Government Initiatives Aim to Improve Business Environment in the Country, Minister Cummins Announces

Government is looking to address long-standing concerns about the ease of doing business in the country through several new initiatives, according to Minister of Energy and Business, Senator Lisa Cummins.

Speaking at the launch of Global Business Week 2024 on Monday, she outlined key measures aimed at simplifying business processes, modernising legislation, and making the island a more attractive destination for both local and international companies.

Acknowledging the challenges that businesses have faced in navigating government systems, said: “It’s just sometimes really hard to find your way around government. That is a fact. And so, I don’t step away from that, and it is our job to make things easier while simultaneously focusing on the obligations that we have to compliance and regulatory management. But that doesn’t mean that you make it impossible for people to navigate the system. It is absolutely critical that we strike the right balance – making things easier for businesses to operate while ensuring that we meet all regulatory and compliance standards that protect both the public and the State.”

One of the central pillars of the government’s reform efforts is the establishment of Business Barbados, a new umbrella body designed to streamline processes for businesses across sectors. “Business Barbados is being designed not to be a knee-jerk reaction to what we’re dealing with today, and I think BIBA has been very much at the vanguard of this conversation, and it’s been a long-standing conversation. BIBA, Chamber of Commerce, Small Business Association — there’s no association in this country representing the private sector that has not talked about the legitimate concerns around business facilitation in this country. It’s an ongoing issue,” Senator Cummins acknowledged. “The question is: How do we make life easier for businesses, whether large or small, while still maintaining regulatory integrity? Business Barbados is the answer to that.”

Cummins emphasised that the initiative would serve a wide range of businesses, with a focus on inclusivity and accessibility. “Business Barbados has taken into consideration much of what you’ve said, and so we have taken a full sweep of large companies like those that are represented here in BIBA, to small entities like those that are represented in the Small Business Association, and everything in between. How do we make life easier for people, but how do we make the country more attractive as well? And that’s the balance we are aiming to strike,” she said.

Minister Cummins also stressed the need for comprehensive legislative reform, particularly with regard to the outdated Companies Act which she said had not been updated in many years.