Barbados Manufacturing Investments
Investment opportunities in the Manufacturing Industry are abundant in Barbados.
Manufacturers will find Barbados an ideal location to base their production facilities.
Barbados boasts a modern infrastructure with:
» Well maintained highways and side roads
» Country-wide internet services
» Modern telecommunications system (including up-to-date digital technology and fibre optic systems, direct international dialling and satellite telecommunications)
» A reliable 15/230 volts 50Hz electricity supply in most major residential areas and all newly developed locations
Recently upgraded and expanded, Sir Grantley Adams International Airport handles over 2.3 million passengers per year and offers direct flights to major international cities such as London, New York, Miami and Toronto.
For seafaring needs, Bridgetown offers a modern and top-rated seaport with both a deep-water harbour and a shallow draft.
Competitive labour costs, as well as English speaking and service-oriented employees only add to the attractiveness of the island’s workforce.
Government subsidized education – from the primary to post-secondary levels – as well as the presence of several training institutions has created a highly educated workforce with ample opportunity for life-long learning and training options in business management, technical skill-building and vocational programs.
Barbados Manufacturing Association (BMA), established in 1964, strives to bring manufacturers together. BMA aims to drive the manufacturing industry forward while bringing collective issues to the government agenda to create an enabling, efficient environment for production and export.
Barbados Manufacturing Exhibit (BMEX) – the region’s premier trade show for the manufacturing industry – provides a showcase of Barbados’ best products to overseas buyers and regional partners.
Since its inception in 1982, BMEX has toiled to create opportunities for local manufacturers including:
» Promotion of Barbadian products and services
» Introduction of new and unique products to local consumers and international buyers
» Establishment of local, regional and global links and trade relationships
The Government of Barbados provides a variety of incentives to attract potential manufacturers including:
» Low Tax Rates
» Duty-free Import of Materials (components, raw materials, production equipment)
» Training Grants
» Affordable Rental Space
» Tax Holidays
» Export Allowances (through the Fiscal Incentives Act)
For more information on incentives and services, visit Invest Barbados (IB) head office in the capital city Bridgetown or one of IB’s satellite facilities in New York, Miami, Toronto and London.
The government is also working hard to push the local manufacturing sector through the Barbados Investment and Development Corporation (BIDC)’s Export Expansion Plan.
The Export Expansion Plan will see the liberalization of certain locally produced goods such as paper products, clay tiles, plastic bags, dog and cat food.
The BIDC has also taken steps to expand the availability of business grants through the Tourism and Manufacturing Grantee Scheme to include both small and medium-sized businesses in the tourism and tourism-related sectors as well as the introduction of Technical Assistance Grants offered through the Industrial Credit Fund.
The Central Bank of Barbados is also working hard to expand the manufacturing sector while countering the impact of the current global recession by introducing new policy initiatives. Incentive programs include a reduction in loan rates and expansion of business grants (in conjunction with the BIDC).
Barbados-based manufacturers will also profit from preferential trade arrangements on the international market through the Caribbean Basin Initiative, CARIBCAN, CARIFORM-EU Economic Partnership Agreement (EPA) and CARICOM.
In investment and business news, recent global ratings place Barbados as forerunner within the Caribbean Community (CARICOM). The Wall St. Journal and The Heritage Foundation ranked Barbados the 4th freest economy in the Americas in their 2009 Index of Economic Freedom.
Scores were based on: business, trade, government size as well as monetary, fiscal, investment and financial freedom, property rights, corruption and labour.
Further boosting Barbados reputation on the global investment market, the World Economic Forum’s 2008-2009 Global Competitive Report slotted Barbados in 5th place within the western hemisphere following the USA, Canada, Chile and Puerto Rico.
In making the decision, considerations included: institutions, infrastructure, macroeconomic stability, higher education and training, goods and labour market efficiency, financial market and business sophistication, technological readiness and innovation.
With a modern and reliable infrastructure, a well legislated and enabling business environment and excellent international reputation, Barbados is an excellent vantage point to base your manufacturing industry.