Barbados’ position among the world’s top ten captive insurance domiciles is not good enough, according to Minister of Energy and Business, Senator Lisa Cummins, who says the government is targeting the number one spot.
Speaking at the media launch of Global Business Week 2025 (GBW 2025) – hosted by BIBA, the Association for Global Business – Cummins affirmed Government’s commitment to strengthening its global competitiveness in the captive insurance sector.
She also noted rising competition from countries like Canada, which she said has been “investing very heavily in attracting the captive insurance sector”.
The minister commended BIBA for its consistent advocacy, education and collaboration in expanding both the captive insurance segment and the wider international business sector. She praised BIBA’s contributions through its annual Global Business Week, which will take place from October 19 to 25, and other initiatives.
Cummins also highlighted the development of Business Barbados, the new state-owned entity launched in April, which replaced the Corporate Affairs and Intellectual Property Office.
Business Barbados is intended to enhance the ease of doing business by streamlining and modernising business registration, regulatory compliance, and other administrative processes, while reducing bureaucracy and improving customer experience.
While acknowledging that Business Barbados remains a work in progress, she appealed to the business community for patience.
At the same time, Cummins was clear that the transition phase is no excuse for subpar service.
She emphasised that the global business continues to be one of the key pillars of the Barbadian economy, especially in turbulent times.
Also speaking at the GBW 2025 media launch, BIBA President Marlon Yarde highlighted the week’s overarching theme: “Resilience: Adapting, Transforming, Thriving.”
He underscored the importance of the week as a platform to engage stakeholders, foster connections, and reaffirm the value of the global business sector to Barbados -while helping to demystify the industry.
Kaye-Anne Greenidge, chief executive officer of Invest Barbados, perennial diamond sponsor of GBW, reiterated the role of global business in positioning Barbados as a preferred jurisdiction. (PR/SC)
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