The International Business Sector is a key part of Barbados’ economy. Dr. Justin Robinson, Head of the Department Of Management Studies at the University of the West Indies, Cave Hill Campus, made these remarks at the Barbados International Business Association (BIBA) International Business Week Public Discussion Forum.
Dr. Robinson further noted that since the early 1990’s, Barbados became a “major offshore centre used by Canadian firms seeking to go abroad.” Research indicates that Barbados is the third leading destination for Canadian direct investment abroad, attracting Cdn$45 billion of direct investment from Canada at the end of 2008.
The Barbados International Business Sector is also the leading contributor of corprate tax revenues on the island. In fact during 2008, the sector contributed over $200 million in corporation taxes – approximately half of all corporate taxes generated.
Barbados International Business Industry has experienced strong growth within recent years and according to Dr. Robinson, “it has been estimated by the IMF that Barbados earns about 200 to 300 million dollars from this particular sector.” He further says that the International Business Industry accounts for approximately fifteen percent of Barbados’ Gross Domestic Product, a figure that underscores the great importance that this sector plays in the Barbados economy.
During a call in radio programme, Executive Director of Barbados International Business Association (BIBA), Mr. Henderson Holmes noted that to date, approximately four thousand jobs have been created by the Barbados International Business Sector. He also mentioned that favourable tax treaties with key countries, together with Government’s welcoming attitude towards foreign investment are distinguishing advantages offered by the Barbados location.