Barbados is a country that garners most of its revenue from tourism. With an estimated 1%-2% growth in 2017, government officials are looking for more ways to grow the island country’s economy. Senator John Watson, founding president of the Small Business Association for Barbados is hoping that government assisted investments in small and medium business research and development can coincide with the country’s growth.
The idea is to invest in small firms that are looking to grow with a focus on manufacturing corporations. The senator made this point “while referring to the late Prime Minister, David Thompson’s promise to ensure that 40 per cent of government’s procurement of goods and services is reserved for small and medium enterprises.”
But everything starts with R&D and the creation of new and innovative products, services, and other offerings. It has not been made clear where the country is moving towards or if investing in the small business sector is a priority, but it is interesting to learn about the advocacy. If you’re interested in learning more about small businesses in Barbados, check out https://www.sba.bb/sba/