The signing of a Double Taxation Agreement by Barbados and Cyprus could soon be on the horizon, if everything goes according to plan.
High Commissioner of the Republic of Cyprus, Georgios Chacalli, made these comments when he recently paid a courtesy call to Prime Minister of Barbados, the Rt. Hon Freundel Stuart, Q.C., at his official residence. The comments were made in response to Mr. Stuart’s remarks that both countries needed to accentuate their bilateral relationship.
Prime Minister Stuart noted that although diplomatic relations between the two countries had been established in 1972, the possibilities stemming from the relationship had not been maximised, even though they shared some similarities. In this regard, he identified two areas, tourism and the international financial services, as those which Barbados and Cyprus could learn from each other.
The High Commissioner pointed out that Cyprus was focusing on growth and had invested a lot of time in attracting investment, for example, in the area of hydrocarbons. He also added that there was enough natural gas for both domestic usage and export.
Prime Minister Stuart explained that Barbados was engaging in certain renewable energy initiatives. He also noted that the country had offshore petroleum possibilities and was in the process of awarding blocks for exploration.