Barbados has been putting in the work to further establish itself as a modern, competitive, well-regulated jurisdiction that meets its international obligations, says the Chief Executive Officer of Invest Barbados, Kaye-Anne Greenidge.
Ms. Greenidge said, however, that the playing field had not been levelled, and had taken on different shades when it came to the treatment of global financial centres like Barbados and others in the Caribbean. She made the comments on Wednesday, at the Media Launch of Global Business Week 2022.
“We have taken note of the disproportionate scrutiny, the shifting standards, and harmful labelling that have undermined our efforts to attract greater investment to the sector. But we in Barbados have been successful, legitimate participants in this resilient sector for more than four decades – and we have no intention of allowing others to frustrate us out of a business segment in which we have become extremely competitive players.
“The team at Invest Barbados will continue to roll up our sleeves and do our part as business and investment facilitators to ensure that this sector, which is one of Barbados’ key economic pillars, advances its competitive edge and continues to thrive on behalf of generations to come. The impression should never be given that this sector nor its players are feeling defeated by the plethora of barbs and challenges to our status,” the CEO told the gathering.
Stressing that Barbados was focused on action, she pointed out that the country had not been afraid to take its concerns to the corridors of power in Washington, to present a human face to the consequences of matters such as de-risking and correspondent banking relations.
Ms. Greenidge said Barbados had also taken critical steps to modernise its processes by digitising key departments, such as Corporate Affairs and Intellectual Property Office.
“Our digitisation continues to be a work in progress. On the legislative side, a Trust Review Committee has been established to review and recommend needed changes to the Trust Act, and we are expanding our bilateral and investment treaty network to include United Arab Emirates, Kenya, Rwanda and Qatar,” she explained.
The CEO disclosed that a Barbados mission to Rwanda was currently being planned for early November. She added that a mission from Charleston, South Carolina, USA, would be here this month, and the second annual trade and investment mission from Scotland to Barbados would be held in November.
President of BIBA, Jamar Arthur-Selman, said Barbados “is not a tax haven” and pleaded with the media not to “fall prey to the rhetoric” coming from outside these shores propagating such views. He described the sector as providing high quality, stable employment for Barbadians, and a reliable contributor to Government’s tax revenues.
Mr. Arthur-Selman continued: “Despite suggestions otherwise, from those who are uncomfortable about how competitive our sector in Barbados has become on the world stage, we are a legitimate global business and financial services domicile offering support services to corporates who desire those benefits.
“Yes, companies operating in the sector pay only up to 5.5 per cent in corporate taxes. But while detractors love to focus on taxes, they ignore employment opportunities given to Barbadians and the stellar service that our people in turn provide globally from within the sector; bringing true value not only to those corporations but contributing to the global economy.”
The media launch was held at Radisson Aquatica Resort Barbados. The Week will be held from October 23 to 29, under the theme: Adapt. Evolve. Execute – Be the Change and will include several activities.