Government continues to look for new economic development streams.
The latest involves the creation of a Barbados Free Zone.
The term free zone is used to designate areas in which companies are taxed very lightly or not at all to encourage economic activity.
Prime Minister Mia Amor Mottley says Cabinet has agreed on a framework for the area and in a few weeks, the supporting legislation will go before Parliament.
Prime Minister Mottley was addressing a Product Development Workshop hosted by Invest Barbados and Government’s new Global Product Development Task Force.
A key part of the three day workshop is to examine Barbados’ product offering in the international business sphere and come up with new ideas and suggestions on how to improve existing products.
The hybrid workshop was held at the Crane Hotel with participants joining both in person and virtually.
Prime Minister Mottley was one of the virtual attendees.
She said Barbados is also facing a serious problem of under population, with a National Population Report finding the labour force will be smaller in 13 years than it is now.
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