Have you noted, David. that no one bats an eyelid at the FACT that NON-CANADIANS CANNOT (by law) own more than 25% of Canadian assets like Air Canada, ….
but that PRIVATE Canadian companies can own 100% in banks,[…] utilities and other CRITICAL infrastructural assets in other sovereign ‘cuntries’ like Brassbados…? …and that OUR government controlled NIS seem to be leading the way in this sellout…? – Bush Tea
The above statement is poignant and should resonate with all Barbadians especially during the month of Independence. After all, it is the time of year many Barbadians reflect on what defines the Bajan identity. What have we achieved in the post Independence period. What do we need to do to continue to build the perfect BAJAN society.
After sinking billions in education by successive governments since 1966, it appears Barbados has reached a point predicted many years ago – that one day Barbadians would awake to the realization that locals would not owed these fields and hills. What is the purpose of heavily investing in education if its people cannot utilize the knowledge derived by creating and managing our social and commercial sectors to the benefit of all Barbadians. It seems all of the significant indigenous brands have been sold.
In Canada here is how specific local industries are protected (restricted) by law – see Manitoba Fact Sheet. The aggregate holdings of non residents (and associates) cannot exceed 25% of all shares in the banking sector. In the broadcasting sector a license will not be issued to companies controlled/owned by foreigners. Ownership by foreigners is restricted to 20% in telecommunication companies. Ownership in existing insurance companies is limited to 25%. There are other industries like oil, gas, farming, liquor, engineering, aviation, fisheries and a few others where ownership is restricted. Bear in mind Canada is a resource rich country yet it see the utility in protecting sectors in the economy commonly referred to as strategic assets.
To reinforce the point: in Australia cattle farming is big business and considered a key activity in the agriculture sector. Chinese investors have been investing heavily in Australia yet we observe another resource rich country which sees the utility to scrutinizing/curtailing attempts by foreign investors to buy into that sector.
Soaring house prices in Sydney and Melbourne, Australia’s two biggest cities, have added to politicians’ nervousness about foreign money coming into the country. Without presenting evidence, some press pundits and radio “shock jocks” have blamed Chinese investors for forcing Australians out of the market. But non-resident foreign investors are banned from buying houses in Australia. New dwellings are excepted on the ground that such sales help expand the housing stock – Selling the Farm
Only in Barbados we have our university trained citizens willing to justify the sale of our meagre assets remaining to non Barbadian interest. How are we conditioning our children to think? We accept that we live in a global space and we must train and educate Barbadians to compete in the global market, but, this is no reason why our intelligence should not also be leveraged in the domestic market.