Investors focus on opportunities in Barbados
A major event has been hosted in Glasgow to bring focus to investment opportunities in the Caribbean island of Barbados.
The gathering followed a highly successful mission to Barbados in November of last year, when several Scottish companies visited the island to further their investment intention.
The event was organised by the Renfrewshire Business Network in collaboration with Invest Barbados (the economic development agency of the government of Barbados.
James McLellan, deputy director for Trade and Investment Delivery at the Scottish Government’s Directorate for International Trade and Investment as well as Milton Innis, the high commissioner for Barbados to the UK were also in attendance.
The business event serves as the platform for the next Trade Mission to Barbados in November 2022. In attendance were those companies who went on the previous mission and are interested in the forthcoming one.
Famed as a popular tourism destination and home of global pop star Rihanna, Barbados offers a warm and welcoming investment climate. The island boasts ambitions to become a “digitally-enabled nation” and is well on track to achieving the goal of 100% renewable energy generation by 2030, delivering a carbon-net-neutral target. Barbados also serves as a gateway to markets in Latin America.
Shane Thomas, Invest Barbados’ representative in Scotland, noted that Scotland enjoys long-held links with the island. “The Barbados Coat of Arms features a saltire formed of two sugar cane stalks, which appears on the Bajan dollar coins,” he said.
“Meanwhile, the ‘Order of Saint Andrew’ is Barbados’ highest national award, and both countries share St Andrew as their patron saint. There’s even a Barbados tartan.”
Investment opportunities include niche manufacturing, global banking, information and computer technology (ICT), FinTech, global education, food and drink, wealth management, insurance, renewable energy, medicinal cannabis and medical tourism, among others that are both traditional and emerging.
Additionally, the innovative and highly successful 12-month ‘Welcome Stamp’, which enables individuals to stay and work remotely on the island without changing their tax residency, has been extended and remains attractive to digital nomads in Europe.
Comprising more than 14 UK-based companies across various sectors, including education, food and beverage, and clean energy, the last trade mission supported investors seeking opportunities and partnerships with local public and private sector entities in Barbados.
Commenting on the Glasgow event, CEO of Invest Barbados, Kaye Brathwaite, said “We were delighted to be co-hosting this event, particularly after the success of November’s trade mission from Scotland to Barbados. Scotland enjoys extensive connections with Barbados, and we are keen to expand these into productive business partnerships.
“The island remains an incredibly desirable place to do business and is a stable political and economic jurisdiction. Our welcoming investment climate compliments the enviable quality of life that we offer”.
Jo Smith of the Renfrewshire Business Network added that “Barbados is a long-established hub for global business. We urge all those interested in exploring the opportunities that we offer to register their interest in attending the event in Glasgow.
“All parties hope that the 2022 mission continues last year’s great start showcasing Barbados as a welcome destination for investors and entrepreneurs. A warm and welcoming investment climate awaits in Barbados.”