Barbados' International Business & Financial Services Sector to be Showcased During Week of Activities
The importance of Barbados’ international business and financial services (IB&FS) sector and its contribution to the growth and development of the country will be highlighted during International Business (IB) Week, which runs from October 16 – 22, 2016.
The IB&FS sector continues to be the second major contributor to Barbados’ economy, generating roughly 4,500 jobs across the approximately 4,000 registered international business entities in areas including international insurance, international banking, information & communication technology, niche manufacturing and wealth management. The sector currently accounts for almost 10% of the island’s Gross Domestic Product.
International business entities not only help to create employment for Barbadians but also boost the country’s foreign exchange earnings through corporation and other taxes, as well as contribute to technology transfer. Simultaneously, businesses in the sector benefit from the skills and expertise of a cadre of qualified Barbadian professionals providing a wide range of services including audit and accounting, legal, wealth management, banking and advisory, among other services. Access to this critical mass of quality professional services together with Barbados’ strong legislative and regulatory environment enables these entities to consistently improve their global competitive advantage.