Barbados

· About Barbados: –

Barbados is situated in the E of Caribbean Sea i.e. West Indian Continental Island in the western Atlantic Ocean.Highest point that is found Barbados is Mount Hillaby. Barbados ranked in top 75 states harmonizing to Human Development Index. It is graded thirty-seventh in the universe and 3rd in America. Barbados has been an independent state after November1966. There are two political parties chiefly function in Barbados one is the governing Democratic party and other is Barbados labour party. Historically Barbadian La was wholly based upon English Common Law with a few alterations but now a twenty-four hours ‘s Barbadian Law is influenced by UNO and American States administration

Languages spoken in Barbados: –

English is official linguistic communication spoken in Barbados. Bajan, which is known as regional discrepancy of English is besides spoken at that place. Spanish is most popular 2nd linguistic communication spoken at that place.

Religions in Barbados: –

Most Barbadians are Christans ( 95 % ) many minorities such as Roman Catholic, Jehovah ‘s, Hindu, Muslim, Spritiual Baptists and Jewish besides found here.

Currency: – Barbadian Dollar

Popular cities/towns in Barbados: – Jesus Church, Saint Andrew, Saint George, Saint James, Saint John.

Some Important facts About Barbados: –

* Total Area: – 431 sq kilometer

* Population: – 281,968 ( July 2008 )

* Major industries: – Tourism, Sugar, Light fabrication.

* Total Global Trade: –

* Merchandise exports: – $ 450 million ( 2008-09 )

* Merchandise imports, c.i.f. ( million US $ ) : – 1709 million ( 2008-09 )

* Barbados ranked 59 of 232 states harmonizing to its GDP.

* Barbados ranked 33 out of 111 states harmonizing to quality of life index.

* It ranked 45 out of 178 states as per Digital Access Index.

* It ranked 5th out of 177 states as per literacy rate i.e. 99.7 % .

* It ranked 21 out of 146 states as per corruptness monetary value index.

* It ranked fortieth out of 122 states as per Global information Technology study.

Interpretation: –

From the above figures it can be easy analyzed that even though Barbados is really little state instead it is an island but still it shows immense growing and executing good if we compare it with other parts of the universe, as it got about just rankings in all the above indexes and chiefly literacy rate is really much high at that place, these figures truly shows the sum of growing chance that is bing in this state.

O Business Environment exist in Barbados: –

Barbados is known as one of the best location for concern in the universe. Business environment of Barbados is diverse but stable 1. The island has really good political and societal stableness, a high skilled and productive work force, sophisticate international telecommunication and services and superior substructure are the chief strengths of Barbados concern environment. Barbados is quickly become a preferred low revenue enhancement finish and has attracted foreign investing particularly in the countries of IT, Manufacturing and Financial services. Barbados authorities focused on bettering the foreign every bit good as domestic investing of Barbados and on heightening the substructure to back up increasing concern activity. Measures were taken by the authorities in order to better the investing represents betterments to the corporate register and the development of hoarded wealth pacts with the states like U.S. , Canada and U.K. Barbados besides offers all the services and installations in order to fulfill the concern demands. For concern map and event planning it is one of the ideal locations for concern conferences and meetings. Business centres are available in the cardinal locations that offer all the basic installations in a cardinal location.

· Business Hours In Barbados: – Monday to Friday from 8.00-16.00

Following are some advantages of puting Business in Barbados: –

* 10 twelvemonth revenue enhancement vacation and after that revenue enhancement rate will be applicable merely 2.5 %

* Non applicable of Import Duty

* Full relaxation from capital, net incomes and dividends.

* Benefits Like Cash grants.

* Customs service is really concerted.

* Free Consultancy Services from the organisation like Barbados Investment and Development Corporation.

* Minimal operating cost

* Duty free entree to states like U.S.A, Canada and E.U.

Particular offers given to following major sectors in Barbados: –

Information Technology Sector: –

* Tax benefits by Appling particular revenue enhancement rate of 2.5 % .

* Not allocable of Import responsibility on production related merchandises.

* Repatriation of capital, net incomes and dividends.

* Special grant of US $ 50.00 per employee per hebdomad.

Fabrication and Production Industries: –

* Up to 10 old ages freedom from revenue enhancements on corporate net incomes.

* 2.5 % revenue enhancement rate for export industries.

* Expedited imposts clearance processs

* Coordinated investing blessing processs.

* Relaxation from applicable of Import responsibilities on natural stuff and production machinery.

Tourism and Hospitality Sector: –

* Tourism sector in Barbados is one of the most developed sector and there full economic system is depends upon it, full duty of advancing and easing investing in touristry and cordial reception sector is taken attention by Barbados Tourism Investment Inc.

Investing and Financial Services sector: –

Barbados is popularly known for the universe category international fiscal services established at that place, dual revenue enhancement pact, domestic revenue enhancement policies and statute law has facilitate this industry In Barbados.

Following tabular array shows how long it takes to get down a concern in Barbados: –

Business activities

Rank

Get downing a concern

51

Covering with building licenses

19

Using workers

17

Geting Recognition

29

Paying revenue enhancements

31

export -import formalities

13

implementing contracts

61

Closing a concern

13

Following tabular array shows the Business environment in India: –

Business activities

Rank

Making Business ( Easily )

134

To get down a new concern

88

To cover with licensing

155

To Enroll employees

112

In registering any belongings

110

To acquire Credit for concern

65

Investors protection

33

Payment of Tax

158

Export-import Procedures

139

To come in into a contract

173

Shut Down of Business

133

Interpretation: – We can analyse from the above information and figures that Barbados is one of the most favourable location for get downing a Business because of chiefly these two factors: –

* One is authorities is giving so, much benefits in signifier of revenue enhancement discounts for new every bit good as bing concern

* Second they are more focusing on sectorial growing which finally leads to growing of the state Barbados as a whole.

In the above two tabular array we can easy compare the difference of Business chances between India and Barbados and the from the ranks which are assigned to these two states we can easy analyse that every bit comparison to India, Barbados has better Business Environment and chances and this can besides proves through the growing of Barbados. Even though Barbados is little island and it has really limited country, Barbados is place of more than 4000 multinational companies that are involved in activities such as international banking and insurance, ships enrollment, international trade and commercialism, private wealth direction, IT, communications and fabrication sector.

Economic Condition exists in Barbados: –

Economic status of Barbados is really much stalls it is graded 21st in term of freest economic system by the Heritage foundation in 2008. But economic status of Barbados was non same as it is now, in the twelvemonth 1980 Barbados experienced economic jobs due to its economic policies at that clip which are considered as practically motivated. Main sectors that has boost the Economy of Barbados is Tourism sector and if something happens to this sector it hampers the economic system of Barbados as in instance of 9/11 Barbadian economic system had to endure because of 3 % diminution in Tourism sector. Barbados is successfully able to command its rising prices but unemployment rate is chief job faced by Barbados as unemployment rate which was 25 % in 1990 but now due to the benefits of IMF it has goes down to 7.6 % now. Rate of exchange presently is BDS @ US $ 1.In 2005 Barbados is enduring from high shortage but its gross was rises to 1.6 % i.e. 2.4 billion due to World Cup 2007 this helped in hiking the economic system of Barbados at that clip.

Economic Indexs of Barbados: –

Recent economic indexs

2004

2005

2006

2007

2008

2009

GDP ( US $ bn ) Current Monetary values

2.8

3

3.2

3.4

3.7

3.6

GDP PPP

4.3

4.5

4.8

5.1

5.2

5.2

GDP Per Capita

10,367

10,999

11,646

12,404

13,314

13,003

GDP per Capita PPP

15,850

16507

17537

18603

18977

18639

Real GDP growing ( % alteration )

4.8

3.9

3.2

3.4

0.2

-3

Current history balance US $

-340

-395

-268

-183

-384

-186

Current history balance ( % GDP )

-12

-13.1

-8.4

-5.4

-10.5

-5.2

Goods and Servicess Exports ( % GDP )

53.7

61.1

Sodium

Sodium

Sodium

sodiums

Inflation ( % alteration )

1.4

6.1

7.3

4

8.1

3.5

Interpretation: –

From the above tabular array and chart we can easy analyse the economic status of Barbados is demoing a steady growing, this can be easy proved from the above chart and graph foremost graph shows that even though the GDP of Barbados is increasing but it is demoing really much steady growing as GDP of the state increases from 2.8 % to 3.6 % in the clip span of 5 old ages and same with the instance of GDP at PPP rate and that ‘s the chief ground why existent GDP i.e. % alteration in GDP demoing a negative alteration in the period 2008-09.Secondly another of import economic index that ‘s depicts the economic status of Barbados is Inflation as in the twelvemonth 2004 to 2006 Inflation were increasing but in the twelvemonth 2007 Barbados was able to command it but in the following twelvemonth i.e. 2008 it increases drastically to 8.1 % but still Barbados able to command it in 2009.so, from the above figures we can state that the economic indexs of Barbados is somehow satisfactory but non so good.

Economic Indexs of India: –

Economic Indexs

2004

2005

2006

2007

2008

2009

GDP at current market monetary values ( in chromium )

24546

27546

31494

35803

41458

47131

GDP per capita ( current monetary values )

23266

25696

28920

32372

36950

41416

Gross domestic nest eggs

26.4

29.8

31.8

34.3

34.8

sodiums

Gross domestic capital formation

25.2

26.8

31.6

34.5

36

37.5

Gross financial Deficit

5.9

4.5

4

4.1

3.4

3

Inflation Rate ( CPI )

3.8

4.2

4.2

5.3

6.4

8.3

Exports ( US $ )

63886

83502

103075

126276

159089

171000

Imports ( US $ )

78205

111472

149144

1185081

23605

279000

Interpretation: –

Now if we analyze the economic status of India. GDP of India has been increased from around 24000 Crores to 47000 Crores this shows that GDP of India shows better growing in last 5 old ages and it ever shows an increasing tendency which we can see in the first graph. Second index that I had chosen is rising prices rate harmonizing to CPI, I had chosen CPI because so it will be easy for me to compare the rising prices of these states. As we can easy analyse from graph that rising prices rate in India is increasing and I think authorities should take stairss now to command it otherwise it will halter the economic system of India.

Comparison Of Economic indexs of India and Barbados: –

Now if we compare the economic status of both the states on the bases of these indexs foremost we can easy analyse that India is turning at a better base in the footings of GDP as comparison to Barbados. India ‘s economic indexs show a far better growing as comparison to steady growing in Barbados. Inflation in India is increasing at a changeless rate and it is close to 8.2 in 2008-09 as comparison to about 4 % in Barbados therefore the consequences can be found that Inflation in Barbados is controlled better than Inflation in India.

Bilateral Trade Agreement: –

Bilateral trade understandings are between two states at a clip. They are reasonably easy to negociate, and give those two favored trading position between each other. These assist both the states to both their trade relation and aid in keeping better growing in footings of Export and Import between two states.

Trade understanding between India and Barbados: –

There is a trade understanding between India and Barbados due to which the trade relation between India and Barbados is good but still merchandise figures of Import and Export between these two states are non so much high as comparison to India ‘s trade relation with other states.

Import-Export Figures for the last 3 old ages between India and Barbados: –

India ‘s Import to Barbados: –

Year

Sum

2006-07

.13 million

2007-08

.15 million

2008-09

.03 million

India ‘s Export to Barbados: –

Old ages

Sum

2006-07

2.05 Million

2007-08

2.66 Million

2008-09

2.52 Million

Major Ports In India: – Major Ports In Barbados: –

Major Ports In India: –

New Mangalore Port

Mormuqua Port

Tuticorn Port

Kandla Port

Vishakhapatnam port

Chennai Port

Mumbai Port

Calcutta/ Haldia Port

Jawaharlal Nehru Port

* Port Of Bridgetown

Trade Routes between India and Barbados: –

* Cheapest and shortest Path while Importing goods From Barbados: –

* Port of Bridgeport to port of Kandla: – ( From Suez Canal )

* Entire distance: – 8277 nanometer and No. of yearss taken to cover the distance is 34 yearss.

* Cheapest and shortest path while exporting goods from Barbados: –

* Port of kandla to Port of Bridgetown.

· Major Exports/ Imports Items between India and Barbados: –

Exports from India to Barbados: – Garments, Spices, Basmati Rice, other consumers points and Pharmaceuticals.

Imports into India from Barbados: – Negligible.

* Potential growing countries for Exports: –

Fabrics, supplying cloths, hotel providers, solar energy power panels, fictile points, Medical Suppliers.

· Potential countries for Project Exports from India to Barbados: –

( a ) Tourism and Hospitality sector.
( B ) Indian hotel ironss
( degree Celsius ) BPO companies of India that are situated in Barbados.
( vitamin D ) Financial and Investment Sector.
( vitamin E ) IT sector and Computer instruction.
( degree Fahrenheit ) Pharma Sector
( g ) FMCG and nutrient processing sector.
( H ) Wind and Solar energy.
( I ) ICT and building Sector of Barbados.







Major Indian companies that runing in Barbados L & A ; T i.e. Larsen and Turbo which help in building Cricket land

DLF

Future relation between India and Barbados: –

A concern deputation is coming to India from Barbados in 2009 for bettering future trade relation so that better relation can be maintained between these states so that better trade dealingss can be maintained

Interpretation: –

Even though there is trade understanding signed between India and Barbados but still there is no such healthy trade relation between India and Barbados which can be easy shown through above figures. India ‘s import from Barbados is about negligible and India ‘s exports from Barbados is besides about 2.5 million US $ and which is traveling on in the same growing in the last three old ages. But if we analyze the future chances of trade and investings between these two states than there is really good prospectus of future growing as there is major sectors in which India is traveling to put in Barbados specially in cordial reception and building sector due to which there is no uncertainty that there will be boost in the trade relationship between these two states.

Decision: – In the terminal I am reasoning that Barbados has really good concern environment and there is ample chances to put in the concern in Barbados chiefly in Tourism and Hospitality sector and if we talk about the economic environment of Barbados so its represents steady growing as comparison to India which is demoing enormous growing in the last 5 old ages and if we analyze the Bilateral trade between India and Barbados so it is represents that there is a trade understanding between India and Barbados but still the figures of import and export between these 2 states shows that there is really less sum of trade between these states and imports is about nil but if we see the future chances of trade is really good if we analyze the investing chances in Barbados so,

Bibliography: –

* hypertext transfer protocol: //en.wikipedia.org/wiki/Barbados

* hypertext transfer protocol: //www.indembassysuriname.com/barbados.html

* hypertext transfer protocol: //www.lowtax.net/lowtax/html/jbscfir.html # geographics

* hypertext transfer protocol: //barbados.org/business_facilities.php

* hypertext transfer protocol: //www.biba.bb/pageselect.cfm? page=16

* hypertext transfer protocol: //www.bidc.com/

* hypertext transfer protocol: //www.lowtax.net/lowtax/html/jbs2tax.html

* hypertext transfer protocol: //www.bilaterals.org/article.php3? id_article=5495

* hypertext transfer protocol: //www.bilaterals.org/article.php3? id_article=5495

* hypertext transfer protocol: //barbadostourisminvestment.com/business_environment.cfm

· hypertext transfer protocol: //www.imf.org/external/country/brb/index.htm

· hypertext transfer protocol: //archive.wri.org/pubs/pubs_dataset.cfm? PubID=0

Mentions: –

* Justin Paul, Rajiv Aserkar – Export Import Management-Oxford University Press- 2008 edition

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