Business Barbados 2022

BUSINESS BARBADOS 2022 90 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 An output of the tourism and hospitality thrust of our island over the years includes the high- quality infrastructure and an enviable lifestyle for those who work and do business in Barbados. The success of the now well renowned Welcome Stamp initiative is a good reference point. Barbados is being positioned to become a hub in the region for developing trade with Africa and other new and emerging markets. The quality of life on the island remains an attractive reason for relocation here as the private sector moves to capitalize on these potential opportunities, particularly in nimble and nomadic sectors in the service industry. Even in the face of the uncertainty, all much agree that it is critical that the Barbadian economy returns to a path of sustainable economic growth with an environment for business enterprise to grow and to thrive. The private sector must remain highly engaged in this regard with confidence that Barbados will continue to be an attractive destination, open for business and business development for all investors. The private sector, in facing the future, must be aware of global developments as business does not operate in isolation from the rest of the world. For example, how the private sector incorporates sustainable development goal attainment in its profit generating agenda, must be a consideration. Private sector entities (management and employees) first need to be made aware of and become familiar with the United Nations Sustainable Development Goals, (SDGs). Businesses are being cognizant of the fact that many of these goals fit well into the corporate social responsibility thrust and the move toward innovative actions of the modern enterprise. SDGs such as, no poverty, zero hunger, good health and well-being, quality education, gender equality, affordable and clean energy, decent work and economic growth, industry, innovation and infrastructure and climate action must come into the discussion even if within the context of the marriage of the two principles, SDG attainment and keeping shareholders happy. The idea of the “responsible enterprise” isn’t necessarily a new idea as many companies around the world have made such programmes a part of their day-to-day existence. We therefore look forward to business collaboration and implementation of best practices in this regard. In conclusion, depending on the perspective, uncertainty can either force us into the exhilaration of resilience, innovation and creativity or move us towards being debilitated by external forces, over which we have no control. The private sector in Barbados is encouraged to face the future with determination to deliver enhanced investment returns and to convert adversity into opportunity for locals and international investors alike. The private sector in Barbados is encouraged to face the future with determination to deliver enhanced investment returns and to convert adversity into opportunity for locals and international investors alike.