Barbados has been upgraded to “largely compliant” by the Organisation for Economic Cooperation and Development (OECD). As a result, the jurisdiction’s chances of attracting major investments have significantly improved.
This is according to Minster of International Business, Hon. Donville Inniss, who recently led a local delegation to Paris for a meeting of the international committee’s Global Forum.
Minister Inniss, who hailed the talks with the 126-member OECD Peer Group as successful, noted that there were specific challenges which had caused the country to be initially rated as “partially compliant.” However, he acknowledged that certain modifications had since been implemented to remedy this.
“So we have certainly deliberately set about to restructure administration and to make legislative changes to ensure that we get a higher ranking . . . . We raised the bar and we did what we had to do,” he said, adding that while the island was “not perfect yet” he was satisfied that the relevant changes and upgrades were continuously taking place.
“The change in rating will be formalized next month at the plenary session of the Global Forum scheduled for Tbilisi, Georgia.
“We have to take it within ourselves as leaders, as administrators and as Barbadians and ask ourselves what can we do to get a better ranking or rating going forward,” he said.
Minister Inniss said he expected the new rating would result in more companies “feeling more comfortable” coming to set up a structure in Barbados to conduct international business.
He also urged Caribbean Community (CARICOM) member states involved in the international business and financial services sector to work more closely to address matters affecting the sector in the region.