Barbados deepens UK trade links amid push into new industries

Barbados is ramping up efforts to attract British investment in renewable energy, space technology and the creative industries, positioning itself as a hub for emerging industries as global economic partnerships evolve.

Delivering the keynote speech at the sixth annual UK Trade Mission to Barbados Business Forum, Minister of Economic Affairs and Investment Kay McConney said that Barbados continues to attract diverse interest from British investors, extending beyond traditional sectors such as tourism and financial services.

“We are in an evolving global environment, one that demands we pay attention to emerging realities that are changing and shaping the future of business,” she said.

Citing World Bank data, McConney said demand for investment in energy across developing countries is expected to double by 2035. The growing interest from UK businesses reflects strong confidence in Barbados’ economy, which has now recorded 17 consecutive quarters of growth, according to the Central Bank’s September 2025 report, the minister said.

She outlined several steps taken by Bridgetown to create a more business-friendly climate, including the modernisation of public systems, the digitisation of services and ongoing reforms to improve efficiency and transparency.

“We remain firmly pro-business and forward-looking,” McConney told the forum. “We are committed to ensuring a supportive and dynamic environment for investment. There are exciting opportunities emerging, and Barbadian entrepreneurs and businesses are eager to partner with global investors such as yourselves.”

The minister for investment suggested that these partnerships bring mutual benefits for Barbados and the UK.

“Barbados gains through job creation and through skills and technology transfer, which ultimately contribute to economic growth. UK and Barbadian businesses, in turn, gain access to new market opportunities and solid returns on investment.”

She noted steadily growing interest from British agencies across a wide range of industries, including financial services, ICT, agro-processing, renewable energy, construction and manufacturing.

McConney also emphasised emerging opportunities in education, the blue economy and innovation-driven fields such as space technology and film.

“Even though Barbados may be described as a small island state, we are a big ocean state,” she said. “This year, I especially note that the interest is even broader than it has been in previous years. Participating businesses are exploring opportunities in education, trade, distribution, innovation, renewable energy, food manufacturing, intellectual property and film. Our relationship is not only deepening but expanding.”

Also addressing the four-day forum, the British high commissioner to Barbados and the Eastern Caribbean, Simon Mustard, underscored the importance of strengthening trade and investment links amid global uncertainty.

“This is a region that’s facing a range of existential challenges in 2025,” he said. “Challenges around Ukraine, the Middle East, global politics, the rise of populism, and the difficulties of growing and developing new businesses while the global economy faces slow growth and recruitment challenges.”

He encouraged businesses to diversify and build resilience through collaboration in areas such as renewable and geothermal energy, digital transformation, and small business development.

“We need to build trading links across this region, deal with renewable energy, develop SMEs, and harness the growth of AI to create new skills and opportunities for modern agriculture and industry. That’s exactly the space where all of you fit in and have a lot to offer,” Mustard said.

Trade between the UK and Barbados grew by nine per cent over the past year, reaching more than $1.59 billion (£600 million), the high commissioner revealed. He said the UK’s global trade strategy targets eight high-growth fields: clean energy, advanced manufacturing, digital and technology, creative industries, financial services, life sciences, defence, and professional business services, backed by £22bn ($58.3bn) annually in research and development and £34bn ($90bn) in new capital.

He also projected a 2.7 per cent growth rate for Barbados this year, driven largely by tourism, construction, renewable energy, and digital transformation.

“These are precisely the sectors where UK expertise can unlock new value, create jobs and build resilience, both in Barbados and back in the UK. With its skilled workforce, strong legal framework, and commitment to innovation, Barbados is ideally positioned to partner with the UK in building the industries of the future.”

(LG)