Ripe for investment
BEING RANKED the least corrupt CARICOM country by Transparency International should result in Barbados’ being a more attractive option for overseas investors.
This was the view of John Beale, Barbados’ Ambassador to the United States and Organization of American States (OAS), as he responded to the report released last Wednesday by Transparency International on perceived levels of corruption in more than 175 countries’ public service.
“For CARICOM, that is good to know. But more importantly, if we are 15th in the world . . . [about] which I am not surprised, and being ahead of places like Japan and the United States and Britain, I think that it is an outstanding position to be in,” he said.
Barbados was ranked first in the Caribbean and 15th in the world with a score of 76 out of 100 – a better score than many developed countries, including Belgium, Japan, Britain and the United States.
“What is really critical is that if you are looking to attract investments into a country, one of the key things that people like to look at and know is the trustworthiness and credibility of a country,” Beale explained.
“Knowing that status – that really high-ranking position – should help tremendously in terms of attracting foreign investment. So that is one good indicator among the others, and I hope Barbados maintains that position.
“It is important to have a good ranking if you want to attract foreign investments because that is a serious consideration for people who are trying to avoid countries that are known for tremendous amounts of corruption,” added Beale.
Beale, a former banking executive, said, “I can tell you one thing that is clear: I believe the United States and a number of other countries, when they look at the Caribbean, often look at Barbados and where we stand because we have that reputation to be a small but serious nation.” (MM)