A MAJOR event was held in Glasgow today (25and February) to highlight investment opportunities in the Caribbean island of Barbados.
The gathering follows a highly successful mission to Barbados in November last year, when several Scottish companies traveled to the island to advance their investment intent.
The event was organized 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 in the Scottish Government‘s Directorate of International Trade and Investment, and Milton Innis, High Commissioner for Barbados to the UK, were also present.
The trade event serves as a platform for the next trade mission to Barbados in November 2022. In attendance were companies that participated in the previous mission and are interested in the next one.
Famous as a popular tourist destination and home of global pop star Rihanna, Barbados offers a warm and welcoming investment climate. The island has ambitions to become a “digital nation” and is on track to achieve the goal of 100% renewable energy generation by 2030, with a carbon neutral goal. Barbados also serves as a gateway to Latin American markets.
Shane Thomas, representative of Invest Barbados in Scotland, notes that Scotland has long-standing links with the island. “The coat of arms of Barbados features a saltire formed from two cane stalks, which appears on Bajan dollar coins. Meanwhile, the “Order of Saint Andrew” is Barbados’ highest national honour, and the two countries share St Andrew as their patron saint. There’s even a Barbados tartan,” Shane joked.
Investment opportunities include niche manufacturing, global banking, information and computing technology (ICT), FinTech, global education, food and beverage, 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 allows individuals to stay and work remotely on the island without changing tax residency, has been extended and remains attractive to digital nomads in Europe.
Comprised of more than 14 UK-based companies across a range of sectors including education, food and drink and clean energy, the latest trade mission supported investors seeking opportunities and partnerships with local public and private sector entities in Barbados.
Commenting on the planned event in Glasgow, Kaye Brathwaite, CEO of Invest Barbados said:
“We were delighted to co-host this event, particularly after the success of Scotland’s November trade mission to Barbados. Scotland has an extensive relationship with Barbados, and we want to expand that 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 complements the enviable quality of life we offer.”
Jo Smith of Renfrewshire Business Network added that “Barbados is a long-established hub for global business. We urge anyone wishing to explore the opportunities we offer to express their interest in attending the event in Glasgow.
“All parties are hopeful that Mission 2022 will continue last year’s strong start by showcasing Barbados as a welcome destination for investors and entrepreneurs. A warm and welcoming investment climate awaits in Barbados.