World Country Guide

Business Profile

Economy
The Bajan economy traditionally relied on sugar production but persistently low world market prices forced the government to promote economic diversification. Most effort has concentrated on tourism, which is now the largest employer on the island and continues to show steady growth. Cotton, flowers and plants are being developed as export products. New light industrial projects, such as electronic components, have fared less well, mainly as a result of falling demand in the USA – the principal export market. The island’s other important industry is oil. Two-thirds of offshore output is exported, with the remainder assigned for domestic consumption. Exploration activities have been intensified since the mid-1990s. In the service sector, Barbados has developed an ‘offshore’ financial industry that now accounts for 15 per cent of GDP. Barbados receives some overseas aid from British and US sources and is a member of the Caribbean economic community, CARICOM, which has boosted regional trade. The island has a good transport and communications infrastructure, which should assist future economic development. The main trading partners are the USA, UK and the other CARICOM nations.

Business
Lightweight tropical suits and shirt and tie are recommended. European courtesies should be observed. Office hours: Mon-Fri 0800-1600.

Commercial Information
The following organisation can offer advice: Barbados Chamber of Commerce and Industry, 1st Floor, Nemwil House, Collymore Rock, St Michael, W1 (tel: 426 2056 or 0747; fax: 429 2907; e-mail: bdscham@caribsurf.com; website: www.bdscham.com) or Barbados Investment & Development Corporation, PO Box 1250, Pelican House, Princess Alice Highway, Bridgetown (tel: 427 5350; fax: 426 7802; e-mail: bidc@bidc.org; website: www.bidc.com).

Conferences/Conventions
For the business traveller, conference organiser or incentive group, there is a number of hotels with conference and meeting facilities. There is also a selection of conference centres, the newest being the Sherbourne Conference Centre. Located 3km (2 miles) from Bridgetown, it is adjacent to the main highway linking the south and west coast. The centre is fully air conditioned and equipped to handle seminars, meetings, international conferences, trade shows and exhibitions. Restaurants and cafe facilities are available to seat 120 and 300 persons respectively. For more information, contact the Barbados Conference Services Ltd, Sherbourne Conference Centre, Two Mile Hill, St Michael (tel: 467 8200; fax: 431 9795; e-mail: sales@sherbournecentre.com; website: www.sherbournecentre.com).