Barbados is a Caribbean Community (CARICOM) member of the CARICOM Single Market and Economy (CSME). Once fully in place, the CSME will reduce or remove restrictions on the movement of goods, services, labor, and capital throughout the region. (See www.caricom.org for more information.) Barbados imports 90 percent of its food, over one third of which comes from the United States. Barbados also has very generous bilateral trade and investment and tax treaties with countries including China. Barbados’ tax regime remains compliant where there is a convergence of domestic and international tax rates. There are opportunities in the services sector, especially in the areas of international financial services, information technology, global education services, health, and cultural services. Investment opportunities also exist in agriculture, agro-processing, and energy, including renewable energy technology. In the tourism sector, the government is moving forward with plans for the addition of new branded hotels to its tourism infrastructure. Smaller local hotels continue to refurbish their existing structures. Recently, the government passed legislation to upgrade the existing policy on land use and zoning to open more areas for development and economic activity. Despite ongoing economic challenges, trade opportunities will remain for U.S. exporters of hotel and restaurant supplies, specialty agriculture products, and consumer products.
Market Opportunites
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