BRIDGETOWN, Barbados, (GIS) – Minister of finance, Ryan Straughn, has highlighted the importance of infrastructure development and a strong investment climate in supporting the continued growth of Barbados’ tourism sector.
Delivering the feature address at the Tourism Development Corporation’s Annual General Meeting at the Savannah Beach Club, on Thursday, the minister said that increased visitor arrivals must be supported by improvements in national systems.
“As you…seek to make your investment, we too must also understand the marginal impact that those additional persons will have on the urban infrastructure,” Straughn explained; transportation, water systems and urban planning would play a critical role in ensuring that Barbados can effectively accommodate growth in the sector.
Minister Straughn also outlined the government’s vision for major urban regeneration, particularly in Bridgetown, which he said would be transformed into a more vibrant commercial and cultural hub over the next three to five years.
The initiative, he explained, is intended to enhance the visitor experience while delivering tangible benefits to local communities and businesses.
Minister Straughn further emphasised the importance of maintaining a stable and competitive business environment, pointing to the government’s efforts to lower corporate taxes, strengthen regulatory systems and improve the ease of doing business.
“Our business reputation matters…. We have to present to the world…that investing in Barbados is a good thing,” the finance minister added. Ongoing digitisation of government services would help to reduce inefficiencies and make it easier for investors to operate in Barbados.
Looking ahead, minister Straughn expressed confidence in the country’s economic trajectory, noting that with the right strategies in place, significant growth is achievable.
“I’m confident that we should be able to double the size of this economy within ten years.”
The minister urged continued collaboration between the government and the private sector to identify strategic investment opportunities and to ensure that development efforts deliver sustainable and inclusive growth for Barbados.
Tourism must become more resilient through diversification
The finance minister has also underscored the need to strengthen and diversify Barbados’ tourism sector to ensure long-term economic resilience, reaffirming the government’s commitment to broader economic diversification and that equal attention must be given to diversifying within tourism itself.
“We are going to diversify the economy, yes, but equally, we are going to diversify within tourism to make sure that you make it more resilient, stronger,” the finance minister said, explaining that deeper linkages between tourism and sectors such as agriculture, manufacturing and culture were essential to delivering a high-quality and competitive product.
The minister also pointed to the ongoing impact of global uncertainty, including geopolitical conflicts and supply chain disruptions, which have highlighted the vulnerability of small economies.
“We must insulate the economy from these geopolitical shocks as short as possible.”
Minister Straughn noted that tourism has already demonstrated its ability to lead recovery efforts and must now be positioned as a more adaptive and resilient engine of growth. He further highlighted the importance of expanding Barbados’ tourism markets, including increased engagement with Latin America, Africa and the Middle East, as well as adapting services to meet the needs of a more diverse visitor base.
The finance minister added that achieving higher occupancy levels, even within existing capacity, could significantly boost economic performance, while creating opportunities for further investment.
Minister Straughn emphasised that success in the sector would require strong collaboration between government and stakeholders, noting that strategic planning and timely execution were critical to maintaining Barbados’ competitiveness.
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