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
“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.