GOVERNOR of the Central Bank of Barbados, Dr DeLisle Worrell yesterday said the island should not be deterred by the difficulties to become part of the global economy.

Addressing a one-day conference on international financial centres (IFCs) in a borderless digital economy, Worrell said that globalisation is unstoppable and “in the global economy Barbados and other IBFCs are carving out our special niches”.

“We have suffered our setbacks, but we are undeterred, because we are part of the future of the global economy, an economy where borders diminish in importance with every day that passes.”

The conference, targeting officials in the local, regional and international financial services sector is sponsored by Invest Barbados and The Central Bank of Barbados.

The organisers said it will demonstrate the Barbados value proposition with an examination of the Canada Barbados relationship, and will take an objective look at the role of nation states in protecting the efficacy of IFCs.

Worrell said that small international business and financial centres (IBFCs) like Barbados make it possible for international firms to increase their competitiveness in international commerce and finance by locating aspects of their business in subsidiaries located in the international business centres of those countries.

He said Barbados offers financial, accounting, legal, trading, information, administrative, and other services that are up to international standards, at costs much lower than would be the case in the major financial centres of the world.

“In Barbados firms also find regulatory standards of a quality that are attested to by the IMF, World Bank, OECD and other international bodies. Other advantages that contribute to Barbados’ competitiveness include our institutional strength, social services, and technological readiness.”

– CMC