Barbados Hosts CHICOS 2024: Minister Encourages Investment Opportunities in Caribbean Tourism Sector

Over 300 investors, tourism officials, and industry leaders have gathered in Barbados this week for the island’s first hosting of the Caribbean Hotel Investment Conference and Operations Summit (CHICOS).

And Minister of Tourism Ian Gooding-Edghill has urged them to explore the wealth of investment opportunities here and in neighbouring territories represented at the November 13-15 conference.

In his welcome to attendees on Wednesday evening at the Wyndham Grand Barbados Sam Lord’s Castle, the minister said hosting CHICOS 2024 is a significant occasion for the island’s tourism product, as it seeks to diversify its offerings and encourage investment into the sector.

“I encourage all of you to network and build meaningful connections as you explore the wealth of investment opportunities here in Barbados and across our neighbouring territories represented today. Through collaboration, let us create a bright and sustainable future for Caribbean tourism,” Gooding-Edghill said.

He highlighted the range of incentives available to investors, saying, “We offer a tax holiday of up to 25 years, followed by a 50 per cent reduction in the applicable taxes and rates for an additional 15 years after the tax holiday period.”

The minister also outlined exemptions from “import duties and environmental levies on essential items such as furniture, fixtures, equipment, buildings, and building materials”, positioning Barbados as “an attractive destination for both local and international investors”.

The announcement comes as the island pursues several ambitious tourism projects, including the Carlisle Bay redevelopment which the minister described as “a transformative project for the area, acting as a catalyst for the regeneration of nearby urban communities by facilitating infrastructure growth and creating sustainable livelihoods”.

This landmark development, situated near a UNESCO World Heritage site, will feature a performing arts and conference facility, adding approximately 1 500 rooms, a marina, and entertainment facilities, along more than two kilometres of beachfront.

Additional developments highlighted include the Hotel Indigo, scheduled to open in early 2025, and the Royalton CHIC Resort, planned for spring 2026, which Gooding-Edghill said “reflect Barbados’ commitment to high-quality tourism and the growing demand for luxury travel experiences in the region”.

Barbados Tourism Marketing Inc. (BTMI) Chief Executive Officer Andrea Franklin reported strong visitor growth, with over 509 673 visitors recorded from January to September this year. She noted that “strategic increases in airlift and expanded cruise operations have made it easier for travellers to reach us, reinforcing their confidence in Barbados as their premier destination”.