International Business Sector Still Vibrant

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Despite the current economic situation, many foreign-owned entities still consider Barbados to be a reputable domicile of choice, especially in the areas of international insurance and industry.

These sentiments were expressed this afternoon by Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss.

He was speaking to media personnel after the presentation of BDS $50,000 to two local charities, the Barbados Cancer Society and the Barbados Diabetes Association, by offshore company Chancery Reinsurance Limited, a subsidiary of the Canadian Bar Insurance Association.

The Barbados International Business Association (BIBA) also received a monetary donation.

The Minister pointed out that the presentation was a reflection of the faith many foreign-owned entities had in the Barbados economy and the people of Barbados. He further said that it was also the manifestation of the importance of the International Business Sector (IBS) to this economy.

???Quite often people think of this sector only in terms of revenue generated in corporation tax and the number of individuals employed in relatively comfortable jobs, but they don???t often see what is done by the International Business Sector in this economy.

???Sometimes, it???s what we call the softer things that have a more profound impact upon our economy and society. And, the IBS has indeed been one of the main contributors to philanthropic efforts in this society, and I am eternally grateful for it,??? he affirmed.

Stating that it was through agencies such as the BIBA that his Ministry continued to work with all stakeholders to identify the opportunities for bringing donors and causes together, the Minister noted that what ???we are witnessing here today was a good example of the direction which healthcare financing and administration had to go in Barbados???.

For the third consecutive year, the Barbados Cancer Society received a donation from CGE International Insurance and Management Group, and this year they were presented with a cheque for $20,000. The Diabetes Association received $20,000, and the BIBA, $10,000.

theresa.blackman@barbados.gov.bb

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