Prime Minister of Barbados, the Hon. Freundel Stuart, on Wednesday stressed that private sector development in the Caribbean remained pivotal and suggested that exporters must continue to be empowered to penetrate global markets. According to him, enabling and strengthening the private sector was the most effective way of ensuring continued economic growth in this Region.

He urged the regional private sector to be proactive and creative and seek to increase the number of projects that could be assisted to the next stage by the Caribbean Export Development Agency.

“Countries like Barbados need foreign exchange for almost every stage of our production in the various sectors.  But if we do not earn it, we cannot spend it without serious effects on our entire economy and society. For example, companies in the retail sector – which use a large proportion of foreign reserves in providing the goods that we both need and want – must be creative and explore how they can assist in producing more foreign exchange, through contributing in some way to our export thrust,” he insisted.

The Prime Minister made the remarks at the launch of the 11^th European Development Fund’s (EDF) Regional Private Sector Development Programme at the Lloyd Erskine Sandiford Centre.

Read more at: Barbados Information Service

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