Barbados is strategically positioning itself as a prime destination for clean, technology-driven industrial investment, capitalizing on Europe’s decarbonization efforts. Mark Hill, CEO of Export Barbados, emphasized the nation’s focus on intellectual property (IP) and tax incentives to attract global investors. Speaking at the sixth annual UK Trade Mission to Barbados Business Forum, Hill highlighted the country’s shift from traditional manufacturing to IP-led growth, ensuring creators feel secure in protecting their innovations.
Barbados has introduced the Patent Box initiative, offering tax reductions from 9% to 4.5% for manufacturers operating on the island. This framework, Hill noted, positions Barbados as a global leader in IP-based tax systems, surpassing even Malta and the EU for businesses earning under $750 million annually. The government aims to increase industry’s contribution to GDP from 5-10% to 20-25% over the next decade through this IP-focused strategy.
Export Barbados has also launched the GIGA programme, fostering sustainable, high-tech industrial growth and boosting exports. The initiative aims to transform Barbados into a regional innovation leader by focusing on advanced technology and green industries. Hill underscored the importance of intellectual capital, stating that IP is the core asset of any business, attracting further investment.
As European economies transition from “brownfield” sites to “greenfield” locations, Barbados has emerged as an attractive option for affordable, modern industrial development. Hill emphasized that the future of industrialization lies in robotics, automation, cybersecurity, and data-driven processes, rather than traditional labor-intensive methods.
Barbados is also enhancing its data security infrastructure, inviting investors to build customized data systems on the island. This positions Barbados as a secure, off-grid industrial hub with robust cybersecurity frameworks and access to cutting-edge technologies, enabling rapid scalability for businesses.