Gains In International Business Sector

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Minister of International Business, George Hutson (left), chatting with President of the Barbados International Business Association, John Howard (centre) and Acting Prime Minister, Freundel Stuart, at the cocktail reception at??Ilaro Court.??

International Business entities domiciled in Barbados have been encouraged to take full advantage of the enabling environment being provided by Government in the form of competitive legislation, an expanded treaty network and an educated work force.

The advice has come from Minister of International Business, George Hutson, who said Government was also in the process of reviewing and amending the Shipping Corporations Act and related legislation to create further investment opportunities.

The Minister???s comments came as he addressed the official launch of International Business Week at a cocktail reception held last evening at Ilaro Court.

"There are many opportunities to be embraced and you should make every effort to maximise the potential of your investment being hosted and deployed through Barbados," he said.

Noting that Barbados had effectively transformed itself from being a "virtual non-existent player in the international arena to one of the key domiciles in the region", Minister Hutson said the sector was now a credible and dynamic source for foreign exchange earnings, employment creation and revenue generation.

To his governmental colleagues and those in supervisory and regulatory agencies, he stressed the need for vigilance and continuous dialogue with parties with whom Barbados’ relationship might come under threat.

"You are required to strike that difficult balance of ensuring that the jurisdiction complies with, and, even at times, exceeds international best practices in supervision and regulation. You do this while striving to create a business environment that is characterised by efficiency and effectiveness, and is responsive to business realities, in accordance with good governance," he underlined.

Warning that the global financial realities dictated that they did not rest on their laurels, Minister Hutson urged: "Together we must redouble our efforts to ensure that the Barbados brand is synonymous with good governance, well-established products and high value for money."

cgaskin@barbados.gov.bb

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