ARTICLE
3 November 2021

Barbados – Mastering What We Control

IB
Invest Barbados

Contributor

Invest Barbados is the Investment Promotion Agency of the Government of Barbados. Our mandate is to attract, land, facilitate and sustain international investment for Barbados. Invest Barbados has a team of professional staff who work collaboratively and assiduously to fulfil the needs of our clients.
As a small open economy, as with all others, Barbados is easily impacted by the headwinds of the developed world.
Barbados Finance and Banking

As a small open economy, as with all others, Barbados is easily impacted by the headwinds of the developed world. Exogenous variables are a reality. While we agitate on the global platform for favourable outcomes, we have always continued to determine our destiny through education, innovation, adaptation, and thought leadership.

Since becoming independent in 1966, Barbados has recognised the inherent difficulties in building a thriving economy on the basis of selling commodities on an international market subject to the vagaries of geopolitics and market forces. The global business sector is a vivid example of a cadre of professionals surveying the global landscape and recognising that our sustainability lay in the provision of high value services to a sophisticated and mobile global clientele. This business model was enabled by legal structures put in place by the Government of Barbados in the early 1970s as part of the island's economic diversification efforts away from a mono-crop (sugar)-based economy.[i] This sector sought to leverage Barbados' natural advantages of its favourable geographical location, beauty, and pleasant climate, macroeconomic and political stability, rule of law, and a well-educated workforce – all necessary ingredients for a global business hub. It is a recipe which has worked well as Barbados is one of the top regarded global business jurisdictions in the Caribbean and among the world's top 10 captive insurance hubs.

Click here to read full article written by Derrick Cummins, CEO, Amicorp Barbados and President, BIBA – the Association for Global Business in Barbados (on behalf of Invest Barbados).

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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