Business
Trinidadian businesses investing heavily in Barbados
(Barbados Nation) While Barbados businesses gripe about how bad the economy is performing, Trinidadians are investing heavily in the country and positioning themselves for an economic turnaround they believe will come soon.
Two key executives from major Trinidadian corporations have expressed a high level of confidence in Barbados by putting hundreds of millions of dollars into the economy – investments that some here view with suspicion and even resentment, likening it to a Trinidad & Tobago takeover.
But even with the depressed nature of Barbados’ economic fortunes over the past four years, the regional business leaders view the country’s long-term economic position as positive, citing the island’s track record for remaining steadfast in the face of crises.
Larry Howai, chief executive officer (CEO) of First Citizens, Trinidad’s largest bank which has agreed to pay B$90 million (US$45 million) for Butterfield Bank Barbados, and Christian Mouttet, the young, savvy CEO of Victor E. Mouttet & Co. (VEMCO), one of Trinidad’s leading corporations, have said as much.
Mouttet’s family business, the major shareholder of Prestige Holdings, which has pumped about B$100 million (US$50 million) into Barbados in the last five years with investments such as Courtyard by Marriott, TGI Friday’s, The Pavilion in Hastings and the just opened Payless ShoeSource – is about to start construction within the next 60 days of the B$20 million (US$10 million) mega mall in Welches, St Thomas.
And this is only the first phase of the Welches investment.
The company is strategically positioning itself on the outskirts of the burgeoning Warrens commercial district and showing that Barbados remains one the most attractive places to invest in the Caribbean.
