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Business links and investment flows have become substantial, as of 2003 the island saw from Canada CAN$25 Billion in investment holdings, placing it as one of Canada's top five destinations of Canadian Foreign Direct Investment (FDI). Canadian Outward Foreign Direct Investment to the World (http://www.asiapacificbusiness.ca/data/trade/general_dataset5_toworld.cfm). Businessman Eugene Melnyk of Toronto in Ontario, Canada is said to be Barbados' richest permanent resident.

After years of peaceful and democratic progress, Barbados became an independent state within the Commonwealth of Nations on November 30, 1966.

The largest Carnival cultural events which take place in Barbados are the Congaline Festival and Crop Over Festival as known internationally.

Since achieving independence in 1966, the island nation of Barbados has transformed itself from a low-income economy dependent upon sugar production to a middle-income economy based on tourism. The economy went into a deep recession in 1990 after 3 years of steady decline brought on by fundamental macroeconomic imbalances. After a painful readjustment process, the economy began to grow again in 1993. Growth rates have averaged between 3%-5% since then.

Historically, the Barbadian economy had been dependent on sugarcane cultivation and related activities, but production in recent years has been diversified into the manufacturing and tourism sectors. Offshore finance and information services have become increasingly important foreign exchange earners, and there is also a healthy interest into the island's light manufacturing sector. In the last ten years the Government has been seen as business-friendly and economically sound. Since the late 1990's the island has seen an increasing construction boom, the island began to see new hotels, re-developments, new homes, office complexes, condos, and mansions being developed across the island.

As a member of CARICOM, Barbados supported efforts by the United States to implement UN Security Council Resolution 940, designed to facilitate the departure of Haiti's de facto authorities from power. The country agreed to contribute personnel to the multinational force, which restored the democratically elected government of Haiti in October 1994.

The main factors responsible for the improvement in economic activity include an expansion in the number of tourist arrivals, an increase in manufacturing, and an increase in sugar production. Recently, offshore banking and financial services also have become an important source of foreign exchange and economic growth.