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shocks. However, we can withstand their impacts if we prepare our economies by building resilience. To be clear, we need to build resilience of the economy – people, institutions and markets. But resilience takes investment, [and that] is why we need a new deal,” he said, noting that the private sector will have a critical role to play in reviving the economy. He told the gathering of business leaders, faculty, and students that approximately US$100 billion is needed over the next decade to finance the scale of initiatives necessary for building resilience and achieving sustainable development in the Caribbean. “Between 2023 and 2030, the deadline established by the United Nations for achieving the Sustainable Development Goals , the region will require at least $40 billion for sustainable energy, US$22 billion for water and sanitation, $11.5 billion for transportation, $13 billion for agriculture and food security, and $12 billion for digital transformation. “Our governments cannot do it on their own. Even in collaboration with development financing institutions like CDB, it would be mission impossible for the public sector given the high debt levels and shrinking fiscal space. This level of financing will only be harnessed through partnerships, and this presents ideal opportunities for business and industry,” he stated.
conceded that Barbados’s response must take the form of a unified approach. Steps must be taken and appropriate measures must be put in place to continue to reverse the downward trend of the past three years. “Reports have indicated that in Barbados, the unemployment levels increased from 10.1 percent in 2019 to 15.2 percent by the end of 2021, consistent with the occurrences in unemployment trends across the globe. The International Labour Organization (ILO) has also projected that global unemployment will remain above its 2019 level until at least 2023,” Husbands reported. She welcomed the creation of strategic partnerships such as the Business and Management Research Think Tank , saying it will serve as a springboard for the conversion of knowledge, research and innovative ideas of respected scholars and business leaders to provide learned insights into the pressing social and economic issues in Barbados and the Caribbean. Interim Executive Director of the SCHSBM Dr. Dion Greenidge stated that think tanks lead research and advocacy that are critical to the needs of industry and businesses at the time, with a view to positively influence public opinion and public policy. l
The Hon. Sandra Husbands Minister of State in Foreign Trade and Business Development
M inister of State in Foreign Trade and Business Development Sandra Husbands noted that at a time when the world is facing unprecedented disruption and uncertainty, academia and civil society must play a central role in helping Barbados and its regional neighbours navigate the challenges and opportunities. “As the Government of Barbados continues to stave off the deleterious effects of the COVID-19 pandemic on economic activity and the dampening of the livelihoods of the average citizen, it is
(left) Davidson Ishmael, Minister of Industry, Innovation, Science and Technology was among officials in attendance
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