Barbados is still a domicile of choice for investors.
In fact, recent figures indicate that Barbados has remained the number three location of choice for Canadian investors.
Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss, made this disclosure recently while delivering remarks at the opening of Gildan’s second building at Newton, Christ Church.
He said: “we are going to build this society and economy up by continuing to attract and retain companies such as Gildan Activewear and all of those who choose to make Barbados their home”. He added “that not all of them [companies] are as grand and large in size and reserves as Gildan, but believe you me, here in Barbados they are making a very meaningful contribution to this economy and society.”
To highlight the importance of the sector to the economy, Mr. Inniss pointed out that Gildan Activewear brought a number of individuals into the country every year on sales trips and promotional activities, thus making the International Business and Financial Services Sector (IBFSS) a major contributor to this country’s tourism sector.
President of Gildan Activewear, Michael Hoffman, who also spoke at the opening, said that the Canadian company, which has been based here since 1999 has grown from six employees to approximately 160, hiring mostly Barbadians. The group currently has over 37, 000 employees worldwide, with the majority of companies located in the western hemisphere, specifically in the Caribbean and Central American region.
The President also revealed that unlike other companies they do not import their products from Asia for sale into North America and other markets, but rather they have successfully built efficient, low cost, state-of-the-art modern facilities that were manufacturing products in the western hemisphere and export them for sale into markets including Asia.