Barbados attracted more than $120 billion in direct Canadian investment last year alone, making it the fourth-largest destination worldwide for Canadian capital from businesses and individuals.
Despite the long-established trade and financial ties, however, Canada’s High Commissioner to Barbados, Brenda Wills, says there remains significant potential for further growth – particularly in light of shifting global trade dynamics.
Wills made the point as she delivered the featured address at the luncheon meeting of BIBA, the Association for Global Business at the Hilton Barbados.
She reminded attendees that under the Commonwealth Caribbean Tariff Programme, nearly 40 per cent of Barbados’ exports to Canada in 2024 entered duty-free, allowing Barbadian businesses to “compete and thrive in the global marketplace.”
Wills identified key growth opportunities in sectors such as agri-food, clean technology, information technology, and smart agriculture. According to her, Barbadian investment into Canada reached $1.5 billion in 2024, demonstrating what she described as a “two-way relationship built on trust.”
She also acknowledged the importance of the trade in goods, while highlighting Barbados’ highly attractive financial services sector, into which Canadian companies have invested billions of dollars over the years.
“Canada’s engagement with Barbados continues to reflect our shared commitment to inclusive growth and economic diversification. Together, we are working to create opportunities that are not only sustainable and equitable, but also resilient qualities that are increasingly vital in today’s rapidly evolving global landscape. Last year, Barbados ranked as the fourth-largest destination for Canadian direct investment abroad, totalling $120.6 billion,” she noted.
Wills emphasised that while commercial ties are strong and diverse, there is still room for expansion.
“The recent disruptions in global supply chains are an opportunity for us to rethink and reimagine trade dynamics between Canada and Barbados,” she said.
She pointed to areas of mutual potential including pharmaceuticals, agri-food, and niche manufacturing, noting that the longstanding presence of Canadian banks – here for over 100 years – and the geographic proximity between the two countries offer valuable leverage.
Wills also praised BIBA for its role in facilitating and strengthening global business and investment successes.
She also paid tribute to the late Canadian banker Dr Thomas “Tom” Sears, a former BIBA director and president, who formed BIBA-Canada on his retirement and returned to Canada in order to continue to be a strong advocate for Barbados among policymakers in his homeland having also held parochial political office there.
“In an era marked by instability and disruption, our work together to bolster regional security, diversify trade, foster economic growth, and protect the rules-based international system is not only timely – it is essential. We are living in unprecedented times,” she said.
Wills added: “We’re also a steadfast and reliable partner. We recognise the existential threat posed by climate change and continue to stand with the Caribbean in building climate resilience.”
Meanwhile, in his opening remarks, BIBA’s president Marlon Yarde highlighted the deep ties between Barbados and Canada, which he said are founded on a shared vision for sustainable development. He also emphasised the “pivotal role” Canadian investment has played in shaping Barbados into a global business centre. (PR)
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