by Karin Dear

SHOCKED AND DISAPPOINTED!

That's how Barbados Shipping and Trading (BS&T) chairman Sir Allan Fields yesterday described his response to what he termed the "xenophobic" comments made by Opposition Democratic Labour Party (DLP) Leader David Thompson regarding a possible merger or takeover of the Barbadian-led company by Trinidadian interests.

In an exclusive interview with the DAILY NATION, the chairman underscored that to date no official offer had been put on the table by either Trinidadian conglomerate Ansa-McAl, or by a local hastily-formed consortium spearheaded by businessmen Colin Brewer and Tony Hoyos.

Last Sunday, however, the Democratic Labour Party leader vowed that an elected DLP administration would "halt" any takeover of the Barbados Shipping and Trading entity by foreigners.

"I'm extremely shocked and disappointed because if the Caribbean people and the governments of the Caribbean subscribe to the theory of a CARICOM Single Market and Economy (CSME), I find it very hard to understand how we can reject people based on their nationality," Sir Allan said.

"I think you have to take every offer for any company on its merit and what is in the best interests of the company and of the shareholeders," he added. "But to deny a company or shareholders the ability to grow the company because you don't like the nationality of the person buying into the company would be detrimental to the CSME."

Sir Allan noted that Thompson's language was "safely couched" since the MP for St John knew that any merger or takeover would be completed "long before Mr Thompson comes to power".

"Barbados is a very, very small market and if we are going to succeed, really succeed, and create pan-Caribbean companies, it necessarily follows that our customers and shareholders must be pan-Caribbean people as well.

"I believe it is in the best interests of companies to have a larger market. Barbados is a small country of 260 000 people. How can you have a large company operating in an environment of such few customers?" he queried.

"We have to grow outside Barbados like the Goddards, Sagicor, or Banks Holdings are doing, to get any genuine growth."