Barbados welcomed more than $120 billion in direct Canadian investment last year, ranking it as the fourth-largest destination worldwide for Canadian capital from both businesses and individuals.
Despite these long-standing ties, Canada’s High Commissioner to Barbados, Brenda Wills, highlighted significant potential for further growth, particularly in light of evolving global trade dynamics. She delivered her remarks during a BIBA luncheon at the Hilton Barbados.
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Wills noted that under the Commonwealth Caribbean Tariff Programme, nearly 40 per cent of Barbados’ exports to Canada in 2024 entered duty-free, giving Barbadian businesses a competitive edge in the global market. She identified promising sectors for expansion, including agri-food, clean technology, information technology, and smart agriculture. Barbadian investment into Canada reached $1.5 billion in 2024, reflecting a “two-way relationship built on trust.”
She further acknowledged Canada’s longstanding engagement with Barbados in goods trade and the financial services sector, which has attracted billions in Canadian investment over the years. “Canada’s engagement with Barbados continues to reflect our shared commitment to inclusive growth and economic diversification,” Wills said.
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Highlighting the opportunities created by disruptions in global supply chains, Wills encouraged businesses to rethink trade dynamics between the two nations, pointing to pharmaceuticals, agri-food, and niche manufacturing as areas with mutual potential. She also emphasized the advantages of Canadian banks’ century-long presence in Barbados and the countries’ geographic proximity.
Wills paid tribute to the late Canadian banker Dr Thomas “Tom” Sears, a former BIBA director and president, for his enduring advocacy for Barbados in Canada. She stressed that collaboration between the two countries is crucial in fostering economic growth, climate resilience, and regional security.
BIBA president Marlon Yarde reinforced the strength of the Canada-Barbados relationship, noting the pivotal role of Canadian investment in establishing Barbados as a global business hub and driving sustainable development initiatives.
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