Economist Jeremy Stephen (centre) in talks with Corey Layne (right) at yesterday’s panel discussion as David Gittens (left) looks on.
ECONOMIST Jeremy Stephen has warned that while Barbados continues to delay having an enabling environment for e-commerce and ICT, other countries out there are vying for our business.
In fact, Stephen, who is the President of the Barbados Economics Society (BES), said that if Barbados does not move with haste in that area, the country will not only lose international business as is presently the case, but it can also see the departure of domestic businesses.
He was one of the panellists at a discussion hosted by the Barbados Coalition of Service Industries (BCSI). It dealt with E-commerce and the Service Industries: Charting the Way Forward.
Stephen identified the European country of Estonia, which continues to offer residency to individuals in as short a time as possible. He said that under that country’s e-residency programme, launched over a year ago, one can sign documents and therefore become a resident under Estonian law, in addition to having an on-line bank account.
“So in terms of the enabling environment, we have to recognise there are other countries out there vying for our business,” the BES official said.
“Imagine a future where they decide not only your cost base is very expensive to most multinationals, but you do not have the enabling environment,” he said.
He made the point that the situation is changing very rapidly and that what might be very relevant today, may not be so a year from now.
According to Stephen, “I support the notion that you need a dedicated Ministry looking at legislation, not only pushing through that legislation but also working with international treaties.”
Stating that he is thinking about parking some of his assets in Estonia where there are certain measures of protection which are not now available to him in this country.
“One of the opportunities I want to draw in terms of e-commerce businesses field that the challenges with the enabling environment are going to be abated in some form or fashion soon, are countries out there vying for your business,” he said.
Stephen added that what is important in going that route is to ensure that one is transparent with the local taxation authorities.