Barbados’ global business sector is much stronger and more resilient than ever.
President of BIBA, the Association for Global Business, Jamar Arthur-Selman, expressed this view recently during the launch of Global Business Week 2023, to be held from October 22 to 28, under the theme Adapt.Evolve.Execute – Be the Change.
Mr. Arthur-Selman told his audience: “Our global business sector is much stronger and more resilient than ever. Why? By consistently being under the pressure of regulators to meet rigorous international standards and to institute certain processes, we are better placed to withstand the scrutiny and respond to changes.
“We have always been a well-regulated jurisdiction, but we now have a fully built-out compliance infrastructure. Our International Business Unit within the Ministry of Energy and Business has been strengthened and is very responsive. We also have a much stronger Financial Intelligence Unit and all the other regulators, such as the Financial Services Commission and the Central Bank of Barbados, are sounder as a result of the implementation of policies, guidelines and procedures. We have the full bona fides to support our claims of being a robustly regulated domicile.”
The President said that even though some may dislike being under the microscope and facing increased reporting regulations, it has resulted in Barbados having one of the strongest regulatory environments from the standpoint of robustness and knowing exactly what is required.
He gave the assurance that the sector is moving from strength to strength. He stated that there has been no slowdown in terms of the formation of entities and no decline in jobs in the sector, or funds collected by the regulatory agencies for fees and licences.
Mr. Arthur-Selman proffered the view that the sector has maintained its place because those involved have learned to adapt to an ever-changing global space, where much hinges on their ability to evolve and execute as seamlessly as possible.
“Developments such as the global minimum tax rate remain an ever present issue for us, Government, and tax administrators. We are also mindful that some important decisions will be required by year-end on this matter.
“As evidence of the sector’s adaptability, we are moving away from tax as the driver for our continued growth. We are relying more on our ability as a domicile that provides value added services and the quality of the professionals who work in the global business sector and its constituent parts such as the legal and insurance communities,” the President indicated.
Acting Director of Investment Facilitation at Invest Barbados, Ann Mellows, expressed the organisation’s commitment to providing a supportive and conducive environment for global businesses.
Stating that Invest Barbados was fully aware of the challenges and complexities that modern businesses face, especially in various key and emerging markets, Ms. Mellows stressed that the organisation remained steadfast in its mission to facilitate the various journeys towards success.
She continued: “Barbados’ ability to attract foreign direct investment remains rooted in our political stability, diversification efforts, tax incentives, strategic location, skilled workforce, and investment promotion initiatives – add to that an enviable quality of life…. These qualities need to be strongly guarded in the interest of maintaining our attractiveness.
“As the world continues to evolve and businesses seek opportunities in new markets, be assured that Barbados is currently well positioned to remain a compelling destination for global investors, and our commitment to attracting foreign direct investment through robust global promotion initiatives in both traditional and emerging markets has positioned us as a premier destination for business excellence.”
In outlining some of the next steps for Invest Barbados, Ms. Mellows said it will engage with an inward mission from Charleston; lead a mission to Florida; host a mission from Scotland; and attend major global events, such as the Inter-Africa Trade Fair in Cairo, and the World Investment Forum in Abu Dhabi.