Monday 25 May, 2020

Investment interest in Barbados continues

Minister Donville Inniss touring BEC

Minister Donville Inniss touring BEC

The recession has not chased investors away from our shores nor is the financial situation at present keeping them away.

The Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss and Invest Barbados are assuring Barbadians that investments are still coming.

At the grand opening ceremony for the Barbados Entertainment Complex (BEC) in the Warrens Industrial Park, Inniss told the media and those gathered that he welcomes investment such as this project. The BEC is a Canadian-owned company owned and operated by W.A. Ventures and Enterprise Inc.

Speaking about the level of investment enjoyed by Barbados and the significance of this investment by W.A. Ventures and Enterprise, Inniss shared:

“Barbados has been the home, or the third largest recipient of foreign investment coming out of Canada in recent years. The last figures I saw up to two years ago, this little island was managing assets of businesses with a value of about $77Billion Canadian…

“That is not money in Barbados, that is just the value of the entities that are Barbados-based and Canadian-owned and doing business internationally. So Canada remains our main source market in the international business sector. That is based on the treaty that we have in place with Canada and it has worked really well.”

He thanked W.A. Ventures for taking advantage of the treaty and the opportunity because, as he said:

“It shows to the world that this little island sitting out here in the Eastern Caribbean is playing a very significant role in global business. The fact remains that outside of the UK and the USA, Barbados is the preferred domicile for Canadian businesses to go global says a lot.”

In the midst of everything, the Minister called on Barbadians to note and celebrate these investments as well.

“Sometimes we don’t really take time out as Barbadians to be positive about what is happening and there are others outside of our domain who really recognise what we have to offer and using Barbados as a conduit through which their legitimate businesses can grow and expand globally,” he lamented.

From Invest Barbados, Senior Business Development Officer Adrian Sealy told Loop News:

“Sharon [Anthony, one of the Managing Directors of BEC] identified the project in Toronto through our offices in Toronto, and from there then she came down to Barbados to help identify the best possible location for the project and in doing so, one of our mandates is to facilitate new investment into Barbados.

“So once we understood the concept of what she wanted to achieve we then set about identifying where it is possible to setup such a location and what properties were available.”

Beyond BEC though, he added, “There are still a lot of companies interested in Barbados and not only as the Minister said, from the brick and mortar perspective, from the financial services arena as well. You might not see us in the same light as this particular project because financial services are in itself a smaller component of an office space. So you’ll find that they employ persons and you don’t hear about it as much but you see the spinoffs from the investments through the incorporation of the companies and the assistance that they would’ve received from attorneys and from Invest Barbados through the development of the project as it goes along.”

Taking a moment, to acknowledge the role being played by Invest Barbados in the fight to gain more and secure more investors, Minister Inniss urged:

“Quite often people don’t appreciate what public officers do especially those who are stationed abroad to get out there through the snow, through the hail, through the summer, whatever to knock on doors and get businesses to come to Barbados.

“I spent three years in New York City covering half of the United States promoting Barbados as a place to do business, and I know sometimes months passed and you don’t get a good one, so when you land one you gotta thank God you got it and you feel good.”

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