Govt to tackle business climate failings
GOVERNMENT has outlined several steps it intends to take to “address weaknesses in the business climate”.
The measures were outlined in the Barbados Economic Recovery and Transformation programme and Government’s agreement with the International Monetary Fund (IMF).
The weaknesses to be remedied included “slow processes for obtaining construction permits, getting electricity, and registering property”. Barbados received pass marks in each of these categories in the World Bank’s latest Doing Business report.
“It will also include policies to increase financial and labour market flexibility. The Government can be much quicker at processing permits and licensing,” Government said in its IMF agreement.
It committed to streamlining and accelerating the Town and Country Planning process, including by introducing new Town and Country planning legislation by the end of next month.
New business plan
“We will also adopt a new business plan and structure for the Corporate Affairs and Intellectual Property Office, the Land Registry and for our Vital Statistics [by] end of March 2019 with a view of streamlining the registration of new business and strengthening maintenance of commercial records of existing business, details of land transactions and data pertaining to individuals,” the document stated.