Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss (right) speaking with President of Barbados International Business Association (BIBA) Gregory McConnie (left) and BIBA Executive Director, Henderson Holmes, at the opening of the International Business Week Conference 2016 at Hilton yesterday.

International Business Sector making significant contribution

Fri, 10/21/2016 - 12:00am

Minister of Industry, International Business, Commerce and Small Business Development Donville Inniss, has maintained that International Business continues to benefit the lives of Barbadians.

The Minister maintained that there are a myriad of positive impacts for the Barbadian economy from this important sector. He explained that, “Many of our citizens appear to have the notion that the area of international business is far removed from the average Barbadian and that it is one in which only the affluent are directly involved. But the evidence reveals otherwise. There is no doubt, that this sector has a multiplier effect, as it touches so many other areas of economic activity across Barbados, including real estate; professional services such as accounting, legal and tax; hospitality; construction; information and communication technology; and even education – industries in which many average Barbadians are employed.”

Part of the spin-off impacts of the sector, the Minister maintained, is the economic and social development of the country. “As the second largest contributor to the country’s Gross Domestic Product (GDP), second only to Tourism, and apart from contributing almost ten per cent to the country’s GDP, the sector has also generated thousands of local jobs across the nearly 4 000 active international business entities. Each year these entities pay corporation and other taxes, licence fees as well as salaries, rents, utilities, entertainment and other local expenses – this revenue helps to drive our economy,” the Minister pointed out.

He also gave tremendous credit to the Barbados International Business Association (BIBA) for its efforts within the sector. “I wish to again thank BIBA for their outstanding leadership in developing this sector and to reassure you that the Government considers BIBA to be our most critical partner in this industry. I urge those of you who are not members of BIBA, to do so as a matter of urgency and help us to better shape this sector in a more collaborative and cohesive manner.” (NB)

International Business Sector making significant contribution

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