Repositioning Barbados as a Knowledge-Based Economy: Insights from Senator Chad Blackman on Economic Development and Collaboration
Minister Senator Chad Blackman emphasizes the need for Barbados to transition to a knowledge-based economy during the Global Tax Update Seminar. Collaboration among stakeholders is key for successful repositioning efforts.
A deliberate effort must be made to reposition Barbados as a knowledge-based economy, says Minister in the Ministry of Economic Affairs and Investment, Senator Chad Blackman.
Addressing the Global Tax Update Seminar hosted by the Barbados Revenue Authority (BRA) on Monday, he advised members of BRA, the public sector and other stakeholders to remain positive although the current business environment and future can be viewed as gloomy in light of various happenings around the world.
“….We must see the future as ripe [and] never waste a good crisis. Therefore, notwithstanding the challenges that are on the global horizon, the question is ‘how do we reposition ourselves whilst looking ahead to ensure that we can see those crises as opportunities for Barbados to tap into?’ Despite our size, this country ought to reposition itself as a knowledge-based economy, an economy underscored by a strong educational system, and therefore looking at the international market to see what are the challenges and how can we ensure that our business community, our young people, our entrepreneurs can use our intellectual muscle to find solutions that the world needs,” he told those gathered for the high-level session on Corporation Tax Reform – Pillar II at the Lloyd Erskine Sandiford Centre.
Senator Blackman pointed to the need for a strong realignment and collaboration among all stakeholders in order to move forward.
“This is an effort that must be a whole-of-country approach and not a responsibility that is placed squarely on the shoulders of the Ministry of Economic Affairs. All of us within the jurisdiction must play our part in taking this forward. We must all participate in providing input and sharing ideas on how Brand Barbados should continue to evolve. This, therefore, requires constant review and implementation of our success benchmarks,” he continued.
Thanking those who have contributed to the latest corporate tax reform, Senator Blackman highlighted that the policies should not be viewed as complete but as an ongoing exercise that will continue into the near future.
In keeping with the government’s recently shared goal of growing the economy as noted in the 2024 Budget proposals, the minister noted strategies which must be pursued, in partnership with the public and private sectors, to remove the blockages and act as catalysts for growth.
Among those strategies he identified was ensuring the streamlining of procedures for international and local businesses through the implementation of Business Barbados, strengthening of public and private sector partnership, a further modernisation of the country’s tax system, digitising and re-engineering business processes, unlocking the mortgage market, increasing access to financing for the private and public sectors, and unlocking renewable energy investment.
Noting a need to address the demographic challenges by population and skills management as another critical strategy, Senator Blackman said, “We as a global community do not have most skills that will be required for jobs that will be in the world within the next 10 years. Therefore, there now needs to be a repositioning of our educational system, our governance system, our skills management processes in not just Barbados but the region, to ensure that we can be competitive.”
He added that a population growth strategy, establishing the pharmaceutical industry to aid in the protection of citizens’ health, developing Barbados as an agro-processing hub, and incentivising a vibrant creative industry and film industry were also crucial.
“The repositioning of Brand Barbados is necessary so as to ensure the economic contribution of the sector is maintained, including the collection of tax revenue, and lastly, creating and maintaining employment opportunities for Barbadians,” Senator Blackman said.
He reiterated the government’s commitment to continuous review and implementation of success benchmarks to ensure that the country remains a competitive and sustainable jurisdiction in the global economy. (SM)
