New ‘design’

Barbados’ manufacturing sector is being repositioned to reverse a downward trend, and to enable manufacturers to take advantage of international trading agreements to which Barbados is a signatory.Addressing the opening ceremony of BMEX 2010 at the Lloyd Erskine Sandiford Centre on Friday night, Minister of Economic Affairs, Empowerment, Innovation, Trade, Industry and Commerce David Estwick said a “strategic direction” needed to be developed to transform the local manufacturing sector into one “driven by technology”, that was “export-oriented and internationally competitive”.He envisaged a transformation that would result in the sector contributing in excess of 12 per cent to Gross Domestic Product by the end of 2015. Last year that figure stood at 6.8 per cent, having shown no growth over the previous year’s figures when the contribution to GDP was $384.7 million.Estwick vowed Government would not allow the downward trend to continue and he outlined some measures designed to “chart a new course for the development of the industrial sector”. Among them, he said, would be the “re-tooling and re-engineering” of the Barbados Industrial Development Corporation “to become a self-financed entity”.He also suggested the time had come to streamline the administration of Government funding to the industrial sector.Estwick told the audience, “I am aware that there are a number of agencies, including the Enterprise Growth Fund Limited and Fund Access, which administer various funds on behalf of the Government of Barbados to entities including manufacturers.“My understanding is that during the past manufacturers continued to experience difficulties in obtaining funding,  notwithstanding the presence of these lending agencies.”BMEX ends tomorrowat 10 p.m. (GC)