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| Minister of International Business, George Hutson, addressing??guests at the reception. At left is President of Towner Management Group in Barbados, Ricardo Knight. (C. Pitt/BGIS) |
One Government Minister is anticipating an improved performance of Barbados’ international business sector in 2011.
Minister of International Business, George Hutson, expressed this view during an address at a reception to mark the 20th anniversary of the Towner Management Group, last Saturday, at St. James House, Holetown.
Mr. Hutson stated that a number of the international business companies across the island had recorded increased sales and profits for the first quarter of 2011. He affirmed Government’s commitment to ensuring continued growth in that sector, through developments to make Barbados an attractive location for local and foreign investment.
"… Careful and effective supervision and regulation of international business and financial services activity in Barbados constitutes a critical element of Government’s policy, not only to uphold best practices in terms of regulation in accordance with international standards, but also for the development and expansion of the sector," Mr. Hutson added.??????
The International Business Minister highlighted initiatives which Government was undertaking to guarantee the high regulatory standards.
He alluded to the International Corporate and Trust Service Providers Act, 2010, which was recently passed, to "provide for the registration and regulation of service providers in the international business and financial sector."
He also disclosed that a European Union Funded Project was commissioned to make recommendations for the institutional strengthening of the Corporate Affairs and Intellectual Property Office (CAIPO) and the International Business Unit, and the Final Report from this was being prepared.??