UK firms urged to seize lucrative opportunities in Barbados

arbados is positioning itself as the gateway to lucrative trade and investment opportunities for UK companies, leveraging its stable economy and modern infrastructure to strengthen its partnership with Britain, said a trade and investment official as a trade and investment mission launched on Tuesday.

 

Regional Director for the Commonwealth Caribbean at the UK Department for Business and Trade, D’Jamila Ward, made the remarks at the opening of the 2024 UK Trade and Investment Mission to Barbados, hosted by her agency in partnership with Invest Barbados and Renfrewshire Business Network at the Crane Resort.

 

Renfrewshire is a county in western Scotland and a former shipbuilding and textile centre that is now focused on high-technology industries and advanced manufacturing.

 

Ward told numerous UK and regional business leaders that Barbados is ripe and open for business investment from UK firms, thanks to its stable economy and robust infrastructure.

 

She noted that given that total trade between the two nations reached £560 million (about $1.42 billion) in the four quarters ending the second quarter of 2024, in addition to the island ranking as the UK’s fourth-largest trading partner within the CARIFORUM, accounting for 11.14 per cent of trade, the island remains a stable and ready partner, even in the face of global challenges.

 

Ward said: “Despite the many polycrises, the near-term economic outlook of Barbados remains positive. I don’t need to tell you that it’s a great time to do business in Barbados, but I will. It is.”

 

The trade official also celebrated the role of several UK firms in supporting Barbados’ development. She insisted that this support should be seen as a blueprint of further investment that can be possible for the country.

 

“We’ve seen UK firms such as ABAGO Limited supporting the digitisation efforts of archives and other historical documents, dating as far back as 1635 in Barbados. We’ve also seen UK firms helping to deliver priority initiatives by the government and by the private sector as well. That tells me one thing…. The UK is here in Barbados for long-term sustainable partnership. We are here for mutually beneficial relationships and our actions are a reflection of that commitment.”

 

She added: “With the CARIFORUM UK Economic Partnership Agreement, we have the potential to unlock even greater trade and investment opportunities, which can allow Scottish firms to use Barbados as a base to export to the rest of the Caribbean and other places across the region.”

 

British High Commissioner to Barbados Scott Furssedonn-Wood welcomed the delegation of business leaders to the island: “It’s really heartening to see such a strong delegation of businesses and industry leaders from Scotland and indeed from across the United Kingdom here with us this week. Your presence underscores the enduring partnership between our countries and our absolute belief in the many opportunities that lay before us.”