Barbados Continues To Attract International Business

by Mike Godfrey, Tax-News.com, New York

10 July 2003

Despite the troubled international business environment, and pressure on 'offshore' from multinational organisations, Barbados international business sector saw an increase in company registrations in 2002.

The Barbados Investment and Development Corporation reported that at the end of December, 329 offshore entities had been licensed during the year, an increase of 84 over 2001. The BIDC said attributed the increase to focused efforts to ensure that Barbados was actively promoted among potential investors as a preferred location for offshore investment continued, and major expenditure on advertising in leading industry magazines and publications in key target markets.

Several promotional seminars for attracting potential investors, the BIDC said, were also hosted by the corporation in the State of Virginia, and the cities of Boston, Calgary and London.

In March 2003, the BIDC hosted its first Financial Services Conference, themed 'Navigating The New International Financial Environment', at the Sherbourne Conference Centre. The conference attracted over 250 local and overseas participants and received high praise from participants for its organisation and the quality of presentations.

The BIDC says it also concentrates on promoting strategic alliances, and had identified eight opportunities for joint venture and other strategic alliances during the year, in such areas as call-centre activity and information technology collaboration between local companies and foreign counterparts.

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