PM: Region must be competitive
IF THE CARIBBEAN is to maintain its reputation as an attractive hub for foreign investors, then cost effective business solutions must be a part of its strategic planning.
This view was expressed by Prime Minister Freundel Stuart on Wednesday as he addressed the Commonwealth Business Forum in Perth, Australia, on the topic Investing In The Caribbean.
Emphasising that it was critical for the region to maintain its competitive edge, Stuart said the region continued to attract foreign investors because of its diversification efforts, fuelled largely by globalization.
“Most people today recognize the Caribbean as a popular tourist destination and Caribbean countries have, in fact, attracted a steady flow of investment to help build the tourism industry over the last 50 years.
“But it would help for those in the world of business to know as well that a few of the region’s nations have become financial services centres from which many of the world’s leading industries, companies and executives have chosen to conduct global business,” Stuart emphasized.
Citing Barbados as an example, he said the country had developed centres of excellence in areas such as international insurance, banking, shipping, trusts, research and development as well as in communication technology and high-tech manufacturing. (BGIS)