Barbados’ international business environment came in for high praise when the island’s Minister of Foreign Affairs and Foreign Trade, Senator Maxine McClean, addressed the recently held Caribbean Music Summit’s lunchtime session at the Hilton Barbados Resort.
Conveying the remarks on behalf of Prime Minister, the Right Hon. Freundel Stuart, Q.C., M.P., Senator McClean indicated to the audience of music executives that the Barbados government has sought to create the enabling environment needed to facilitate sustainable economic growth and a climate conducive to attracting investments by way of progressive policies, legislation and incentives.
“Barbados can boast of an expanding tax treaty network which is at the core of our competitiveness; and strategic agreements have been forged to complement the expansion efforts of international businesses.”
The Minister mentioned that “the audit threshold for companies was increased under the provisions of the Companies (Amendment) Act.” She further stated that “the Private Trust Companies, the Trustees (Amendment) and the Foundations Acts were proclaimed, thereby expanding Barbados’ offering in the area of private wealth management products. Two other products will soon be coming on stream – the Incorporated Cell Company and the Limited Liability Partnership.”
She also pointed out that Government’s focus was on the Green and Creative Economies, and noted that the country had the talent, but more avenues were needed through which this talent could be exposed to earn sustainable income for artistes and foreign exchange for the country. As such, the Minister indicated that Barbados would wish to be seen as a choice location for film shoots and the staging of mega concerts and events, to which the world would be invited.
Noting that the Cultural Industries Development Act was proclaimed on February 1, Minister McClean explained that it meant that incentives now exist for persons investing in cultural projects. Therefore, she stated that if their choice was to construct a sound stage, build a cultural centre, relocate their business to Barbados, or set up a subsidiary here, the necessary framework had been put in place to give the required support.