• Today
    November 21

  • 04:58 PM

Inniss: Economic model outdated

BGIS,

Added 09 November 2017

donville-inniss

Minister of Small Business Development Donville Inniss. (FILE)

Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss, believes Barbados’ economic model is outdated, though it has served the country well.

Addressing the Institute of Chartered Accountants of Barbados’ (ICAB) Student Conference yesterday at the Lloyd Erskine Sandiford Centre, he said: “Over the past 50 years or so, Barbados’ growth and development have been based on an economic model which placed much emphasis on preferential access to markets of Barbados’ principal trading partners, incentivised tax regimes for the foreign investor designed to inject foreign exchange earnings into the economy, and high protectionist barriers, implemented to give fledgling local enterprise the necessary space to become sustainable.

"This model is becoming obsolete as evidenced by demands by international standard setting agencies to dismantle these systems which have, up to a certain point, served our economy well.”

Participants heard that the rapidity of change within the technological revolution had also impacted on the global economy, particularly the financial system. Inniss added that this revolution had been able to impact positively the high cost, security and reliability of financial services which has in turn resulted in the growth of business and prosperity.

“Conversely, the relative ease and speed with which financial transactions can now take place have resulted in phenomenal increases in cases of financial crime. It is this ease in the geographical mobility of finances which contributes to the increased complexity of the regulation of financial services. We as regulators and policymakers are, therefore, forced to keep pace with technology to secure our jurisdiction, as well as to improve the services we offer to investors,” he stated.

The Minister also noted the collaborative efforts the International Business Division was engaged in with the Organisation for Economic Cooperation and Development (OECD) and the Caribbean Financial Action Task Force (CFATF) and said while the work with the OECD focused on tax transparency and Information exchange, and base erosion and profit shifting, the work with CFATF centered primarily on Barbados’ ability to fight money laundering and combat terrorist financing.

Explaining further that the work of these two bodies examined Barbados’ regulatory and supervisory frameworks and compliance with agreed international standards, the International Business Minister stressed: “Over the next year, much work will be required to strengthen regulatory frameworks through amendments to legislation, which will seek to ensure the sustainability of our sectors, while adhering to those international standards to which the Government of Barbados is committed.” (BGIS)

 

JOIN THE DISCUSSION

Dos and Donts


Welcome to our discussion forum here on nationnews.com. We encourage lively debate, but we also urge you to take note of the following:

  • Stay on topic – This helps keep the thread focused on the discussion at hand. If you would like to discuss another topic, look for a relevant article.
  • Be respectful – Meeting differences of opinion with civil discussion encourages multiple perspectives and a positive commenting environment.
  • Do not type in capitals – In addition to being considered “shouting” it is also difficult to read.
  • All comments will be moderated – Given the volume of comments each day, this may take some time. So please be patient.
  • We reserve the right to remove comments – Comments that we find to be abusive, spam, libellous, hateful, off-topic or harassing may be removed.
  • Reproduction of comments – Some of your comments may be reproduced on the website or in our daily newspapers. We will use the handle, not your email address.
  • Do not advertise – Please contact our Advertising Department.
  • Contact our Online Editor if you have questions or concerns.
  • Read our full Commenting Policy and Terms of Use.
comments powered by Disqus

VIDEO

BLOGS

KRYSTLE CLEAR img
THE LONG VIEW img
INSIDE EDITORIAL img
What's Trending img
MONEY MATTERS img
Toni-Ann Johnson img

FRONT COVER OF TODAY'S NEWSPAPER

CARTOON

POLL

Do you think children should be banned from minibuses and route taxis.

Yes
No
Unsure

INSTAGRAM