Mottley urges Barbadians to invest in nation’s economic future

Prime Minister Mia Mottley on Friday exhorted Barbadians to invest in homegrown projects, pool their resources, and seize opportunities for ownership as she toasted a new upscale development on the West Coast.

At the groundbreaking ceremony for the WestBeach Barbados condominium development at Road View, St Peter, Mottley called on Barbadians to take an active role in shaping the nation’s economic future by participating in the island’s growth, particularly as the country continues to recover from the effects of the COVID-19 pandemic.

“I do this because one of the things that does concern me is that many of the investments which are being made are still from people who are not Barbadians,” she said. “And we welcome that investment and we’re happy for it. But I want to speak to the Bajans now because the ability to pool investment and the ability to come together and to build and to own buildings or enterprises must be our focus.”

The PM acknowledged the importance of foreign investment in the country’s recovery and development but emphasised that citizens must assume responsibility for steering the country’s future.

“What is required now is to fine-tune the growth that we’re having,” Mottley said. “Growth is a big concept. But within growth, there are elements that can see one small group moving up and the rest moving down. Or it can see most moving up with the rising tide.”

Highlighting the liquidity within the banking sector, Mottley encouraged Barbadians to explore opportunities beyond traditional savings, noting the limited returns of bank deposits.

“Given the liquidity in the banking sector and given the limited returns of keeping that money in the bank purely for savings, there must be in this country a culture where we are prepared to take risks,” she said. “If we don’t consciously change certain aspects of our culture, we will continue to be a beneficiary of serendipity as opposed to being a firm craftsman of our fate.”

Mottley also pointed to major development projects currently underway that are expected to stimulate economic activity and create jobs, including the Pendry Hotel and Royalton developments in Old Town, alongside the WestBeach project, which is anticipated to generate around 200 jobs.

“As we speak to you, there are a number of projects up this coast and into the south coast that have either started or are about to start,” Mottley said.

She cautioned Barbadians against relying solely on foreign direct investments to drive economic growth, stating that domestic participation is essential for long-term resilience, particularly in light of climate change and other global challenges.

“Having the ability to use the growth platform that we are framing as a platform for economic enfranchisement is exactly where we need to go because we are going to have to work together to build the resilience necessary to live in a world that has changed substantially,” Mottley said.

Addressing the impacts of climate change, she added: “The notion of three hurricanes that have caused significant damage in the Caribbean, can dislocate human life, dislocate enterprise, mash-up buildings and infrastructure.

“Barbados is a hub to the world, but it’s a home equally to us and the combination of how we manage ‘hub’ and ‘home’ is going to determine the quality of life for all of us.” (SM)