Barbados will soon be signing a bilateral investment treaty with the United Arab Emirates (UAE).
Minister of Energy and Business, Senator Lisa Cummins, shared the news recently as she addressed the launch of Global Business Week 2023, which will be held from October 22 to 28, under the theme Adapt.Evolve.Execute – Be the Change.
Senator Cummins told those gathered in the Warrens Conference Room, at Baobab Towers, that Cabinet approved the signature of a bilateral investment treaty with the UAE last week.
“Now, negotiations began on this agreement late last year and so we have now approved the signature of that agreement. The delegation from the UAE will be coming to Barbados at the end of September and we will be signing that agreement as an indication of our continued immersion.
“So, by the time we (Invest Barbados) go to the World Investment Forum in the Middle East…later…in the year, you will have a brand new minted investment treaty that we are hoping…you will be in a position to operationalise as part of your outward mission,” the Minister stated.
She shared some of the various initiatives being undertaken by Government in the area of international business, while stressing that being proactive is important. She noted that Barbados has agreed to a three-year technical assistance programme with the OECD, that goes to 2025.
Senator Cummins continued: “We don’t want to be on the back foot, we have to always be on the front foot. So, where we are largely compliant the technical assistance programme now is designed to keep us as compliant. Where we are partially compliant, we are still aiming for compliance but we’ll settle for largely compliant, and we don’t have any areas of non-compliance at this point.
“So, it’s being proactive and ensuring that we get in front of what comes down the pipeline; this is in terms of regulatory management…..”
The Minister said Government was pushing ahead fairly aggressively with legislative reform, explaining that changes were recently made to the foreign currency permits’ legislation. She stated that piece of legislation is currently with the Chief Parliamentary Counsel for finalisation, so it can be taken to Parliament.
Senator Cummins added that further changes will be made to the economic substance legislation, and the Companies Act is also on the radar.
“Over many years, we have tinkered with the Companies Act, and regulation and legislation is also part of our competitive set. So, we are going to be…looking at…the best practices in the world, in particular, to see what comprehensive overhaul needs to be done to our companies’ legislation, and where Barbados needs to position itself through a legislative, regulatory and business facilitation reform process…,” the Minister indicated.
She gave the assurance that the extensive discussions the international community has been engaging in continue to have Barbados’ attention. She said the island’s team has been navigating the rationalisation of Barbados’ approach to the global convergence tax rate.
“The expectation is that within a couple of weeks, you will be in a position to have a dedicated consultation on this particular issue with the international consultants,” she told the Association.
Senator Cummins praised the work of BIBA and underscored the importance of its collaboration with Government.