BIBA Hosts Official Launch Event for October’s Global Business Week
Barbados is set to host Global Business Week from October 20 to 26, 2024, as announced by BIBA, the Association for Global Business. The launch event highlighted the island’s ongoing efforts to remain competitive despite recent changes in corporate tax rates.
Addressing concerns about companies leaving Barbados after the corporate tax rate was raised to 9% (and 15% for the largest multinational taxpayers), Minister of Energy and Business, Senator The Hon. Lisa Cummins, and BIBA President, Marlon Yarde, reassured attendees that there has been no mass exodus of global business companies. Since the tax hike took effect in January 2024, they reported no significant movement of businesses away from the island.
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Yarde noted that several companies in the fintech, shipping, and petrochemical sectors are in the process of obtaining new licenses in Barbados. He also mentioned that firms in the international insurance industry are expanding their presence on the island, demonstrating continued confidence in Barbados as a business hub.
Despite these positive developments, both Cummins and Yarde emphasized the importance of staying innovative and responsive to attract and retain global businesses. Senator Cummins called for stronger collaboration between the government and BIBA, especially in research and developing strategies to secure Barbados’ place as a leading international business domicile.
Cummins also urged BIBA to assist the government in establishing a research entity similar to the former Regional Negotiating Machinery (RNM) to analyze global trends and threats, which would help Barbados better position itself to attract and retain global business.
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The upcoming Global Business Week will feature a hybrid Global Business Conference on October 24 and 25, along with various activities aimed at engaging the broader population. Additionally, the annual BIBA Charity Ben Arrindell Golf Classic is scheduled for November 1 to raise funds for the Queen Elizabeth Hospital’s Artificial Kidney Unit.
While expressing confidence in Barbados’ future, Cummins acknowledged that while there has been no mass exodus, smaller numbers of companies may still relocate. She emphasized BIBA’s readiness to collaborate with the government, Invest Barbados, and the International Business Unit to craft strategies for sustaining and growing the sector.
President Marlon Yarde lauded BIBA’s success over the years, despite challenges in the global business environment. He credited the association’s strong community of members, partners, and sponsors for keeping the organization resilient. Reflecting on the efforts to adjust Barbados’ tax regime, Yarde expressed optimism about the island’s ability to navigate the evolving international business landscape.
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Global Business Week 2024 is supported by several key sponsors, including Invest Barbados, the International Business Unit, the Central Bank of Barbados, CIBC Caribbean, and other prominent corporations.
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