What International Business Means to Barbados’ Economy

By the Caribbean Journal staff

Barbados needs to appreciate the value of its international business sector, according to the country’s Prime Minister.

And Prime Minister Freundel Stuart is warning against undervaluing the country’s international business sector, saying that it “continues to contribute significantly to the generation of foreign exchange earnings and the growth of the Barbados economy.”

According to Stuart, the country’s international business and financial services sector contributes around 10 percent to the country’s gross domestic product.

The sector currently has around 4,000 active international entities and has employed a “cadre of highly-skilled Barbadians,” Stuart said.

“It is important that we accept that international financial centres like Barbados are here to stay, because these centres play a key role in facilitating and improving the efficiency of international trade and commerce, as those who choose Barbados to do business will readily testify,” he said. It is, therefore, essential that we remain focused on the sector’s and the nation’s relevance, despite the changes and challenges which we face.”

 

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