Millions of investment coming
BARBADOS can look forward to millions of dollars in new investments by Liberty Global, now that it has acquired Cable and Wireless Communication Plc.
Promises of the new investments were relayed yesterday by Mike Fries, the head of Liberty Global plc. He has made it clear that new investments in Barbados and other regional locations will be priority areas for the company.
Speaking to the media to announce Liberty’s Bds$14.8 billion acquisition of Cable and Wireless Communications Plc, Fries said that this has to be the focus going forward.
While Fries could give no figures on how much they intend to invest in this market, as well as in the other regional countries, he said that if there are no investments in this telecommunications business, they cannot expect to survive.
“So from our point of view, it is critical to be sure that we are meeting consumer needs, we are competing aggressively because competition exists, and that we are fulfilling our obligations to the communities and the countries where we operate.”
He said the appropriate amount is still to be determined, and to ensure “that we are taking it very seriously”.
Interim CEO of CWC, John Reid, pointed out that what Barbados will see in the short term is what the region will also be experiencing in that time frame.
Reid pointed to the call centre, customer consolidation experience, the roll out of retail stores and new products and services, especially on the video side.
He also said that in Barbados they have to step up from where “we are, and customers will see improved levels of service, the performance indicators on which we will be judged”.
Reid said that there is a mandate by the Fair Trading Commission in Barbados once the acquisition of the Columbus Communication had taken place, to undertake certain policies. However, he assured that CWC had pretty much undertaken that process.
Reid said that this is an exciting time for CWC, and that he is thrilled to work with the Liberty Global team as they plan for the next chapter of growth.
“By leveraging Liberty Global’s scale and management expertise, I am convinced we will accelerate innovation, enhance the speed and quality of our networks, and expand opportunities for all stakeholders,” he added. (JB)