Business Barbados

Investment Opportunities in the Tourism Sector August 27, 2019, 9:43 pm, Tropical Storm Dorian is passing just 30 miles to the south of Barbados. It will be a long night but the country has taken heed to words of the Honourable Prime Minister, Mia Amor Mottley, and precautions have been taken to ensure safety to life and property. Over the past 18 months we have endured a different kind of storm, an economic storm greater than a Category 5 Hurricane. Barbados is still in the process of emerging from this storm, but is taking significant steps to get the pillars of the economy functioning again. One of these pillars is tourism - the engine of our economy. New investment in tourism is a must and planned investments in The Hyatt Centric, Blue Horizon, Sam Lords Castle, Sandals Beaches, The Sands and the recently opened Azura, clearly demonstrate the great attraction this pillar holds for major investors. Further demonstrating this appetite for investing in Barbados is the US company, Hilton Grand Vacations Inc, making its first investment in the Caribbean by acquiring a US$45m interest in The Crane Resort, with plans for further investments. Plus 116 / Canadian investor, Glenn Chamandy, who already holds successful operations in Barbados through Gildan Activewear, recently acquiring Apes Hill Club Golf and Residential Community, with plans for significant further development. You may ask why invest in Barbados when less than 18 months ago we entered into an IMF programme. This answer is simple: Confidence. Thanks to the successful recovery measures undertaken so far by the current Government, there has been a flood of confidence returning to Barbados’ economy. And while there is still a significant amount of work that needs to be done to ensure that the economy remains on a sustainable path, we have witnessed real evidence of light shining through the dark economic clouds. With Barbados continuing to enjoy a strong reputation for a tourism product that offers visitors a safe and experientia l Sirpaul Jaikaran Assurance Engagement Leader PricewaterhouseCoopers SRL