CONCLUSION

Mr. Speaker, in 1998 I set the chief strategic objective of the economic policy of the Government of Barbados as that of introducing in a carefully structured and sequenced manner, a series of new measures to so reposition and so transform our economy to ensure that by the year 2005 it will be fully competitive and capable of affording our people a higher standard of living.

Transforming a small economy in a short space of time is not an easy task because the options for diversification are so few.

But we have stuck to the task, despite the ups and downs.

We now therefore virtually have in place the new economic framework that can support a new Barbadian economy in a new global economy.

Sadly, sometimes some cannot see the woods for the trees. But the changes introduced since 1998 have been vast.

We have created a new enabling environment to reduce the cost of doing business, and improve the possibilities of the realisation of reasonable returns in every sector of the economy.

We have introduced new instruments to provide protection to efficient industries.

We have created new development finance institutions to provide risk capital and subsidies to enable enterprises in every sector to restructure and improve themselves.

We have paid for the technical assistance to bring our industries to a stage of meeting international standards.

We have kept interest rates and energy prices down to historically low levels.

We have set in train the liberalisation of the telecommunications sector.

We have introduced legislation to support electronic commerce, to create a Fair Trading Commission, to modernise our approach to insolvency to bring out intellectual property regime up to international best standards. A new Competition Bill is ready for introduction to Parliament, as well as new legislation pertaining to Consumer Affairs.

We have entirely recast and modernised our laws pertaining to the operating and regulation of our financial institutions, and have broadened the range and attractiveness of financial services Barbados can offer.

We have revolutionised our approach to the development of our human resources through Edutech 2000, and the plans laid for a new University College of Barbados to remove the existing deficit in our capacity to train Barbadians with skills required to function both at home and abroad.

We have sought to take the computer and the internet to the masses through the Community Technology Programme.

We have sought through our Public Investment Programme to create infrastructure that can support an economy in the Information Age, to protect and enhance our environment.

We have pioneered the use of public-private sector partnership as a new instrument for building a stronger economy. A new Public Sector Bill to give legislative effect to the permanent reform of the Barbados Public Service will be introduced before the end of the year.

We have built more roads, more houses, created more house spots, more community facilities and carried out the most aggressive assault on poverty by any administration in this country.

We have deepened the social partnership, and made it an instrument to support coherent national development to an extent that is not cited as the model for others to follow.

Many of the little things that matter in the life of the ordinary man and women have been treated with sensitivity.

Indeed, I cannot think of any previous experience where over two terms, an administration has not increased bus fares, road taxes, NHC rents, licence fees, nor presided over substantial increases in telephone rates and a wide range of other charges for a variety of public goods.

The measures contained in the proposals I have announced to Parliament will better the condition of the ordinary household, put more spending power in the hands of the tax payer, create a better deal for every Barbadian enterprise, take us a long way in the march to making our industries more competitive, and pump hundreds of million of dollars into our economy as new investment and tax relief to bring about sustained recovery.

The consequences of the measures will be felt as far as the year 2060, for we have moved today to ensure that children in pre-school enjoy the prospect of having their pensions guaranteed rather than become the victims of a bankrupt National Insurance Scheme .

The preparations of the measures have involved the deepest and widest ever consultation by a Minister of Finance in designing proposals to bring to this parliament.

These measures are in the nature of a Charter for National Transformation that has evolved from a process of national engagement.

I thank all who have been engaged.
As the servant of the people, I now invite this House to accept and embrace these proposals and the policies embodied in them as fully reflecting the will of the people of Barbados.