International business holding its own
Thursday December 30 2010 | 10:48 AM

The international business sector is resisting the negative trend shown by some of Barbados’ other economic drivers by recording positive growth over the first eleven months of this year.

 Drawing on figures supplied by the Office of the Supervisor of Insurance and the Ministry of International Business and International Transport, the Barbados International Business Association (BIBA) has been able to show through a comparative analysis that the island is maintaining its attractiveness for those international businesses registered here.

 BIBA Executive Director Henderson Holmes had this to say of the results from the data collected: “While reports have indicated that there is some uncertainty as to the fortunes of some of the main drivers of the economy, the numbers tell a more convincing story for active international business entities as at November 2010. Although new registrations for the year have declined marginally, a high level of renewals along with the reinstatement of 81 international business companies, indicate that the jurisdiction is not only retaining its established businesses but attracting new ones in these turbulent times.”

 According to the statistics supplied, Barbados had 3,808 active international business entities as of November 2010. This actually marks an increase over the position at the end of 2009 when 3,704 international business entities were active. Furthermore, 407 new entities had registered up to November this year, which puts those figures almost on par with the 413 new entrants in all of 2009.

 Mr. Holmes said these figures were significant for a number of reasons, not least of which is that the registrations and license fees would have injected millions of dollars in much needed foreign exchange into the Treasury. “The registration and license fees aside, international business is without doubt the most consistent and reliable provider of foreign exchange into Barbados because these companies don’t earn their income here and therefore must bring in foreign exchange to cover all of their operating expenses, and this foreign exchange is pumped into the local economy,” he said.

 “BIBA is greatly heartened by the positive showing that the sector is making in Barbados because signs of recovery are very important in depressed economic times. Furthermore, the level of investor confidence that this is showing in Barbados as a jurisdiction augurs well for attracting even more business to our shores once the recovery builds momentum in our international source markets,” concluded Mr. Holmes.