Barbados’ strong value proposition makes it an ideal location for investors

Officials in Bridgetown are ramping up efforts to woo investors to the island with a clear signal that Barbados is open and ready for business.

Invest Barbados has recently partnered with the African Diaspora Network as the island seeks to attract more investment from the African diaspora and the wider African continent.

During a virtual forum on Wednesday, entitled Investment Opportunities in Barbados, local officials outlined several advantages to investing on the island in a session organized by the African Diaspora Network in association with Invest Barbados. It forms part of the 2021 African Diaspora Network impact and innovation forums, focusing on the areas of healthcare, education, finance and connectivity.

During her presentation, Chief Executive Officer of Invest Barbados Kaye-Anne Brathwaite said that there were several factors that made Barbados an ideal jurisdiction for investment at this time.

“While our almost perfect weather, pristine beaches and excellent quality of life add to our appeal, we also serve as a prime location to establish business ventures and obtain positive returns,” said Brathwaite.

“As a mature jurisdiction with a well-educated workforce and a commitment to international best practices, we have built a strong foundation of treaties, anchored by effective laws and transparent policies and procedures, including a robust structure to enhance your global competitive advantage. The Barbados landscape is therefore vibrant and brimming with opportunities that span the traditional sectors to the emerging [industries],” she said.

In his presentation, Minister of International Business and Industry Ronald Toppin highlighted the country’s ability to efficiently wrestle the COVID-19 pandemic and rapidly roll out a vaccination programme.

He also emphasized several areas in which work was currently being done by Government, saying there were several investment opportunities.

In relation to the agriculture sector, Toppin said: “Investment opportunities in this sector are ripe for the picking including areas like high-tech food production, agro-processing, as well as farming geared towards local and regional food security.

“In Barbados, we have also broadened our scope to welcome innovative, knowledge-based and high-value niche sectors such as medical tourism, global education, Fintech and blockchain technology.

“Even more recently, our island was one of the first countries globally, and certainly the first in the Caribbean, to introduce the Welcome Stamp – a special visa that allows non-nationals who are ordinarily resident and employed in another country to reside in Barbados and travel to and from Barbados freely, for 12 months from the date of first arrival.

“This initiative has been well subscribed. It is envisaged that this trend of remote working will continue after the pandemic, and it is our intention to leverage any opportunities from this initiative,” added Toppin.

Insisting why Barbados should be the jurisdiction of choice for investment from the African Diaspora, Toppin told the gathering “It is simple – Barbados has a strong value proposition, Barbados has a strong brand.”

He also pointed to an expanding treaty network, while adding that Government was constantly making it faster and easier and more efficient to do business in Bridgetown.

“Another of Barbados’ advantages is that our workforce gives the discerning investor the competitive edge,” he said while lauding Barbados’ “sound reputation for its commitment to high levels of security and transparency, as well as to efficient regulatory and anti-money laundering systems”.

Toppin said it was Government’s intention to strengthen the relationship between Barbados and Africa and the rest of the world. “Barbados is open for business and is en route to a higher level of development,” he added.
(marlonmadden@barbadostoday.bb)