The fourth Scotland to Barbados Trade and Investment Mission aims to deepen and increase trade between the two countries.
[Yesterday] at The Town Hall, The Crane Resort, St. Philip, Minister of State in Foreign Trade and Business Development, Sandra Husbands, spoke to over 20 delegates from Scotland and highlighted why Barbados is the ideal jurisdiction to explore trade and investment possibilities.
Some of those reasons included a competitive jurisdiction in terms of tax rates; good ICT infrastructures; stable political, economic and social environment; as well as a regulated and business-friendly environment.
Ms. Husbands pointed out that recently, Prime Minister Mia Amor Mottley announced tax reform initiatives that are slated to take effect from January 1, 2024, and assured the delegates that Government will engage with stakeholders to ventilate any concerns or provide further clarification relative to the pending changes to Barbados’ corporate tax structure.
She added that Barbados will continue to work with current and prospective investors to create an environment of mutual benefit and prosperity.
“Barbados will remain very nimble; we’re going to be proactive and resilient, and we will be pivoting where necessary to remain competitive so that we can constantly offer you what is best across the globe at all costs. Our goal is to safeguard and preserve our long-standing reputation as a credible and combined global financial centre, where investors such as yourselves can unreservedly establish and expand your business operations and realise that desirable return on your investment, that is important,” Minister Husbands emphasised.
She expressed the hope that this mission, which includes B2B meetings over the next few days, would be “fruitful” and translate into new business ventures.
Also hoping for a positive outcome from the trade mission was Barbados’ High Commissioner to the United Kingdom (UK), Milton Inniss; Deputy High Commissioner to Barbados and the Eastern Caribbean, Charley Williams; and Founder and Coordinator of the Renfrewshire Business Network, Jo Smith.
Deputy High Commissioner Williams noted that this year’s mission seeks to build on the successes of previous years, through which, strategic partnerships were formed. As a result, Barbados has received assistance with its digitisation project at the Archives Department; training of nurses at the Barbados Community College; and the soon to be operational medical device manufacturer, CaribSmile Dental Lab.
Ms. Williams reported that according to data from the UK’s Office of National Statistics, total UK exports to Barbados accounted for £204 million and total UK imports from Barbados, £450 million.
Renewables, education, cybersecurity, biotechnology, niche manufacturing, hospitality, ICT and the circular economy are some of the areas proposed for cooperation. The Trade Mission was organised by the Renfrewshire Business Network, the British High Commission, the Department for Business and Trade, and Invest Barbados.
Source: Barbados Government Information Service