Companies seeking edge
The unique and advantageous opportunities that come with operating an international business in Barbados will be the focal point of the second International Business Week next month.
This was noted when the Barbados International Business Association (BIBA) and its strategic partners officially launched International Business Week 2010 recently under the theme From Crisis To Opportunity . . . Unique Strategies, Competitive Edge.
Mohammed Patel, president of BIBA, said this year’s theme acknowledged that “in the wake of the economic crisis, a number of multinational companies and investors took a more conservative stance and retreated within their domestic borders”.
“Therefore it [was] important that this year’s international business celebrations [sent] a message that [transcended] this crisis to promote the unique, advantageous opportunities which operating an international business in Barbados offer.”
The week will run from October 24 to 30 with the main event a one-and-a-half-day conference under the theme Surviving To Thriving: Strategies For Global Expansion In Turbulent Times, which will feature a range of North American, Latin American and Caribbean speakers.
Minister of International Business and International Transport George Hutson, delivering the feature address at the launch, reminded the audience that “the international business sector makes a significant contribution to our tax base”.
“On average, this sector pays a quarter of a billion dollars in corporate tax each year – which, despite its small number relative to the entire number of businesses registered in Barbados, represents close to 60 per cent of all the corporate tax collected each year.”
Hutson added: “Not only does the sector directly employ just over 4 000 people, it provides indirect employment for Barbadians in many other industries that service the sector.” (LK)