The Barbados International Business Promotion Corporation (BIBPC) was established as a statutory corporation on November 10, 2005. The corporation subsequently gained permission to trade under the new name Invest Barbados (IB). On October 1, 2006 the investment promotion agency became operational and the first employee was hired. Invest Barbados is an economic development agency of the government of Barbados. IB is responsible for attracting, winning and sustaining international investment for Barbados. The corporation is also responsible for helping to develop and manage the Barbados international business brand.