The newly established Business Barbados agency, aimed at overhauling outdated business systems and modernizing local business processes, is still a work in progress, according to Minister of Business Senator Lisa Cummins. Speaking at the launch of Global Business Week, Cummins emphasized that while the agency is designed to enhance the ease of doing business, immediate results should not be expected given the decades-old systems it is replacing. The agency, which replaced the Corporate Affairs and Intellectual Property Office (CAIPO) in February, is tasked with streamlining business registration and regulatory processes. Cummins urged the business community to remain patient but also to actively highlight any shortcomings in the system. She stressed that the transition from outdated practices to modernized systems is a long-term endeavor, likening it to the gradual process of changing behavior in child-rearing. The minister also called for a strategic shift away from relying solely on tax incentives to attract investment, advocating instead for a focus on substance, skilled labor, regulatory trust, and digital government. She revealed that the Economic Substance Act, a key component of the international business framework, is under review and will soon be open for public consultation. Proposed amendments to the act aim to transition Barbados from a nominal tax jurisdiction to a preferential one, aligning with international standards while maintaining investor appeal. Addressing concerns about skills gaps in high-value sectors, Cummins noted that recruitment efforts are underway, with advertisements already published. She also highlighted the importance of collaboration with global standard-setting bodies such as the OECD and the Caribbean Development Bank to address compliance, sustainability, and financing issues. In light of the increasingly volatile global economy, characterized by shrinking trade, geopolitical tensions, and rising costs, Cummins stressed the need for Barbados to adapt its strategy to remain competitive. She announced the completion of double taxation agreement negotiations with Hong Kong and Curaçao, expressing optimism that these will evolve into bilateral investment treaties. Additionally, she encouraged the global business community to support domestic financing mechanisms, such as the new Junior Stock Exchange, set to launch on November 4. Cummins concluded by urging a collective effort to confront economic challenges with vision, clarity, and purpose, aiming to build a more resilient and opportunity-rich economy.