Barbados

Barbados is an island nation in the Caribbean and is a high-income country that has one of the most developed economies in the Eastern Caribbean with a GDP of 5.1 billion USD in 2018. Barbados is historically an agrarian society, but today agriculture only makes up 1.5% of GDP. The main agricultural and fisheries products are sugarcane, cotton, and fish. Despite a relatively small agricultural sector, the Government of Barbados is helping fund a variety of projects in the sector through the Barbados Agriculture Development Fund, which has created numerous opportunities for collaboration. As well, The Government of Barbados and several partner United Nation Agencies are seeking to improve the local tuna fishery, including fish processing and fleet efficiency, which are additional points of potential collaboration. Barbados also has an industrial sector that is responsible for 9.8% of GDP. Aside from construction, the industrial sector of Barbados is comprised of a light manufacturing industry.

The largest component of the economy of Barbados is the service sector, which accounts for 88.7% of GDP. The service sector of the Bahamas is made of three main industries, which include tourism, financial services and business services. As tourism is one of the main industries of Barbados and as the Barbados Sustainable Tourism Master Plan 2014-2023 seeks to ensure the growth of the industry is accomplished in a sustainable manner, a plethora of opportunities exist in this dynamic component of the economy.

Barbados also supports a dynamic startup community with numerous supports available for growing businesses, such as accelerators, incubators, impact investment networks, and government tax incentives and funding programs. For example, the UNDP Blue Economy Accelerator Lab has funded a variety of startups in Barbados developing smart and innovative solutions to challenges in the blue economy; startups funded thus far have engaged in initiatives that include the development of sustainable plastic alternatives, increasing transparency in local fisheries, and using underwater drone technology to map coral reefs. Similarly, with the help of international partners, including the Global Environment Facility, the Government of Barbados is actively seeking to introduce a circular economy and spur growth in the development and implementation of clean energy technologies. As Barbados is on a path to a sustainable future, a multitude of opportunities exist for international stakeholders wishing to collaborate in the growing startup community of Barbados.