Prime Minister Freundel Stuart recently delivered the feature address at the first luncheon of the Barbados Chamber of Commerce and Industry for 2013.
In his address themed, “Barbados: From Stabilization to Growth”, Prime Minister Stuart reported on the country’s performance over the last five years and outlined plans to to further strengthen the economy.
With respect to the international business sector, plans include adding at least another 20 Double Taxation Agreements (DTAs) to the 37 DTAs already signed, to give the country a “critical mass of treaties in each major area of the world.” He also indicated that additional Bilateral Investment Treaties will be negotiated to complement the DTAs signed.
“All of the government departments and agencies that interface with the international business sector will be provided with the necessary resources and systems to bring their responsiveness to the sector’s needs up to the best standards, while preserving the integrity of the domicile,” he stated.
The Prime Minister also mentioned increasing the promotion of the Barbados domicile. Accordingly, Invest Barbados will facilitate increased promotion of the country as a domicile through which investment is done, “through more road shows into those markets with the most potential”.
Another key initiative noted is sponsored airlift out of Western Canada, USA and the Scandinavian countries, sponsored airlift to South Africa and the inauguration of direct air links with Panama. In addition to benefitting the tourism sector, this would afford easier logistics to those non-residents doing business with Barbados.
Prime Minister Stuart also suggested that more legislation should be passed, to enhance the country’s product offering and attractiveness. Recently, the Private Trust Companies Bill, the Trustee (Amendment) Bill and the Foundations Bill were introduced.