Policies & Partnerships Key To Sustainable Growth

Policies alone cannot secure sustainable growth, but innovative entrepreneurs, risk-taking investors, banks and other development partners, can collectively translate policy into action.

Minister of Economic Affairs and Investment, Kay McConney, made this assertion at a joint public sector forum hosted by the Barbados Chamber of Commerce and Industry (BCCI) and the United Nations (UN), earlier this week at the Hilton Barbados hotel, under the theme: Transforming Barbados through Sustainable Business.

“This government has in recent times intensified our efforts to strengthen the investment climate, to streamline some of the processes that have frustrated business persons, and to support sectors that have the potential to drive long term transformation.

“I consider this forum to be more than just a conversation but a real invitation, to identify where national priorities align with our private sector capacity, where our international best practices can be applied to our local realities,” Ms. McConney stated.

While highlighting the challenges of Micro, Small and Medium-Sized Enterprises (MSME’s) such as access to affordable capital; global supply volatility which affects production and competitiveness; skills gaps in emergent sectors; productivity deficits and the accelerated impacts of climate change, the Minister told the audience that these challenges will require shareholders within the business sector to rethink not only how we build, but how we produce, consume and safeguard our productive base while knowing our strengths.

“Barbados is a stable jurisdiction with clear development priorities, strong institutions and a government that is committed to reforms that enhance efficiency and resilience…,” she stated.

President of the BCCI, Paul Inniss, said that resilience locally and regionally is no longer optional, but is essential for competitiveness and sustainability.

“Joint projects between the Chamber of Commerce and the UN office for Disaster Risk & Reduction (UNDRR), are actively addressing the unique vulnerabilities faced by businesses in Barbados by equipping Micro Small and Medium Enterprises (MSME’s) with the tools and knowledge to withstand and recover from shocks,” he noted.

Mr.  Inniss disclosed that the BCCI has also focused on building local capacity, and with the UNDRR’s support, has trained a cohort of local facilitators and coaches who can continue to guide the MSME’s in resilience planning long after projects end.

“We are all stakeholders in a future built on partnership, collaboration and shared prosperity. Today’s theme Transforming Barbados Through Sustainable Business is not a slogan, but a call to action that we will answer together in this room.

“The UN, the government and the business community are collaborating to deliver sustainable business solutions for Barbados. This spirit of collaboration and shared mission is a driving force behind everything we will discuss today,” he added.

Mr.  Inniss urged stakeholders to integrate sustainability into the very core of “our business DNA”. “The next time we plan a new venture or invest in a project, let’s ask ourselves: how does this contribute to a cleaner environment? How does it build resilience and sustainability, and how does it create opportunity for others? Transforming Barbados through sustainable business is no small task, but it is absolutely within our reach…”

United Nations Resident Coordinator – Barbados and the Eastern Caribbean, Simon Springett, stated: “We are living in a time of profound uncertainty, [where] geo-political dynamics are shifting, trade patterns are evolving, and for us in the Caribbean, the climate crisis is no longer a distant threat, it is clearly here.”

He added that, while hurricanes like Elsa and Beryl are painful reminders that we are on the frontlines of a global emergency, they also revealed something powerful: “when disaster strikes, the private sector is not simply a partner it’s a lifeline for our communities”.

Mr. Springett added that the dialogue for the forum was more than a discussion but about action, noting that the UN sustainable development goals are for everyone, designed to deliver real and material benefits for people and businesses everywhere.             

“So, why should the private sector engage? Primarily because sustainability is not charity, it’s a strategy, it’s smart business…companies that embrace the sustainable development goals are not only reducing risks, but unlocking new markets, attracting investments and ensuring the trust of consumers and employees alike.” (PR/GIS)