Innovation has to become the bread and butter of Barbados going forward. This is according to Minister of Economic Affairs and Investment Senator Chad Blackman. Using examples of Qatar, Singapore, Norway, Saudi Arabia and the UAE, the Minister says even with Barbados being ranked 77th out of 133 economies featured in the 2024 Global Innovation Index, it’s not time to rest on our laurels. He was speaking at the start of this year’s Global Business Week titled ‘Innovation for a Sustainable Future’. Minister Blackman says data and research development are critical and he’s calling for a realignment of the thinking as to where Barbados can be.

Barbados and the Caribbean are being hailed by the International Monetary Fund as performing above the global average for economic growth. The IMF’s Managing Director Kristalina Georgieva, shared the view while speaking today at a media conference in Washington DC where the annual meetings are being held. Ms. Georgieva says the Caribbean is implementing key growth-enhancing reforms.

Critical meetings have been held by Prime Minister Mia Amor Mottley on the sidelines of the ongoing 2024 Annual Meetings of the International Monetary Fund and the World Bank group in Washington, DC. During talks with the International Finance Corporation, advancements in renewable energy and sustainable finance, including Barbados’ first battery storage project were discussed. The island’s potential as a logistics and agro-processing hub for the Caribbean was also explored. A meeting was also held with the President of the European Investment Bank (EIB) Group, Nadia Calviño. In that engagement, Barbados and the EIB discussed working together on innovative climate finance for a sustainable future.