分类： business

Renowned economist Jeremy Stephen has called on the private sector to abandon its risk-averse mindset and embrace bolder investments, emphasizing that over-reliance on government spending is hampering economic growth and perpetuating unsustainable public debt levels. Speaking in response to the Latin American Economic Outlook 2025 report by the Organisation for Economic Co-operation and Development (OECD), Stephen highlighted the urgent need for governments to prioritize mobilizing private investment and move away from ineffective tax incentives. He stressed that innovative financing mechanisms, such as green bonds, could play a pivotal role in attracting both local and foreign investors. Stephen argued that excessive dependence on government initiatives fosters complacency, stifling the economy’s potential. He pointed to Barbados’ weak private sector participation as a key factor behind its unsustainable debt, urging businesses to take calculated risks despite the challenging environment. The OECD report underscores Barbados’ heavy reliance on tourism, which leaves the economy vulnerable to external shocks and limits inclusive growth. It advocates for diversification into sectors like creative industries, renewable energy, and digital services to build resilience. Stephen also criticized the lack of private initiatives in exploring new tourism markets, citing the absence of self-funded roadshows to regions like China and the Middle East. He emphasized the need for a stronger enabling environment to encourage risk-taking and innovation. The report recommends a comprehensive strategy to mobilize private investment, reduce government dependency, and improve fiscal space. Stephen concluded that redefining the public-private partnership model is essential for reducing Barbados’ debt and securing sustainable growth.

Barbados and its Caribbean neighbors have been called upon to explore untapped trade and investment opportunities with Africa, as senior officials convened in Bridgetown for the inaugural GUBA Awards and Trade and Investment Forum. The event, which began on Monday, aims to strengthen economic and cultural ties between Africa and the Caribbean, celebrating the achievements of individuals and organizations from both regions. Lady Dentaa Amoateng, CEO of the GUBA Foundation, emphasized the vast potential for growth, noting that intra-African trade accounts for only 16% of the continent’s total trade, while intra-Caribbean trade stands at around 14%. She highlighted the combined GDP of over $3.5 trillion and a population exceeding 1.4 billion as a testament to the untapped potential. Amoateng called for structured partnerships, including industrial and investment networks, to unlock the trade corridor between the two regions. She pointed to the African Continental Free Trade Area and the Caribbean Single Market and Economy as key platforms for fostering growth. Deputy Prime Minister Santia Bradshaw of Barbados underscored the historical connections between the Caribbean and Africa, highlighting Barbados’s efforts to deepen engagement with African nations such as Ghana, Kenya, and Rwanda. She noted the signing of bilateral agreements, including an air services agreement with Rwanda, and efforts to attract pharmaceutical manufacturing to Barbados. Bradshaw also emphasized the island’s transparent policies, double taxation agreements, and strategic partnerships as factors making it an attractive gateway for African investment into the Americas. The foundation’s chartered flight from Africa to Barbados is set to arrive tomorrow, symbolizing the growing collaboration between the two regions.

Barbados taxi representatives have issued a stern warning to local operators, urging them to resist joining the global ride-hailing giant Uber. They argue that Uber’s entry into the market poses a significant threat to the livelihoods of thousands of taxi drivers whose businesses have been built over generations. Anthony Harewood, a representative of the taxi fraternities at the airport and the Barbados Transport Co-operative Society Limited, emphasized the need to protect their hard-earned industry. ‘Do not sign up with Uber,’ he declared. ‘Protect what is ours.’

Taxi operators at the Bridgetown Port have raised serious concerns over Uber and its franchise owner, Go Capita, allegedly breaching a government-imposed restriction that prohibits Uber pick-ups around the port area. This violation, they argue, is threatening their livelihoods and has reignited calls for stricter enforcement of taxi regulations. Adrian Smiley Bayley, president of the Bridgetown Port Taxi Co-operative, highlighted the issue during a press conference, stating that Prime Minister Mia Mottley had explicitly instructed Uber to cease operations near the port during a recent meeting with taxi operators. Despite this directive, an Uber-registered driver was reportedly seen picking up passengers directly outside the port gates last week. Bayley presented photographic evidence and emphasized that the incident occurred just six days after the meeting with the Prime Minister. He also revealed that an official report of the incident has been forwarded to Deputy Prime Minister Santia Bradshaw, who serves as the Minister of Transport. Raymond Gill, a representative of Go Capita, acknowledged the complaint and assured that the company would investigate the matter, suggesting that a technical glitch might have caused the breach. Bayley, however, remains steadfast in his demand for a fair resolution, vowing to continue advocating for a level playing field for all taxi operators. He also accused Go Capita of betraying its long-standing partnership with the taxi industry, particularly in relation to the Harbour Lights nightclub, which has benefited significantly from the collaboration with taxi operators over the years. Bayley concluded by urging the government to exert pressure on franchise owners operating in Barbados to ensure compliance with the established regulations.