In Barbados: CARIFORUM Could Benefit Financial Services Sector

6 October 2011

Potential European investment in the Barbados financial services sector after the implementation of the CARIFORUM Economic partnership agreement. Likely areas of investments include auxiliary areas to insurance and risk assessment.

The country’s financial services sector as well distribution Services could be in line for European investment once the CARIFORUM Economic partnership Agreement is up and running. These are two of the several areas which are open to European investment under that trade and economic arrangement.

According to documentation from the Implementation unit of the Ministry of Foreign Affairs and Foreign Trade, European businesses can establish a company to provide such services as distribution, including Commission agents’ services, wholesaling services; retail sales of motor vehicles, parts, accessories and fuel; and franchising services.

However, in the area of wholesaling, fresh fruit and vegetables, dairy products, eggs, edible oil and poultry are excluded.
As for financial services it was pointed out that European businesses can establish companies to provide non-life insurance services, reinsurance and retrocession services, services auxiliary to insurance, actuarial, consultancy, risk assessment and claim settlement services.

“In addition, an EU business can establish a commercial presence to provide a wide range of lending (including consumer credit, mortgage credit, factoring and financing of commercial transactions),” it said.

Others like payment and money transaction services and advisory and other auxiliary financial (including credit reference and analysis, advice on acquisitions and on corporate restructuring investment and portfolio research and advice, are also included.


Comments are closed.