Notes to Consolidated Financial Statements - Barbados Investment ...

More documents

Recommendations

Info

partnership was developed with the Business Development Company Ltd of Trinidad and the University of the West Indies (UWI) in planning developmental workshops for those with creative and viable business opportunities. The BIDC also moved to increase its collaborative work with the National Council for Science and Technology (NCST) and other agencies involved in innovation development. SUSTAINING AND CREATING JOBS There was a marked decline in employment within the companies surveyed through the BIDC’s quarterly Survey of Employment & Investment at March 2009 when compared to March 2008. Total employment at March 2009 was 13,488, a decrease of 511 jobs when compared with the corresponding period in 2008. Employment in the manufacturing sector at March 2009 was 8,592, 6.0% less than the 9,136 recorded at March 2008. There was however a slight increase in jobs in the services sector. Employment totaling 4,896 at March 2009 was 33 or 0.7% more than the 4,863 recorded for the corresponding 2008 period. Total jobs created for the year April 2008 to March 2009 were 899. This is 1,352 fewer than in the period April 2007 to March 2008 when 2,251 job opportunities were created. Some 51.3% of the new jobs created were registered within the food, beverages, and tobacco sub-sector. In the services sector, the information services sub-sector recorded 48.7% or 436 of the jobs created in this period. The period January to March 2009 was the most productive, creating a total of 301 jobs or 33.5% of all jobs created. ENTREPRENEURIAL DEVELOPMENT Historically, small businesses have been the fuel to propel economies out of recession. By reason of the agility and flexibility that is characteristic of these businesses they have proven to be major providers of jobs and opportunities for economic growth. During the year therefore, the BIDC, through its Entrepreneurial Development Division (formerly known as the Small Business and New Enterprise Division), sought to provide small entrepreneurs with a suite of professional services and resources to assist them in overcoming challenges emerging in the market. The Division, renamed during the corporate restructuring programme to better reflect its entrepreneurial development functions, welcomed new personnel to provide additional resources necessary to support the Corporation’s objectives. Much of the assistance given was aimed at capacity building of small businesses, improving their viability, market share, productivity levels, implementing adequate and efficient operating systems, creating sustainable business models and enhancing profitability. Training was also provided in customer service and grants were given for packaging and labeling. A number of business plans and development plans were also completed. These efforts yielded some success with the establishment of 21 new small businesses and the creation of 39 new jobs. Investment from these new businesses totaled BDS$556 000. Recognising that emerging opportunities must be mined through greater creativity and innovation, the Division moved to implement an expanded Innovation Programme. An Innovation Screening and Review Committee was established and a new innovation strategy developed. The corporation also facilitated training in intellectual property management and investment readiness for businesses in the Innovation Programme. The BIDC continued to provide a support framework for startup companies through its Incubator Programme. Efforts were concentrated on more focused development of the companies in the Incubator through a revitalised mentorship programme. During the period under review, seven (7) incubatees were partnered with mentors. All incubatees were given technical assistance in accounting services, website development, and marketing and promotion. Development plans were finalised and implemented for three businesses in the Incubator. Technical assistance in intellectual property management was also offered to a number of small innovators. Some entrepreneurs 16 BARBADOS INVESTMENT AND DEVELOPMENT CORPORATION ANNUAL REPORT 2009
were in addition able to obtain equipment grants through the Turn Around Management Programme. A number of community outreach programmes aimed at developing and nurturing an entrepreneurial culture were also initiated. BIDC personnel made presentations to local schools, churches and youth groups. In addition, a special session was hosted with the Rural Development Commission (RDC) and another was executed for staff of an organization undergoing restructuring. Through the Schools Business Plan Competition the Corporation continued to work with secondary schools to stimulate their interest in entrepreneurship. CRAFT DEVELOPMENT Emphasis was placed on the advancement of the craft sector during the year. The Pelican Craft Centre was the main hub of marketing activities and special events undertaken to put local craft in the spotlight. In addition to the Pelican Las’ Lap and the Nova Culture Fest, an exhibition featuring the work of craft persons trained by the BIDC in textiles, jewelry and glass works was hosted. Additional personnel were also dedicated to the Centre. One staffer was recruited and another reassigned to assist in executing initiatives for the craft sector and improving the efficiency of the Centre as a market facility. One such initiative, “Pelican on the Road”, was launched to take craft persons out of their work environment to potential customers. The “Pelican Half Hour” radio show was introduced to give craft persons an opportunity to showcase their products. Substantial resources were directed to training. A special basic woodwork workshop for women was hosted and attracted 45 participants. Two workshops in basic leather crafts were conducted for 24 persons and another in basic pottery was offered for 12 persons. Four persons also received training under the Aid to Artisan initiative in New York as part of the Market Readiness Programme. They were drawn from the textiles, jewelry, botanicals, and fashion sub-sectors. One person also received training in California in glass works. Apart from the joint initiatives with the Caribbean Export and Development Agency (CEDA) and the North South Project of Canada which were aimed at improving product design and development among craft persons, the Corporation was invited by CEDA to participate in a Cariforum working group on product design. BIDC also collaborated with CEDA to facilitate the participation of nine (9) craft persons in the Caribbean Gift and Craft Show. Assistance in gaining product exposure was offered to six (6) clients who were sponsored to attend the Barbados Beauty and Fashion Market. The Corporation’s Craft Development Unit also facilitated technical assistance in packaging and labeling, management and design for crafts persons. BUSINESS DEVELOPMENT Export promotion was not a core function of the Corporation during the year. The BIDC however continued to champion the national effort aimed at promoting the export of Barbadian goods and services, while the plans to introduce a dedicated national export promotion agency were being advanced. The period under review was therefore marked by reduced activity in key export markets. During the fiscal period, total domestic exports, exclusive of Crude Petroleum, were valued at BDS$427.0 million. This represented a decrease of 1.0% over the corresponding figure for 2007/08. This decrease was due largely to adverse performances in domestic exports in the categories of Inedible Crude Materials which declined 26.3% to BDS$11.8 million; and Chemicals which fell 27.7% to BDS$58.3 million. The Corporation’s strides in export development have been aimed largely at (a) capacity building in terms of competitive enhancement of medium and large enterprises, including exporters and entities with export potential, and (b) facilitation services for special technical BARBADOS INVESTMENT AND DEVELOPMENT CORPORATION ANNUAL REPORT 2009 17
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 12 and 13: FIGURE 1 DISTRIBUTION OF INVESTMENT
Page 14 and 15: 2. The development of a viable, hig
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

Notes to Consolidated Financial Statements - Barbados Investment ...

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?