Ezine Business 2006
Ezine Business 2005
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- Governor of the Central Bank of Barbados, Dr. Marion Williams
In recent weeks, Government has been highlighting $1.2 billion in investments in tourism- related projects. Tourism has been the lead economic sector in Barbados, accounting for most of the growth, the bulk of econo mic activity and a catalyst for activities in other sectors, especially construction and wholesale and retail. Later this month, the Central Bank Governor is expected to review the economy for the first quarter of 2006 and that will most likely show grow th being fuelled by tourism and construction.
Dr. Williams said that one aspect of the microeconomic business environment in Barbados is the climate and the set of incentives that stimulate aggressive investment. To reach an advanced- economy stat us, there must be a climate in which companies are willing to invest in other assets and intangibles, such as training, research and development technology (commonly referred to R&D), branding, and international marketing networks, she suggested.
She informed the function that huge businesses have developed from simple things like water and other items which we would not normally expect to have a market. However, since the world stage and the web can be easily accessed, the possibilities have i ncreased tremendously, the Governor reasoned.
Greater capacity to make soft investments in R&D and training is essential. Barbadian companies are most likely to compete as specialists in niches much like the Swiss. We are unlikely to be mass-mar ket players, even in service areas,she maintained.
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