"Anywhere in the world attracting foreign direct investment is challenging, given the global competitive environment," she told BARBADOS BUSINESS AUTHORITY during an interview in the United States.

"One of the things that we are going to be doing at the BIBPC is looking at the whole system [of the economy]," she added.

Economy as a system

"In our country and in many Caribbean nations and other places we still have approaches to the economy that function in silos – we would look at agriculture separately; we would do the same for tourism.

"What we need to do is look at the national economy as a system, understand where there may be gaps in the system that have the potential to inhibit our ability to attract the kind of foreign exchange that we need and want. This is something the corporation is going to be doing within our strategic planning sessions and so on."

Dr Babb, a former diplomat in Barbados' Embassy in Washington, assumed duties as the BIBPC's CEO last week. Although she shied away from outlining the corporation's priorities, preferring to wait until after a two-day retreat, she was emphatic on the need for a team approach to investment promotion and economic development.

"The corporation must take some leadership in helping to direct how Barbados goes and how it responds to the challenges of a competitive and changing environment," she said. "The bottom line is that this organisation cannot do it alone."

The idea she outlined isn't entirely new, a point she was quick to make. For more than a decade the Ministry of Foreign Affairs and a number of Government ministries have used a "country team" approach, involving the consulates, high commissions, embassies and the offices of the Barbados Tourism Authority and the Barbados Investment and Development Corporation as the key players.

"The team concept is absolutely critical," said Dr Babb. "I don't see any other way and I believe Government is aware of it."

So, instead of the various economic, trade, investment and other productive ministries and agencies fighting turf battles, they would become members of "Team Barbados".

"We now need to take the concept of the country team and extend it nationally to the core ministries and departments that are absolutely critical to the further development of our economy," she insisted. "We must work on that team."

The CEO's message is clear: Barbados can't win playing on the global stage with a fragmented approach "if that team isn't functioning together with the same vision".

But being on the same page is one thing, functioning efficiently is another.

Making it work better

"I think we are well on the way to doing that," she said. "It isn't anything new we are creating, just effectively bringing it together and making it work better within the context of the challenges in the world."