BARBADOS RESETS AND CONNECTS

At the time of writing, it is a blessing to be able to report that Barbados is alive and well in 2022.

Thanks in large measure to the characteristic resilience of Barbadians, ably backed by astute management from the Government and Private Sector, the country has successfully negotiated a 2-year period of unprecedented trials and tribulations. Following the onset of the pandemic in early 2020 - which inflicted a particularly brutal impact on our key economic driver of tourismBarbados also had to navigate its way through a considerable fallout of ash from the eruption of La Soufriere volcano in neighbouring St. Vincent, as well as the unwelcome repercussions of Hurricane Elsa, the first major storm to directly hit the island since 1955.

In a true spirit of enterprise, Barbados not only survived during this time of extraordinary disruption but actually manged to thrive. After the country’s calculated response to the pandemic earned widespread respect, the resultant introduction of the innovative Welcome Stamp Visa Programme further captured the attention of the world. With thousands of people gratefully accepting the invitation to escape COVID-19 lockdown woes in their own country by coming to work remotely in the happy and healthy environment of our islandhome, Barbados became the ‘go to’ place for digital nomads to relocate.

Sensing a good story, the world’s farreaching telecommunication networks soon made Barbados a popular focal point for global media attention. All of a sudden, Bajans found themselves watching international TV with great pride as our country became hot news, with Prime Minister the Honourable Mia Amor Mottley speaking with affable distinction during interviews with a plethora of top news reporters. Within months the PM was back in the global spotlight again. First with a compelling speech to the United Nations 76th General Assembly in New York in September, and again in October after delivering a brilliant, impassioned speech at the COP 26 Climate Summit in Glasgow. Then, just weeks later, the international media not only focused on Barbados but actually came here in force to witness the historic occasion of the nation’s transition to the world’s newest Republic on November 30th 2021.

In a case of well-timed execution aligning with fortuitous serendipity, all of that positive energy coincided with the country’s resurrected strategy to diversify from traditional economic pillars and establish new ones that can better facilitate a sustainable future for all Barbadians. In particular, Barbados has hit the reset button to connect with the increasingly technology-driven digitalised world.

In keeping with the theme of economic transformation, this edition of Business Barbados spotlights a broad spectrum of related topics, including the emergence of Barbados as a global leader (pg.12 and pg.24); the exciting opportunities that exist in Blockchain and Metaverse technology (pg.16); the continued success of the Barbados Welcome Stamp (pg.30); why Barbados can be a logical location to own a second home (pg.40); Financial Services (pg.56 and pg.60); innovative initiatives of Export Barbados (pg.64 and pg.66); Investment Opportunities beyond the traditional pillar of tourism, including Global Education (pg.28), Food Security (pg.92), ICT (pg.98), and Renewable Energy (pg.102); developments within the burgeoning Barbadian Rum Industry (pg.74); and how Barbados is creating a Sustainable Philanthropic Ecosystem (pg.110).

All in all, a concise and informed insight into what makes Barbados an attractive jurisdiction to live, work, raise families and invest.