Blackman: Time to fully develop knowledge-based economy

Minister in the Ministry of Economic Affairs and Investment, Chad Blackman believes Barbados is in the right space to fully develop its knowledge-based economy.

Speaking at the opening ceremony of the 2024 UK Trade & Investment Mission to Barbados on Tuesday – held at the Crane Resort and hosted by the UK Department for Business and Trade, Invest Barbados, and the Renfrewshire Business Network – he emphasised the island’s readiness to address global challenges through innovation and expertise.

“Barbados is moving towards a knowledge-based economy,” Blackman stated, highlighting the nation’s ambition to leverage its skilled workforce to address pressing global issues.

“This economy will be built to tackle global challenges head-on – whether they are in climate, technology, or innovation. It’s an invitation for businesses and investors to engage with a jurisdiction that prioritises robust, sustainable solutions, grounded in shared values with its global partners,” he said.

Blackman noted that as a small island nation particularly vulnerable to the climate crisis, Barbados is uniquely positioned to lead in climate solutions.

“Imagine Barbados as a global solutions hub…a knowledge economy that not only grows but contributes meaningfully to the world. Who better to lead the charge on addressing the climate crisis than a country living it every day on the frontlines?” he said.

Blackman praised the high level of educational attainment in Barbados and said that given the prevalence of first degrees, master’s degrees, and PhDs among the population, the country is in the right place to take its highly educated population to the next level.

“Barbados has an abundance of certifications. Our government is now focused on encouraging citizens to transform those qualifications into innovative business opportunities. The potential for growth is enormous,” he said.

“Reimagine what the Barbados-Scotland partnership could be—an economy rooted in knowledge-based global solutions, driving sustainable growth. This is the bold vision we are pursuing, and we invite the world to be a part of it.”