Barbados Tourism Investments
The Barbados Tourism and Hospitality sector is among Barbados’ strongest industries providing unlimited investment opportunity.
Barbados has long been known as a premium Caribbean travel destination for North American, British and European tourists. Sun, sand and pristine beaches with crystal clean turquoise waters draw over 400,000 visitors each year to Barbados.
Ranked 30th of 133 countries in the World Economic Forum’s 2009 Travel and Tourist Competitiveness Index, Barbados’ tourism and hospitality sector is highly developed; offering a wide variety of accommodation as well as food and beverage opportunities such as restaurants, bars and clubs.
Off the beach, attractions and activities are plentiful with a plethora of cultural events, museums, galleries, and wildlife and nature sanctuaries.
Water sports delight the athletic types with several scuba dive, surf and kite-surfing operations, jet-ski rentals, water-skiing, snorkelling, sailing and ocean fishing trips. Spectators can enjoy horse-racing, polo and rally car racing.
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 are based on: business, trade, government size as well as monetary, fiscal, investment and financial freedom, property rights, corruption and labour.
Further boosting the reputation of Barbados 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.
Barbados Hotel and Tourism Association (BHTA) is a non profit trade association dedicated to bringing people, research knowledge and technology together to resolve challenges of business and stage world class experience and performance.
Members of the BHTA include:
» Real estate agents
» Water sport associations
» Activities and attractions
» Advertising and PR agencies
» Other tourism-related industries
Based in Barbados, the Caribbean Tourism Organization (CTO) has 32 member governments as well as private sector organizations and companies. Marketing offices are situated in New York, London and Toronto.
The CTO strives to provide – to and through its members – a number of services and information to develop sustainable tourism for the economic and social benefit of Caribbean’s in the areas of:
» Human Resources Development
» Information Management
Committed to expanding investment in this sector, the Government of Barbados – under the Tourism Development Act – provides incentives for companies involved in hotel construction, financing and operation as well as construction and operation of other tourism-related activities.
» Investment Services
» Tax Write-offs
» Exemption from Import Duties (on certain building materials and equipment)
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 Central Bank of Barbados is doing what it can to counter the impact of the current global recession by introducing new policy initiatives to boost the tourism sector.
The Barbados Investment and Development Corporation (BIDC), in conjunction with the Central Bank, has also taken steps to expand the availability of business grants through the Tourism and Manufacturing Grantee Scheme.
This includes 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.
Barbados continues to be a premier location attracting global investors seeking a sophisticated, stable and profitable Caribbean destination to base their product or to invest in existing enterprises.
Through its many incentive programs, dedicated investment and tourism departments and stable infrastructure, the Government of Barbados has created an enabling environment for discerning business people.