Barbados has for decades been one of the most popular holiday destinations in the world and is especially appealing to Canadians who endure the coldest of winters. The beautiful island nation boasts clean sandy beaches, high surf, a tropical climate, friendly people, multiple festivals, world class cuisine, excellent accommodations and safety for tourists. It's no wonder Canadian tourists flock to Barbados, helping to make the tourism industry flourish.
In addition to the thriving tourism industry, there is momentum to be found with Canadian companies across multiple sectors of growth including light manufacturing, business services, finance and insurance, medical tourism, clean technology, start-ups and information technology, to name a few.
Barbados has been recognised as a top business destination for companies looking to set-up international operations. Barbados is the most easterly island country in the Caribbean, which makes it very appealing to Canadian firms looking for an accessible nearshore location. The beautiful island nation features a favourable time zone, political, social and economic stability, modern infrastructure, a loyal educated work-force and competitive costs, all combined in a business-friendly environment fueled by innovation.
Canada has benefitted from a prosperous bilateral relationship with Barbados since 1966, when Barbados gained independence. There is also a notable Trade and Investment Agreement between Canada and Barbados – the Canada–Barbados Foreign Investment Promotion and Protection Agreement (1997).
Invest Barbados, the investment promotion agency of Barbados, promotes the country's strong value proposition to Canadian investors by creating positive synergies in the Canadian market. This includes facilitating and maintaining countless collaborations and partnerships as well asassisting numerous companies to set-up and/or expand business operations in Barbados.
One of Invest Barbados' main initiatives is to attract innovative technologies to an already vibrant ecosystem, that will in turn, allow for growth within Barbados' own key industries for example: placing specific emphasis on the Canadian information technology outsourcing sector. This focus will secure higher value jobs involving social, mobility, cloud, analytics and applications and help move this sector up the value chain.
The top outsourcing nearshore hub in the Caribbean
Likewise, Business Process Outsourcing (BPO) is deemed a high priority sector according to the government of Barbados, as there is an opportunity to make Barbados 'The top outsourcing nearshore hub in the Caribbean'. Achieving this brand power will attract multiple BPOs, captives, global business services and shared services to set-up operations on the island nation and create an abundance of employment opportunities.
Barbados is also a premiere destination for shared services and middle/back-office operations in banking, fund administration, captives and insurance. The country offers a competitive tax regime, exemptions from exchange control restrictions, the availability of world-class business services and human resources, reliable networking infrastructure to support financial transactions, all combined with an expanding and well-regulated tax and investment treaty netwok.
Prominent Offshore Financial Centre
Barbados is a prominent offshore financial centre for Canadian companies and already home to 19 foreign currency earning banks. In financial services, Canadian banks dominated in Caribbean commerce since 1864 beginning with the Royal Bank of Canada followed by the Bank of Nova Scotia.
The Barbados government is also placing more emphasis in attracting Canadian start-ups with the objective to attract ICT investments from Canada into Barbados. With Barbados further becoming a fintech leader in the Caribbean region, Canadian start-ups working in the blockchain industry of or any sub-sector of information technology will thrive in the Barbados innovation eco-system.
A prime destination ...
Medical tourism in Barbados is seen as an opportunity for economic development and growth and Barbados is a prime destination for Canadians looking to receive admirable medical care. Medical tourism is thriving in Barbados, due in part to the country's location advantages and cultural affinity to Canada.
Light industry for both Canada and Barbados remains an important source of national fiscal revenue which provides many employment opportunities.
The niche manufacturing sector of Barbados is a very attractive market for Canadian companies looking to export their products as well as expand business operations to the island. Barbados has world-class infrastructure, available facilities, industrial parks and a highly-educated and skilled workforce. Furthermore, there are lucrative incentives, capital allowances and training allowances available to encourage new investment from the manufacturing sector.
The shared cooperation between Canada and Barbados is one that is built on trusted values, trade and investment, and strong people-to-people ties. Canada remains the main market for Barbados for both financial and non-financial business and offers infinite possibilities for both tourists and investors alike.
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