Business Barbados 2022

Private Sector Faces the Future Coming to the end of a calendar year and moving to a New Year generally prompts a period of reflection as well as the need to forward plan, or rather, a focus on how we face the future. It is generally acknowledged that this phenomenon happens not only for individuals but for businesses as well. Some may even argue that looking to the future is not only a critical component for business sustainability, growth and development but also for a country as well. In looking forward at this time, what seems consistent for the private sector, and all stakeholders, here and abroad, is that uncertainty remains a key factor which can be viewed as either debilitating or exhilarating. Apart from COVID-19, there are other challenges on the horizon, that lends to the credibility of the point of uncertainty, over and above what pertained in the past, being a prominent part of our future. For example, the pending potential impact of the imposition of a global minimum corporation tax rate is a looming threat to our country’s all important international business sector, comprised of many private sector businesses, that contributes in excess of 60% of corporation tax revenues for the country. However, the private sector remains confident in our ability to continue to formulate and implement strategies to provide an attractive investment climate. Given its potential for international investors, as the new year progresses, we look forward to welcoming to our shores those who wish to invest in this well- established business sector. With the onset of COVID-19 and its devastation of the tourism and hospitality sectors in 2020, the slow path of recovery in the traditional sectors is a reality we face. Not to be daunted however, the private sector, continues to formulate and execute strategies to pivot and incubate newer innovative sectors. A move from sugar cane to a vibrant tourism and hospitality industry represents an example of a successful pivot in our history. For the future, the private sector recognizes the great potential for collaboration with international investors to build out innovative and sustainable businesses in areas including embracing the new technology opportunities and the renewable energy sector. Barbados’ progress with digitization and with the goal of Barbados to become carbon free by 2030, these areas are ripe for development in the future. We are therefore pleased with the progress to build out the necessary frameworks to move forward with these attractive areas for local and international investment on the island. Trisha Tannis Chairman, Barbados Private Sector Association 89 BUSINESS BARBADOS 2022 P R I V A T E S E C T O R F A C E S T H E F U T U R E