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, Minister of Industry and International Business There can be no doubt that the first several years of this new century will be a defining moment in the development of the International Business Sector of Barbados. This sector has over the last twenty-three (23) years contributed to the success of Barbados. It is perhaps an under statement to say that the international business sector worldwide is under intense scrutiny. The G7 countries have launched several initiatives, which have at their core the concern that offshore financial centres may be contributing to systemic financial instability, tax evasion and money laundering. In pursuance of these concerns the Financial Action Task Force, the Financial Stability Forum, and the Organization for Economic Cooperation and Development have all published reports on offshore jurisdictions which purport to rate the countries according to some criteria (however flawed). The Government is clear, however, that the future success of the sector is not only dependent on the outcome of external factors such as the OECD but also on the steps which we take to make Barbados competitive and the business location of choice for both local and foreign investment. Barbados has always sought to build an international business sector which is based on openness and transparency. Incentives have been used to stimulate interest and involvement in foreign exchange earning activity. Clarity and predictability are provided by a network of Double Taxation Treaties and Bilateral Investment Treaties. To date Barbados can boast of having double taxation treaties with USA, UK, Canada, Finland, Norway, Sweden, Switzerland, CARICOM, Venezuela, Cuba, China. Bilateral Investment Treaties are in place with the UK, Venezuela, Germany, Switzerland, Italy, Cuba, Canada, China. Our Treaty Negotiating Team is constantly at work on concluding treaties with additional countries and several Latin American and European countries have been identified for priority attention. The result of our efforts to build an international business sector has been quite rewarding and the Government remains committed to its future growth and development. During the next year the Government will spare no effort or resources in seeking to bring all remaining issues to a happy conclusion. It is Government¶s strategic vision that Barbados will continue the diversification of the services sector in order to ensure that latent potential is fully exploited. Barbados will concentrate on the development of: Financial services Informatics E-commerce Tourism Educational and health services Cultural services.
At present the services sector is dominated by tourism followed by financial services. The drive to expand new aspects of the services sector will not however be undertaken at the neglect of these two major segments. In the financial services sector we will continue to expand the product offerings whilst ensuring that strong regulatory standards are
Already we have attracted several companies involved in software development. introduce competition. we are confident that Barbados can safely sail those rough seas and arrive at the shores of the new international financial system with our vessel intact. lower the cost of international telecommunications. positive impact on both the financial services and informatics sectors of the economy. the telecommunications reform will usher in a new bright future for information services in Barbados. often caused by a poor assessment of future trends. Edutech 2000. Patents Act and other intellectual property legislation.Pages 8. The legal. Sudden advances in computer and information technology created so much enthusiasm that within a few short years many business forecasters were widely and loudly predicting the decline of traditional in-store shopping. which was destined in their view to be replaced by the rise of on- . This will have a direct. and enhance the telecommunications infrastructure. Amendments to the Trademarks Act. and the University of the West Indies. Protected Cells and Segregated Accounts. The Government remains committed to the full development of the services sector in Barbados. The Government has committed additional resources to the marketing and promotional effort in both our traditional markets as well as new markets. call centres and other high technology projects. There are several issues which remain to be resolved with the international community. (Taken from Business Barbados 2001 Edition: The Premier International Business & Investment Publication . The Government will soon introduce a new telecommunications framework to end the current monopoly. The future looks challenging but bright for Barbados. The Government will work in partnership with the private sector to ensure that the business environment is facilitatory and that the jurisdiction is effectively marketed as one of the world¶s leading business centres. The international business & financial services sector is a major component of this country¶s services sector. One example is the reaction of many MNE planners to the rise of the World Wide Web in the early 1990s.10. Legislative changes to come include: Amendments to the International Business Companies Act to ensure that the legislation meets international standards in terms of supervision and regulation to remove some anomalies.maintained. Together with the education and training initiatives undertaken by the Barbados Investment & Development Corporation. regulatory and fiscal framework is being reengineered to reflect today¶s business realities as well as to position Barbados to capitalize on future opportunities. the Barbados Community College.12) Scanning the international environment International business history is full of stories of companies wasting capital through poor investment choices. Companies Act and related legislation to introduce. the Government is conducting a thorough review of the sector with a view towards making it more competitive. Together with our industry partners. New E-Commerce Legislation Amendments to the Insurance Act. however.
feasta.org/. Examples include Virgin Atlantic's Richard Branson. accessed 17 April 2009. Leading international business figures are committed to restructuring their operations for green reasons. Yet falling sales of electrical vehicles during the first few months of the 2008-2009 global recession offers a precautionary indication that despite green products' undisputed long-term attractions.line delivery services. available at www. A Sustainable Future? The limits to Renewables. purchasing of travel or entertainment tickets) but the trend has not been nearly as revolutionary as some early planners had expected. One of the greatest dangers in forecasting international trends is 'hubris'. possibly because the experience of going to a grocery store remains a deeply cultural phenomenon that is largely unaffected by technological change. R. (December 2008). certainly in regards to the timing of such moves. most green sectors are at their infant industry stage and require substantial upfront investments (Elliott 2002) that must be reflected in higher prices. including the vision of MNE sustainability held by the authors of this book. The problem with many environmentally friendly items is that they are necessarily more expensive. This warning can be applied to all kinds of trend forecasts. (2002).e. or over-enthusiasm for an idea that happens to be very popular at a particular moment in time. There is no doubting the seriousness of the argument that international business can expect to be increasingly shaped by ecological considerations over the next few decades. investing in new sectors based on forecasters' predictions always entails a certain amount of risk-taking and faith in one's vision of the future. as well as ex-Intel CEO Andy Grove. now a professor focused on retro-fitting the United States' existing automobile fleet so that it incorporates electric driving systems (Grove and Burgelman 2008). The food shopping habits of most consumers worldwide has scarcely changed. A. Thus. who has been testing airplanes using bio-fuels. and Burgelman. By definition. Elliott. There is no doubt that the internet has altered certain aspects of consumer behaviour (i. An electric plan for . A number of retailers invested significant sums in home deliveries that generally failed to materialize. consumers facing short-term hardships are still focusing on more immediate considerations. After all. Some well-known companies lost substantial sums after betting heavily on the internet economy. Grove. the future is never written in stone. such as the relative cost of migrating to a substitute product. D.
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