Evelyn Greaves (left) receiving a special award from Ashton Turney, a former president of the credit union.

BARBADOS AND THE CARIBBEAN must commit to the single market economy as soon as possible.

Prime Minister David Thompson speaking at the 25th Anniversary award ceremony of the Barbados Workers Union Co-Operative Credit Union Limited at the Sherbourne Centre yesterday, said the plan was to have the single economy become a reality by the year 2015, and that financial institutions such as the credit unions should be the driving force behind it.

Thompson said that with the European Partnership Agreement (EPA) there were several opportunities open for the region and credit unions to compete.

"I want you to remember that Barbados and other CARICOM countries also have a very large diaspora in Europe and America.

"The EPA certainly gives credit unions in the Caribbean access to a significant number of them, many who are committed to the development of the region," he said.

The Prime Minister said their level of commitment was demonstrated back in 1991 when the country was going through economic crisis and many Barbadians living overseas wanted a branch of the Barbados National Bank opened in Britain and America. Even though that was not possible, it would have been a way of mobilising Barbadian savings, as several people with large pension funds brought them home to stabilise the economy.

Thompson said his Government was focused on economic enfranchisement that would only come about with the public and private sectors working in close collaboration. (WB)