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IBCs making big contribution to the economy

MARIA BRADSHAW, [email protected]

IBCs making big contribution to the economy

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INTERNATIONAL BUSINESS Companies are contributing a billion dollars annually in foreign exchange to the Barbados economy.

And Executive Director of Barbados International Business Association (BIBA) Henderson Holmes, believes these off-shore companies are the most important providers to foreign exchange in Barbados.

He made the comment this morning while speaking at a press conference to announce the launch of International Business Week which runs from October 4 to October 10.

Revealing that there were 3685 International Business Companies active in Barbados, employing approximately 4500 persons Holmes said the real contribution was in the quality of jobs these companies provide.

“It is really one of the most important providers of foreign exchange to the Barbados economy. The consistency with which international business provides foreign exchange which is the lifeblood of an economy is unmatched by any other sector.

BIBA President Andrew Alleyne said new international business entities were being formed at a rate of 490 to 500 per year.

They contribute ten percent of GDP as well as over 50 per cent of corporate profits annually.

The week of activities include a Secondary Schools Symposium, a public forum, career showcase and International Business Conference. (MB)