Time to sacrifice ownership of companies to go global
Tuesday March 29 2011 | 04:10 AM

Barbadian business owners may be forced to cede control of their companies to outsiders if they want to go global.

And this will mean opening up the country's borders to foreigners, something that could lead to social tensions.

That cosmopolitan trade-off will be even more crucial if the island wants to become the world's leading entrepreneurial hub by 2020, says Barbados Chamber of Commerce and Industry President, Andy Armstrong.

"We have a national goal of become the number one entrepreneurial hub in the world by 2020. To achieve this goal we are going to have to be flexible and willing to change. We may have to give up some ownership in our companies if we want to go global," he said.

The official was speaking this afternoon as the chamber held its March business luncheon on the topic Enhancing Trade And Investment: Opportunities Unveiled.

Armstrong said corporate Barbados would "have to welcome highly skilled individuals -- who may not look like us or have the same cultural values".

"We have long encouraged British and Americans to visitor our island on holiday. In more recent times we have encouraged them to come and buy second homes. Now we are encouraging them to come and live here and work here; to set up companies here, not as shell companies, but as real companies with real staff who will live here," he noted.

"This will benefit all Barbadians in that it will create more jobs and more interesting jobs for Barbadians, and will give Barbadians the opportunity to work in other places and so to enhance and widen their experience."

"This is imperative as we produce increasing numbers of university graduates. Unless we can provide well paid, interesting jobs for our graduates, many of them will leave Barbados and our investment will benefit others."

Armstrong said the reality was that some of the things needed to achieve this could make Barbadians uncomfortable, including a more open immigration policy.

"We will have to allow these highly skilled individuals to work here and this will mean making it easier for them to get work permits or residency or landed immigrant status," he stated.

"They have to feel welcomed or most will not bother to come, not matter how attractive our way of life is."

He said he did not think Barbados could afford to drag its feet on such matters although, he said, "we cannot underestimate the social tensions that can create in the short term".

Armstrong said there was much Barbados could learn from other countries in this regard.

He pointed to the fact that London was generally regarded as the most global major city in the world, with 400,000 French citizens, 300,000 Arabs, and large numbers of Eastern Europeans, Africans and West Indians. Despite this, the city had remained English, he noted.

The private sector spokesman said the island's challenge would be to "create a world-beating team while retaining our 'Barbadian-ness'".

"And I think that we do that by adopting these highly skilled individuals and making them feel that this is their home and that they, like all of ours born Barbadians, are privileged to be here and that we have a responsibility to protect what we have and to improve it," he said