Govt tasks committee to assess digital economy, international business industry

A special task force is to report to Government by year-end on the digitisation of the economy and the viability of the international business and financial services industry, Minister of International Business and Industry Ronald Toppin has announced.

He told a Barbados International Business Association virtual gathering the Government is positioning itself to be on the forefront of international business trends.

“My intention is focused on the need for the sector to embrace change and to continue the process of reengineering which is critically necessary for the global business sector to remain a viable and a valuable contributor to the foreign exchanges earnings of this country,” he said.

The Global Business Review Taskforce (GBRT) was constituted in August and last week held a three-day meeting with industry partners, BIBA and Invest Barbados, the minister said.

The consultations will shape the final report which is to be presented to Cabinet by year-end, he added.

Toppin said: “There was robust discussion on those existing areas where improvements were required, and suggestions were proffered with regard to potential lines of business which to date had not been fully exploited and which Barbados could most certainly have competitive advantage.

“It was reiterated time again that Barbados needed to be strategic and target a few niche areas in which to excel. And I promise you that the recommendations coming out of this taskforce once approved by the Government of Barbados will be effectively implemented.

The veteran international business minister of the Arthur and Mottley administrations said that although much has been done to improve the international business section since the Mottley administration came to office in 2018, there is still more to be done.

He said: “Change is part and parcel of a country’s development and in particular small economies like ours must ensure that innovation technology and entrepreneurship is at the core of all that we undertake.”

The minister also said work continues to digitize the Corporate Affairs and Intellectual Property Office (CAIPO).

Toppin said: “The ministry is also at an advanced stage to bring the CAIPO and the international business centre data management systems into the 21st century. These systems will facilitate online applications and payments and electronic communication both internally and externally.” (KB)