Research Impact Stories

Advancing Barbados' International Trade Through Research and Collaboration

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The UWI, Cave Hill Campus, continues to strengthen its connection with the private sector, particularly in Barbados's International Business and Financial Sector. Researchers and industry experts recently engaged in discussions to identify strategies that can propel Barbados’s standing in the global market and enhance its international trade capabilities.
The Sir Arthur Lewis Institute of Social and Economic Studies (SALISES), brought together leading voices in the industry, including Vicki Marshall, Corporate Secretary and Head of Compliance and Governance at Canada Life Reinsurance (Barbados); Glenna Smith, Managing Director at Smith Compliance Consulting; and Cindy Sadaphal, General Counsel and Compliance Manager at SAGICOR Bank. Each expert shared critical insights on how Barbados can strengthen its regulatory framework, enhance financial services, and attract global business.

Campus Principal Professor Clive Landis emphasized the university’s role in fostering a collaborative relationship between academia and the international business sector. He highlighted how research and innovation at UWI can serve as valuable resources for advancing Barbados’s position in international trade. “Research is in the DNA of The University of the West Indies,” he remarked, pointing to UWI’s historical research achievements and its potential to contribute cutting-edge ideas to the sector.

Professor Landis also stressed the importance of Barbados positioning itself as a destination for digital nomads, leveraging the island’s appeal as a safe, attractive location for international professionals. This approach aligns with the broader trend of remote work and offers opportunities for growth within the international financial services sector.
Vicki Marshall underscored the importance of a robust regulatory environment to attract and retain international businesses. She argued that proactive measures are essential to ensure that regulatory bodies in Barbados and the region remain well-equipped to meet global standards.
Glenna Smith highlighted the critical role that corporate tax contributions play in supporting the economy, particularly during times of uncertainty, such as the COVID-19 pandemic’s impact on the tourism industry. “This sector offers a financial lifeline that can be drawn upon when other industries falter,” she noted.
Cindy Sadaphal advocated for a more collaborative approach to managing risks and shaping legislation. She emphasized that demonstrating Barbados’s ability to address risks while enforcing effective laws is essential for gaining the trust of international rating bodies and businesses.
Professor Don Marshall, Director of SALISES, called for a more integrated exchange of knowledge between researchers and industry practitioners. He also stressed the importance of Barbados and other regional jurisdictions having a seat at international decision-making tables in the global business and financial services sector.
The research being conducted at Cave Hill plays a key role in Barbados’s efforts to expand its presence in the international trade arena. By continuing to foster collaboration between academia and industry, Cave Hill is positioning itself as a critical player in shaping the future of international business in the region.
 

Researcher(s): Don Marshall

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