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Date: 08 Mar, 2022
Source: Adapted from the Business Connect

Investment and trade between Barbados and Scotland continue to strengthen. This was evident when Renfrewshire Business Network in collaboration with Invest Barbados hosted the launch of a ‘trade and investment mission from Scotland to Barbados’ event in Glasglow, Scotland, recently.

The business event served as the platform for the launch of the second in-person investment and trade mission to Barbados, which will take place in November 2022. Last November, an in-person mission was successfully held in Barbados, comprising more than 14 UK-based companies across various sectors, including education, food and beverage, and clean energy. The mission was designed to support investors seeking opportunities and partnerships with local public and private sector entities in Barbados. In 2020, the investment and trade mission was held virtually.

In attendance at the event, were James McLellan, Deputy Director for Trade and Investment Delivery at the Scottish Government’s Directorate for International Trade and Investment as well as H.E. Milton Innis, High Commissioner for Barbados to the UK. Also present were those companies who went on the previous mission and others that are interested in the forthcoming one.

H.E. Milton Inniss, who delivered remarks, lent his support to the Scottish delegation, extended his best wishes for a successful mission while inviting those present to be a part of the upcoming investment and trade mission in November. The High Commissioner also reiterated the nation’s commitment to diversification of its economy, while highlighting the range of Barbados’ investment sectors, the majority of which withstood shocks from the global pandemic.

Investment opportunities in Barbados include niche manufacturing, global banking, information and computer technology (ICT), FinTech, global education, food and drink, wealth management, insurance, renewable energy, medicinal cannabis and medical tourism, among others.

Additionally, the innovative and highly successful 12-month ‘Welcome Stamp’, which enables individuals to stay and work remotely on the island without changing their tax residency, has been extended and remains an attractive option for digital nomads.
Barbados offers a warm and welcoming investment climate. The island boasts ambitions to become a “digitally-enabled nation” and is well on track to achieving the goal of 100 per cent renewable energy generation by 2030, delivering a carbon-net-neutral target. Barbados also serves as a gateway to markets in Latin America.

Commenting on the planned Glasgow event, CEO of Invest Barbados, Kaye Brathwaite said, “We were delighted to be co-hosting this event, particularly after the success of November’s trade mission from Scotland to Barbados. Scotland enjoys extensive connections with Barbados, and we are keen to expand these into productive business partnerships.

The island remains an incredibly desirable place to do business and is a stable political and economic jurisdiction. Our welcoming investment climate compliments the enviable quality of life that we offer”.

Jo Smith of the Renfrewshire Business Network added that “Barbados is a long-established hub for global business. We urge all those interested in exploring the opportunities that we offer to register their interest in attending the event in Glasgow.

All parties hope that the 2022 mission continues last year’s great start showcasing Barbados as a welcome destination for investors and entrepreneurs. A warm and welcoming investment climate awaits in Barbados.”