As Guyana expands its oil and gas industry and welcomes more investors, officials are seeking to get more Barbados-based international business firms to offer services there.
In fact, with Bridgetown being home to several international business firms, Director of Investment and Marketing at Invest Barbados Renatta Mohammed is giving officials in Georgetown the assurance that Barbados is strategically positioned in the international value chain to facilitate the needs of investors in third countries.
Outlining Barbados’ long history with trading partners and global business firms, especially in North America, Mohammed said it made sense for Barbados to be a first choice for the provision of various goods and services as Guyana welcomed an increasing number of international investors.
She was addressing a recent Barbados-Guyana investment seminar, an exploratory session hosted by the Canada-Guyana Chamber of Commerce, the Barbados International Business Association (BIBA) and Invest Barbados to explore opportunities.
Giving an overview of what Barbados and its service providers had to offer, Mohammed stressed the island’s relationship with Canada, the educated workforce and competitive tax regime.
“Barbados has become a preferred jurisdiction for several North American entities engaged in global trade, investment, business support and financial management activities. Barbados remains a top choice – in fact, one of the top 10 captive domiciles in the world, and Canadian captives make up the majority of our captive business followed by US captives,” said Mohammed.
“Central to the Barbados value proposition for Canadian and other investors has been a welcoming investment climate that features a well-regulated and business-friendly environment that supports businesses of substance, excellent infrastructure, an expanding network of tax and investment treaties, a competitive tax regime, a highly educated workforce that includes experienced tax planning, finance, accounting, technology and legal professionals, political and economic stability and excellent quality of life.”
Further pointing to the Barbados-Canada linkage, Mohammed pointed out that a portion of the flows of some CA$178.1 billion (BDS$289 million) in Canadian direct investment abroad in mining, quarrying and oil and gas extraction was as a result of the establishment of Canadian businesses in Barbados.
“This allows investors to realize benefits that impact on operating costs, tax efficiencies and risk minimization. Supportive of our existing investors and cognizant of the needs of those considering Barbados, the Government of Barbados remains steadfast in its commitment to ensuring a stable, wholesome and welcoming environment for discerning investors,” said Mohammed.
“Barbados is strategically positioned in the international value chain to facilitate the needs of investors and third countries.”
In addition to outlining what Barbados had to offer, the one-day seminar looked at an appreciation of Guyana’s emerging sectors and
the fact that other non-Guyanese enterprises could become involved, the legal and tax landscape, as well as banking, finance and risk management solutions.
(marlonmadden@barbadostoday.bb)
