Island urged to improve business facilitation

BARBADOS CAN BE a global hub for international business if it addresses long-standing issues of business facilitation.

That was the view shared by a panel of leading business professionals which included Damian McKinney, the global chief executive officer of the Stoli group of companies.

Delivering the feature presentation yesterday as part of an online discussion to mark the close of the 25th anniversary celebrations of the Barbados International Business Association (BIBA), McKinney, a Barbadian based in Britain, said this country needed to choose whether it wanted to be the hub for global companies.

“Life is about making choices. But I am not sure Barbados is ready,” the global CEO said.

“I think the opportunity is massive. We need to make the choice. Just get on and do it and you can be the best in the world,” McKinney said.

Ricardo Knight, a former BIBA president, said: “For me things have moved too slow. I don’t think we leverage technology the way we should.”

McKinney contended that telecommunications such as access to fibre optics and air travel were fantastic advantages for the island.

Among his concerns were the need to facilitate digitisation of services and education reform that moved from “rote” and encouraged a culture among children to challenge systems and try to make changes.

“I have zero time to stand in a line,” McKinney said, noting that business facilitation was about allowing businesses to be agile and get things done quickly.

Knight suggested business facilitation was a big differentiator and businesses needed to have certainty.

“We need to be able to deliver on what we plan to do,” Knight said.

The captive insurance specialist noted Barbados was number three globally in captive insurance and saw opportunities for growth in Latin America and Africa.

Connie Smith, also a former president of the association, agreed with McKinney on the need for execution on business facilitation with agility and pace.

She said Barbados had enjoyed success as a double taxation jurisdiction.

“We need to pick up the pace as it comes to retraining our people,” she added.

Smith said: “The reality is that international trade is here to stay. It is imperative for us to be able to trade in services,” she said.

She said the barriers to business facilitation which were identified were not new issues.

“We have to stop talking about it,” she said. “We need to just get on with it.” (HH)

(GP)

(FP)