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$2m to come from sector


$2m to come from sector

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BARBADOS is poised to earn millions of dollars more from international business and financial services even as the sector is perceived to be operating in the shadow of the tourism industry.

Minister of International Business Donville Inniss said that he expected yesterday’s parliamentary approval of legislation to permit the establishment of incorporated cell companies (ICC) would allow Barbados to earn at least $2 million in additional revenue in the next year and a half.

At the same time, the St James South Member of Parliament said with international business and financial services contributing at least $900 million to the Barbados economy annually, Government was likely to “in a few months . . . mount a mission into Mexico and Latin America to grow out the business”.

An ICC is an entity established as an offshoot from the original enterprise – in this case within the international insurance industry – that is able to operate as a separate company.

Please read the full story in today’s Midweek Nation, or in the eNATION edition.