Barbados is actively crafting a new economy that is based on technology, innovation and entrepreneurship.
And while this cannot be done overnight, Minister of International Business, the Honourable Ronald Toppin told the House of Assembly this afternoon, every effort has to be made to “ramp up the economy as quickly as possible”.
He recalled a 2019 report that indicated Barbados has $162 million in untapped export potential, and a major plank of the focus of his ministry will be in convert this into actual sales.
The aim, Minister Toppin added, is to increase Barbados’ exports by 10% by 2023, but it would require all the players to pay attention to issues such as access to finance, expanding the number of exportable products, identifying factors that can reduce production costs, and seeing how business clusters can be created to assist manufacturers.
In order to achieve its plans, Minister Toppin spoke of the emphasis being placed on creating “cutting edge digital platforms” on which the ministry, its departments and agencies can operate in their quest to make the island an excellent jurisdiction “where people want to come to do business”.