Transforming the Nation P

rior to erecting any durable structure that can withstand the rigours of time and external forces, it is essential to first prepare a foundation that can provide sufficient strength and stability to support the full weight of the load it will eventually be required to underpin. Builders have to dig down before they can go up, which is why a construction site in its earliest stage looks more like a hole in the ground than the future location of an impressive edifice. In that context, hitting rock bottom is not only a positive achievement, it is a fundamental prerequisite.

That same principle can be applied to the concept of reconstructing a national economy.

And while it might be an exaggeration to suggest that Barbados hit economic rock bottom, statistics for 2013-2018 indicate that the country did slip perilously close to sinking into an unsurmountable financial hole. However, the upside of that near disaster is that Barbados did not actually sink, thereby providing the nation with a timely wake-up call and a compelling incentive to fix what needs fixing and embark upon a reenergized journey of self-discovery and self-determination within the new global economic order.

As such, after being swept into power on the back of an unprecedented thirty seats to zero landslide victory in May 2018, the current Government led by Prime Minister the Hon. Mia Amor Mottley, QC, now has a golden opportunity to convert the many challenges confronting Barbados into a collective catalyst to implement much needed and long-awaited change. There has arguably never been a more opportune time for the Government, the Labour Movement and the Private Sector to come together under the auspices of the Barbados Social Partnership and work hand in hand to reboot the economy, retool the workforce and transform the nation for the greater benefit of all.

Each individual citizen within Barbadian society will also have his or her role to play. In the first instance, we must stoically embrace the inescapable austerity measures that will come our way as the Government implements its Barbados Economic Recovery and Transformation Plan. As any gardener can attest, selective pruning is a good first step towards simulating growth. But accepting the inevitability of a negative situation does not equate to surrender. On the contrary, having less usually provokes a desire to want more and a scarcity of resources often inspires creativity. That dynamic combination can motivate Barbadians to become more innovative in every sphere of our life: the way we think and live, what we grow and eat, how we teach and learn, how we generate income, who and where are our clients, who in society should we be helping.

That radical change in the fundamental ‘way we do things’ at both the national and personal level could prove to be the greatest challenge of all, but it is an absolute necessity. And while the doubters might label it an unobtainable seismic shift, the positive thinkers will recognize that - specifically because we are hanging over the edge of an economic precipice and at a critical juncture in our history – this is an ideal situation for Barbados to reinvent itself as a nation capable of navigating the turbulent waters of the 21st Century.

The comprehensive range of articles in this edition, written by highly respected experts in their fields, ably led by our distinguished Prime Minister, present a qualified insight into what Barbados has to offer the world and why we can look forward to the future with optimism and confidence, albeit tempered with a healthy dose of reality.

Transforming the Nation

The country needs bold innovators to champion positive disruption. We must facilitate the ‘imagineers’, those enterprising powerhouses with the vision to imagine the future and the capacity to engineer successful outcomes. Barbados already has those people, but we need to unshackle them so they can thrive and multiply.

Without minimising the complex infrastructural and economic challenges that need to be addressed, it is worth considering some of the potentially easy-to-achieve positives that already exist.

My home has benefitted from solar heated water for 25-years, saving us thousands of dollars. Today it is fully solar-powered, reducing our energy bills even more dramatically. Imagine if every building in Barbados was fuelled by the sun.

Four years ago, Miller Publishing became early pioneers of clean fuel by transitioning from petrol-driven vehicles to three fully-electric cars and a delivery van, which we charge at our solar-powered home or at our office located in a solar-powered building. That switchover saved our small company thousands of dollars each month. Imagine how much Barbados could save if all vehicles were electric. Imagine the environmental and health benefits. Imagine how it would elevate the Barbados brand as a tourism destination.

My wife Sally buys our fruit and vegetables from Cheapside or farmers markets. Fresh, locally or regionally grown, wholesome and cheaper than imported produce. The same applies to our fish and meat. That practice saves us a significant amount of money and improves our health. Imagine how the whole of Barbados could reap similar benefits. Imagine how that would boost the local agricultural industry.

For each of the past 8-years I have enjoyed interacting with the teenage participants in the Barbados Entrepreneurship Foundation’s $20 Challenge, an annual entrepreneurial competition open to all secondary schools. That involvement with budding entrepreneurs has convinced me that this country is blessed with an abundance of creative, enterprising, industrious and ambitious natural talent. Imagine what could be achieved if every student was given the appropriate education and allowed to develop in a technology-driven environment where innovation, risk-taking and trailblazing are encouraged and rewarded. Imagine how much that could transform Barbados.

Further imagine what Barbados could achieve in areas such as Financial Services, Communications, Digital Economy, Fintech, Education, Health and Wellbeing, Renewable Energy, Green and Blue Economies, Tourism, Social Investment, and perhaps other sectors yet to be conceived.

We have the vision, we have the people, we have the resources and we have the opportunity. With the right leadership in the Government, the Labour Movement and the Private Sector, supported by committed individuals, we can now make the right decisions, do what needs to be done and re-launch Barbados into a prosperous future.

Prospective international investors please take note. Barbados is about to press the reset button. You are welcome to join us for the ride.

Contents

A Renewed and Transformed Barbados

Hon. Mia Amor Mottley, Q.C. M.P.

Prime Minister of Barbados

The Critical Role of a Revived Social Partnership Professor Avinash Persaud

Young Barbadian Entrepreneurs - Creative Industries

Jaye Applewaite of Custom-Designed Wedding Dresses

Barbados On Track With BEPS Action 5

Maria Robinson, Managing Partner, EY

La-Tanya Edwards, Caribbean Tax Desk, EY New York

Barbados Welcomes UK Businesses

Julia Hope, President Barbados International Business Association

The Argentina - Barbados Connection

Ambassador Gustavo Martinez Pandiani, Ambassador of Argentina

Young Barbadian Entrepreneurs – High Tech Agriculture

Rishi Panjwani and Warren Kellman of Ino-Gro Inc.

Reigniting the Barbados China Connection

Connie Smith, Managing Director, Tricor

BIBA

Towards a Smart Barbados

Dr. Annalee Babb, ACB Knowledge Consultants Inc.

Barbados Can be the Blockchain / Fintech Hub of the Region

Deirdre Craigwell, Senior Associate, Deloitte

Young Barbadian Entrepreneurs – Fintech

Gabriel Abed and Oliver Gale of Bitt

Transforming Barbados Through Renewable Energy and Energy Efficiency

Meshia Clarke, Executive Director, Barbados Renewable Energy Association

The Barbados Blue Economy

Nicola Simpson, Caribbean Blue Consulting