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Chief Executive Officer of Invest Barbados, Kaye-Anne Brathwaite.

International business sector showing resilience

THE International Business and Financial Services sector, despite the current COVID-19 pandemic, is demonstrating its resilience by performing reasonably well under the current circumstances.

Chief Executive Officer of Invest Barbados, Kaye-Anne Brathwaite, noted the above, as she spoke on Day 2 of the virtual Global Business Week Conference 2020 on Thursday. On behalf of the Invest Barbados team, she expressed her pleasure in partnering with the Barbados International Business Association (BIBA) over the years, as Diamond sponsor of the previously titled International Business Week and now Global Business Week 2020, whilst noting that those at Invest Barbados will continue to do their part to lend support to BIBA and by extension, to the international business and financial services sector, no matter the circumstances. 

Pointing out that the sector remains one of the key pillars of the local economy, one that brings foreign direct investment to our shores, one that creates employment for Barbadians which is needed more so now, given the recent unemployment figures and one which in turn helps to improve the quality of life for citizens, Brathwaite stressed that the sector has at present held its own and executed, even in the midst of the ongoing pandemic. However, she stressed that now is not the time to become complacent, even though this may be the case.

"The International Business and Financial Services sector continues to contribute significantly to the country's Gross Domestic Product. Despite the pandemic, the sector demonstrates its resilience by performing reasonably well under the current cir-cumstances. According to the Central Bank of Barbados' review of the economy for January to September of this year, substantial revenue gains were generated from corporation taxes due to the 2018 tax reforms. In fact, the report indicated that corporate taxes rose by Bds$216 million, reflecting the combined impact of the higher tax rates on companies that derive their income solely from foreign exchange earning activities and from higher profitability in the past year. This of course, is welcomed news," Invest Barbados' CEO stated.

"However, even though this is an achievement we should be pleased about, we are not yet out of the woods as the economic effects of the pandemic are projected to level out not for at least another two or so years. As a result, we must remain steadfast and be reminded of our roles as stakeholders, as we work together to realise the vision of making Barbados a global force of the 21st century," she added.

She maintained, "This, I admit is no small task, as the challenges faced are sometimes beyond our control, a fact we have so glaringly experienced this year. Nevertheless, we must stand committed to remaining energised, determined and informed. This is what events such as Global Business Week are designed to do - re-energise and update!"

Noting that those involved in the sector already know its true value, she stressed that it is still up to the key players to find solutions that would continuously lend to its enhancement, no matter the environment and as the national investment promotional agency, Invest Barbados is poised to help contribute to that growth. (RSM)

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