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Barbados Building Relationships For Growth

by Amanda Banks, Lowtax.net, London
23 March, 2016

Speaking at the sixth annual Barbados International Financial Services Sector conference on March 16, 2016, Dr. Tom Sears, Chairman of Barbados International Business Association (BIBA) Canada, said that relationship building is crucial to the continued success of the Barbados international financial services sector.

Sears revealed that Barbados is the third largest destination for foreign direct investment from Canada after the United States and the United Kingdom. He stressed that building and maintaining relationships are critical now that many of the competitive advantages that Barbados once enjoyed are commonplace. He highlighted the Central Bank's annual road show to meet with the Canadian investment community as an example of such efforts.

Making it easy for foreign investors to do business was also a priority identified by BIBA President, Andrew Alleyne. He stressed the need for both the private and public sector to increase efficiency so as to enhance the island's attractiveness among investors.

However, Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss was critical of the "indiscriminate blacklisting" of Barbados by some agencies, which he said was based on misconceptions and inconsistent application of standards. Central Bank Governor, DeLisle Worrell concurred with this assessment, and pointed out how difficult the negative effects of such labeling were to counter, even after these labels were later amended.

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