One stand-alone restaurant has been approved for duty-free concessions under a new budgetary initiative aimed at enhancing the competitiveness of the local tourism and hospitality sector.
Tourism Minister Ian Gooding-Edghill confirmed the approval during a post-Cabinet press briefing on Thursday, noting that several other applications are currently being processed by the Ministry of Tourism under the Tourism Development Act (TDA).
“As you’re well aware, from April 1st, in accordance with the budgetary speech delivered by Minister [in the Ministry of Finance] Ryan Straughn, stand-alone restaurants, once they meet the criteria, can now benefit from duty-free concessions,” Gooding-Edghill said. “I’m pleased to inform you that we have approved the first restaurant for that concession.”
He clarified that the benefit is similar, though not identical, to the concessions already available to restaurants operating within hotels, and said it is designed to help restaurant operators reinvest, upgrade, and enhance their offerings, particularly ahead of upcoming events like Crop Over, international conventions, and the winter tourist season.
“This will not only enhance the competitiveness of tourism in Barbados, but it also gives those involved in the business an opportunity to reinvest and enhance their product,” he said. “We are preparing for what we believe will be a very good summer season and a busy winter season.”
The minister also revealed that operators of cook shops will soon be able to access similar assistance as the Ministry of Commerce is expected to publish application forms next week for duty-free concessions on kitchen equipment.
“That measure will be one additional measure to help us build out and prepare for what we believe will be a very good summer season,” he said.
Gooding-Edghill described both initiatives as part of a broader push by the government to refresh the tourism product, increase local sourcing, and engage more workers in the hospitality sector.
“We are confident that these measures will go a long way, not only to refresh our tourism product, but also to ensure that we get more from local sourcing and prepare the country for the season ahead,” he said. (SM)
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