Investment-ready!

Barbados is ripe for investment opportunities in the renewable energy sector.

That is the view of chief executive officer of Invest Barbados, Kaye-Anne Brathwaite, who believes there are several investment opportunities on the island.

Speaking during a virtual webinar this morning to explore investment opportunities in the renewable energy sector in Barbados, Brathwaite said the country was embracing energy efficiency and conservation.

“Our Government, with great confidence, has set 2030 as the year when the country will be generating 100 per cent of its energy from renewable energy sources. These sources include solar, wind, biomass, tidal and ocean thermal energy generation – all possible on a tropical island. The aim as cited by the responsible ministry, is an energy secure nation with a ‘sustainable, vibrant and innovative’ energy sector.

“Why such an ambitious goal? Barbados is promoting sustainable energy practices on both the supply and demand side. We are embracing energy efficiency and conservation to reduce our dependence on fossil fuel, enhance security and stability in energy supply, improve our competitiveness and achieve greater environmental sustainability. Additionally, as we seek to diversify our economy, we acknowledge this sector’s potential to attract foreign direct investment. Several local companies now operate within the sector and there continues to be keen international interest,” Brathwaite said.

“Opportunities include investments in renewable energy systems, energy storage and energy-saving devices. Rewards include a range of incentives and a cadre of local professionals. Tertiary training in photovoltaic installations and maintenance is available, as deemed critical to the development of the sector.”

The CEO said Barbados was ranked among the highest in the region on the Global Financial Centres Index and offered a competitive, stable and transparent market.

She said that ranking was based on the business environment, human capital, infrastructure, financial sector development and reputation.

“Recently ranked second for competitiveness among the Latin American and Caribbean countries by the Global Financial Centres Index, Barbados remains a resilient global finance centre. Out of 114 countries including the regions of Asia, Europe, the Middle East and North America, Barbados ranked 64th overall.

“I share this achievement to underscore that we have built a stable environment underpinned by transparency and compliance. We continue to offer a warm and welcoming investment climate, where innovation can flourish and businesses can grow,” Brathwaite maintained.
(randybennett@barbadostoday.bb)