Barbadians should position themselves to buy and invest in companies across the Caribbean and Latin America, as the island prepares to become a full member of the Development Bank of Latin America and the Caribbean (CAF), Finance and Economic Affairs Minister Ryan Straughn urged on Tuesday.
Straughn declared he did not want to hear complaints about foreign buyouts of local enterprises once the island upgrades to full membership of the Caracas-based development bank.
As he introduced a bill to elevate Barbados’ membership, the Development Bank of Latin America and the Caribbean Bill, he said this would open access to expansive concessional financing of up to US$18 billion — not only for the government but also for local companies and individuals. He emphasised that this new access will significantly improve the ability of Barbadians to acquire businesses in other Caribbean countries and across Latin America.
“Therefore, whether you are a small vendor, whether you are a medium-sized business, whether you’re a large conglomerate that wants to do business . . . . I want to see Bajan companies acquiring other companies, not just in the Caribbean but in Latin America,” Straughn told the House.
The Christ Church East Central MP further explained: “It means that Bajans will be able to make investments within the context of the hemisphere [more easily] . . . . So, you may not have the scale to do something in Barbados, but you might be able to partner with somebody in one of these countries to expand Barbados’s reach.”
Straughn underscored the importance of shifting from a mindset of foreign ownership to one of regional investment and expansion by Barbadian enterprises.
“So rather than Barbadians complaining about how much the Chinese own in Barbados and how much the next and the third, sir, I want to see over these next 15 years moving forward that there are newspaper articles saying that Barbadian companies are acquiring businesses outside of Barbados — in the Caribbean, within Latin America. . . . And that it means our young people will not believe that the only thing that happens is people from the outside coming in to purchase companies in Barbados.”
The minister also urged the island’s credit unions to play a more active role in supporting this vision.
“I want to see our credit unions backing and innovating, to ensure that Bajan companies too are acquiring companies and businesses and expanding outside of Barbados.”
Barbados’ forthcoming Series A membership in CAF places it among a select group of regional economies that include Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, El Salvador, Honduras, Panama, Paraguay, Peru, the Dominican Republic, Trinidad and Tobago, Uruguay and Venezuela.
Barbados will soon join this group as its smallest member, which the finance minister suggested would mark a major step in the country’s financial and economic integration with Latin America and the wider Caribbean. (IMC)
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