Building bridges to bigger opportunities

Since they established diplomatic relations in 1977, Barbados and China have continually strengthened their commercial and cultural ties.

Barbados' diversified economy comprises major contributions from tourism and financial services, supported by activity in the energy, agriculture and manufacturing sectors. As these develop, new investment opportunities have emerged.

"The government is continually looking to make the business environment friendlier," said Barbadian Prime Minister Freundel Stuart.

Commercial relations between Barbados and China have been cemented by several reciprocal trade missions and more than 20 economic agreements. These include a visa waiver agreement and a double taxation agreement.

Barbadian Minister of Finance Christopher Sinckler said, "We have had a double taxation agreement for some time, but we have revised it to make it better suited to the present business climate."

China already plays an important role in the socio-economic development of Barbados and has funded major construction projects such as the Garfield Sobers Gymnasium, the Sir Lloyd Erskine Sandiford Conference and Cultural Center, and the renovation of the island's iconic Cheapside Market building.

In recent years, securing project finance has not been easy for Barbados. "Access to concessional financing has been at a premium since the global financial crisis," Stuart said."You know who your friends are when they are prepared to help you in difficult times and China has unfailingly shown its support for Barbados."

The government is finalizing plans for numerous tourism projects including a $600 million development of the Pierhead Marina and discussions are also underway to build a $420 million sewerage plant that will significantly enhance the water distribution network.

"These are two projects for which we would like to utilize Chinese funding," said John Mwansa, general manager of the Barbados Water Authority.

Cultural ties are also expanding. The Confucius Institute now operates from the University of the West Indies to improve the understanding of Chinese culture and language.

Stuart said he welcomes the partnership Barbados has forged with China. "I believe that the foundations have been laid for even closer relations in the future," he said.

Provided by Asia International Reports

(China Daily 03/25/2016 page10)