Barbados Blue Book 2022

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BLUE BOOK INVESTMENT OPPORTUNITIES IN BARBADOS


INTRODUCTION W

elcome to Barbados - a tropical oasis and a country that enjoys a positive image as a reputable international business centre that facilitates global growth and profitability. Its business environment has been built on the principles of transparency, effective regulation, adherence to international best practice standards and the attraction of businesses of substance. The country offers a wide selection of exciting projects and innovative investment opportunities from within the various sectors of the economy. The country is English-speaking with a dynamic and well-educated workforce and is considered one of the most developed countries within the region. Barbados has one of the most reliable internet services and according to Statista Research Department has the highest internet broadband speeds in the Caribbean. BARBADIAN SOCIETY Most Barbadians are of African descent with a minority of the mixed-race, Caucasian or European descent, East Indian, Oriental, and Middle Eastern. The Barbados society is mainly a blend of West African and British cultures with English being the official language of the nation, however a bajan dialect is widely spoken. The culture still reflects centuries of British influence. Barbados is predominantly a Christian nation, although other religions are represented, and religious freedom is established by law.

BARBADIAN ECONOMY AND BUSINESS ENVIRONMENT The Barbados economy was able to maintain its resilience during the global pandemic due to the government’s mobilization of external funding, building up of reserve buffers and strengthening the safety net of the most vulnerable. The decline in revenue from the tourism sector, the country’s main engine of economic growth, was somewhat cushioned by the use of hotels as quarantine facilities, staycations by locals and the introduction of the Barbados Welcome Stamp, a visa that allows persons to live and work remotely in the country for up to 12 months. Besides tourism the other main contributing industries are financial services, agriculture and manufacturing. Barbados has accelerated its drive towards digitisation with a thrust to increase digital payments across the private and public service to further enhance the ease of doing business. Barbados is ranked 2nd for competitiveness among the Latin America and Caribbean (LAC) countries and 64th globally among 114 countries in the Global Financial Centres Index 29. Additionally, Barbados ranks 5th in the Western Hemisphere for fixed broadband speed, according to Speedtest Global Index for June 2021.


CONTENT PAGE

FOREWORD

The Hon. Mia Amor Mottley Q.C., M.P. Prime Minister of Barbados

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REAL ESTATE

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BLUE ECONOMY

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The Carlisle Bay Development Project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Pierhead Redevelopment Project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Kensington Oval. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Needham’s Point . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Trevor’s Way . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Jemmott’s Lane . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Small Oceans Investment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Medium Scale Ocean Invest Opportunity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Large Scale Investment Opportunities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

AGRICULTURE Medicinal Cannabis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Project Brokopondo. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

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EDUCATION

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CULTURE

Global Education Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

Arts & Culture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Design. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Media. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

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CHARITY

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06 08 10 13 15 17

Eco and Agritourism . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 Medical Tourism Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

INFRASTRUCTURE TECHNOLOGY MANUFACTURING Partner Organisations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Contact Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34


TECHNOLOGY

INFRASTRUCTURE

TOURISM

CHARITY

CULTURE

EDUCATION

AGRICULTURE

REAL ESTATE

MANUFACTURING

BLUE ECONOMY

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REF NO. 19849594

The Carlisle Bay Development Project The Carlisle Bay Development Project is currently the major real estate transformational investment opportunity covering over 2 km of beachfront land, owned by the government and the private sector, that includes a beautiful crescent bay. This area is part of the historic capital city of Bridgetown, and a UNESCO site. The underlying concept of this project is for the complete regeneration of the communities in this urban area, necessitating preference for partners and not just investors, as the focus is on - livelihoods, infrastructure and sustainable futures for all. The Carlisle Bay Development will include: - An iconic performing arts/conference facility - 5 new hotels (an additional 1,500 rooms) - A marina - Entertainment facilities

KEY CONTACT Mr. Stuart Layne Chief Executive Officer T: (246) 426-7085 E: btii@tourisminvest.com.bb; slayne@tourisminvest.com.bb

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MANUFACTURING

TECHNOLOGY

INFRASTRUCTURE

TOURISM

CHARITY

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EDUCATION

AGRICULTURE

BLUE ECONOMY

REAL ESTATE


REAL ESTATE REF NO. 19849595

Pierhead Redevelopment Project OPPORTUNITY OVERVIEW This project involves the redevelopment of the area and will include three taller iconic hotels, mid rise buildings, new public spaces, restaurants and cafes and enhanced promenade/Beachfront access. Following are the main components: • • •

Pierhead Tower Bay Street Gateway Tower Hyatt Hotel Expanded

ORGANISATION INFORMATION: Ehenit veliquisti cusdandae et faciend endaepe eum non nientis pratior ehent, voluptatis dolorum volut untotat issint dellesto eum quate dolo cum ium si anis dem accum faceatium vid et quatet vid eaquo eossunt quia que sequia volorerspe voloruntis etus maiore sam latem voluptas cuptaspe od qui rerspiti reria doles vel modipsandis que volupis aboremperro qui aut harum quo volorerspe voloruntis etus maiore sam latem voluptas cuptaspe od qui rerspiti reria doles vel modipsandis que volupis aboremperro qui aut harum quo

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Pierhead Tower

25 story hotel (560 units). Acres- 2

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Bay Street Gateway Tower

This is a mid-rise hotel complex with the hotel tower up to 16 stores (320 rooms. Acres- 2

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Hyatt Hotel Expanded

12 story cascading towers (350 units. Acres- 1.4 CHARITY

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CULTURE

INVESTMENT OPTIONS:

The following apply to the three projects: - Private ownership - outline planning permission granted

TECHNOLOGY

INFRASTRUCTURE

TOURISM

FINANCIALS

Mr. Stuart Layne Chief Executive Officer T: (246) 426-7085 E: btii@tourisminvest.com.bb; slayne@tourisminvest.com.bb

Halal Options: Yes/No.

MANUFACTURING

KEY CONTACT


REAL ESTATE REF NO. 19849596

Kensington Oval OPPORTUNITY OVERVIEW The Kensington Oval Stadium and Cricket Legends of Barbados Museum combined with the water recreation potential of the Shallow Draft, offer a unique hotel/tourism development opportunity on a 4.6-acre site. •

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A hotel/recreation amenity mid-rise development


ORGANISATION INFORMATION:

CULTURE

EDUCATION

AGRICULTURE

BLUE ECONOMY

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REAL ESTATE

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INVESTMENT OPTIONS:

CHARITY

A hotel/recreation amenity: Mid -rise development up to 70 rooms and six stories. Acres- 4.6 - Private ownership - Outline planning permission granted

TECHNOLOGY

INFRASTRUCTURE

TOURISM

FINANCIALS

Mr. Stuart Layne Chief Executive Officer T: (246) 426-7085 E: btii@tourisminvest.com.bb; slayne@tourisminvest.com.bb

Halal Options: Yes/No.

MANUFACTURING

KEY CONTACT



REAL ESTATE AGRICULTURE EDUCATION CULTURE CHARITY TOURISM

However, while there is danger, there is also opportunity as the Caribbean Region’s largest resource is its coastal and marine asset. A World Bank report estimated that the oceans contributed over US$ 400 billion to the Caribbean. Barbados therefore has an ambitious plan to establish the island as a global hub for sustainable projects, in climate resilience and ocean innovation, policies and solutions that could be scaled and distributed globally.

INFRASTRUCTURE

Barbados’ geographical location within the Eastern Atlantic Ocean places the country in the immediate vicinity of where some of the most devastating results of global climate change takes place. Weather systems largely originate in the Atlantic Ocean and as they move into the Caribbean region and interact with the increasingly warmer sea temperatures, can become Category 5 hurricanes.

TECHNOLOGY

BLUE ECONOMY

MANUFACTURING

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BLUE ECONOMY REF NO. 19849598

Small Oceans Investment OPPORTUNITY OVERVIEW EcoMarine Biotech Campus: Creation of a best in region, Ecomarine Biotech space with a focus on food production, energy creation and education as follows:

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Sea Moss: Farming of 50 acres of sea moss

Aquaculture: By 2002 aquaculture was responsible for 30% of the world’s fish supply, and this is expected to increase to 50% in the near future

Fish Offal: Creating infrastructure for conversion of fish waste at fish markets to fuel

Green Hydrogen: Production of green hydrogen using sargassum seaweed and woody biomass

Jobs based education infrastructure: Creation of education programme for 250 jobs per above areas -1000 Biotech jobs by 2022


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ORGANISATION INFORMATION:

CULTURE

Investment: USD$10 Million Timeframe: 18 months Projected IRR: 10% - 15%

Seamoss Farming: 50 Acres of Sea moss farming, producing 32,500 metric tonnes per year creating project gross revenue of USD 25 Million

Aquaculture: Adequate on shore and offshore space exists

Fish Offal Fuel: To produce fish silage on a large scale in Barbados the baseline cost (based on a 90 percent yield rate) is estimated to be USD 265 920, excluding the cost of fish waste and acids. Sales revenues based on competitor prices range from USD 528 485 to USD 2 044 900.

Green Hydrogen: 2MW Green Hydrogen using sargassum seaweed and woody biomass as substrate 30 tones per day.

TOURISM

CHARITY

INVESTMENT OPTIONS:

TECHNOLOGY

INFRASTRUCTURE

FINANCIALS

Mr. Stuart Layne Chief Executive Officer T: (246) 426-7085 E: btii@tourisminvest.com.bb; slayne@tourisminvest.com.bb

Halal Options: Yes/No.

MANUFACTURING

KEY CONTACT


BLUE ECONOMY REF NO. 19849598

Medium Scale Ocean Invest Opportunity OPPORTUNITY OVERVIEW

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Coastal Solar Energy: Will conduct studies to discover the right mix between solar and coastal bio-diversity. Coastal solar energy is a key areas for solar innovation

Wave Energy: On the East & South Coast of the island, Barbados has great wave energy potential.


REAL ESTATE EDUCATION

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ORGANISATION INFORMATION:

CULTURE

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INVESTMENT OPTIONS:

CHARITY

Coastal Solar Energy - Projected Capacity 10MW - Investment Requirement: $50 Million

TOURISM

Wave Energy - 30+ MW of wave energy capacity based on various scenarios in recent analysis. IRR averaging 10%-15% - Investment Requirement: USD$15 million

TECHNOLOGY

INFRASTRUCTURE

FINANCIALS

Mr. Stuart Layne Chief Executive Officer T: (246) 426-7085 E: btii@tourisminvest.com.bb; slayne@tourisminvest.com.bb

Halal Options: Yes/No.

MANUFACTURING

KEY CONTACT


BLUE ECONOMY REF NO. 19849599

Large Scale Investment Opportunities OPPORTUNITY OVERVIEW

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EcoMarine Commercial Port: Construction of a state of the art, multi-service shipyard and ancillary facilities comprising Industrial ship building and repair, retrofit and revitalization facility, vessel berths, dry docks. Maritime research & educational facility and a maritime industrial complex

Offshore Hydrogen: Transform natural gas discoveries to hydrogen. marine vessel technology shift to LNG and hydrogen. Barbados will be position to participate in related bunkering opportunities. Offshore drillings schedule to begin in 2025

Ocean Thermal Energy Conversion: Transform Cold Ocean Temperature to Energy. This is the most expensive RE technology and is considered a key area for energy innovation.

Offshore Wind: Barbados has excellent wind conditions in the north and south of the island


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ORGANISATION INFORMATION:

CULTURE

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EcoMarine Commercial Port: Investment required - USD $150 Million

Offshore Hydrogen: Investment Requirement - USD$300 Million

Ocean Thermal Energy Conversion: Best investment capacity 60MW - Investment Requirement - $900 Million

Offshore Wind: 300+ MW of wind capacity, IRR averaging 15%-18% - Investment Requirement: USD $1 Billion TOURISM

CHARITY

INVESTMENT OPTIONS:

TECHNOLOGY

INFRASTRUCTURE

FINANCIALS

Mr. Stuart Layne Chief Executive Officer T: (246) 426-7085 E: btii@tourisminvest.com.bb; slayne@tourisminvest.com.bb

Halal Options: Yes/No.

MANUFACTURING

KEY CONTACT



REAL ESTATE BLUE ECONOMY

CONTENT PAGE

CULTURE CHARITY TOURISM INFRASTRUCTURE

The University of the West Indies, Cave Hill Campus also announced plans to develop the “UWI-Dukes Agri-business Development Park”. It is envisaged that the park will be used for farming, agro-processing, cutting-edge agri-business research, chocolate manufacturing, cotton processing and will also include a training facility and food standards laboratory, among other services.

TECHNOLOGY

There are several opportunities available for those interested in investing in the agricultural sector of Barbados. Due to the limited land space available for conventional agriculture (approx. 27,000 acres)investors are encouraged to consider hydroponic farming and aquaculture

MANUFACTURING

Barbados imports approximately 80% of the food consumed, and therefore the island’s agricultural sector is focused on food security and the mitigation of the effects of climate change.

EDUCATION

AGRICULTURE


AGRICULTURE REF NO. 19849600

Medicinal Cannabis OPPORTUNITY OVERVIEW Medicinal cannabis is rapidly becoming a legal industry across the globe. There is a growing body of research that indicates that medicinal cannabis can be used to successfully treat a number of ailments. Additionally, several stakeholders, including medical practitioners, patients and governments, have been embracing research on the benefits of medicinal cannabis. Barbados legalised cannabis for medicinal purposes when it enacted the Barbados’ Medicinal Cannabis Industry Act, on September 30, 2020. Under this Act, the Barbados Medicinal Cannabis Licensing Authority (BMCLA) was created with responsibility for the medicinal cannabis Business Opportunities in Barbados’ Medicinal Cannabis Industry are as follows:

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Cultivation: The planting growing and harvesting of cannabis

Processsor: The processing and manufacturing of cannabis material and medicinal cannabis products

Retail Distribution: For the operation of a therapeutic facility, which dispenses/provides medicinal cannabis prescribed by a registered medical practitioner

Laboratory: To facilitate the conduct of testing and analytical services associated with improving or further developing medicinal cannabis.

R&D: For the conduct activities related to scientific research for the purpose of improving or further developing cannabis for medicinal, therapeutic or scientific purposes.

Import: For the importation of cannabis materials for medical or scientific purposes

Export: For the exportation of cannabis materials for medical or scientific purposes

Transport: For the transport of medicinal cannabis


REAL ESTATE EDUCATION

AGRICULTURE

BLUE ECONOMY

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ORGANISATION INFORMATION:

CULTURE

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INVESTMENT OPTIONS:

TOURISM

CHARITY

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TECHNOLOGY

INFRASTRUCTURE

FINANCIALS

Mr. Stuart Layne Chief Executive Officer T: (246) 426-7085 E: btii@tourisminvest.com.bb; slayne@tourisminvest.com.bb

Halal Options: Yes/No.

MANUFACTURING

KEY CONTACT


AGRICULTURE

REF NO. 19849601

Project Brokopondo

OPPORTUNITY OVERVIEW Food security is a key area for action in this Brokopondo Cooperation Programme between Barbados and Suriname. The idea is for Barbados to lease land in Suriname for agriculture production. Other aspects of collaboration are the rearing of the Black Belly Sheep and the importation of duck. Opportunity exist for investment in farming projects in Suriname. • Agricultural/livestock farming projects

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REAL ESTATE EDUCATION

AGRICULTURE

BLUE ECONOMY

CONTENT PAGE

ORGANISATION INFORMATION:

CULTURE

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INVESTMENT OPTIONS:

TOURISM

CHARITY

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TECHNOLOGY

INFRASTRUCTURE

FINANCIALS

Mr. Stuart Layne Chief Executive Officer T: (246) 426-7085 E: btii@tourisminvest.com.bb; slayne@tourisminvest.com.bb

Halal Options: Yes/No.

MANUFACTURING

KEY CONTACT



REAL ESTATE CULTURE CHARITY TOURISM INFRASTRUCTURE

For additional information on global education services, investors may contact Invest Barbados at1 246 626 2000 or info@ investbarbados.org

TECHNOLOGY

Barbados has grown in significance as an attractive location for global education services, and in particular, medical education. The island is currently home to four international medical schools. During 2019, the acclaimed Ross University School of Medicine, a subsidiary of US based Adtalem Global Education, and the Bridgetown International University of Medicine both commenced operations in Barbados.

MANUFACTURING

EDUCATION

AGRICULTURE

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EDUCATION REF NO. 19849602

Global Education Services OPPORTUNITY OVERVIEW Barbados’ appeal as a location for global education services is due in part to its reputation for high quality education, warm and welcoming environment, along with its modern physical infrastructure, including a world-class fibre optic telecommunications network, and international connectivity. Opportunities are available to establish:

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International Boarding School

Universities


REAL ESTATE BLUE ECONOMY

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ORGANISATION INFORMATION:

EDUCATION

AGRICULTURE

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INVESTMENT OPTIONS: International Boarding School Universities

CULTURE

• •

TECHNOLOGY

INFRASTRUCTURE

TOURISM

CHARITY

FINANCIALS

Mr. Stuart Layne Chief Executive Officer T: (246) 426-7085 E: btii@tourisminvest.com.bb; slayne@tourisminvest.com.bb

Halal Options: Yes/No.

MANUFACTURING

KEY CONTACT


FACTS ABOUT BARBADOS

Barbados is 166 sq miles and only 21 miles long and 14 miles aross at its widest point.

BRIDGETOWN is Barbados’ capital

Key Economic Indicators 2020 Gross Domestic Product: US$4.7B GDP per capita: US$14,600 Unemployment Rate (2019): 10.1% Average Inflation: 3.0%

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Size: 166 sq. miles/430 sq. km. Capital: Bridgetown Government: Parliamentary Republic Language: English Time Zone: GMT – 4 hours Population: 271,021 (2020) Workforce: 139,700 (2019) Literacy Rate: 98% Climate: Air Temperature 22-30°C/70-90°F Relative Humidity: 60-70% Currency: Barbados Dollars (BDS$) BDS$ 2.00 – US$1.00 Major Trading Partners: CARICOM, USA, UK, Canada, Germany, Japan


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Average temperatures range from

70º–80ºF

Barbados

HURRICANE SEASON starts

AUGUST through NOVEMBER

IMPORTS

EXPORTS

The top imports of Barbados are Refined Petroleum ($240M), Crude Petroleum ($126M), Passenger and Cargo Ships ($84.4M), Packaged Medicaments ($37.5M), and Cars ($35.9M), importing mostly from United States ($561M), Trinidad and Tobago ($197M), Guyana ($136M), Japan ($117M), and United Kingdom ($68.8M).

The top exports of Barbados are Hard Liquor ($48.7M), Packaged Medicaments ($23.6M), Cement ($21.1M), Pesticides ($20.8M), and Orthopedic Appliances ($20.1M), exporting mostly to United States ($50.9M), Jamaica ($32.7M), Guyana ($27.7M), Trinidad and Tobago ($23.4M), and China ($17.8M).


BARBADOS TOURISM PRODUCT Barbados has substantially grown its tourism product and has recorded three consecutive years of growth in tourist arrivals with over 680, 000 visiting in 2018.

Barbados TOURISM SEASON starts mid-JUNE and ends mid-APRIL

Apart from being recognized as an international destination for pleasure, the island is a destination of choice for business in the Caribbean. Unlike our regional neighbours, which are highly reliable on the USA market, Barbados has an excellent mix of visitors from around the Globe.

US$1.1B VISITOR SPEND

1.3M PASSENGERS ANNUALLY

679,478 TOURISTS

6573 ROOMS

GLOBAL ACCESS Barbados being further south than most islands is a major aviation hub with extensive airlift from around the globe. Barbados remains the airlift center of the Eastern Caribbean, handling over 2.4 million passengers annually with daily flights to and from major cities in the US, Canada, UK and Europe as well as to most of the Caribbean.

USA Flights

• Miami three flights daily. • New York daily. Plus red eye service 4 times weekly • Charlotte once weekly winter season • Boston once weekly • Fort Lauderdale daily • Newark weekly during winter season

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European Flights

• UK Gatwick three times daily • Additional service winter season • UK Manchester twice weekly • Additional service three times per week during winter season • UK Heathrow twice weekly • Germany four times weekly

Canada

• Toronto daily service • Additional service 4 times per week • Montreal 4 times weekly during winter season

South America

• Panama twice weekly

Caribbean

• Daily to most of the Caribbean


CONTENT PAGE

THE BACKGROUND •

Barbados is one of the most sophisticated destinations in the Caribbean. Concorde had daily flights to just four places in the world: New York, London, Paris and Barbados. It has one of the largest restaurant scenes in the region.

According to Smith Travel Register, Barbados has one of the highest average daily rates at US$578 (Rev Par of$389) of major destinations.

Barbados long-stay tourism arrivals are on their fourth consecutive recordbreaking year, and that is despite the increase in the room levy and departure tax.

Barbados’ exclusive and luxury brand has put it on an upward trajectory independent of industry trends. In 2018 when visitor numbers fell 2.3% in the Caribbean, they rose by 2.5% in Barbados. When US visitors to Cuba surged, they surged to Barbados as well.

Visitor spend on island was up 7% in 2018 to $1.12bn.

Occupancy over the last 12 months is at 68%.

Over 1.35m passengers travel to and from Barbados annually.

FLIGHT PATHS TO AND FROM DUBAI

Toronto

London

New York

Miami

Dubai

Barbados


PARTNER ORGANISATIONS Partner Overview The following are partners on the development of this Blue Book.

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CONTENT PAGE

CONTACT If you have any questions, please do not hesitate to contact us. MFAFTA [Contact Person] [Email] [Phone] BIBA [Carmel Haynes] [execdirector@biba.bb] [246-537-2422] IB Contact Person: [Ms. Kaye Brathwaite Email:kbrathwaite@investbarbados.org [Phone: 246- 626 2020/21 BCCI [Contact Person] [Email] [Phone] BIDC [Mark Hill] [mhill@bidc.org] [246-427-5350]



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