Business authorities in Barbados are raising alarms about potential regional economic fallout from escalating geopolitical tensions between Venezuela and the United States. The Barbados Chamber of Commerce and Industry (BCCI) has identified this developing situation as a significant threat to Caribbean supply chains, potentially triggering increased costs and operational delays throughout the region.
BCCI President Paul Inniss expressed particular concern during a recent press briefing at the organization’s Deighton Road headquarters. ‘As a chamber representing business interests, we must view any tension involving our trading partners with serious concern,’ Inniss stated. ‘This represents one of several strategic risks that require careful consideration and contingency planning.’
The chamber has proactively begun advising its membership on business continuity strategies, highlighting vulnerabilities within current shipping logistics. Inniss revealed an inefficient pattern in regional trade routes: ‘Our analysis indicates many goods originate from South America, travel northward, only to subsequently return south—a circuitous routing that unnecessarily inflates costs.’
Despite these concerns, officials downplayed immediate impacts on Barbados’ energy sector. ‘Our current import volume from Venezuela remains minimal,’ Inniss clarified, referencing two recent diplomatic engagements with Venezuelan delegations. While acknowledging global oil markets have already reacted to geopolitical announcements, he characterized potential energy impacts as ‘still in early stages.’
Christopher Sambrano, chair of the chamber’s economic advisory committee, addressed broader implications, including effects on Trinidad’s energy imports and regional tourism. ‘The fundamental concern involves added market uncertainty,’ Sambrano noted. ‘As a business community and society, we’ve demonstrated resilience through previous global challenges and must remain adaptable.’
Emphasizing Barbados’s identity as a peaceful destination, Sambrano expressed hope for swift resolution: ‘Visitors seek refuge in our region from global tensions. Maintaining our status as a zone of peace remains paramount to our tourism economy.’
The BCCI continues collaborating with Barbados’ Ministry of International Trade to develop direct sourcing alternatives, aiming to mitigate potential inflationary pressures on imported goods throughout the supply chain.