Barbados international business sector recovering well
Monday April 04 2011 | 03:57 AM

INTERNATIONAL business sector companies within this island are reporting substantial increases in first quarter performances.

Saying this was encouraging news in light of the impact the global crisis had on this sector over the past two years, Minister of International Business and International Transport George Hutson pointed out that there had been a fall off of corporation tax receipts due to a drop in companies’ earnings.

Furthermore, he indicated that although the island had recorded an increasing number of companies licensed by the International Business Unit, tax revenues were down.

“The good news is that as international economies start to recover in 2011, those companies that are licensed here in Barbados should record increased turnover and earnings,” he said.

The minister was at the time speaking at the official launch of Gildan Activewear at the Newton Business Park on Friday evening.

He expressed his pleasure to the company’s 128 employees and other gathered officials that the Canadian offshore company has shown considerable increases in 2011 first quarter sales compared with the same period for 2010 and that projections for the second quarter were expected to be an increase of 15 percent.

“Considering that the first quarter is seasonally the lowest quarter in the fiscal year for sales of t-shirts, this record first quarter performance by Gildan International speaks to the belief in and application of Gildan’s statement: ‘the success of our company is closely tied to the efforts of the qualified individuals who uphold our values as proud member of the Gildan team.’ Barbados is immensely proud to be part of this recovery as we know that our citizens have also played a role in this recovery,” Hutson said.

Gildan, a marketer and manufacturer of branded apparel, moved into the multi-million dollar complex earlier this year after it outgrew its Warrens Industrial Park office.

It is the leading supplied of activewear for the screen-print market in the United States, Canada and Europe.