Pursuing Opportunities with OLIFI Assistance OLIFI Mission to Atlantic Canada April 14 to 17, 2014 Presented by: Tammy Brathwaite, Trade Commissioner High Commission of Canada for Barbados & Eastern Caribbean
Who We Are A commercial section at the High Commission of Canada in Bridgetown, Barbados Member of the Canadian Trade Commissioner Service Office of Liaison with International Financial Institutions (OLIFI) with primary responsibility for the Caribbean Development Bank
What We Do Assist new and experienced Canadian companies that have researched and selected Barbados and the islands in the Eastern Caribbean as their target markets Disseminate information to Canadian clients on projects funded by international financial institutions (IFIs)
The Bridgetown Territory Anguilla Antigua and Barbuda Barbados British Virgin Islands Dominica Grenada Guadeloupe Martinique Montserrat St. Kitts and Nevis St. Lucia St. Maarten St. Vincent
Islands By Priority 13 islands Priority 1 markets: Barbados, Antigua & Barbuda, St. Maarten and St. Lucia Priority 2 markets: Dominica, Grenada, St. Kitts and Nevis, St. Vincent and the Grenadines Priority 3 markets: Anguilla, British Virgin Islands, Guadeloupe, Martinique, Montserrat
Market Characteristics Small, disconnected, primarily sovereign states Combined population of approximately 1.8 million Individual islands with as many differences as there are similarities Primarily English-speaking, except for Guadeloupe and Martinique Former monoculture economies seeking to diversify Relationship-based markets
Market Characteristics cont d Relative social, political and economic stability of Caribbean states Favorable investment climates Tax information exchange agreements
Quick Facts on Barbados 431 sq km GDP per capita US $25,800 Growth rate in 2013 was -0.8% Literacy rate is approximately 98% Economy driven mainly by tourism, financial services, agriculture and light manufacturing Home to over 4,000 active international businesses Amicable relations with Canada
Canada-Barbados Relations Long-standing Canada-Barbados relationship The Canadian Trade Commissioner Service has had a presence in the region for over 100 years Barbados has consular representation in Ottawa, Halifax, Montreal, Toronto, Edmonton and Vancouver Approximately 4,000 Canadians live in Barbados Barbadian diaspora in Canada is approximately 40,000 Some 50,000 Canadians visit Barbados each year
Canada-Barbados Relations cont d Foreign Investment Protection Agreement since 1997 Air agreement since 2008 Double taxation
Business Environment in Barbados Good investment climate Well educated workforce Stable political and labor relations Good infrastructure easy access to telecommunications, power, water and other amenities Daily scheduled flights around the region, to Europe and North America Barbados is a low tax jurisdiction
Competitive environment Challenges Lengthy decision-making wait time, particularly when dealing with government Lengthy process to secure work permits Time-consuming registration and licensing procedures Shipping costs, trans-shipment through Miami
How Can We Help You Our Core Services Preparation for international markets Market potential assessment Qualified contacts Problem solving
We offer: Knowledge of the Eastern Caribbean markets Intelligence and insights on upcoming projects Access to key contacts in the sub-region governments, key business leaders, an decisionmakers Assistance as you navigate the complexities of the small Caribbean markets, whether you want to export, establish a company, tackle a market access issue or pursue a strategic alliance
Bridgetown s Priority Sectors Agriculture, food and beverages Sustainable Technologies (including renewable energy) Infrastructure (including green/advanced building products) Education services Office of Liaison for International Financial Institutions (OLIFI), especially the Caribbean Development Bank
OLIFI-related Services Provide information on upcoming project opportunities Guide companies on how to do business with the CDB and IDB Advise on how to obtain project bidding documents Potential project partnering leads Your eyes and ears in Barbados and the other islands in the Eastern Caribbean
Recommendations Have a long-term outlook, work on building relationships Utilize the skills and knowledge of Trade Commissioners in Canada and in your target markets Make direct contact with executing agencies Visit the potential client Pay us a visit when you re in the region
For more information: Visit our website: www.tradecommissioner.gc.ca/bb Visit the CDB s website: www.cdb.org Visit the IDB s website www.iadb.org Contact us directly: Trade Section High Commission of Canada P.O. Box 404, Bishop s Court Hill, St. Michael, Barbados Phone: (246) 629-3553/0 Fax: (246) 629-3622 Email: tammy.brathwaite@international.gc.ca
Thank you