More work to do

Fri, 05/06/2016 - 12:00am

 

There is still much work to do in repositioning Barbados’ economy by getting investors to think differently and creatively.
 
Minister of Culture, Sports and Youth, the Hon. Stephen Lashley made this observation as he addressed the Cultural Industries Symposium 2016 Investor’s Forum and Breakfast held at Hilton Resort, yesterday.
The Symposium hosted by the Barbados Cultural Industries Development Authority (BCIDA) under the theme “Preparing Barbados’ Cultural Industries for Investment and Trade” brought together potential investors to explain the lucrative investment possibilities available within the Cultural Industries.
 
“Everything points to the fact that as we continue to experience economic challenges, we have to take greater charge of the solutions. Less talk and more action,” Lashley told participants, also pointing out that the symposium has everything to do with how investing now in the emerging creative sector can have a transformative effect on the wider economy while making business more competitive and more relevant.
 

In fact, the Cultural Minister noted that CARICOM Governments have acknowledged that creativity and innovation are now driving the new economy.

 

According to him, Governments recognised and have embraced the idea that creativity can generate significantly higher economic revenue and provide greater job creation in the future.

“This creative movement however requires support,” he stressed.

 

“The support comes from both Government and the Private sector. The Government has already demonstrated its support by the enactment of the Cultural Industries Development Act (2015) which took effect on February 1, 2015… Section 31 of the Act speaks specifically to agencies like yours when we refer to investment,” he pointed out.

 

Lashley further acknowledged that the BCIDA initiative signals the Government’s continued commitment to the development and the promotion of a competitive cultural and creative industry in Barbados which is vital to its prosperity.

 

“A creative nation is a productive nation,” he indicated. “Participate with an open mind, have discussions supported by intellectual research; and go away with the understanding that changes are happening at the global level. We need to embrace these changes if our creative industry is to compete globally.”

 

The forum highlighted the existing financial regulations and requirements with respect to providing start-up capital, lending facilities, or investment as it relates to conducting business with cultural and creative industry practitioners. (TL)

 

 

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