China is welcome to do business on the island!
This was the clear message sent recently by Acting Chief Executive Officer (CEO) of Invest Barbados, Sandra Payne to a visiting delegation of Chinese Government and business officials attending a seminar and networking session, hosted by the Barbados Investment and Development Corporation (BIDC). The event was held at Bagnall’s Point Gallery, Pelican Centre, Bridgetown.
While stating that the island’s trading partners had grown from merely being the United Kingdom in the 1960s to include CARICOM, United States of America (USA), Canada, Germany and Japan, Ms. Payne noted this came as a result of the deliberate policy of successive governments to develop a more diversified economy and facilitate sustainable economic momentum on the island.
The Acting CEO pointed out that areas of interest in foreign direct investment included education, cultural industries and renewable energy. She stressed that the island enjoyed “a positive image in the marketplace as a reputable international business centre” and one which had “successfully attracted international business and foreign direct investment for several decades now”.
She emphasised that the island’s international business sector had been built on a strong foundation of an expanding treaty network that includes provisions for the exchange of information.
Further noting that investors chose Barbados as a preferred jurisdiction for other reasons, Ms. Payne outlined these as: its competitive tax regime, compliance with international standards such as standards set by the OECD, its high quality infrastructure, social, political and economic stability, welcoming policy towards foreign investment and general good relationships with the home government.
“Added to these, Barbados offers an excellent quality of life; the stability of the banking sector, the reputation of financial institutions and regulatory oversight as well as the ability to conduct financial transactions in a safe, reliable and secure environment are paramount concerns for any astute investor. The capability of the telecommunication infrastructure is also important and Barbados provides excellent services in all these areas,” declared the Acting CEO.
Other presentations regarding the investment climate, company regulations and town and country planning legislation were made by officials of the Barbados International Business Association, BIDC and the Town and Country Development Planning Office.