Submitted by Caleale
Hello to all at the BU household, and to those who follow. I’m an American born Bajan, and I was compelled by deep feelings to see how my beloved Bim was holding up in these turbulent economic times. Growing up, I always held my head up high knowing that my father came from a respectable nation that was prosperous and stable. Little did I know, this “prosperous and respectable” nation has now been out paced by her neighbours. Nowadays, you don’t hear about Barbados being a primary tourist destination (although its still revered), nor do I see ads for tourists to “come to Barbados” as much anymore. Only the Bahamas, Jamaica, Aruba, and the Cayman Islands come to play on the mind of the American tourist. It had me ask myself, “Well, what about Barbados?”
As I asked myself this question, I decided to do a little research to go give me a piece of mind. “Okay,” I said to myself, “well the economy is bound to be hit hard due to the global financial crisis and all, so I guess i shouldn’t be surprised…”, I couldn’t have been more wrong. I looked up various news outlets (Bajan and CARICOM wide), and I was shocked to find that all of them painted a picture that was bleak and rather grim for the economic route that Barbados is treading upon.
Not only was I angered at how much the tourism sector of the Bajan economy contracted, but I was also disgusted at the overall “progress” the economy was making. I was upset at the fact that as we enter the second decade of the new millennium, that two of the three traditional sectors that formed the economic PILLARS of the Bajan economy still plays a VERY significant role to the Bajan economy. As I read more and more articles, I grew even more upset of how ignorant I was to this fact. Bajans in America seem oblivions (but not completely) as to what is going on with our economy.
Of course, you’d hear of cousin Darrel still not being employed, and that Aunt Anne is planning, but I wasn’t aware of how far the damage has gone. 2010, and Barbados still relies on her Sugar plantations, her pearly white sands and pristine blue waters, and remittances sent in by her children abroad, as primary sources of “wealth”. What am I getting at?
2010, and Barbados is currently suffering from a 10% unemployment gap that’s desperately needed to be closed. It’s 2010, an Bim is being out shined by her sisters who don’t even have their sovereignty. Two names that come to mind? Bermuda (generally considered Caribbean) and the Cayman Islands. Two islands that packs a HUGE whipping in terms of the economic playing fields of the region. These are two islands who have redefined what tourism to the Caribbean means. They have also proven to be quite formidable in the financial sector. Having many businesses from the U.K., Canada, and the U.S. flock to their shores to cram their HUGE amounts of ‘funds and assets’, into these tiny islands.
However, it wouldn’t be fair (not to mention pointless) of me not to acknowledge the negatives these islands have. One, being that due to their complete lacking of land mass and natural resources at that, these two ‘outlets’ (as we should call them) had to rely on key sectors that is best suited for their situation (geographically that is). Second, being that these two autonomies has relied HEAVILY on their expat communities to take charge of their economies, which has proven to have a funny way of allowing the wealth that’s raked in to “trickle down” fairly and appropriately among the native populations. Alas, the natives of these two island groups rest at the political front merely as a SYMBOL, of who COULD be in absolute control of the autonomies. Thirdly, the idea of what tourism is according to these islands COMPLETELY differs (though unfortunately not significantly) from that in which Barbados has to offer. It has been drenched in the philosophy of developing what little land there already is for these two island groups, in the name of imperialistic hotel chains and EX-clusive resort towns/areas. And Lastly, the lack of one essential resource that all great nations have relied on to be distinguished from all the rest, I-N-N-O-V-A-T-I-O-N.
It goes with out say that these two islands have posed GREAT competition to Barbados (and let’s not forget money) in terms of Tourism and debatably, Finance. However, what one man may prosper in can also be his weakness, and should times falter in light of economic hardships, these two islands would be hit most SEVERELY and SIGNIFICANTLY, because of their heavy reliance on the two Pillars (which could play out of their favour at any time) of finance and tourism. What does Bim have to offer?
The future of Barbados, however, can be MUCH brighter than that of her sisters, and can achieve that with out the expense of her native sons and daughters enjoying such riches, as well as with out relying so much on an expat population that could swiftly change the face of the nation. Not to mention that we have a resource that hasn’t been harnessed yet (AS it SHOULD have been), and that is innovation. We’re not as small as the previously mentioned, but we’re not big either. What we lack in size, we are ABUNDANT in brains. A 250,000 workforce that is HIGHLY educated, competent, and SPEAKS ENGLISH NATURALLY. So, what have we got to offer?
In short, MUCH! So far, there are new sectors in the economy which are sprouting up (aside from finance), and are proving to be quite beneficial for Barbados to become a leader in, and could potentially make us not only a “first world” country, but an AFFLUENT economy. According to investbarbados.org, BIDC and businessbarbados.com, sectors such as ICT/Information; telecommunications; Pharmaceuticals; International Insurance, HQ and Holding companies (companies headquartered in Barbados); exports services (i.e. call centres); global assets management; renewable energy; as well as medical/wellness tourism prove promising to help Bim’s economy to blossom, flourish, and sustain it with out the help. Why do I mention these areas? We (Bajans) have an advantage over other caribbean nations, a COMPETITIVE advantage. Our legislation, accomodation capabilities. And let’s not forget the infrastructure working in our favour of having companies come on board, and be eager to invest. Not to mention we have modern technology that fits the demands of tourists and expats. How do we achieve this?
There is a common complaint that were mentioned by numerous resources. All about the government being ‘too into the game’. Of course, I’m referring to the government employs such a significant number of Bajans to the point that it has been hardwired in us to RELY on civil services for a secure future. In short, privitisation of government owned enterprises is DESPERATELY needed. Competition is the rule of economics now, and its a rule that should be heeded by the Bajan government. However, its not to say that the government isn’t doing anything. For one, investbarbados.org, is a website established by the government to try to reel in investors. Not to mention that Barbados just expanded her tax treaty with Luxembourg. These are improvements, but more needs to be done, A LOT MORE. The government needs to demonstrate more avidness if it is to truly attract investors. Simply setting up a website is a start, but BASIC. There needs to be more of a presence, and that is what Barbados is lagging in. Bim needs to establish a campaign for herself, and she must be AVID (I said this before) as well as dilligent in seeing an image of her being the “PREMIUM STEAK” of the region. Currently, however, the situation can be compared to that of severe case of “monkey in the middle”, so to speak.
Treaties, websites, and good rankings are great, but unless we get the word out to the ‘big 3’, we are just allowing potential profits, gains, and investors to be side tracked by Bermuda and the Cayman Islands. We need to intercept them by having more televised ads, market (but firstly develop) our potential future key sectors to Americans, Canadians, and Brits, not just tourism ads. We already have the qualifications and essentials to do this. Secondly (truly firstly), Barbados is in need of a slogan for her workforce and her campaign. “Development, Expansion, Entrepreneurship, and Privitisation”, the children of Barbados should have this concept hardwired DEEP within their minds, then success is bound to knock on her door. As for her campaign? “Modernity, Convenience, Connectivity, Finance, and Wellness”, the five principles that would make our economy much more ROBUST and grow, as opposed to remaining in a place of uncertainty, otherwise known as a “rut”. Should Barbados follow these principles, it is bound to have a profound positive impact on Barbadians, enabling them to enjoy even further the fruits of their planning and actions without the relying on the “help” of foreigners.
In conclusion, the all time famous phrase, “Time Is Money” can no longer fall on the deaf ears of parliament. There should be new laws and policies passed by the government in order to allow all of the necessary credentials be enacted. An updated legislation aimed at protecting and safeguarding the future of Barbadians as well as making it become the new haven in which investors will flock to is a hard balance to sustain, but not impossible. With the mentioned principles in mind, it will be a future that should be attained with dilligence and avidness. However the process must be swift, and Barbados must make sure that she reigns supreme in those sectors, for her sisters will be keen on taking wind of such prospective and out pace her once again, leaving her even FEWER possible options to gain affluence (hence painting a dire picture for the future of this beloved gem). There should be pressure from the people for such an outcome, for the Barbadian government demonstrates the tendency of dragging their knuckles on the ground. What can I do?
On a last note, Barbadians should invest in products made and manufactured in Barbados (there should also be a campaign for this too). Everything from food products to textiles made and manufactured in Barbados should be desired by all fellow Barbadians, not just imports. My reasoning is quite simple, you purchase more products made in Bim, and you create more employment and expansion in the few private home-bred companies that already exist in Barbados. By purchasing products made in Barbados, as opposed to buying similar ones from imports, you’re not supporting local businesses, but you’re also increasing value to the Barbados Dollar. In Korean Grocery stores, I see food condiments (i.e. pepper sauce) imported from Barbados on store shelves, and I try to buy as much as I can to help out our economy. You as an individual can indeed help. By putting out a dollar for a Barbadian company before a foreign company, as a Barbadian, you are helping to assure hat Bim remains a collective society (that strives for success), hence adding value to Barbados as a whole. We may be small, but we are a highly educated and brilliant population. There is no reason why Bim Hasn’t reached the level of affluence such as the previously named, nor is there any reason why her innovative minds and future entrepreneurs should remain a hidden and an un-harnessed resource.
If a 19 year old College freshman can sum up ALL of these solutions in a clear and detailed manner (let alone understand it), then truly it is proof that the government is being lazy. Bim citizens, make noise and put pressure (NO VIOLENCE) on the government and economists of Barbados, only then can the work force be heard.
The blogmaster invites you to join the discussion.