By Julie Carrington
BRIDGETOWN, Barbados – Barbados’ traditional economic drivers, sugar, tourism, and international business have played a significant role in Barbados’ social and economic development, but now it is time to tap into the orange economy as a major transformative sector.
Minister in economic affairs, senator Chad Blackman, expressed this view during the Barbados Coalition of Service Industries’ (BCSI) 2nd Sectoral Consultation on the Development of the Business Aspects of the Orange Economy of Barbados for Key Stakeholders. He spoke on the topic The Importance of the Orange Economy and its Impact on Cultural Identity and Economic Growth.
The discussion was held at the Sagicor Cave Hill School of Business and Management, The University of the West Indies, Cave Hill Campus.
Senator Blackman challenged attendees involved in every sphere of endeavour to find ways to “reimagine your own space as part of a larger space, so as to create a new sector in Barbados that can now match or even rival tourism or international business”; and reasoned that internationally, 2023 statistics on the global economy compiled by the United Nations showed that the orange economy accounted for US $985 billion globally.
Senator Blackman continued: “The question therefore becomes, ‘how can Barbados … plug into that?’ When there’s a global sector of which we are a part, and we have specialisation and expertise in a number of areas, the question therefore becomes, how can we tap into it so that, that revenue or that money can also come into Barbados?
“So, we’re creating our content here and contributing to that figure. But equally, I also want to use this as a challenge, that our creative sector can also place themselves in a way that they can tap into the global market of the cultural industries and the orange economy, so that we will also have significant inward flows into Barbados.”
Senator Blackman also urged officials at the BCSI, to conduct studies, if they have not already done so, on the worth of the orange economy to Barbados.
“Once you can produce that data and saying this is what we have; this is what we contribute, and here is what we can do more with your help, then we now have an even further conversation.”
The minister further suggested that the president of the BCSI, Amanda Reifer, and her team, set up meetings with the banking association and the credit union movement to unlock more opportunities for entrepreneurs.
“I would recommend to you strongly that you also seek to have meetings with the banking association of the country…the credit union movement, so that there can be some sort of vehicle, as it were, that can allow for the creative sector to really have a carved out special fund that would allow for the sector to access.
“In so doing, you’ll be able to now build out in the areas that you want, but with the idea not just of having access to funds to start another business. What is this business, or series of businesses, intending to do? I am of the strong view that it has to be driven first of all by a sense of national identity, Brand Barbados. When you look at the countries that have significant orange economies, as they were, whether you look at the US, Jamaica, whether you look at Nigeria, it is driven and anchored by a strong national identity. They’re proud of the way they walk, the talk, the music, your food, your fashion. And that sense of identity then drives and translates into creativity, matched, of course, by technology,” Senator Blackman stated.
The day’s proceedings featured several presentations from the public and private sectors, along with a panel discussion and break-out sessions.
