Losing ground in efficiency
Barbados needs to become as efficient as the developed countries from which it wants to attract investors.
This is the view of businessman and Barbados resident Ajmal Khan who invested millions of dollars in the recently staged Caribbean Premier League (CPL) T20 cricket tournament.
In an interview with BARBADOS BUSINESS AUTHORITY, he said the island had to increase its competitiveness and stem the outflow of capital as local costs became more and more prohibitive.
“A lot has to do with inefficiencies, high labour costs and also the need for higher efficiency and a lot of that has to do with education,” he said.
The chairman and chief executive officer of Verus International said that what took five to six months to do in Barbados took 24 to 48 hours to do in Singapore.
He suggested that Barbados had to offer something special to investors.
“You have got to understand what you are. For someone to buy a second home or third home in this country – they have many options to do that. They could go anywhere. So what is going to make people want to come here?
“We need to recognize yes that we are unique but we are not that unique. We need to encourage capital flows here and I know there has been a lot of outflow from this country,” he said.
Khan said other parts of the world were pushing big industry and would take market share away from Barbados unless the island was competitive.
“I’m not saying that you should be reckless. You still need to do your due diligence in order to make sure that you bring the right investors, or insurance companies or bankers or hedge funds,” he said. (NB)