Senior Minister and Minister of Energy and Business Kerrie Symmonds has acknowledged that Barbados has significant work to do to improve its business environment, including the efficiency of the Corporate Registry, service delivery and the standards required to compete effectively in international markets.

Addressing specially invited guests at the opening reception of Global Business Week, hosted by BIBA, the Association for Global Business, at Hotel Indigo, Hastings, Christ Church, Symmonds said the country must confront its shortcomings while strengthening collaboration between Government and the private sector.

“The truth is that we have a little bit of homework to do in ‘Business Barbados’ as a whole,” he told industry professionals, members of the diplomatic corps and sponsors, drawing allusion to the whole system of business on the island and not just the corporate facilitation agency of the same name.

He committed the Government to continued collaboration with BIBA, declaring: “I want to begin this evening by committing the government of Barbados to continue to work with BIBA and to continue to support in any way possible all of the necessary initiatives which are necessary to try to advance our connection with the international business and financial community.”

Symmonds said Barbados could no longer approach global business as a separate segment of the economy, insisting there was need for a more comprehensive approach to national development.

“The truth of the matter is we have to have a perspective about business in Barbados which is a lot more holistic and that is the way in which I believe we will transform this economy,” he said.

Corporate Registry

The Minister was particularly candid about the challenges associated with the digitisation of the Corporate Registry, acknowledging that the experience of users had fallen far short of expectations.

Symmonds explained that Government was rebuilding the digital registry system from scratch and urged users to recognise that improvements would take time.

He also confirmed that steps were being taken to protect the public purse where contractual obligations or acceptable standards may have been breached.

“I have instructed that counsel be instructed and that the necessary steps be taken because when once you see that there are the appearance of breach of contract or once you see that there is the appearance of a failure to meet acceptable standards then there is a necessity to defend the public’s interests and the public’s interests will be defended in this matter,” he said.

Service standards

Symmonds argued that improving the business environment was not solely the responsibility of Government, pointing to service delivery across the wider private sector as another area requiring attention.

“If our competitors are speaking the language of same day service then we have to speak that language too,” he said, referring to delays in securing a business name reservation.

He added: “We have to be prepared to face reality as unpleasant as it may be and the unpleasant realities are that we really do as a country need to up our game.”

The Minister called for an economy driven by measurable standards, greater responsiveness and efficiency, particularly as global businesses reassess investment decisions.

Symmonds also highlighted opportunities arising from renewable energy, offshore oil and gas exploration and pharmaceutical manufacturing, stressing the importance of ensuring Barbadian businesses could participate.

He said Government was preparing legislation to help connect domestic companies with these emerging sectors.

“We have to have what we call local content legislation that will ensure that Barbadian . . . service providers . . .  and several other Barbadian businesses … [are] given an opportunity to plug into these new economic theatres of activity,” he said.

He also urged businesses to embrace artificial intelligence, warning that failing to maximise available technology could result in missed investment and opportunities.

Symmonds used the occasion to also congratulate BIBA on maintaining Global Business Week (formerly International Business Week) for 17 years and reaffirmed government’s support in advancing Barbados’ global business connections.

By Geralyn Edward for BIBA