A Renewed and Transformed Barbados

We will be innovative and globally attuned, encouraging entrepreneurship, especially among our youth, as we continue this process of national transformation. We have in place a number of initiatives to drive this process, including the First Jobs Initiative for young people leaving school, training in the emerging technologies, the provision of Trust Loans for start-ups and expansions, as well as strengthening of business accelerators and incubators.

We are particularly focused on effective investor facilitation given the critical nature of this function for the establishment and growth of both local and foreign businesses. While we are seeing a resurgence of confidence, we want investors to envisage Barbados not just as a place for doing business but also as a choice location to effect transformation; a location from which they can unlock and unleash their global competitive advantage. Our government has therefore made business facilitation a priority and will improve the quality and speed of delivery of high-demand customer services. This is with the sole aim of making the investor’s experience of doing business with and in Barbados a smooth and hassle-free journey; from idea to establishment and to expansion.

It is well known that the Barbados treaty network is central to its value proposition. It provides the certainty that investors need. Therefore, government will continue to negotiate Double Taxation Agreements (DTAs) as we expand our treaty network, which currently stands at forty DTAs, nine Bilateral Investment Treaties and five Tax Information Exchange Agreements in force. Additionally, Invest Barbados, our investment promotion agency, together with private sector stakeholders, will reengage with China and continue to explore the potential of Africa as alternative sources of business, while continuing with programmes in traditional markets such as Canada, the USA and UK, as well as emerging markets within Latin America.

We will also refocus our attention on feasible opportunities in maritime affairs and the blue economy. Locally, Government is seeking to partner with entities which have their own maritime training facilities, to equip Barbadians for several opportunities within this industry including jobs such as ships’ captains, officers and engineers, among others.

Internationally, our Barbados Maritime Ships’ Registry (BMSR) is considered to be amongst the world’s best “white-listed” ship registries. Headquartered in London, the BMSR has been making great strides, with a wide range of foreign owned vessels flying the Barbados flag. However, we cannot afford to rest on our laurels, and so, one of our goals within this particular area is to further transform the BMSR into a more viable economic asset. Benefits of an enhanced BMSR will also spill over to the international trade sector. In this regard, we are also working closely with China to finalise a Memorandum of Understanding, which will see Barbados becoming part of China’s Belt and Road Initiative. This initiative was introduced to expand maritime routes and land infrastructure networks, connecting over 65 countries across the globe.

Barbados remains an attractive place to live and work with an excellent quality of life. It is historically an environment sought after for wellness, regeneration for those who wish to reconnect to their purpose in the world, and to thrive. The time is now for us to develop Barbados as a global hub for business while staying true to the principles of integrity, fairness, environmental responsibility and social justice for which our country is known.

My government is conscious of the extraordinary mandate it received from the people of Barbados to stabilize our nation’s conditions and to work together to transform it for better. The transformative journey towards excellence, growth and prosperity must embrace and inspire everyone, every Barbadian who is willing to engage and enhance our country: from to citizens and residents of Barbados to visitors to our shores to the wider Barbadian Diaspora and local and foreign investors alike.

The world is our business and our business is the world. With the help of the Barbadian people and all who call Barbados home, we shall succeed!

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