Bridgetown.
Central Bank of Barbados Governor Dr DeLisle Worrell, says the quality of life on the island will decline if more foreign exchange is not earn to pay its annual import bill.
He listed tourism, international business and financial services, agriculture and alternative energy as the pillars of earning more foreign currency to pay Barbados' annual import bill of $5.5 billion import bill.
"We are going to get a little growth this year, a little growth this year we think but our aim is to get our growth at three percent yearly", Worrell said.
"In order to do that we have to focus on the sectors that earn foreign exchange, or areas that are going to economise on the foreign exchange we currently use.
These sectors are tourism, international business and financial services, agriculture and agro processing and alternative energy production, that's the one which has the potential to make savings on our fuel bill", he added.
Worrell had high hopes for for agricultural and argo processing, he said it was a success story especially in the industry. He cited it as the best prospect of going forward with the by products of sugar cane.
Worrell said he was hopeful that the country can save foreign exchange by establishing a alternative energy programme.
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