Restructure economy, focus on export-led growth: UPP’s Hennis

Bruce Hennis, The United Progressive Party (UPP) Candidate for St Philip had called for a “new economy” in Barbados.

The third parties have been gaining momentum with some of their views, and as election nears the candidates continue to express their views to the public. At the recent National Debate facilated by the Barbados Economic Society at Lloyd Erskine Sandiford Centre, Hennis stressed that we need to focus on growth and that we need an export-led strategy to expand and drive other sectors such as the creative sector moving forward.

He explained, “We are a heavily import-led economy therefore our strategy is towards a new economy and it really is an export-led foreign exchange earning strategy that is very critical at this time, we launched our Manifesto in November 2017 it was based on that …There is massive market in the creative services economy, but we need to become an export led, highly innovative economy where we are earning foreign exchange and have a high level of growth within the economy. We are stuck in a cycle that has serious challenges, the conversation we have today is a twenty-year conversation, we are at a very serious time, we have reached point the things have to change, areas such as international business services business has died off, so we are back in the conversation let us restructure the debt, deal with the fiscal deficit.”

Hennis referenced Nigeria that their film industry has grown significantly and has positively impacted the growth of the economy, while we continue to sit here and crunch numbers, there are avenues that Barbados can pursue but that we need an export-led strategy that UPP has outlined for Barbados it its manifesto.

According to him, “The reality is that we have to sell outwards and we have that base. We need an export-led private sector, we have to change our structures. The traditional sector can be incorporated in the creative sector, but you actually have to restructure how your economy looks, you have to rebuild… We are not replacing sugar, manufacturing, tourism, agriculture, you are adding another layer to the economy that has potential for significant growth.” (NB)