For many years, Barbados was a leading destination for foreign direct investment thanks to its solid international reputation. Now, following a decade of difficulties triggered by the global financial crisis, the small island nation is back in the saddle and racing not just to make up for lost time, but to lead the way in rapidly emerging areas, such as fintech and clean energy. Kaye Brathwaite, head of Invest Barbados, explains what the buzz is all about, and what makes Barbados such a good place to work, live and play

What is the impact of the government’s strategy on the overall economy?

The strategy implemented by the government of Barbados, from an investor standpoint, has significantly improved business confidence and created an uptick in investment interest. We are seeing more belief and excitement about coming to Barbados and investing and living here, so the strategy is working. Of course, there is no month-to-month solution, but if we continue along this trajectory, it will continue to boost investor confidence and attract the investment that we need.

What sectors are showing the most promise?
From an FDI perspective, we have always been strong in international insurance, trust, wealth management, information services and international sales, but recently newer sectors are showing a lot of promise as well, such as fintech, renewable energy, medical schools and niche manufacturing, where we have success stories.

The government is promoting renewable energy and green transportation. What is the potential for investors in these fields?

There is great potential on offer indeed. One of the government’s goals is for Barbados to become a green economy, and that means a lot of projects coming downstream. I can see lots of opportunities for investors to be a part of these projects and share in something historical and momentous, as we move towards the point in time when Barbados will become a fully green economy.

Reforms have been enacted rapidly. What kind of a message does this send to investors seeking a quick return on their investment?

We have made a commitment to get things done. We are willing to make the effort necessary to make things happen and to change mindsets. In order for Barbados to compete and become a global hub in which to conduct business by 2021, we have to get with the times and move at the speed that everyone else is moving. This creates the buzz and the excitement that goes with seeing results. And the more results you see, the more you want to achieve. So this process creates that energy throughout the country that you are looking for, and when people come into the country, they feel that buzz as well – they perceive that this country is moving and going places.

All eyes are on the Caribbean because of the risk potential due to climate change. How can Barbados be a display window of the best practices and emerge as a regional success story?

We have always been a strong player in the Caribbean because of our political and economic stability, as well as our resilience as a nation, and we want to keep it that way. We want people to look at us and say, like former United Nations Secretary-General Kofi Annan once said, that we are punching above our weight. As we continue to move towards becoming a global business hub by 2021, Barbados is also proactively engaging in and building out a strategy, which enhances our ability to mitigate the risks of climate change while embracing some elements of adaptation. For example, during 2020 we will be planting one million trees across Barbados as an adaptation mechanism. Another initiative is the ‘Roofs to Reefs’ program which seeks in part to augment freshwater resources and reduce the pollutant load affecting our nearshore ecosystems.  This, we believe, will go a long way in helping to restore our coral reefs along the west and south coasts of the island. Naturally, we will also share our knowledge and successes with regional colleagues. 

What are the unique assets that should convince investors to come to Barbados?

We offer an attractive value proposition. Barbados is a domicile that attracts business of substance. Investors will have access to an educated English-speaking workforce, an expanding double treaty network with over 40 countries, and a business-friendly environment with a well-defined legal system based on English common law, with no restrictions on foreign ownership of businesses or real estate. Barbados is politically and socially stable with good infrastructure and a reliable fiber-optic network. It is a very safe island and one of the least corrupt countries with a ranking of fourth in the Caribbean and Latin America, according to the Transparency International 2019 Corruption Index. Barbados enjoys a high quality of life based on its record of low crime, outstanding healthcare, excellent weather, beautiful beaches and affordable accommodation and housing. The island is also easily accessible through daily international flights to major cities. You can come and do business here and also enjoy a high-quality lifestyle with your family in a way that you probably do not have in many other countries.

Germany is strong in technology and engineering. What potential do you see for cooperation with Barbados?

We are keen to collaborate with and attract investment, technology and expertise from Germany. There is potential in anything that involves utilizing our greatest capacity, which is our human resources. Presently we are transforming our old buses into electric buses by converting the engines but preserving the frames, thereby creating a useful and green mode of transport. This is an opportunity for partnership. Another could involve improvements to our water system to see how we can use technology and engineering to upgrade the network, reduce water loss during distribution, and effectively harvest rainwater. Germany is strong in engineering, so this would be a good partnership – I can think of niche manufacturing facilities. The agro-industry also has potential, again through the use of technology and R&D for the development of new species of plants that will not take up a lot of land, which we don’t have, but also to be grown in the open spaces in order to feed our people and also fuel exports.

Do you have any investment success stories you can share?
We’ve had a number of businesses coming into Barbados and expanding: there is Gildan, an apparel manufacturer that started out with a small footprint and now has a huge operation on the island. They don’t manufacture here but their head office is in Barbados. There is also Lenstec, a medical device manufacturer that exports all over the world and continues to grow.

What is your final message about Barbados to the world?

Barbados is big in spirit, big at heart, and big in opportunities. Let us show you what we have to offer and show you why this is the right place to operate your business and enjoy an enviable quality of life.