{"id":32455,"date":"2022-09-07T03:06:00","date_gmt":"2022-09-07T03:06:00","guid":{"rendered":"https:\/\/sms-bridges.com\/staging\/experience-amari-watergate-bangkok-copy\/"},"modified":"2022-12-02T09:24:46","modified_gmt":"2022-12-02T09:24:46","slug":"barbados-a-welcoming-investment-climate","status":"publish","type":"post","link":"https:\/\/sms-bridges.com\/staging\/barbados-a-welcoming-investment-climate\/","title":{"rendered":"Barbados \u2013 A Welcoming Investment Climate"},"content":{"rendered":"\n

Kaye-Anne Greenidge<\/a>, CEO of Invest Barbados, explains why companies and investors are choosing to capitalize on Barbados\u2019 business-friendly environment, strong human capital, high-quality infrastructure, investment protection and good quality of life.<\/p>\n\n\n\n

Bridges:<\/strong> Following the pandemic, people and capital are starting to move. How stable is the diversified Barbados economy today and as we look at the year ahead?<\/h3>\n\n\n\n
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\u00a9 Barbados Tourism Marketing Inc.<\/figcaption><\/figure><\/a><\/div>\n\n\n\n

Brathwaite:<\/strong> \u201cThe Central Bank of Barbados is optimistic that a robust economic recovery will be experienced in 2022, after recording growth of 1.4% in 2021.  Barbados’ economic freedom score was measured at 71.3, making its economy the 28th<\/sup> freest in the 2022 Index of Economic Freedom, and 1st<\/sup> in the Caribbean. Additionally, Barbados\u2019 credit rating remained stable even during the pandemic.\u201d<\/p>\n\n\n\n

\u201cIn diversifying Barbados\u2019 economy away from tourism, our mainstay sector, the country\u2019s global business and financial services sector has played a pivotal role in Barbados\u2019 economic success.  Even in the face of the COVID-19 pandemic, Barbados was one of the only three Caribbean islands to experience increased foreign direct investment inflows of 22% (US$262 million) during 2020, at a time when the pandemic had its most devastating impact on economies globally.\u201d<\/p>\n\n\n\n

\u201cBarbados has also continued to build upon its educational focus on the sciences, including computer, fintech and life sciences, to attract additional business to the jurisdiction.  Furthermore, Barbados is highly regarded as a global business jurisdiction within the Caribbean and among the world\u2019s top 10 captive insurance domiciles.\u201d<\/p>\n\n\n\n

\u201cApart from the global business and financial services sector, Barbados continues to promote its productive services globally.  These include sectors such as wealth management, information communication and technology, renewable energy, agri-business, global education, medical tourism, research and development and niche manufacturing, among others.\u201d<\/p>\n\n\n\n

Barbados offers investors a high-quality of life, a business-friendly environment and economic stability. What other factors make Barbados a preferred investment destination?<\/h3>\n\n\n\n
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\u00a9 Barbados Tourism Marketing Inc.<\/figcaption><\/figure>\n\n\n\n
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\u00a9 Barbados Tourism Marketing Inc.<\/figcaption><\/figure>\n<\/figure>\n\n\n\n

\u201cHaving recognized the importance of green policy initiatives for protecting our environment, more recently, one of the core areas of focus for Barbados has been to increasingly prioritize sustainable living and facilitate impact\/ green investments. Barbados has set and is making good progress towards achieving the UN\u2019s 2030 Sustainable Development Goals including promoting the use of clean energy. As such, Barbados has set as a target, achieving the goal of 100 percent renewable energy generation by 2030.\u201d<\/p>\n\n\n\n

\u201cCentral to our value proposition, is our expanding treaty network, which currently stands at 40 Double Taxation Agreements in force, with several others at various stages of negotiation. We also have nine Bilateral Investment Treaties and five Tax Information Exchange Agreements in force. These treaties have allowed us to expand our promotional footprint from North America to Latin America, Europe and China, along with Africa and the Middle East.  We have recently established missions in the United Arab Emirates, Ghana and Kenya.\u201d<\/p>\n\n\n\n

\u201cTo ensure connectivity, Barbados has a modern telecommunication infrastructure, which features a robust fibre optic system and up-to-date 4G digital technology. The country was ranked 10th<\/sup> in the Americas relative to Fixed Broadband speed according to the Speedtest Global Index for April 2022.\u201d<\/p>\n\n\n\n

\u201cThe jurisdiction has accelerated its drive towards digitization with the firm objective of increasing digital access and payments across the spectra of services.  Barbados has also signed a Memorandum of Understanding with Estonia, one of the European Union\u2019s leaders in digitization to assist as the country seeks to leapfrog advancement in certain processes.\u201d<\/p>\n\n\n\n

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\u00a9 Barbados Tourism Marketing Inc.<\/figcaption><\/figure>\n\n\n\n
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\u00a9 Invest Barbados<\/figcaption><\/figure>\n<\/figure>\n\n\n\n

\u201cBarbados is ranked as \u2018developed\u2019 by the UN\u2019s Human Development Index. That Index combines a number of dimensions including life expectancy, literacy, educational attainment and GDP per capita for countries worldwide and demonstrates the relationship between economic freedom and positive social and economic values. It is an achievement and an honor.\u201d<\/p>\n\n\n\n

\u201cBarbados\u2019 educational system is renowned globally and has produced a talented workforce, including a pool of lawyers, accountants, tax advisors and other service providers who support the thriving global business sector. With a literacy rate of 99.6% that ranks among the highest in the world, Barbados has seen the value of investing in the education of its citizens.\u201d<\/p>\n\n\n\n

As an economic development agency, what role do you play in ensuring Barbados offers investors a \u2018Welcoming Investment Climate\u2019? (Services and support)<\/h3>\n\n\n\n

\u201cThe Invest Barbados team facilitates the client\u2019s process from initial query to complete setup and business expansion, ensuring that the journey is as seamless as possible.\u201d<\/p>\n\n\n\n

Invest Barbados\u2019 specific services include:<\/p>\n\n\n\n