’s CEO, Brian Cabral, told journalists that the economy would improve significantly if there was more investment from international corporate firms.
Cabral revealed that the international supply and distribution company had grown exponentially despite Barbados’ worsening financial crisis.
He attributed the firm’s not only to the creativity and the innovation of the Barbados-based group but also its investment in local business.
“Because of this innovation, because of this restlessness that we have, we continue to invest, we continue to be involved. Barbados is in a very deep recession, we now are looking to put down warehouse building, we are looking for employees. We are on a pretty aggressive recruitment programme, so the question is how does a company grow in a negative environment – it is all through innovative, it is all through creativity, it is all through persistence and hard work and we stay focused and try different things,” Cabral said while also disclosing plans to employ more staff for the Barbados branch.
“Despite the soft economy and it is a difficult economy our team is working a lot more innovatively to capture new business opportunities and tap into new channels. We are not a company looking to cut staff in any form or fashion we are looking to add people right now. We are continuing to invest and we are not pulling back in any form or fashion. We feel if other companies did what we are doing quite frankly the economy would be a lot stronger but you have to invest.”
Cabral expressed that investment equated to returns as he mentioned how his employees were able to benefit from the dismantling of the 40-year tax regime where the standard corporate tax rate decreased 25 to 30 per cent to one to 5.5 per cent under the Mia Mottley administration.
The CEO of Stansfeld Scott & Co disclosed that his company increased bonuses by 52 per cent following the announcement.
“It will come back to the company because that is the loyalty and the commitment you will get from everyone within the system,” Cabral stated.
Cabral was speaking to reporters on the sidelines of a presentation ceremony for the winner of Stansfeld Scott’s Big Truck Design Challenge.