Barbados
Barbados Does It Best
Prime Minister David Thompson is making sure Barbados’s many investment attractions are better known. He says, “Barbados is a very stable democracy with an excellent private sector that has developed strong competencies in service-oriented activities. We also have advantageous taxation agreements with countries all over the world. I think we have a good international profile.”
The Prime Minister predicts enhanced ties between Barbados and the United States in the future. He says, “We are an active member of CARICOM and we have seen more of our products entering the United States market this year. Also, the United States is our biggest tourism market.”
While Barbados is facing increasing competition from other destinations, it is promoting its very real advantages. The Prime Minister says, “Barbados’s strengths speak for themselves, but we are now working to broaden our tourism product. For example, we have witnessed a dramatic improvement in culinary skills, and we see Barbados as a culinary tourism destination. We are also encouraging Barbadians living abroad to bring more business to us.”
In addition to attracting American companies and visitors to Barbados, the government is helping local companies penetrate the United States market. The Prime Minister singles out a few success stories among local and foreign investors in Barbados, including Goddard’s, which has proved successful in Miami and South America; SOL Caribbean, Texaco, the Hilton group, Mount Gay Rum, Malibu, and several up-and-coming young companies.
New projects for the government include one to build a hospital with support from the Bill and Melinda Gates Foundation. Concerning the importance of New York for Barbados, Prime Minister Thompson says, “Most of our capital market loans are based out of New York, and some very influential Barbadians and their families live there. We view New York as a very high-value market for us.”
