Minister in the Ministry of Economic Affairs and Investment Chad Blackman has suggested the country reevaluate its focus on agriculture and manufacturing.
He called for a broadening of the traditional view of agriculture solely as a means of growing food for domestic consumption and export.
“We have to now look at it in its broader context of food security, because as the economy is being built, and as the economy becomes more sophisticated, there’s a higher demand for persons to import goods, but oftentimes the reality is those come from markets that are often in places where if there is a domestic shock, the supply chains are affected, and the exposure or the overexposure in my view places a significant burden on our people in trying to secure our food security.
“Therefore [there is] a need for us to integrate on a regional level…. We must integrate our systems to ensure that our people are not overly exposed to external shocks, thereby placing them in harm’s way . . . but we must use technology even domestically to ensure the agricultural sector is [able to] produce higher yields, and . . . that the sector itself is resilient not only to climate change but to other shocks.”
Blackman made the remarks at the opening ceremony of a three-day workshop on Building Economic Resilience through South-South Cooperation and Integrated Policy Strategies.
Shifting the focus to manufacturing, the minister acknowledged Barbados’ historical emphasis on light manufacturing but proposed a strategic repositioning for global competitiveness. Acknowledging that high energy costs hinder global competitiveness, he urged a transition to renewable energy sources, particularly solar power.
“We have to look at the energy base because when you look at the large manufacturing jurisdictions of this world, they are underscored by sectors of energy that can bolster and cheapen the cost of production,” said Blackman. “We have no such luxury at this time because we are a net importer of our energy through fossil fuels, but if we can move to a level where our manufacturing sector is underscored by an energy sector of renewables, particularly solar. . . you bring down the costs and, therefore, you become competitive and you can, therefore, ensure that as you manufacture, you produce higher use and higher quality.
“I think the niche market also has to be that we do smart manufacturing and we cater to the high-end market because the wider reality is that Barbados is still a jurisdiction that has a very strong currency so our exports, whether services or goods, will still be expensive. So, therefore, we have to cater to the market in the world that looks and wants and is demanding high-quality goods. That is where our niche has to be, amongst others, of course.”
(RG)
