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Bim ranks low globally

The World Bank has ranked Barbados as one of the worst countries in the world when it comes to the ease of doing business.

In its just-published report on doing business, covering 189 countries across the globe, Barbados ranks 91st.

Addressing a panel discussion organised by the Barbados International Business Association at Hilton Barbados Resort yesterday, Leader in Tax Services with PricewaterhouseCoopers, Gloria Eduardo said this rating was behind such CARICOM neighbours as St Lucia, Antigua, Trinidad, Dominica and The Bahamas.

“I think this is a rather mediocre rating; of course, this is the perception in the eyes of investors . . . Singapore and Hong Kong were first and second [ranking],” Eduardo added.

The tax expert said the World Bank survey dealt with ten aspects of doing business in a country.

“The first is making it easy to start a business; we rank 77th. The second deals with construction permits; we rank 56th. The third is getting electricity; we rank 83rd. The fourth is registering a property; we ranked 142nd,” revealed the PwC executive.

She also disclosed that Barbados was rated 86th when it came to getting credit, 170th for protecting investors, 112th with regards to paying taxes, 30th for trading across borders, 110th – enforcing contracts and 28th – resolving insolvencies.

“We need to take a leaf out of Trinidad’s book and we need to aggressively embark on an ease-of-doing-business programme in order to improve our ranking,” suggested Eduardo.

The globally respected accounting company’s official also urged the Freundel Stuart Administration to raise this country’s
international profile.

“We need to be innovative in implementing products. This, too, [we have discussed] for a long time, we can’t delay it any longer. We need to be more agile and flexible and most importantly when it comes to drafting and packaging of legislation . . . relavent regulation,” she declared.

“There are many examples where we have fallen short. For example, the private drug company and foundation acts,” stated Eduardo.

She said representation was made in November 2012 and January 2013 and to this day neither one has been enacted.

8 Responses to Bim ranks low globally

  1. Sheri Veronica
    Sheri Veronica February 26, 2014 at 11:23 pm

    Barbadians are afraid of being taken over by big, foreign corporations, as they should be, so they are very insecure. Dealing with Bajans in business ain’t easy. Seems like Barbados is made only for Bajans. They have a tendency to run people off, except for tourists and their spending money that is.

  2. Rawle Maycock
    Rawle Maycock February 27, 2014 at 1:55 am or Facebook won’t allow me to finish my article so I’m going to finish it here ,the reasons that China is striving as someone mentioned is the institutions are sending them into those countries exploit them ,the first thing they do is built roads to the air an seaports so that they can transport your resources outwards bound Barbados have highly Educated people so they’re easy to train along with some cheap Labour Guyana is right on your doorstep check it out the Chinese have it we hear of the economy growing for whom gold lumber diamonds an everything that precious is on it’s way to China even the heron smuggling it out in the lumber by the reports I’ve read.

  3. Angel OfThunder
    Angel OfThunder February 27, 2014 at 3:21 am

    Wow the comments people really living in fear,like there’s nuffin new under the sun,what every were looking for is right here in BIM this is our time to shine,falling down is the easy part its the getting back up that’s the hardest part,I have had a small chance to speak with two MPs but it seem these men or so busy u never really get a good chance to sit an discuss the possibly of our country see people don’t know what they looking for or right here among Us in .Barbados….. ..

  4. Veroniva Boyce
    Veroniva Boyce February 27, 2014 at 1:41 pm

    That is no surprise. Government borrowing, borrowing money having no intentions of paying back a penny. The sleeping Giant attitude all we want is money to spend as we like. I could not believe the nerve of the man telling the Chinese ‘wanna bring some of that money and spend it in Bim.’ Pure hot air government, we see nothing, hear nothing and saying nothing DEMS need to step down.

  5. Veroniva Boyce
    Veroniva Boyce February 27, 2014 at 2:20 pm

    Thought for the Government: You are afraid of devaluing the Barbados Dollar. A devalued dollar would bring more gain than lost if it is done properly. Please note not a huge devaluation i.e. a fixed rate of $3.50 to $4.00 to the British Pound and $2.50 to $ the US dollar. Tourist from other countries would know exactly how to budget and will be more incline to bring more funds and spend freely. Think about it seriously and carefully. Remember Barbados is more a Consumer than a Producer i.e. no huge manufacturing industry for export or natural resources, apart from education which should include common sense.

  6. Annetta Paul
    Annetta Paul February 27, 2014 at 7:27 pm

    Barbados is a very small island. I don’t even know why we are being graded and compared to/with some of these big countries that has a huge amount of everything. We do need to make some changes but so does all of the other countries. Whatever changes Barbados make, I hope they don’t make the mistake of selling out the land to all of these so-called big foreign business with all of their false promises of creating jobs when instead they just coming to gain status in the country. Later they help they own people to migrate and put Barbadians out of work. If this keep happening there will be no property or anything left for Barbadians. Barbados don’t need to be like other countries. We just need to create a better BARBADOS for BARBADIANS.

    • Sarah Collin March 1, 2016 at 1:58 pm

      Singapore is only two thirds bigger than Barbados, yet Singapore has a GDP of $297B and Barbados has $4B which is 75 times bigger.

      Its a complete joke, we aren’t famers and surfers any more. Foreign investment enhances the community, the “sell my home country” mentality is a 90’s fear, we are talking about multi million dollar companies coming and establishing international standards- its time to get serious and WAKE UP.

  7. Jamel Layne February 28, 2016 at 7:02 am

    Our leaders lack vision lets just start there. We haven’t had a great leader since Sir Lloyd Erskine Sandiford. The level of corruption in this country is mind blowing as there is no reason you killing people with taxes then gonna say you don’t have any money to finance any major projects like the National Stadium, maintenance of Kensington Oval or the payment of income tax. Truth be told the mindset of our people leaves a lot to be desired if we are to compete on the international business market. Several changes need to come about in order for our island to be competitive in the marketplace starting with the mentality of its people. As a tourist destination the level of customer service is below satisfactory as these individuals behave as if they aren’t being paid to provide exceptional services to the valued customers.

    We need to stop being afraid of the competition as that is what makes the market competitive but I’d like to believe these persons with degrees and masters in economics and political science would already know this. A lot of our Caribbean neighbors looked to Barbados for direction in the past but that can no longer be the case when most of them have surpassed us in terms of development and infrastructure. The size of our country has nothing to do with how competitive we can be with the other nations.

    Its time the old heads step aside and allow the younger minds to move this country forward.


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