(LowTax) -- Barbados's Minister of Industry and International Business, Donville Inniss, highlighted the importance of the island's international business sector while addressing a recent corporate trust and service providers’ seminar.
He told the audience the sector contributes over BBD900m (USD450m) annually to the economy, ranking second only to the tourism industry.
He said: "... the country gets a better return on its investment in international business and financial services than we do in tourism," adding "I suspect that for every dollar that the government spends in the sector, they probably get a lot more than BBD2 back. And certainly for every dollar we earn in foreign exchange I suspect perhaps that 75 cents stays in Barbados."
Inniss reminded the gathering of the benefits of the sector to the financial services industry and those employed providing ancillary services. He also emphasized the key role corporate trust and service providers play in attracting and retaining business, as well as acting as gatekeepers of the sector.