Sunday 26 May, 2019

Inniss: Barbados is ready and open for business

Minister of Industry, International Business, Commerce and Small Business Development. Donville Inniss.

Minister of Industry, International Business, Commerce and Small Business Development. Donville Inniss.

There are advantages of doing business in Barbados, a country that has been hailed as a reputable and transparent domicile, a jurisdiction with value proposition, as well as one that reinforces its position as it relates to supporting and facilitating business of substance.

It is against that backdrop that Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss, extended thanks to those who converged in Barbados, from Latin America and other countries for the LATAM International Business Seminar on Monday.

The Ministry’s Strategic Plan for the international business and financial services sector envisions Barbados as the international financial and wealth management centre of choice in the Western Hemisphere. He commended Invest Barbados for hosting this seminar, noting that the initiative further solidifies Barbados’ commitment to strengthening and maintaining the business relationships between Barbados and Latin American countries.

Inniss stated that the attraction of businesses of substance has always been and will continue to be integral to the strategy of attracting foreign direct investment and international business.

“Our agenda is designed so that you can familiarize yourselves with the many opportunities open to both LATAM and global investors who may wish to conduct business in or through Barbados. For our LATAM guests, it also allows you to get a first-hand and informed assessment of the quality of our business infrastructure,” he said.

In encouraging those who attended the event at Hilton Barbados to make Barbados a country that they can do business, he told them that the ties between Barbados and the Latin American region have grown stronger over the years. 

Barbados he emphasized have diplomatic relations with over 17 Latin American countries, with embassies in Brazil, Cuba and Venezuela, double taxation agreements in place with Cuba, Mexico, Panama and Venezuela and a signed Tax Information and Exchange Agreement with Colombia, which is currently awaiting ratification. 

There are also bilateral investment treaties with Cuba and Venezuela, as well as ongoing discussions with Colombia, Chile and Costa Rica to affect the negotiation of further treaties within the region.

“The Government of Barbados pledges to continue placing emphasis on the development and growth of the international business and financial services sector, the second largest contributor to Barbados’ economic success and sustainability determinant: the GDP. It is the largest contributor to corporation taxes in Barbados, providing direct and indirect employment for thousands,” he asserted.

The country’s future as a successful jurisdiction he noted, demands consistency, creativity, innovation, responsiveness, flexibility and excellence in service delivery. 

He disclosed that Barbados is committed to signing the Multilateral Instrument (MIL) by the end of January 2018 timeframe. This he explained will introduce into the treaty network, provisions to counter treaty abuse.

He says he is hopeful that from the forum, new business relationships are formed, investment flows between Barbados and the Latin American region will multiply, and enhanced economic prosperity will abound.

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