Foreign investors confident in Barbados economy

The international business community has expressed a degree of “elevated confidence in Barbados” as a destination for foreign direct investment (FDI), Barbados Finance Minister Chris Sinckler has said.

At the recent opening of the island’s fifth Burger King outlet in the capital recently Sinckler said that the external investor interest being expressed was significant since, in a challenged global environment, business people had become even more circumspect with regard to the manner in which they invest their money. Investors are now not going places because there is a lot of money around and they can afford to go. They are actually weighing their options extremely closely. They are looking at many factors, not only political stability, not only economic stability, the openness of the society, the quality of the labour force, the level of education, and level of literacy, they are looking at all types of factors and variables in making a determination as to where they can invest their money or where they can allow their names and their brand to be associated with a particular jurisdiction,” Sinckler said.

The Finance Minister said Barbados had been able to attract a high quality of foreign investment despite the economic challenges which the country has faced over the last few years.

Sinckler said that the upsurge in investor response bespeaks confidence in the capacity of local business operators to be able to carry international brands to the standard that we expect. “The expansion of this franchise here in Barbados is proving that we as Barbados are not out of the game, we are very much in the game,” Sinckler said.

“The people who have invested here have expressed that level of confidence that Barbados can continue to grow and do well if we apply all the things we know that are necessary in the context of building successful businesses, successful communities and ultimately a successful country,” Sinckler added.

Sinckler said the expansion of Burger King was a tribute to the talent, skills, fortitude and foresight of the investors, describing Barbadian Ralph “Bizzy’ William, the chairman as a “genuine entrepreneur” who is prepared to take risks.

Sinckler said a number of local suppliers, including small and medium-sized businesses, had been given the opportunity to supply and provide services to Burger King, thereby contributing to the growth of the local economy.