Glasgow event builds on Scotland-Barbados trade relationship
An event aimed at showing Scottish businesses the investment opportunities in the Caribbean island of Barbados was held in Glasgow yesterday.
The gathering follows a successful mission to Barbados in November last year, when several Scottish companies traveled to the island to advance their investment intent.
The event was organized by the Renfrewshire Business Network in collaboration with Invest Barbados, the economic development agency of the Government of Barbados.
James McLellan, Deputy Director for Trade and Investment in the Scottish Government’s Directorate of International Trade and Investment, and Milton Innis, High Commissioner for Barbados to the UK, were also present.
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The trade event serves as a platform for the next trade mission to Barbados in November 2022. It was attended by companies that participated in the previous mission and are interested in the next one.
Famous as a popular tourist destination, Barbados offers a warm and welcoming investment climate. The island has ambitions to become a “digital nation” and is on track to meet the target of 100% renewable energy generation by 2030, with a carbon neutral goal. Barbados also serves as a gateway to Latin American markets.
Shane Thomas, representative of Invest Barbados in Scotland, said Scotland has long-standing links with the island. “The coat of arms of Barbados features a saltire formed by two cane stalks, which appears on Bajan dollar coins,” he added.
“Meanwhile, the ‘Order of Saint Andrew’ is Barbados’ highest national honour, and the two countries share St Andrew as their patron saint. There is even a Barbados tartan.
Investment opportunities include niche manufacturing, global banking, technology, global education, food and beverage, wealth management, insurance, renewable energy, medicinal cannabis and medical tourism .
The 12-month “Welcome Stamp”, which allows individuals to stay and work remotely on the island without changing their tax residence, has been extended and remains attractive for digital nomads in Europe.
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Comprised of more than 14 UK-based companies across a range of sectors including education, food and drink and clean energy, the latest trade mission supported investors seeking opportunities and partnerships with local public and private sector entities in Barbados.
Invest Barbados CEO Kaye-Anne Brathwaite said: “We were delighted to co-host this event, particularly following the success of Scotland’s November trade mission to Barbados.
“Scotland has an extensive relationship with Barbados, and we want to expand that into productive business partnerships.
“The island remains an incredibly desirable place to do business.”