Barbados open for business

Officials in Barbados are continuing to ramp up efforts to woo investors to the island from several regions across the world.

Declaring that Barbados was open for business, Director of Investment and Marketing at Invest Barbados Renatta Mohammed said the country was ideal for investments out of Scotland, given the political, social and economic stability and healthcare system.

Speaking during a recent pre-information session in preparation

for the hosting of a mission from Scotland in November this year, she urged potential investors to consider Barbados for their investment in a range of traditional and emerging sectors, pointing to the island’s regulations and highly-skilled workforce.

“Here you will find a very special quality of life where corporate and personal well-being can flourish. Recently ranked second for competitiveness among the Latin American and Caribbean countries by the Global Financial Centres Index, Barbados remains a resilient finance centre,” Mohammed said.

Pointing to Barbados’ response during the height of the COVID-19 pandemic, Mohammed singled out the 12-month Barbados Welcome Stamp as a clear signal that the country was more than just a tourism destination.

“As a result of the Welcome Stamp, our real estate sector is enjoying healthy traction and there’s an open invitation to transition and establish businesses of substance in Barbados, further contributing to the country’s development,” she said.

“For those considering the establishment of a business in Barbados, know that you will be joining an expanding roster of foreign-owned entities on the island – from Canada, the Caribbean Community (CARICOM), the USA and the UK, among others.

“Indeed, several investors and international agencies choose Barbados as the hub for their operations in the Caribbean and as a gateway to Latin America. For those considering trade, we also have an established and proven track record…. We are well-regulated and while we appreciate the value of our tourism sector, global business is the business of Barbados,” she added.

Mohammed pointed out that Barbados has a long history in financial services with over 4 000 financial service companies, 40 double taxation agreements, and nine bilateral investment treaties.

She also explained that a number of traditional and emerging investment options were available in Barbados.

“These include areas such as insurance, wealth management, financial services, information communication technology, renewable energy and niche manufacturing, to name a few. The majority of these sectors generally withstood the shocks from the pandemic and registered increased demand, particularly the insurance, information communication technology and niche manufacturing sectors,” she said.

“Agriculture is also a sector that has experienced substantive growth recently. As such, investment opportunities in this sector are ripe for the picking, including areas such as high tech food production, agro-processing, as well as farming geared towards local and regional food security, among others,” Mohammed added. (MM)