Hill: Barbados open to specific type of T&T business investment

By Marlon Madden Officials of the Trinidad and Tobago Coalition of Services Industry (TTCSI) are seeking to get more people in the twin-island republic state to do business in Barbados. And officials in Bridgetown have been wasting no time in outlining some of the benefits of doing so. However, Chief Executive Officer of Export Barbados (BIDC) Mark Hill cautioned on Tuesday that businesses entering must have certain things in mind, especially in the area of manufacturing. “So we are not inviting everybody. So if you are looking to come over and use a bunch of fossil fuel and natural gas then Barbados is not the place for you. But if you are coming over to be part of our sustainability narrative and help build out and strengthen that, you are invited to come in and to help us to achieve that whole emphasis around life,” he said. Hill explained that as Barbados continued to build out its export capacity, a lot of focus was being placed on environmental sustainability and practices that promote good health. “It has to be human-centric as well. It is all about people, not just about profit. By people we mean not only health and safety in the workplace but balanced quality of life for people,” he said, while pointing out that Barbados continued to battle high levels of non-communicable diseases (NCDs). “At the core of that problem is what manufacturers are producing and selling, the level of sugar that is in drinks, the level of chemicals in food products, which Caribbean people need to solve, not only for ourselves but for the planet.” Noting that Barbados was in the process of looking for ways to solve its health challenges, Hill maintained, “Yes, we are open for business but not all types of business and yes, we are facilitating business but not every business.” “So, as you come to engage us as we move forward, there is a platform that we are looking to operate on, an innovative platform. We are going to be doing things differently – we are integrating digitisation, robotics, and artificial intelligence because as a small island, we do not have the manpower. So those three tools really help us to lift a little bit more than we are capable of lifting based on the current size of our population,” he added. Hill was addressing an online webinar during which officials from TTCSI and representatives from the business community in Barbados came together to explore opportunities for business in Barbados. The event, which was done in association with the Barbados Coalition of Services Industry (BCSI), formed part of the TTCSI’s Doing Business with the World series. The session was designed to help officials in Trinidad and Tobago better understand the Barbados business environment, the requirements for setting up shop and the reasons to do business in Barbados, as well as the challenges to expect. Chief Executive Officer of the Barbados Private Sector Association (BPSA) Anne Reid and Chief Executive Officer of Invest Barbados Kaye-Anne Greenidge shared with participants some benefits of doing business on the island. They pointed to the island’s infrastructure, low crime rate, political and economic stability, low levels of perceived corruption, stable financial system, and the ease associated with getting some things done, including business registration and obtaining a police certificate of character. “We have built and maintained a solid foundation underpinned by transparency and compliance, manned by a highly educated workforce,” added Greenidge who also pointed to the proximity between Trinidad and Tobago and Barbados as another advantage. Meanwhile, Paul Marshall, Chief Executive Officer and founder of the private nursing agency Caribbean Home Help, said Barbados continued to boast an attractive tax regime, and some of the best infrastructure and transportation. However, he said there were still some lingering challenges of which new entrants to the business environment should be aware. “Access to local finance can be a challenge if you are coming with a creative slant that the bank is not quite receptive to,” said Marshall. “Human resources can be a challenge. With the high education as a benefit, you do also have pockets of persons who have challenges with their work ethics but you can put strategies in place to manage that or outsource that to agencies that would save you some time.” Marshall also pointed to the importance of being able to adjust to the local culture and offer consistently high-quality products and services in an effort to avoid crippling criticisms. During the seminar, officials also pointed to the importance of forming partnerships to ensure sustainable and inclusive recovery as both countries continued to rebuild their economies. marlonmadden@barbadostoday.bb]]>