From right to left: Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss makes a point while BIBA President Gregory McConney and Member Relations Manager – Savings, Barbados Public Workers Co-Operative Credit Union (BPWCCU) Zandre Bowen listen.
Further discussions must be had in the international business sector and how this country can develop this industry even further so that it plays an even greater role in the growth of the gross development product (GDP).
This is coming from the Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss who delivered the address at the launch of BIBA National Secondary Schools Quiz Tournament recently at the Barbados Public Workers Co-Operative Credit Union (BPWCCU).
Currently, this sector contributes approximately 11 percent towards the national GDP, with the tourism industry being the only sector ahead of it, he said.
“We have to have an ongoing national dialogue as to the fiscal nature of the international business sector. Today the sector is contributing almost 11 percent of the gross domestic product of this economy, which is a significant amount, second only to tourism.”
However, in this regard, when you do look at it, the figures which are counted for tourism are actually related to the international business sector as many of the persons who do come to the island and spend a lot of money here in such areas as accommodations, food and entertainment, are really entrepreneurs, managers and CEOs coming to the island to conduct business or to attend business seminars and conferences, said Inniss.
And this is not something that the sector wants to argue about as they have no issues with the economic figures being associated with tourism. In fact, they would assist the tourism industry in furthering their numbers. What they do ask for however, is that persons do not fail to see the contribution that the international business sector is making to the economic development of this island.
“We are going to do more to help boost the tourism numbers. But I don’t want anyone to dilute the importance of the international business and the international services sector to the economy. It really makes a major positive difference to this economy and as we put ourselves out of a few years of a challenged economic environment, this sector is certainly earmarked to really not just pull Barbados along faster, but also to do it a very sustainable manner.”
One of the critical factors in this regard in ensuring that the industry has persons interested in getting involved in it in the future so as to carry it forward and this is where the youth come in, he said.
“And we are going to do that by targeting our young people as well. We are going to ensure that they have an understanding of the industry, that with the industry itself going forward is going to be better served because we are going to have a wider range of young people to work in the sector. You know, if I had to give advice to a young Barbadian today in terms of career options, I would say look towards the international business and financial services sector.” (PJT)
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