EDITORIAL: Diaspora conference an opportuniy to invest in B’dos

GETTING overseas-based Barbadians to invest here has always been a subject raised in many forums as this country looks to broaden the scope for investment in some economic sectors. 

 

While it is true that remittances do help and count for a lot, it is not nearly enough in view of the demands of a growing economy. This is especially so in situations where private capital inflows tend to be up and down and the case where the country’s export sectors are not doing as well as they ought to in terms of spurring inflows.

 

For instance, the Central Bank of Barbados reported that for 2015, net long-term inflows were lower than in 2014. Total exports of goods and services were down by roughly seven per cent, and the net international reserves had fallen to $926 million at the end of last year. This situation had to be seen in the context where the country had faced higher debt service costs with net foreign repayments totaling $126 million.

 

The moral of the story therefore is that in the absence of foreign borrowing, which naturally will push up the national debt, inflows are vital to the sustained development of Barbados.

 

That’s why every attempt should be made to highlight and to push the point to the thousands of Barbadians in the diaspora and the hundreds who will be here for next month’s Barbados Network Consultation or the Diaspora Conference, that they should invest in this country. It is an event at which several options for those of the diaspora are raised. It would be recalled from previous consultations that workshops/seminars were convened at the Lloyd Erskine Sandiford Conference Centre where stakeholders from a cross section of private and public sector agencies put forward a case on what is available for investing. The participants heard from representatives of the Barbados Investment and Development Corporation (BIDC), the Barbados Small Business Association, the Barbados Stock Exchange and others on how to go about investing in the areas for which those agencies have responsibility. In turn they outlined certain areas of concerns and how to avoid some of the bureaucracy that at times can hold up good ideas and initiatives, which can work to the benefit of both sides.  

 

Since another similar conference is around the corner we expect that more of this will be done even if it being undertaken only to drive home the point, especially in this the year of the 50th anniversary of the country’s independence, while at the same time clearing up any hurdles that may get in the way of those looking to make a contribution.

Minister of Foreign Affairs and Foreign Trade Senator Maxine McClean, who has been at the forefront of this conference, spoke on the airwaves last week. While the Minister did not go into full detail about the forthcoming conference, which is scheduled for August 3-5, she still said enough to indicate just where the thinking is and what will be the major themes and focus of the deliberations. According to her, this year will see a focus on youth, technology and investment. On the issue of technology, Senator McClean remarked that part of the business is being able to leverage the Internet as a tool in business development. 

 

Let’s make the event worthwhile.