Manufacturers not pleased with 2022 Barbados Budget
Manufacturers are not pleased that there were no measures in the 2022 Barbados Budget aimed at decreasing production costs for them.
In fact, in a statement on Tuesday the Barbados Manufacturers’ Association (BMA) urged Government “to do more” for manufacturing.
President of the BMA John Marshall said the manufacturing sector remains an important contributor to foreign exchange and the development of human resources especially in the area of skills, job creation and economic growth in general.
He called on Government to do more to reposition manufacturing in Barbados to make it more sustainable.
“Data shows that manufacturing in Barbados declined significantly over the last 30 years and that timeframe coincides with a period where successive governments operated under the mindset that the only way to reduce the cost of living is to reduce the cost of finished product entering the island,” said Marshall.
“I’d argue, in real terms, that mindset has not reduced the cost of living, and in fact, inflation in Barbados exceeds most industrial averages, and the same is true I’m sure for nearly every other country that took this approach. So what then is the point of perpetuating the mindset? Rather, they [the Government] should turn their focus onto a much more sustainable path, and look to develop local manufacturing,” he said.
Marshall said while the BMA supported all efforts made by the Mia Mottley administration to lower cost, it would be equally supportive of a solid plan to grow manufacturing and “improve the fiscal environment in a manner that enables more Barbadians to open businesses in the sector”.
“There must be a continuous effort to provide opportunities and incentives for the average Barbadian to create competitive businesses in the manufacturing sector as a mechanism of financial and social enfranchisement. This is only possible if fiscal and trade policy are strategically developed and/or implemented in a manner that provides a conducive environment to do so,” said Marshall.
During her Budget presentation on Monday, Prime Minister Mia Mottley expressed a desire for manufacturing to be ramped up in Barbados.
Manufacturers feel left out Barbados Today
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