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Barbados Government Sets Up Foreign Investment Council,
by Amanda Banks, Tax-News.com, London
Monday, August 11, 2008
A tripartite body, the Council for Investment, Exports and Foreign Exchange (CIEX)
has been established to coordinate the efforts of Barbados’s principal foreign
exchange earning sectors and to ensure that the coordination is given "due
central priority," the government has announced.
This disclosure was made last Friday by Prime Minister David Thompson as he
addressed the Collaborative Conference of National Organisations and National
Councils of Barbadian Organisations at Sherbourne Conference Centre.
Mr. Thompson explained that CIEX would be broader in scope than the Foreign
Exchange Committee which was created in 1991 and would build upon its positive
achievements. The new entity will explore several creative ways to attract investment
into Barbados and to promote specific economic and social development initiatives.
Noting that they were two important areas, among others, in which these objectives
could be achieved, he said: “At a time when the global economy is contracting,
and with official development aid on a long-term decline, government is embarking
on innovative methods to capture international funds in support of social and
economic development.”
The Prime Minister also pointed out that investing private capital for a public
return was a new approach to development financing, where corporations or wealthy
individuals “invested” resources on the expectation of social or
environmentally sustainable returns, whether or not they also expected a cash
return.
“The new source of philanthropy capital has a range of advantages over
traditional sources of development financing such as bilateral and multilateral
aid or remittances. These include independence from politics, flexibility in
development projects invested in and the ability to provide seed capital and
long term funding,” he observed.
Mr. Thompson said that another important role of the Council would be the restoration
of the relationship between Barbados and the tens of thousands of Barbadians
living overseas.
He pointed out that remittances from such persons had grown from $64mn in 1992,
to $263mn in 2006, and that such investment had created jobs, new housing, as
well as business.
“Many of these contributions also come from Barbadians who may never
return to Barbados permanently and therefore our policy is flawed if it only
offers concessions and opportunities for those who have returned,” the
Prime Minister opined.
In an effort to address this, he said that several initiatives would be introduced.
These will include: establishing a unit for overseas Barbadians called Barbados
Network; reviewing the incentives given to overseas Barbadians with a view to
enhancing them; creating a bond to encourage the investment of foreign exchange
by Barbados Networkers; developing a comprehensive Barbados Networkers Data
Base; and hosting a Biennial Barbados Network Consultation in Barbados from
2010.
“I would also like to hold a meeting with your leaders every six months
to monitor developments and keep your leaders abreast with developments. Modern
technology does not require us to be in any one place and we can be linked-up
technologically for that meeting,” Mr. Thompson stated.
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