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Barbados Government 'Committed To International Business Sector',
by Phillip Morton, Investors Offshore.com
Friday, February 27, 2009
The Barbados government reiterated its commitment to the upkeep of its international
business sector at the Barbados International Business Association’s monthly
networking luncheon. Discussions focused on the maintaining international standards
to ensure Barbados remains a jurisdiction of choice.
Speaking about the government’s role in charting a new course for the sector,
George Hutson, Minister of International Business said: “We remain steadfast
in our resolve to fashion Barbados into the primary international business and
financial services centre in the western hemisphere, driven by the expansion
and diversification of the international business industry”.
This expansion, Hutson surmised, could be achieved through the attraction of
reputable international business companies, an enhanced tax and investment treaty
network and the promotion of indigenous export-oriented services, thus fostering
job creation and increased foreign exchange generation.
While praising the sector for its ‘tremendous resilience’ in withstanding
external shocks, including the Organization for Economic Cooperation and Development
(OECD) initiative on harmful tax competition and tax havens; the Financial Action
Task Force initiative on money laundering; and the developments emanating from
the September 11, 2001 attacks, Hutson said the current global financial crisis
was another challenge, the magnitude of which had not been encountered in the
past quarter of a century.
“I can assure you, however, the government will not sit idly by and watch
any ensuing chaos unfurl within the sector,” he pledged.
To this end, the international business spokesman said the government had already
commissioned and endorsed the ‘Barbados Short and Medium Term Action Plan’
which proposed a modest fiscal stimulus, and a number of functional measures
which would allow the country to emerge from the crisis as a more competitive
economy.
Additionally, Hutson noted that the International Business Unit had also ‘responded
proactively’ by drafting the industry-specific ‘Short and Medium
Term Action Plan for the International Business Sector 2009 – 2011’
in an attempt to tackle the perceived impact of the economic downturn, while
mitigating potential losses.
In outlining the ministry’s focus in the coming financial year, Hutson
said steps would be taken to strengthen its administrative and operational systems,
including review of the information and computer technology environment within
which the International Business Unit executed its regulatory and supervisory
functions.
He added that the implementation of revised license application forms, aimed
at garnering more statistics on the composition of business entities within
the sector, as well as the aggressive pursuit of formal linkages between the
tourism and international business sectors were also among the Ministry’s
short term plans.
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