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Barbados Aims At Attracting Investment In Upturn,
by Phillip Morton, Investors Offshore.com
Wednesday, October 21, 2009
Addressing public and private sector officials at the opening ceremony of the
conference on "Policies And Strategies To Face The Global Downturn: The
Way Forward For the Caribbean,” Barbados's Prime Minister David
Thompson said that the government continues to act assiduously to tackle problems
faced by the territory, and carry its out its previously announced short- and
medium-term fiscal plan.
Thompson told participants that “significant attention [would be placed]
on improving the efficiency of services needed by the international business
sector, and on further strengthening the regulation and supervision of the territories’
entire financial sector.”
Thompson in particular underlined the government’s intention to redouble
efforts to conclude negotiations on double taxation treaties with Latin and
South American, African, Asian, and European countries, in order to establish
a valuable network of tax agreements to encourage investors to Barbados.
Turning to discuss other areas of the economy, he confirmed the government's
planned housing program and improvements to tourism facilities would be going
ahead. The minister noted that they would bring increased employment opportunities
and contribute towards fiscal sustainability in years to come.
Other initiatives, Thompson explained, will include the expansion of port
facilities to accommodate a larger cruise ship program whilst retaining the
efficiency of cargo operations.
"Further, we are seeking to provide loan and equity funding to be accessed
by our hotels for operations, refurbishment and upgrade during the next couple
of years," he further revealed.
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