Sinckler defends Government’s performance
Government is set to launch duty-free zones in a number of locations across the country within a few months’ time.
The disclosure came from Minister of Finance and Economic Affairs, Christopher Sinckler, as he delivered a three-hour Budget in the House of Assembly yesterday evening. Sinckler first spoke of the intention to introduce this initiative in the 2016 Budget, explaining that it was one way to generate additional revenue in foreign currency. At that time, he said Government had been researching the possibility of creating duty-free zones, which would allow Barbadians and visitors alike to engage in duty-free shopping in specific geographical areas, and he added that areas under consideration included Bridgetown, Holetown and Hastings/Worthing.
“This proposal, Sir, not only has the capacity to earn foreign exchange from shopping by visitors from our region and elsewhere, but will also save foreign exchange since most Barbadians could have the option of no longer having to travel in order to shop,” he had stated then.
Yesterday evening, the Minister again talked about the proposal and while not offering any major details on what it will entail, disclosed that it would be launched this August. Moreover, he said that he is also set to lay in Parliament the amended Special Development Areas Legislation, which has been finalised by the staff of the Ministries of Finance and Housing and Lands, along with the Town Planning Department.
He made these disclosures as he contended that contrary to popular belief in some quarters, Government has not been tardy, disinterested, nor has it lacked leadership in respect of pursuing initiatives to generate economic growth in this country. He maintained that such a view is misinformed and further contended, as he sought to present the evidence of Government’s efforts, that the facts simply do not support that view.
“Indeed, this Administration has put in place and pursued more initiatives for growth than most others in recent memory and has done so in very challenging circumstances. Whether it is incentivising tourism, alternative energy and the cultural industry sectors to levels never seen in Barbados, or clearing the way for major investment projects in Barbados such as the Bridgetown Port expansion of the berths – Berth 5 and Berth 6; Bushy Park; Hyatt; the Sands Condo Hotel and Sam Lord’s. This Administration has put the things in place, not with any support from the Opposition by the way… Even in spite of stiff opposition of every major project that the Government has done, we have still been able to push them through,” he said.
Sinckler added, “We have pushed down the cost of construction in Barbados by liberalising the cement supply in the country, but they opposed that too … and we’ve eased the burden on our main foreign exchange earning sector – tourism – by eliminating duties and taxes on a range of food and beverage items. They opposed that too.”
The Finance Minister’s comments came as he announced that he will soon lay in Parliament, an amended Housing Incentives Act, which will extend even more concessions for developers interested in pursuing low-income housing solutions. He hinted this will assist in providing more affordable options for Barbadians seeking to own their own homes, and take the burden off Government to solely do so. (JRT)