Barbados, better known as a leading tourist destination, has also come to be regarded by many in the relocation business as a hidden jewel

One of the most politically and economically stable countries in the developing world, Barbados boasts one of the highest literacy rates in the world (98 percent) and a life expectancy at birth of 77 years. The country has one of the highest rates of centenarians per capita, after Japan.

The capital, Bridgetown, also the main business centre, is ideally placed as a location for a wide range of international business and financial services. However, the quiet efficiency with which Barbados goes about its business is still sometimes over-looked. In the words of one commentator, “What is missing in Barbados is a megaphone”. Now all that is about to change and there is a new sense of urgency as the Government and its promotion agencies set out to reposition Barbados more clearly as a business location.

Key to this new strategic focus will be the recently established Barbados International Business Promotion Corporation (BIBPC) poised to soon assume exclusive responsibility for the promotion of the international business and financial services sector. The establishment of the BIBPC is further confirmation of the government’s view that the services sector holds the key to Barbados’ future economic growth.

The current promotion agency, the Barbados Investment & Development Corporation (BIDC) has up until now played the leading role in promoting Barbados’ international business and financial services which is now one of the fastest growing sectors in the local economy. Indeed, Barbados is recognised as a highly reputable location for international banking, international trust services, captive insurance and international business companies, among others. Today there are around 6,000 businesses actively providing these services on the island. Having spearheaded this growth, the BIDC will in future concentrate on strengthening indigenous businesses with special emphasis on innovation, job creation and development of the export sector.

Underpinning Barbados’ success is a sound jurisdiction, a reliable infrastructure, excellent communications and a long-standing government commitment to health and education. As a result, Barbados not only boasts the region’s most advanced corporate culture but also its richest vein of well-educated young people.

Long regarded as the business hub of the Caribbean, Barbados has also now become central to the Caribbean Single Market and Economy (CSME), an association of states created to permit the free movement of goods and services throughout the region. The CSME therefore aims to reduce the economic vulnerability of individual states by providing a means to expand trade and investment opportunities thereby increasing the competitiveness of the entire region.

As the competition for mobile inward investment increases, the Government of Barbados remains committed to its policy of economic diversification and the growth of a service-based economy with the development of Bridgetown as a major international business location as its main driver.

Contact

E-mail: jbabb@bidc.org

Website: www.bidc.com