The 2013 Financial Statement and Budgetary Proposals presented yesterday evening by Minister of Finance Christopher Sinckler clearly defined the remedial action necessary in a fairly swift corrective period and indicated government’s intention to address the issues in a measured manner, reflected Barbados International Business Association (BIBA) President Ryle Weekes.
Commenting on the budgetary proposals pertaining to international business, Weekes noted that there were not many, but acknowledged the fact that the sort of measures required from government to enhance the sector were not financial in nature but more focused on devoting more resources to the areas of business facilitation, legislative drafting and investment promotion.
Still, Weekes said, BIBA welcomed the few measures that were identified to benefit the sector, especially the implementation of multi-year licenses for international business companies, and the provision for the Inland Revenue Department to consult with a tax expert to expedite tax law resolution decisions, and the creation of a Business Facilitation Unit in the Ministry of International Business.
Weekes said BIBA was also encouraged by the increase in financial resources being given to Invest Barbados as the Association had stressed in its pre-Budget meeting with Minister Sinckler that the agency tasked with driving foreign investment into Barbados should not be hobbled by a lack of resources.
The BIBA President also called for the rapid implementation of the public sector restructuring mentioned by the Minister of Finance and urged government to look beyond the review of statutory corporations to the government ministries themselves to achieve the “more flexible, accountable, and transparent public sector” as mentioned by Minister Sinckler.
Weekes closed by saying that BIBA would be closely monitoring government’s implementation of the measures proposed to ensure its commitment to international business as a key economic driver for Barbados’s economy is realised.