Notes to Consolidated Financial Statements - Barbados Investment ...

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FIGURE 1 DISTRIBUTION OF INVESTMENT - 2007/08 and 2008/09 (BDS$) Source: Barbados Investment and Development Corporation TABLE 1 COMPARATIVE SECTORAL DISTRIBUTION OF INVESTMENT FOR FISCAL YEARS 2007/08 AND 2008/09 BDS$ SUBSECTOR 2007-2008 2008-2009 P Net Change % Change FOOD, BEVERAGES & TOBACCO 25,514,649 16,739,459 (8,775,190) -0.3 TEXTILES, APPAREL & LEATHER 857,119 1,218,735 361,616 0.4 WOOD, WOODEN PRODUCTS & FITTINGS 727,452 326,317 (401,135) -0.6 PAPER PRODUCTS & PRINTING 1,522,706 897,778 (624,928) -0.4 CHEMICALS & CHEMICAL PRODUCTS 1,234,432 1,057,367 (177,065) -0.1 PLASTIC PRODUCTS 67,154 1,328,394 1,261,240 18.8 NON METALLIC MINERAL PRODUCTS 16,100,023 17,193,922 1,093,899 0.1 FABRICATED METAL PRODUCTS 3,185,212 2,067,343 (1,117,869) -0.4 PRECISION INSTRUMENTS 245,000 44,683 (200,317) -0.8 ELECTRONIC COMPONENTS 1,083,891 734,350 (349,541) -0.3 HANDICRAFT 76,272 28,380 (47,892) -0.6 OTHER MANUFACTURING 2,095,612 228,180 (1,867,432) -0.9 Sub-Total 52,709,522 41,864,908 (10,844,614) -0.2 INFORMATION SERVICES 2,879,829 419,205 (2,460,624) -0.9 OTHER SERV 4,654,475 5,860,156 1,205,681 0.3 Sub-Total 7,534,304 6,279,361 (1,254,943) -0.2 Total Surveyed 60,243,826 48,144,269 (12,099,557) -0.2 P Provisional Source: Barbados Investment and Development Corporation 12 BARBADOS INVESTMENT AND DEVELOPMENT CORPORATION ANNUAL REPORT 2009
Report On Operations PERFORMANCE ENHANCEMENT INITIATIVES thrust. Work is expected to continue in this area. Operating under a new organizational structure, the BIDC in 2008 focused much attention on developing and nurturing home-grown solutions to the challenges confronting the local productive sectors. Investigations commenced during the year to identify new incentives to improve the business environment. At the same time work continued in seeking out new growth prospects and opportunities for investment. Considerable progress was made in conceptualizing a botanicals project which explored the establishment of a research lab and facility for the production and marketing of Botanicals products in Barbados. Feasibility research was also undertaken on the establishment of a facility to improve the processing and marketing of fish products, including items crafted from fish leather. These projects will continue into 2009-2010. Research proposals were also prepared on knowledge-based industries, in particular, online educational teaching materials, electronic games and interactive media. The BIDC is presently collaborating with the Barbados Community College to advance the development of this project. Proposals for fruit wine processing and the use of Sea Island Cotton in the local fashion and design industry were developed and are currently being reviewed for further action. Through specific programmes and initiatives, the BIDC also sought to enhance the quality and range of products offered by existing exporters and small businesses with export potential. Fifteen (15) companies were enrolled into the Corporation’s ‘Export Ready’ programme during the year. To give further impetus to this programme, the BIDC provided assistance in the critical area of product design and quality enhancement. By the end of the fiscal year, the Corporation had completed new product designs in the areas of furniture, ceramic tableware, games, bajan confectionery, and glassware. A conceptual framework for a national research and science council was developed by the BIDC as part of the national innovation policy To assist in the development of the local manufacturing sector, the Ministry of Finance announced that effective November 1, 2008 all imports of raw materials, packaging and equipment used by registered manufacturers would be zero-rated for Value Added Tax (VAT) purposes. Effective February 2009, the Central Bank announced a widening of the range of entities eligible for credit guarantees under the Small Business Guarantee Scheme to include medium sized companies in the tourism and manufacturing sectors. Companies with capital of BDS$2 million (formerly 1 million) and companies with gross revenue of BDS$4 million (formerly (BDS$2 million) are now eligible to access the facility. In addition, the Central Bank announced that it will guarantee technical assistance loans up to a limit of BDS$50,000 for any one borrower (i.e. within the overall cost of BDS$300,000 for medium term facilities), where such facilities are for the purpose of market or product research, marketing, product costing, promotion, production/ plant layout, accounting and/or information systems, staff training, management/entrepreneurial training, business re-organisation/ restructuring or any other relevant areas of technical assistance. The Central Bank introduced also in February 2009, a Technical Assistance Grant to be administered under the Industrial Credit Fund (ICF). Grants can be given for up to BDS$5,000 and not exceeding 50% of the cost of the business plan, market research. To stimulate further growth in manufacturing and export activity, Government announced the following initiatives: 1. The preparation of adequate plans for the sustainable redevelopment of the indigenous pottery industry through improving design, technology, quality, marketing and sales and distribution, and through creating incentives for local pottery to be used in local establishments. BARBADOS INVESTMENT AND DEVELOPMENT CORPORATION ANNUAL REPORT 2009 13
Page 1: BARBADOS INVESTMENT AND DEVELOPMENT
Page 4 and 5: Mission To be a dynamic Business De
Page 6 and 7: Board Of Directors Members of the B
Page 8 and 9: Chairman’s Report The Year in Rev
Page 10 and 11: Operating Environment Global Indust
Page 14 and 15: 2. The development of a viable, hig
Page 16 and 17: partnership was developed with the
Page 18 and 19: assistance aimed at overall export
Page 20 and 21: Table lV DOMESTIC EXPORTS TO CARICO
Page 22 and 23: appraisals were completed. Emphasis
Page 24 and 25: 2008/09 IN PICTURES The BIDC’s bo
Page 26 and 27: 26 BARBADOS INVESTMENT AND DEVELOPM
Page 28 and 29: Auditors’ Report To the Board of
Page 30 and 31: Consolidated Statement of Changes i
Page 32 and 33: Consolidated Statement of Cash Flow
Page 34 and 35: Notes to Consolidated Financial Sta
Page 50: 50 BARBADOS INVESTMENT AND DEVELOPM

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