Barbados is currently in the process of fostering an economic partnership with the African state of Nigeria which the business community hopes will lead to increased potential for bilateral investment and closer trade ties in general.
A Barbados delegation recently travelled to the West African state in a trip organised by the not-for-profit organisation Caribbean African Association of Barbados’ Trade and Economics Committee (CAAB).
One outcome of the talks was the establishment of a working committee consisting of three private sector representatives, two CAAB members and a BlDC (Barbados Investment and Development Corporation) officer, whose mission is to explore potential areas of trade and investment growth between Barbados and Nigeria.
The mission is hoping for a number of business and investment orientated outcomes from the closer union between the two nations, such as the development of bilateral trade and investment ties, increased foreign investment into Barbados itself and the increased opportunities for business in both the private and public sectors.
The main achievement of the various discussions with government agencies and private sector bodies was the signing of a Memorandum of Understanding for future economic cooperation. Two additional MOUs are also awaiting ratification.
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