Trade missions play a critical role in the ever-changing world of global commerce. Such missions provide a platform for nations and businesses to build economic relationships, exchange ideas and explore mutually beneficial opportunities. The recent mission to Barbados, which ran from November 20–24, 2023, was one such expedition that has opened new avenues in various areas for trade, investment and collaboration.
Invest Barbados, Renfrewshire Business Network, the British High Commission to Barbados and the UK Department for Business and Trade jointly organised the Scottish Investment and Trade Mission to Barbados. The consortium of 22 UK business leaders and industry experts sought, through the business session on day one and the two days of intense B2B meetings, to leverage synergies, catalyse investment prospects and forge enduring partnerships. Thirteen Barbadian entities participated in the B2B meetings.
The kick-off event held at the Crane Resort, featured informative and engaging presentations that showcased Barbados’ competitive advantages, such as its stable economy, skilled workforce and position as a gateway to other markets in the Caribbean, Latin America and emerging markets in Africa. Attendees also gained valuable insights regarding commercial opportunities with international financial institutions operating in the Caribbean, how to advance trade with the CARIFORUM-UK Economic Partnership Agreement and the recent wins and opportunities regarding trade in Barbados and the Eastern Caribbean. Speakers included CEO of Invest Barbados, Kaye-Anne Greenidge; Research Officer with Export Barbados (BIDC), Dario Pile; Financial Coordinator at Compete Caribbean, Gregg Broomes; Head of Procurement at the Caribbean Development Bank, Douglas Fraser; CEO and Managing Director of the Axebridge Group, Roland Jones; and Regional Director for the Commonwealth Caribbean, UK Department for Business and Trade in Barbados and the Eastern Caribbean, D’Jamila Ward.
Among the tangible outcomes of the bilateral meetings was the signing of a Memorandum of Understanding (MoU) between The University of the West Indies (UWI), Cave Hill Campus and the University of the West of Scotland. The agreement aims to improve the quality of education and research by exploring various opportunities for knowledge exchange and partnerships.
The UWI and its Scottish counterpart will share expertise and resources through research collaborations, joint projects and academic programmes that cater to all levels of study, including undergraduate, postgraduate and doctoral degrees. In line with this, the universities will explore joint PhD and professional doctorate supervision programmes, allowing students to benefit from the expertise of both institutions and enabling them to gain a broader perspective on their research topics and access to a wider range of resources and opportunities.
Additionally, they will prioritise public engagement initiatives to promote and enhance a better understanding of research and academic activities. Through the MoU, the universities also aspire to encourage a better understanding of diverse academic settings and cultures by promoting exchange programmes for students and staff to share ideas and experiences.
Dementia Care a Talking Point
Stakeholders in the nursing sector, specifically focusing on dementia care, were also included in the meetings. As a result, The UWI is considering the introduction of a degree programme in this field to equip students with the knowledge and skills necessary to provide high-quality care for persons diagnosed with dementia. The initiative could prove to be advantageous for Barbados, considering the Economic Commission for Latin America and the Caribbean’s prediction that, by 2050, half of the country’s population will be over 65 years old and Alzheimer’s Disease International’s projection that cases of dementia in Barbados will more than double by then.
Mission Promotes Investment Opportunities
The MoU is, therefore, a significant accomplishment of the investment mission, now in its fourth year, and builds on many previous achievements. In 2022, Abergower Ltd., which provides professional document scanning and digital filing services globally, partnered with a Barbados-based oral healthcare provider to supply dental 3D printers and scanners. Abergower Ltd. had previously partnered with the Barbados Archives Department to convert historical records dating back to the 1600s, the second largest archive of transatlantic slave records, into searchable digital content to preserve them for future generations.
In another success story, A1 Training International, which delivers health and safety training, has engaged in talks with the Barbados Community College and the National Transformation Initiative to offer courses, and enterprise software provider Herbo has been advancing plans to launch its Monetary Exchange Platform to provide necessary banking services to Barbados’ medical cannabis industry.
As a result of these trade and investment missions, several UK-based companies have also begun operating in Barbados, and others are investigating similar opportunities to set up new branches on the island or are pursuing opportunities for joint ventures with existing local businesses to diversify their services. Likewise, Barbadian businesses have been exploring and taking advantage of trade and investment opportunities in Scotland and the UK. Investment opportunities include traditional and emerging sectors such as niche manufacturing, global banking, ICT, fintech, global education, wealth management, insurance, renewable energy and medical tourism.
Building on a Solid Foundation
The existing opportunities stem from the strong diplomatic relationship between Barbados and the UK that dates back to 1979, a partnership that is expected to continue fostering cooperation between the two countries. Over the last 44 years, the bilateral relationship has remained robust, with the UK being Barbados’ primary source of tourism and one of its top investment and trade partners. The Department for Trade and Business reports that total trade in goods and services (exports plus imports) between the UK and Barbados was £654 million in the four quarters that ended in Q2 2023, an increase of 43.4 per cent or £198 million when compared with the same period in 2022. The bright business prospects between the UK and Barbados point towards a promising future for businesses in both countries.
Looking Ahead
The Scottish Missions to Barbados serve as a model for creating successful global partnerships. Over the past four years, the two nations have established long-lasting connections, creating new opportunities for economic cooperation and paving the way for an active exchange of ideas and expertise between them. Indeed, the Missions’ continued success is testament to the power of collaboration and the potential for economic growth through international cooperation.
“By leveraging each other’s strengths, Scotland and Barbados have opened doors for innovation, trade and shared prosperity,” noted CEO of Invest Barbados Kaye-Anne Greenidge.
