LOCAL MANUFACTURERS have managed to cope with the dim economic climate for the first quarter of the year.
But, unless developed countries start showing expansion in growth, local manufacturers will be struggling towards the latter part of the year.
This observation and advice came from Barbados Manufacturers Association (BMA) president David Foster as he spoke to the media during a presentation to winners of door prizes for this year’s BMA’s BMEX Exhibition. Foster said that while the side effects of the recession affected businesses across Barbados, manufacturers and Government realized the importance of keeping Barbadians employed.
“The manufacturing sector and the hotel sector continue to offer employment, even though their profits have been declining. And we are certainly thinking that this will benefit the country on a whole because the Government would not have to pay out additional unemployment benefits.
“I think it is very important that we understand that the recession hasn’t fully hit us as yet. We see a fall-off in the local livestock industry and that is as a result of high cost . . . .,” he said.
The president added that a number of “big manufacturers” were absent from BMEX this year. He argued that financial constraints resulted in their absence.
“I think right now with the recession some of the big manufacturers thought that the cost of coming to BMEX could have been an expense which could be spared. Sales are down and they didn’t think that coming into BMEX in this particular recessionary period could benefit them,” Foster added. (AH)
