Barbados Government Seeks Overseas Investment Opportunities to Boost Financial Stability
July 8, 2024
Barbados aims to boost its economy by encouraging overseas investments from Barbadians living abroad, particularly in Canada. Minister Ryan Straughn highlights the potential for increased financial support from the diaspora.
Government is hoping to create a financial buffer for Barbados by facilitating more overseas investment opportunities for Barbadians.
Minister in the Ministry of Finance Ryan Straughn also envisages Barbadians living overseas doing more investment in their homeland.
He outlined the idea during a recent town hall meeting in Canada after representing Barbados at the 54th annual meeting of the board of governors of the Caribbean Development Bank in Ottawa.
It is estimated that the diaspora in Canada contributes $25 million in remittances to Barbados each year, and the minister said that while this was an important support mechanism for many families in Barbados, “we want to be able to see how we can better leverage the connections between you who are working here in Canada [and] North America, as we have done across England and the rest of the world where we have a presence”. (SC)
