THE BARBADOS Investment and Development Corporation (BIDC) has launched a Going Global initiative to enhance Barbados’ export portfolio.
This morning chief executive officer of the BIDC Sonja Trotman told those gathered at the Bagnall Point Gallery, Pelican Craft Centre the initiative was expected to increase Barbados’ exports by a margin of 10 per cent resulting in BDS$ 55 million in earnings by 2016.
Minister of Industry, International Business, Commerce and Small Business Development Donville Inniss, who also addressed the ceremony, said the target a ten per cent increase in exports was achievable.Â
He said at the end of December last year, total domestic exports totalled BDS $554.6 million, up 3.75 per cent compared to the previous year. Of that amount, exports from 166 BIDC certified manufacturers totalled $331.4 million.
Pointing out there was a decline in exports at the start of the year, Inniss said there was a slowing down in the CARICOM markets as well as a notable decline in the Canadian market. He said there was significant growth in the United States and European Union markets.
Therefore, Inniss said, “It is clear where Barbados’ opportunities for export growth lie. There is significant potential to be exploited with CARICOM and those countries with which we have preferential trade agreements.”
However, Innis stressed the need for manufacturers to ensure their production was consistent and met international standards in order to develop and maintain the export markets. (LK)
