Barbados strengthening international ties to boost investment

Barbados is broadening its diplomatic and economic network to attract global investment, officials said on Wednesday, as the island promotes a greener, more diversified basis for growth.

Minister of Economic Affairs and Investment Kay McConney, speaking as a British trade mission to Barbados continued on Wednesday, said that the government is targeting new diplomatic and economic partnerships across multiple continents, including Africa, the Middle East, and Asia.

Barbados has been pursuing diversification for some time, strengthening ties not only with traditional partners but also with emerging markets, she added.

“We have expanded our diplomatic relations across Africa, parts of the United Arab Emirates, Qatar and others. We are also preparing to open a physical diplomatic presence in India.”

The minister explained that Barbados’ approach to investment is global and inclusive, welcoming funding from governments, the private sector, and international funding agencies.

“Funding will come from all around the world, and we have determined that Barbados is open for business… we are open for the entire world,” she said, adding that there is room and opportunity for all investors.

While Barbados aims to deepen its relationship with the United Kingdom, McConney said this is part of a wider international strategy. “We are seeking to deepen our relationship with the UK in particular, absolutely,” she said. “But that is not isolated. It is part of a more global strategy in terms of us welcoming business to Barbados.”

Export Barbados CEO Mark Hill said UK companies are already showing strong interest in Barbados’ emerging industries.

“We are seeing more UK agencies and companies signing on to Barbados’ green industrial gateway,” Hill said. “They view the Caribbean as a Greenfield site where they can build modern, sustainable industries from the ground up. It is cheaper, cleaner, and fully aligned with the global shift toward decarbonisation and innovation.”

Hill also highlighted the success of Barbados’ intellectual property investment programme, noting that European firms, including German companies, are taking notice.

He said: “Europe has to invest trillions of dollars in decarbonising the economy. We are leveraging that and putting ourselves on a similar trajectory to Singapore and Ireland. We are increasing our IP investment by $2 million, which is expected to result in at least $3 to $4 billion in economic impact.”

(LG)