CEO of the Barbados Private Sector Association, Anne Reid, is inviting T&T’s investors and business people to do business in Barbados.
She said on May 1, Barbados had an official launch of the “Declaration of Missions Barbados” and it was the result of stakeholder consultation to transform Barbados into a sustainable, economically prosperous society and they are at the stage of determining how these missions will be executed
“This is to align with Prime Minister’s Mia Mottley’s expressed goal to cement Barbados as a global business hub. By 2030, Barbados aims to become a clean, beautiful large ocean state championing sustainable development, locally and globally.
“Also, by 2023, a 50 per cent reduction in crime because as we know the challenges of crime in terms of doing business and attracting investors to the jurisdiction. Also, by 2030 to empower and enfranchise all Barbados’ workers and families creating opportunities for ownership and wealth creation to enable Barbadians to take care of themselves and each other,” she said.
Reid spoke last Tuesday in a webinar that is part of the T&T Coalition of Services Industries (TTCSI) Doing Business With the World Series.
T&T business people who were part of the webinar raised different questions ranging from what products do Barbados’ businesses have to offer to how do T&T investors open businesses there.
During her presentation, Reid gave advice on how to register a business in Barbados, how foreigners should set up a bank account, customs procedures and other details investors should know when doing business there.
“This is something for you to appreciate so that when you come into the island of Barbados to do business, you are not necessarily floundering in high seas alone but there is the support that you can have as you charter your way through the maze of doing business on a day-to-day basis.”
T&T, Barbados trade
President of the TTCSI, Mark Edghill who also gave remarks at the business webinar pointed out that Barbados is now T&T’s biggest trading partner.
“At present, T&T can be considered Barbados’ largest trading partner. According to data from Country-Reports-dot-org, 22.5 per cent of goods exported by Barbados come to T&T; while 39 per cent of goods imported into Barbados come from T&T. The United Nations COMTRADE database estimates that in 2022, Barbados’ exports to T&T were US$32.94 million. In 2021, Barbados imports from T&T were valued at US$103.77 million, with the lion’s share of those imports coming from the energy sector.”
He referred to the recently held Caricom meeting in Port-of-Spain where statements were made on the free movement of people across member states to live and to work.
In the final Communiqué from the Summit, issued on July 5, Caricom Heads of State agreed the following:
“The initiatives comprising the macroeconomic policy co-ordination agenda for the 13-Member State CSME (the Caribbean Single Market and Economy), including the operationalising of the regional capital market, must be tabled for adoption by Member States by July 2024.
“To work towards the free movement of all Caricom nationals within the Community by 31 March 2024, acknowledging that there are certain basic guarantees that should be afforded to all Caricom nationals exercising their right to freely move and remain indefinitely in another Member State of the Community.”
“What could the full implementation and expansion of the CSME mean for entrepreneurs and firms operating in the services sector? I believe those opportunities will be explored during our session today, as we learn more about Doing Business with Barbados. It is a timely discussion given that the Prime Minister of Barbados is Caricom’s Lead for implementation of the CSME,” Edghill said.