Minister of International Business and International Transport, George Hutson, has identified as a challenge getting the next wave of Barbadian entrepreneurs to think outwardly in terms of export to the region and further afield.
He has also stressed the need for them to concentrate on niche markets in which they would have a competitive edge.
The Minister’s comments came today, as, he and a high-level ministry team briefed Ambassador-designate to China, Sir Lloyd Erskine Sandiford, during a courtesy call.
Reflecting on the ongoing expansion of Barbados’ Double Taxation treaty network, Minister Hutson said this area continued to hold much income-generating potential, and would be one in which continued focus would be placed.
Describing Barbados’ relationship with China as "very strong and ripe for growth" Director of International Business, Francoise Hendy stressed:?? "The importance of our relation with China is more than our treaties, whether it is the investment treaty or the tax treaty. It is the 31 years of uninterrupted diplomatic relations, which has found expression in the way China has approached the application of changes in its investment laws to our existing tax treaty."
According to Ms. Hendy: "Barbados continues to see the formation of International Business entities by Chinese investors seeking to invest in North America. Much like our Canadian investors, Chinese investors have used this model for outward expansion and it is in this regard that Barbados continues to be relevant to China.
The possibility of?? technical?? assistance ??in the area of the training of marine personnel;?? exchanges between the Barbados Port Inc. and Chinese ports to assist in operational efficiency and hubbing and?? trans-shipment opportunities,?? were also identified as?? specific?? areas of interest by the Division of International Transport.
Sir Lloyd stressed that it was crucial to get the perspective of different Ministries in the context of the expanding relationship Barbados was forging with China.
"Particularly at this time we have to try to find as many earners of foreign exchange as we can. It is evident in the development of various economies and it is what China itself is doing," he advised.