Barbados participates in the first Saudi-Caribbean investment forum
A delegation from Barbados led by Dr. William Duguid, Senior Minister in the Office of the Prime Minister, showcased a range of investment opportunities in Barbados at the inaugural Saudi-Caribbean Investment Forum.
Other members of the delegation included Paula Byer, Acting Deputy Permanent Secretary, Prime Minister’s Office, Sandra Payne, Deputy Managing Director, Invest Barbados and Disa Lewis, Foreign Service Officer, Department of Foreign Affairs.
Investment opportunities presented included hotel development, medical tourism, renewable energy, transport, blue economy, financial services, philanthropy and real estate opportunities, among others. The forum, on the theme “Towards a new era of partnership for socio-economic developmentwas held in Punta Cana, Dominican Republic, July 6-8.
Badr AlBadr, Deputy Minister of Investor Outreach of Saudi Arabia’s Ministry of Investment led the Saudi delegation. His support team included Abdulrahman T Bakir, Vice President of Investment Attraction and Development for the Americas.
Around 60 Saudi companies were present at the Forum and were interested in a wide range of sectors, including banking and finance, construction, energy, healthcare, food and beverages, hospitality, petrochemicals, pharmaceuticals, mining and industry, wealth management and shipping. , among others. Several government entities in Saudi Arabia also participated, including the General Authority for Foreign Trade, the Federation of Saudi Chambers, the Public Investment Fund, the Saudi Development Fund, the Ministry of Energy and the Ministry of Tourism. .
The forum attracted around 230 delegates, with 14 Caribbean countries showcasing their investment-ready projects. Other Caribbean presentations were made by Antigua and Barbuda, Dominican Republic, Bahamas, Belize, Bermuda, Curaçao, Dominican Republic, Guyana, Jamaica, Saint Lucia, Saint Vincent and -the Grenadines, Suriname and Trinidad and Tobago. A presentation was also made by El Salvador.
The nine Caribbean ministers who participated in this productive and engaging forum represented the seven governments of Curaçao, Antigua and Barbuda, Barbados, Belize, Jamaica, the Bahamas and the Dominican Republic.
Commenting on the results of the Forum, Prime Minister Duguid said he was “satisfied with the caliber of investors attending the Forum, as well as their interest in investing in the Caribbean in general and Barbados in particular”.
The Forum served to strengthen Barbados’ relationship with the Kingdom of Saudi Arabia and to exchange knowledge in areas of best practice.
Chief Minister Duguid also noted that Barbados’ participation presented a “clear signal to global investors of the government’s business-friendly approach to welcoming fund companies and attracting sustainable foreign direct investment from new markets.” .
The first Saudi-Caribbean Investment Forum was a collaboration between the Caribbean Association of Investment Promotion Agencies, the Ministry of Investment of the Kingdom of Saudi Arabia and the Dominican Republic’s investment promotion agency, ProDominicana .