The 2024 Global Business Week Conference (GBWC), organized by BIBA, the Association for Global Business, showcased Barbados' drive to reinforce its position as a global business leader. Held 24-25 October at the Lloyd Erskine Sandiford Centre in a hybrid format, the conference drew international and regional experts under the theme Innovation for a Sustainable Future.

Opening the two-day conference, Senator Chad Blackman, Minister in the Ministry of Economic Affairs and Investment, inspired attendees with a keynote speech that underscored the ambition for Barbados to rival global business hubs like Singapore and the UAE. “If our sector collectively is to go where it needs to go, there has to be a whole country approach to how we do business in Barbados, not just local business, but the international business sector,” Blackman stated. He cited examples of public-private collaboration seen in other leading economies and called for innovation to be ingrained in Barbados’ development strategy. “Innovation has to be the bread and butter of Barbados,” he emphasized, advocating for a progressive mindset that embraces global shifts and adapts to new realities.

BIBA President Marlon Yarde, also Managing Director of the Barbados Stock Exchange Group, reinforced the need for continuous evolution in his welcome address. “As we navigate the ongoing transition within the global business sector under Barbados’ new corporate tax regime, we are acutely aware of our rivals' competitive actions,” Yarde pointed out. He stressed that maintaining Barbados’ appeal as an international business hub required diligence and the adoption of innovative strategies. Yarde commended government initiatives aimed at digitization and seamless inter-agency information sharing but urged a faster pace for these efforts.

Day two keynote speaker, Dr. Pepukaye Bardouille, Director of the Bridgetown Initiative, spotlighted the financial challenges involved in making Barbados more climate-resilient. “Barbados has developed an investment plan for prosperity and resilience between now and 2035...with a price tag of US$11.5 billion over the next ten years,” Bardouille revealed. She emphasized that sustainable development was essential to withstand escalating climate-related disasters. “The climate crisis isn’t going away any time soon,” she warned, underscoring the importance of sustainable economic strategies that align with environmental protection.

A key session on global tax strategy featured insights from Pascal Saint-Amans of the Brunswick Group and former OECD director. He emphasized that even with Barbados' adoption of a higher tax rate, Double Taxation Agreements (DTAs) and bilateral investment treaties (BITs) remain vital for tax certainty. “You cannot do without tax treaties; at 1%, it’s nice to have; at 9% or 15%, it’s a must have,” he said, encouraging Barbados to expand its network of DTAs. Fellow panellist Grant McDonald of KPMG lauded the Barbados government’s efforts to engage with international markets, particularly Canada, to explain the island’s tax strategy and offer investor assurance.

Making her contribution to the conference programme, Glenna Smith, Managing Director of Smith Compliance Consulting, discussed the upcoming Financial Action Task Force (FATF) evaluations and the importance of rigorous regulatory compliance. “We're actually already under the microscope...Barbados will start receiving, submitting, and providing information to the assessors,” Smith explained, urging organizations to maintain high compliance standards and prepare for the 2027 evaluations.

The strategic importance of Environmental, Social, and Governance (ESG) principles was highlighted by Lisa Howard, Associate Director for ESG at CIBC Caribbean. She clarified that ESG goes beyond corporate social responsibility (CSR) by emphasizing data-driven approaches. “ESG is really more of a focus on data and being data-driven...looking at the quantitative story,” Howard noted. She underscored that ESG is increasingly central to corporate strategies, impacting areas from employee engagement to environmental management.

The conference’s success was made possible by a host of other dynamic speakers including Leslie Lee Fook, Alison Browne-Ellis, Celia Collymore, Stefano Capaldi, and substantial support from its sponsors: VM Wealth Management, Seaco Global, Concorde Bank and Centralis (Barbados).

The 2024 GBWC reinforced Barbados’ commitment to fostering a sustainable and innovative business landscape. Through speeches, panels, and expert insights, the conference provided a comprehensive blueprint for tackling future challenges, reaffirming the island’s position as a formidable player in the global business community.

The conference was the highlight of the annual Global Business Week of activities organised by BIBA and its strategic partners from 20 – 26 October, 2024. The week of activities was made possible through the robust corporate backing of several entities including Invest Barbados, the Diamond sponsor, while the International Business Unit of the Ministry of Energy and Business took the Platinum spot. Gold sponsors were the Central Bank of Barbados, CIBC Caribbean and Nuvisual Media, with Silver sponsors including RBC, Lex Caribbean Attorneys-at-Law, Vistra, EY, PWC, Scotiabank, Trident Trust, Clarke Gittens Farmer and KPMG.

The Global Business Week Conference will of course be back for 2025, so mark your calendars for 23–24 October 2025.