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Artificial intelligence (AI) is no longer a futuristic concept – it is shaping the world around us, from virtual assistants on our phones to complex systems transforming industries. For Barbados, AI presents a unique opportunity to bridge gaps, enhance services, and strengthen its position in the global economy.
But how can we ensure AI benefits Barbadians while addressing its potential risks? This is the role of AI policy, defined by AI policy expert Dr. Luis Videgaray as “public policy intended to modulate the impact of AI in the world” by maximising benefits and minimising risks and costs.
Videgaray, Senior Lecturer at the MIT Sloan School of Management and the Director of MIT’s Artificial Intelligence Policy for the World Project, recently delivered the 49th Sir Winston Scott Memorial Lecture hosted by the Central Bank of Barbados.
Videgaray emphasised that preparation is key. “Preparedness starts from acknowledging we don’t have all the answers, but we cannot afford not to prepare,” he stated, before outlining nine policy recommendations tailored to help Barbados navigate the opportunities and challenges posed by AI.
He advised the Government to preserve its policy options in light of varying expert opinions about the trajectory of AI advancements. While some predict little progress in the next decade, others foresee AI reaching superhuman capabilities in just a few years.
“Who are we going to believe? We don’t know, so we need to have a flexible policy stance and preserve optionality,” he said.
Barbados must confront the trade-offs inherent in AI adoption and make these considerations central to policymaking.
“It’s very important that we don’t shy away from those trade-offs but actually recognise them and make them a central point of policy,” Videgaray noted. “What’s going to be the framework to decide which way we go when we face those trade-offs?”
He stressed that promoting AI literacy across all levels of government, not only at the technical level, is critical. “This is not something that you should delegate to your IT staff. This is not IT.”
The AI policy expert advised leaders to surround themselves with advisors well-versed in global AI developments. “The decisions that are going to be made in AI policy are going to be among the most important decisions over the next decades.”
Governments should actively experiment with AI to improve operations.
“Government itself is a great lab; use it. Use the government to explore what AI can do and what AI cannot do,” he recommended.
Videgaray highlighted the mismatch between traditional government procurement rules and the fast-evolving nature of AI technologies.
“We need to review those rules and make sure that the way governments procure AI technology suits the kind of things that we are purchasing.”
Because much of AI technology is experimental, traditional benchmarks, such as deployment history, may not apply. “Asking the provider of technology to show how many deployments they have had of their product over the last 10 years... the answer is going to be not many because this technology was invented six months ago.”
Videgaray asserted that data is the foundation of AI’s capabilities, so Barbados must ensure its data is well-managed.
“Barbados is a tourism powerhouse. Are you gathering all your data? Are you using that data? You can become more competitive… by using that data, but that data needs to be properly stored [and] cleaned up.”
Videgaray acknowledged that AI will disrupt the workforce.
“The only question is how bad, how severe, how quick it’s going to happen. But there’s going to be workforce disruption.” He recommended proactive measures, including re-skilling programmes, adaptability initiatives, and even evaluating income transfers for affected workers.
Barbados should engage with other nations to share knowledge and best practices in AI policy.
“Nobody really knows, at the end of the day, what we should do, so this is a very good time to be talking to others that are facing the same problems,” he said.
The potential for AI to exacerbate cybersecurity threats demands immediate action, the lecturer stated.
“If you are a cybersecurity threat, AI will only make you better, so governments don’t have the luxury of waiting to see what happens. Government needs to invest talent, time, and money to prepare themselves better for cybersecurity,” Videgaray warned.
Videgaray concluded by highlighting AI’s potential to level the playing field for smaller nations like Barbados. With a focus on “downstream” opportunities, such as smaller, task-specific AI models, he noted that the country has significant opportunities to benefit from AI’s global value chain.
View the full lecture, including the discussion with The Honourable Marsha Caddle, Minister of Industry, Innovation, Science, and Technology, below.