Addressing the official opening of the fifth outlet of the US-based Burger King franchise, Sinckler said that the interest being expressed was significant because in this challenged global environment, business people were even more circumspect in how they invested their money.
“Investors are now not going places because there is a lot of money around and they can afford to go. They are actually weighing their options extremely closely.
“They are looking at many factors, not only political stability, not only economic stability, the openness of the society, the quality of the labour force, the level of education, and level of literacy, they are looking at all types of factors and variables in making a determination as to where they can invest their money or where they can allow their names and their brand to be associated with a particular jurisdiction,” Sinckler said.
The Finance Minister said that in spite of the economic challenges Barbados faced over the last few years, it had still been able to attract high quality foreign direct investment, such as Burger King, suggesting that spoke volumes for the country.
“Even more interestingly, it also speaks about the confidence in the capacity of our domestic business people to be able to carry international brands to the standard that we expect. The expansion of this franchise here in Barbados is proving that we as Barbados are not out of the game, we are very much in the game.
“The people who have invested here have expressed that level of confidence that Barbados can continue to grow and do well if we apply all the things we know that are necessary in the context of building successful businesses, successful communities and ultimately a successful country,” Sinckler added.
Sinckler said the expansion of Burger King was a tribute to the talent, skills, fortitude and foresight of the investors, describing Barbadian Ralph “Bizzy’ William, the chairman as a “genuine entrepreneur” who is prepared to take risks.
Sinckler said a number of local suppliers, including small and medium-sized businesses, had been given the opportunity to supply and provide services to Burger King, thereby contributing to the growth of the local economy.