Barbados has identified more than US$5 billion in bankable projects across renewable energy, water management and digital infrastructure as part of an ambitious strategy to transform the island into a hub for life sciences, artificial intelligence and clean energy production.
Minister of Economic Affairs and Investment Kay McConney unveiled the vision on Tuesday at the Private Sector Forum: Transforming Barbados Through Sustainable Business, hosted by the United Nations (UN) and the Barbados Chamber of Commerce and Industry (BCCI), at Hilton Barbados Resort. It introduced GIGA – the Green Industrialisation Gateway Advantage – as the framework driving the nation’s industrial evolution.
“This is the nexus that is meant to propel Barbados’ industrial evolution over the near future,” McConney said, as she outlined the four pillars of life sciences, artificial intelligence and computation, the redevelopment of Bridgetown into a technology city, and a bioenergy park focused on industrial energy applications.
The initiative represents Barbados’ determination to leverage its strengths as a stable jurisdiction with strong institutions, while addressing persistent challenges, including limited access to capital for small businesses, skills gaps in emerging sectors, and accelerating climate impacts.
UN Resident Coordinator Simon Springett said sustainability represents smart business strategy rather than charity.
“Companies that embrace the sustainable development goals are not only reducing risk, they’re unlocking new markets, attracting investment, and ensuring the trust of consumers and employees alike,” he said.
BCCI president Paul Inniss said they made history in 2023 as the first Caribbean business chamber to join the UN Global Compact, committing members to principles on human rights,
environmental responsibility and anti-corruption.
“This historic step signalled that proactive and responsible business practices are not just good risk management, they are good economics as well,” he said, noting that micro, small and medium-sized enterprises (MSMEs) – which contribute roughly 50 per cent of GDP (gross domestic product) and 40 per cent of jobs – stand to gain most from UN partnerships.
A flagship collaboration with the UN Office for Disaster Risk Reduction is already equipping MSMEs with tools to withstand climate shocks, employing a train-the-trainer model to ensure long-term sustainability.
McConney also spotlighted Barbados’ Investment Plan For Prosperity And Resilience 2035,
which identifies more than US$5 billion in bankable projects all designed to facilitate private sector participation.
The minister challenged business leaders to integrate sustainability into their core operations, highlighting successful models.
“Our focus must extend far beyond numbers. Leverage is our friend, and we need to leverage these strengths to create partnerships that transform sectors, improve productivity, generate high-quality jobs and unlock new opportunities for investment,” she said. ( DDS)
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