Private sector players say the planned privatisation of the Barbados sugar industry could take several years and will see a transformed business model with most earnings coming from generating electricity rather than producing sugar.

Mark Sealy, Chairman of Barbados Sugar Industry Limited, BSIL, was reacting to yesterday’s announcement by Agriculture Minister, Indar Weir, that a paper is going to cabinet shortly on the proposed privatisation.

Government is determined to end its 27 million dollar annual support for the sector.

Mr. Weir stated that two private investors have expressed interest.

However, Mr. Sealy the spokesman for the grouping of private sector farmers, tells Starcom Network News there won’t be a quick transition.

He adds that the industry which is currently centred on sugar will be structured very differently.

Mr. Sealy stresses that producing sugar is not profitable and there will be shift in focus.

Mr. Sealy emphasises that the private sector is stilling analysing the numbers to see makes good business sense.

He says that the renewable energy operations will use the less productive lands.

Chairman of Barbados Sugar Industry Limited, Mark Sealy.