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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 been concentrated in 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 which 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, the 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, PO Box 189, Bridgetown (postal address); First Floor, Nemwil House, Collymore Rock, St Michael (street address) (tel: 426 2056; 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 cafeteria 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: 434 3000; fax: 431 9795; e-mail: sales@sherbournecentre.com; website: www.sherbournecentre.com).
Copyright © 2003 Columbus Publishing Ltd.
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