abusSTAR - Barbados Investment and Development Corporation

Recent Developments 

FINPYME 

EXPORT PLUS 

Barbadian small and medium sized enterprises (SMEs) 

operating in high potential export sectors are in for a boost. 

This comes with the launch of the FINPYME ExportPlus 

programme here. 

The programme, an initiative of the Inter-American Investment 

Corporation (IIC) was officially rolled out on December 2 at 

the Lloyd Erskine Sandiford Centre, in collaboration with the 

Barbados Investment and Development Corporation (BIDC), the 

Barbados Chamber of Commerce and Industry, the Barbados 

Manufacturers Association (BMA), the Small Business Association 

(SBA), the Barbados Coalition of Services Industries (BCSI), 

Caribbean Export, Scotiabank and the Cave Hill School of 

Business. This followed similar launches in the Bahamas, Guyana 

and Suriname. 

To be eligible for FINPYME ExportPlus, companies should have 

been operating for at least three years; have annual sales of at 

least US$200 000; operate in IIC eligible sectors and operate in 

compliance with environmental and occupational safety laws and 

regulations. SMEs can start applying for the programme from 

February 1, 2011. 

Application forms are available at http://www.finpyme.org. 

FINPYME ExportPlus seeks to support SME competitiveness 

internationally and complements the Inter American 

Development Bank’s (IDB) programmes related to the World 

Trade Organisation’s (WTO) Aid for Trade Initiative. The 

programme operates on three fronts: First market research is 

undertaken to identify key sectors where SMEs are active and 

have the potential to boost exports if they can become more 

efficient and gain access to new markets. Data is then gathered 

on SMEs operating in these sectors to identify those that could 

benefit most from technical assistance services. Eligible SMEs 

are then selected to receive support for their export-related 

activities. Their operations and business plans are analysed 

and they are offered technical assistance oriented towards the 

strengthening of their export capabilities. 

As Steven Reed, Deputy General Manager at IIC explained, “The 

first aspect is to identify the areas of economic activity, identify 

themes and clusters and then create tailor-made programmes; 

also identifying the most attractive export markets. The ultimate 

goal is that we would like the businesses that didn’t have the 

resources, knowledge and capability to begin to export, to find 

export channels and ensure the product has a receptive market, 

and therefore increase the level of exports coming out of the 

participants that go through this technical training.” 

Barbados Business Catalyst • October - December 2010 

3

Barbados Business Catalyst October - December 2010 Vol. 6 #4 

PG. 6 

When Opportunity Knocks 

FINPYME Export Plus 

Table of Contents 

Editor’s Desk - Trade Shows, Expos & Conferences 

CEO’s Desk 

The French Caribbean - the New Opportunity 

BMA Pushing Ahead for 2011 

When Opportunity Knocks, Think Twice 

When Opportunity Knocks... How the BIDC can help 

Industries of the Future 

New Small Business Facility 

Home and Accessories Show 

New Export Drivers 

Benefits to Buy Into 

Management Entrepreneurs Needed 

AbusStar 

Economic Outlook 2011 

BBC Notebook 

BIDC Gets Green Light 

Ecoscope - A Journey Through Bajan Fauna 

Tradescope 

ManuFacts 

3 

4 

5 

6 

8 

10 

12 

14 

15 

17 

18 

20 

22 

26 

27 

28 

29 

30 

31 

33 

34 

Disclaimer: 

Some of the views expressed in this 

publication are the views of the writers 

and not necessarily those of the BIDC. 

© 2010 BIDC. 

The BARBADOS BUSINESS CATALYST 

is published quarterly by the Research, Information 

and Design Services Division of the Barbados 

Investment & Development Corporation. 

It offers information and advice on trade and 

commercial issues to the business community. 

Information contained herein may be reproduced 

if accredited to the BIDC. Items of interest to 

local manufacturers, exporters, entrepreneurs and 

potential investors are welcome. 

Editor: 

Jane Brome, Email: jbrome@bidc.org 

Editorial Team: 

Sonja Trotman, Email: strotman@bidc.org 

Fern Gooding, Email: fgooding@bidc.org 

Ecoscope Coodinator: 

Paula Bourne, Email: pbourne@bidc.org 

Design & Layout: 

G&A Communications Inc. Cnr. Harts Gaps & 

Hastings Main Road, Christ Church. 

Tel: (246) 437-2214; Fax: (246) 228-5204; 

E-mail: info@gadesign.com.bb 

Printed By: 

COT Caribbean Graphics, #16 Newton Industrial Estate, Christ Church. 

Tel (246) 420 8550 • Fax (246) 420 8555 Email: sales@cot.com.bb 

PG. 8 PG. 10 

The French Caribbean: 

The New Opportunity 

BMA Pushes Ahead 

For 2011 

PG. 18 PG. 31 

Barbados Furnishings and 

Accessories On Show 

A Journey Though 

Bajan Fauna 

4 Barbados Business Catalyst • October - December 2010

Editor’s Desk 

By Jane L. Brome 

For entrepreneurs, trends 

present an incredible 

world of opportunities. 

Once they’ve identified a specific trend, then all their imagination 

and creative ability can go into generating products and services 

to satisfy the demand which that trend creates. 

Keeping on top of emerging trends is like having a window into 

the future where you get to discover today the direction of 

tomorrow’s consumer demand. 

For the most part, success in taking advantage of emerging 

opportunities requires a keen sense of curiosity, along with a 

determination to understand the opportunity and to follow your 

nose. Sometimes a smattering of serendipity intervenes to speed 

the progression along. But the difference between success and 

failure lies really in recognising an opportunity and seizing it. If 

you believe in yourself and the possibilities before you, there’s 

nowhere to go but up. 

So what are you doing to keep yourself open to possibilities? 

In this issue we hope to explore some of the options available to 

take advantage of opportunities emerging in trade, new ventures, 

and business expansion. We will share with you research findings 

on the industries of the future and will offer some insight into the 

benefits and incentives available to persons interested in starting 

a new venture or expanding their current business portfolio. We 

will also explore some of the pitfalls to avoid in the pursuit of 

opportunistic endeavours. 

We hope you find this issue as intriguing as we did in putting it 

together. 

Trade Shows, Expos and Conferences 

February 25 th - 27 th , 2011, Agrofest 

The National Agricultural Exhibition, more popularly known as Agrofest, 

is gearing up to be even bigger and better for 2011. The seven-year-old 

exhibition will run from Friday, February 25, to Sunday, February 27, 2011 

in Queen’s Park, Bridgetown. Agrofest is coordinated and hosted by the 

Barbados Agricultural Society (BAS). 

CONTACT: www.basonevoice.org 

March 13 th - 15 th , 2011, CICA International Conference 

The Captive Insurance Companies Association (CICA) continues to work to 

provide the foremost education, networking and leadership for captive and 

risk retention group professionals. Its annual international conference delivers 

the latest information from leading industry experts on the factors and trends 

shaping the captive and risk retention industry, Key players from domiciles 

all over the world connecting and conducting business, Top industry service 

providers, including Barbados based professionals showcasing innovation 

solutions and services in the Exhibit Area and Interactive sessions and dynamic 

panel presentations exploring real-world solutions and trends. 

CONTACT: contact@investbarbados.org 

March 21 st - March 25 th , 2011, BIDC Trade Mission 

The Barbados Investment & Development Corporation (BIDC) is coordinating 

a trade mission to some of its key markets with CARICOM. Participating 

delegates which will be drawn from a cross section of Barbadian manufacturing 

companies, are expected to visit St. Lucia; St. Vincent; Grenada. The mission is 

intended not only to showcase Barbados’ product offering but also to explore 

neighbouring countries as source markets and joint venture partners. 

CONTACT: bidc@bidc.com 

April 23 rd - 24 th , 2011, Re-Discover the Caribbean Trade Show 

Over 100 exhibitors representing 20 Caribbean destinations will showcase all 

that’s the best in tourism industry during this year’s Re-Discover the Caribbean 

Show. The event will also highlight which will also showcase the latest in 

international professional standards is expected to attract a number of buyers. 

CONTACT: www.rediscoverthecaribbean.com 

Barbados Business Barbados Catalyst Business • Catalyst October •- April December - June 2010 

5

CEO’s Desk 

By Wilbur “Basil” Lavine 

Mark Twain has famously 

confessed, “I was seldom 

able to see an opportunity 

until it had ceased to be one.” 

While few may want to admit, it is very likely that a lot more are 

sitting in the good company of Twain on this. 

If your business strategy includes waiting until you see 

opportunities that you can pounce on, it might be time to 

consider a new approach. This particular strategy is flawed 

largely because you could first of all be very wrong about what 

you consider an opportunity, and second, if you’re right, you’ll be 

too late to capitalize on it. Either way, you’ll come out the loser. 

When 

Opportunity 

knocks 

Admittedly, it is unlikely that an opportunity will just fall into 

your lap. And for some companies caught in the momentum of 

high-demand, high-growth industries, they may be content to 

forgo the active pursuit of any other opportunities. When that 

industry matures and growth begins to slow however, those 

once successful companies may find themselves unable to sustain 

the growth rates of previous years and failing to deliver the 

performances they have come to expect. And if you are one 

of those companies, you’re going to have to give up on waiting 

for opportunity to knock and develop a strategy for identifying 

where high-potential areas of opportunities may exist. 

Consider for a moment that many of the greatest achievements 

in history came not as a result of long-planned goals or carefully 

thought-out strategies, but rather by way of leveraging 

opportunities. Researchers tracking some of the most successful 

international companies say that for many, real growth 

opportunities come with the creation of new growth platforms 

on which a company can build families of products and services 

and extend its capabilities into multiple domains. Identifying 

new growth platforms forces business executives to challenge 

their conventional wisdom and approach to innovation. It means 

devoting a considerable amount of time to identifying and 

using existing company knowledge and information, intellectual 

property, processes and assets and tapping into company 

talent to capitalize on opportunities beyond the current mix of 

business. 

It must be remembered that whatever the nature of your 

business, the environment in which you operate changes almost 

daily. These changes manifest in the form of new competitors, 

products, technologies, market demands and requirements and 

of course, new challenges. All these are bound to impact on 

the decisions you make and the direction in which you lead your 


CEO’s Desk 

company. The most effective safeguard to ensuring you make the 

right choices therefore is to boost the competitive intelligencegathering 

capabilities of your company. 

It must be remembered that whatever 

the nature of your business, the 

environment in which you operate 

changes almost daily. 

A large part of the effort involves keeping an eye on competitors. 

The objective though is not to steal a competitor’s trade 

secrets or other proprietary property. Rather it is to gather in 

a systematic manner a wide range of information that when 

collated and analysed, provides a better understanding of a 

competitor firm’s structure, culture, behaviour, capabilities 

and weaknesses. Competitive intelligence also extends to 

keeping track of industry and market trends, political and 

economic changes, legal and regulatory changes, technological 

developments, suppliers and materials. It is about positioning 

a business to maximise the value of the capabilities that 

distinguishes it from its competitors and is more concerned with 

doing the right thing than doing the thing right. The benefits 

shine through in improved market knowledge, improved 

cross functional relationships within the organisation, greater 

confidence in making strategic plans, improvements in product 

quality against the competition, and overall improved business 

performance as a result of doing this better. 

Whether you’re fashioning new corporate strategies, creating 

new products or services, entering new markets, considering 

a merger or acquisition or charting a new path to profitability, 

being aware of critical issues and having the relevant information 

are critical to any decision you make. It is essential too that 

in your efforts to strive for clear goals and planned activities 

that you also leave room for experimental efforts where rules 

are relaxed and the pursuit of opportunity can reign over 

conservatism. Sometimes the benefits may far outweigh the risks. 

It should be remembered that the ultimate goal of being in 

business is to be successful. If you want to be successful in 

business, you need to take risks by believing in and acting on 

your own ideas and intuition. That’s the entire principle of 

entrepreneurship, in a nutshell. If you wait for opportunity to 

knock, it’ll likely be too late. 


7

Trade & Commerce 

THE FRENCH CARIBBEAN 

The New 

Opportunity 

multi-sectoral trade mission led by the Barbados 

Investment & Development Corporation (BIDC) and 

the Barbados Coalition of Services Industries (BCSI) 

has unveiled significant opportunities for trade and 

investment between Barbados and the islands of 

Martinique and Guadeloupe. 

The 16 companies which participated in the venture returned 

home, some having secured direct and immediate business 

opportunities and others having forged relationships and 

exchanged dialogue in pursuit of strengthening commercial 

ties. Representing firms from Barbados’ construction, food and 

beverages, apparel and accessories, information communication 

technology, cultural industries and financial services sectors, the 

group reported positive outcomes and high-potential prospects 

for doing business with the French territories. 

They were able to initiate discussions with prospective business 

partners while showcasing their product and service offerings 

during the pre-arranged business-to-business (B2B)meetings 

and networking receptions. Approximately 100 such B2B 

meetings were facilitated during the November 17-24 visit, 

through the efforts of consulting firms Nouvelle Dynamique 

Martiniquaise (NOUDYMA) and La Tribu, who were contracted 

to organize the business matchmaking and mission logistics in 

Martinique and Guadeloupe respectively. Both the BIDC and 

the BCSI are committed to active follow-up and engagement of 

the participants to ensure that the initial in-market discussions 

translate into successful projects. 

The presence of the Barbadian delegation attracted much 

attention and was covered extensively in both the print and 

electronic media. The delegation was warmly welcomed by 

representatives from the Regional Council, the Chambers of 

Commerce, business support organizations and the business 

community in both territories, all expressing a keen interest 

and desire to enhance commercial relations with Barbados. 

Discussions centred mainly on efforts necessary to conquer 

language and cultural barriers and initiatives which could be 

explored to build strategic alliances, facilitate increased bi-lateral 

trade and investment and support cultural exchanges between 

Barbados and the French Caribbean. Following on the success 

of the mission it is envisioned that Barbados, Martinique and 

Guadeloupe will establish wider country-level cooperation, 

beyond increased market penetration and enhanced business 

linkages. For more information on Martinique and 

Guadeloupe, please visit our website www.bidc.com and 

have a look at our market research reports. 


Trade & Commerce 

George Hierso (second from left), of the Martinique 

Customs Authority makes a point to representatives of the 

Preconco Group of Companies, Ziad Kazan (left) and Anna 

Clarke (sitting) while, Michelle Bebel of the Martinique solar 

water heater distribution company Giordano, looks on. 

Commerical Manager of Banks Holding Limited Henry 

Yearwood (right), shares a taste of Barbados with 

Consultant Fabrice Birba (left) and an unidentified guest 

during the networking reception. 

The Barbados delegation attracted much media interest, 

here Berger Paints’ Andrea Duguid, is interviewed by Radio 

Caraibes International’s Laurence Baptiste Salomon. 

Head of the Foreign Trade Department at the Martinique 

Chamber of Commerce, Marie-Noelle Catayée (right) 

and International Business development Consultant, Doris 

Dunon (left) also with the Martinique Chamber pose with 

some members of the Barbados delegation. 


9

Industry News 

BMA 

PUSHES AHEAD FOR 

2011 

Ms. Bobbi McKay 

With the service on schedule it could very well eliminate the 

need for locally produced goods to travel outside of the region 

to major shipping hubs like Miami before they can be forward to 

their intended destination within the Caribbean, and it could also 

lower shipping costs. According to McKay, the service will initially 

call in port every 10 days and will be able to accommodate both 

dry and refrigerated cargo. 

The Barbados Manufacturers’ Association (BMA) is 

moving into 2011 with an action plan intended to better 

position local producers to take advantage of emerging 

export and business opportunities. 

And top of the agenda is the issue of enhancing the availability of 

inter-regional transport. 

Executive Director of the BMA, Ms. Bobbi McKay, in sharing 

her organisation’s top priorities for the coming year with the 

Barbados Business Catalyst, said “the movement of goods 

within the region has for a long time been one of the biggest 

challenges for us”. And recognising that improved accessibility to 

inter-regional transport options is critical to export growth, she 

said the BMA has sought after a company that currently operates 

three ships within the Caribbean and is now negotiating for an 

agent to bring Barbados on board its shipping schedule. 

“For us this is really urgent as it is an immediate way of increasing 

exports within the region,” she said. 

Beyond tackling intra-regional transport logistics, McKay said 

the BMA will also be moving to strengthen industry linkages 

between manufacturing and tourism. While acknowledging 

much appreciated support from some local hotels for items like 

furniture and uniforms, she said “there are still some strange 

hurdles and misconceptions that we can’t produce what is 

needed by the sector.” Another bugbear she said is that too 

often, requests are presented to local producers at short notice 

or only in cases where things are broken and need to be fixed. 

“For us this is really urgent as it 

is an immediate way of increasing 

exports within the region.” 

- Ms. Bobbi McKay, Executive Director of the Barbados Manufacturers’ Association. 

McKay is adamant that “mutual respect is a necessary must to 

enhancing relations between the sectors”. 

She therefore insisted, “When we manufacturers get the 

opportunities to supply we also have to step up to the plate and 


Industry News 

give people what they want. If we can deliver, then that will 

ensure that they buy more...If you’re talking about uniforms for 

example, we have to make sure we use nice fabrics, consider 

finishing touches and consider conveniences like more pockets 

and draw strings.” 

Of course the “buy local” and “support local” campaign will 

continue but the executive director said “one of our priorities 

this year is to ensure that we really do walk the walk and talk the 

talk. Who are we to tell people to buy local when we never do it 

ourselves? 

In the same way that manufacturers want others to support them 

they must be willing to do the same for others whether it’s food, 

drinks, dishwashing liquid, toilet paper, whatever. We really need 

to show that we can and we do use each other’s goods.” 

To this end, McKay explained “we will be stepping up the 

campaign to our local manufacturers”. 

“Our products are of a really good quality but we do need to 

improve our packaging to international standards...and that in 

itself will help us to improve our local and export sales.” 

Turning her attention to what she considers to be some of the 

critical success factors in the year ahead, the BMA head said it 

will be important for local producers to look inwardly at their 

company structures to determine any support services needed. 

“Small and medium sized enterprises (SMEs) in particular need 

to admit that they do need assistance and ask for it...Too many 

companies are coming to us when they’re in trouble. We need to 

be working with them all along and giving them support before 

this happens,” she said. 

McKay is also urging producers to take a really good look at 

their products and ask themselves some questions “about the 

products itself, its quality, packaging, colour and really be honest 

about the answers”. 

“Small and medium sized enterprises (SMEs) in particular need to admit that they do 

need assistance and ask for it.” 

- Ms. Bobbi McKay, Executive Director of the Barbados Manufacturers’ Association. 

Local producers are also in for knowledge development. McKay 

revealed that the association is hoping to host two workshops in 

the coming months on costing and pricing and the importance of 

marketing and marketing tools as a means of assisting companies 

in enhancing their competitiveness. 

In addition, she said the BMA will be initiating a drive to improve 

product packaging. 

The creation of more strategic alliances is also to be encouraged 

particularly among companies who may be lacking production 

capacity. McKay said the BMA has been assisting a number of 

home-based micro businesses in establishing relations with other 

companies to facilitate production and co-packaging and she 

noted that the Association is more than willing to extend this 

assistance to other companies in need. 


11

BIDC Appointments 

Ms. Sonja S. Trotman 

New 

Export Driver 

There’s a new face in charge of driving Barbados’ 

export development. It’s Ms. Sonja S. Trotman, 

who took up the post of Director effective August 

1, 2010, following the retirement of Ms. Cora 

Clarke. Trotman, who previously served as Manager 

and later Director of the BIDC’s Research Information 

and Design Services, is a qualified Economist and 

Administrator, with over twenty years experience in the 

promotion and development of international trade and 

business. With specialized training at the national, regional 

and international levels, her experience also extends to 

business facilitation, strategic planning, formulation and 

implementation of corporate and national policy. She 

shares her views on advancing opportunities for Barbados’ 

export growth with the Barbados Business Catalyst. 

Q. What is your assessment of the trading 

environment and opportunities for exports? 

A. Manufacturers today operate in a very competitive 

environment, even in their domestic markets as they face 

increasing competition from foreign companies at home. 

Many have recognised increased competition on all trading 

platforms and have accepted that if they are indeed to survive 

and grow that they must respond to the challenges of trade 

liberalization and globalization. In many instances, they are 

being forced to go global because of the competition. 

Even though the recent economic crisis would have had 

a negative impact on the Caribbean, there remain several 

opportunities for Barbadian producers to market their products 

both regionally and extra-regionally. We recognise however that 

this must be guided by market intelligence. It is not necessarily a 

question of selling products in export markets in large quantities, 

but rather focusing in on niches and specialisation by adding 

value that consumers demand. In the international marketplace 

company size is not a major factor as small firms can be just as 

effective as large firms. Many of our exporters are considered 

small in global terms; therefore the option to carve our market 

niches in some of the bigger markets still provides good returns. 

Q. What in your opinion are some of the major 

challenges confronting Barbados’ export sector? 

A. The challenges confronting our export sector are not 

unique to Barbados, neither are they new. The high cost of 



production and access to financing have always been cited as 

major challenges. These impact all areas of exporting from the 

initial market research to overcoming non-tariff barriers. 

Exporting requires substantial up-front investment in the form 

of market analysis, trips to the target market to secure the 

required relationships, and ongoing support of export activities 

with promotional campaigns. Additional areas related to 

exporting that require significant expenditure include health, 

safety and technical certifications, compliance with local laws 

and modification of existing products to meet market needs. 

Then, in successfully entering a market, no export market 

is free from challenges, including lost shipments, delays, 

cultural issues, corruption, competition, political upheaval, 

arbitrary government action, sudden changes to regulations 

and other risks. Working with strategic partners such as 

distributors, market representatives and trade facilitation 

agencies that bring expertise and connections in the market 

can help to minimize such risk. Exporting companies or 

companies wishing to export must therefore conduct a 

careful assessment before they even venture into a market 

to ensure that they are ready to overcome the challenges. 

Q. How could these challenges be tackled? 

A. I first wish to state that exporting should 

always be viewed as a long-term, strategic 

direction for a company. More often than 

not, exporting positively affects company 

performance and justifies the up-front 

planning, risk and investment required. 

In some industries there is a need for retooling 

and a new approach to production. 

There is also the need to take advantage 

of niche market opportunities and the 

employment of innovative approaches at 

both the micro and the macro levels. 

Manufacturing is evolving into very 

technologically-advanced, high-value 

activities. Given our operating environment, 

our manufacturing sector if it is to be 

successful, must be knowledge, capital and skills-intensive, and 

should be led by an understanding of market and customer 

needs. We need to ensure that firms are making the changes 

necessary to be at the leading edge in terms of production 

processes, global business models, organizational structures and 

human resource practices. Firms will need to invest in innovative 

mechanisms to increase productivity, invest in re-skilling their 

workforce, and in building a world-class management capability. 

These requirements confirm why exporting companies must be 

adequately financed and in receiving market acceptance, must 

be consistent in the supply and production of their products. 

Q. What are your top priorities for export promotion 

and development in the coming year? 

A. In the face of increasing international competition, the BIDC 

will continue to focus on capacity building and extending export 

development services to our clients in an effort to assist them to 

achieve their export goals. Export promotion and development 

is costly and represents just one use of public sector funding. 

‘I see the BIDC as 

an organization 

which must bring 

about change 

in Barbados’ 

business sector 

particularly as it 

relates to export.’ 

- Ms. Sonja S. Trotman, Director of Export 

Given the scarcity of resources, it is vital that expenditures be 

closely monitored to ascertain that resources are being well 

invested and to determine whether the policy initiatives financed 

have the anticipated impact of realize increased exports. 

I believe that the BIDC must demonstrate the value it 

delivers in driving economic development and growth. 

We will therefore be moving to systematically record 

and report on the impact our services have had on the 

performance of beneficiary companies. Measuring and 

monitoring initiatives should serve to justify our existence 

and will advise our future direction in offering assistance. 

CARICOM is Barbados’ major export market, consistently 

absorbing more than half of our domestic exports for the last 

decade. Consolidating our presence in this region is therefore 

paramount as we intensify our promotional thrust to reverse our 

recent decline in exports to this region. Barbadian companies 

are generally comfortable in these markets. They are likely 

to remain the most accessible export destinations for smaller 

companies and the likely first targets of companies exporting 

for the first time. While building markets 

elsewhere is very important, we should 

take care not to neglect this important 

source of business for many companies. 

The traditional, extra regional target 

markets of the USA, Canada and the UK 

will continue to be targeted for Barbadian 

specialty foods, beverages and craft and we 

will further be extending our reach to the 

French Caribbean and strengthening our 

trading relationships with Latin America. 

Considerable emphasis will be placed on 

exporter development as we introduce 

programmes aimed at building capacity in 

companies to ensure that they become 

consistent suppliers to the export markets. 

Q. What is your vision for the sector? 

A. I see the BIDC as an organization which must bring about 

change in Barbados’ business sector particularly as it relates to 

export. We need to articulate workable policies and impress 

upon our staff to always perform at their maximum to achieve 

our objectives. Several initiatives will be undertaken to change 

and innovate the sector and should bring about the following 

results: A diversified sector where companies are able to quickly 

adjust to meet the requirements of foreign markets; A focus on 

value versus volume and the integration of our products into 

global supply chains; Introduction of new technology to help 

companies leapfrog and transform their operations; An expanded 

and diversified product base; An ‘educated sector’ where 

persons know more about their processes and the competition; 

Exporter awareness of the challenges, not just specific to 

their operations, but to the industry as a whole and use of 

knowledge to plan and execute company and sector policies. 


13

BIDC Assistance 

When Opportunity Knocks... 

How the BIDC can help 

The Barbados Investment and Development Corporation 

(BIDC) is the agency of Government, with special 

responsibility for export promotion and for facilitating the 

establishment or expansion of business enterprises in Barbados. 

The BIDC also administers the Government’s incentive 

programme for industry. 

Whatever stage of development your 

business is at, the Corporation aims 

to offer the support that you need 

to expand and prosper. Through a 

range of unique services, including 

participation at selected trade fairs, 

outward trade missions and the 

provision of market and business 

intelligence, we can help you in 

penetrating foreign markets. Providing 

expert trade advice and practical 

support to Barbadian businesses, we 

can also help you every step of the 

way in establishing and growing your business here at home. 

The BIDC’s major functions are: to advise on, promote and 

facilitate the development of export trade; to encourage and 

facilitate the establishment and expansion of enterprises to 

engage in the production of goods and services including small 

enterprises; and to provide technical and other assistance to 

enterprises engaged in investment, production of goods and 

services to improve their efficiency and productivity; 

So when opportunity knocks for you to a new market consider 

our unique range of export development services which includes 

participation at selected trade fairs, outward trade missions 

and the provision of market and business intelligence. We can 

help you in penetrating foreign markets through our market 

development programme and we can assist you in getting export 

ready through our export readiness initiative. We also provide 

expert trade advice and practical support from a core of business 

development officers and we act as a liaison between overseas 

buyers and Barbadian exporters of goods and services. 

When opportunity knocks for you to grow your business, check 

out our Special Technical Assistance Programme for production 

and managerial improvements. The BIDC also offers assistance in 

co-coordinating joint venture efforts between local and overseas 

interests. 

When opportunity knocks for you to pursue a new venture 

visit our Small Business and New Enterprise centre where 

you can access a full suite of specialized technical assistance 

in conceptualizing, planning and implementing new ventures. 

Our design advisory and assistance service can assist you in 

establishing your corporate identity and getting your packaging 

and labeling just right. We also provide 

operating space on a lease/purchase basis 

along with technical advice on factory 

erection and location. In addition to our 

properties spread across 12 industrial 

estates, there is the Pelican Craft Centre, 

the largest of facility of its kind in the 

Caribbean, dedicated entirely to arts and 

crafts. The Centre is divided into retail 

and workshop sections and there is also a 

gallery and annex, a wine bar & bistro, a 

restaurant and an artist wall. 

The BIDC also executes specialized 

programmes in which clients can enroll like our innovation 

support initiative which aims to ensure that no good ideas 

are lost due to a lack of financial, technical or other means of 

pursuing the development of new products/services with good 

commercial potential; the mentorship programme intended 

to help small business persons to benefit from the knowledge 

and experience of well-established and leading professionals 

and educators; and the incubator initiative intended to house 

new and emerging businesses and to improve their chances of 

success. The incubator has both a residential element where 

companies can stay for up to 3 years and a virtual element where 

home-based companies like the resident incubatees, can access 

a full range of support services, facilities and in-house consulting 

services. 

For your everyday business needs, we offer an information 

service on the social, political and economic life of the island. 

There is also a well-maintained trade and industry information 

services centre with over 8,000 publications available to those 

seeking business opportunities, overseas contacts and related 

information. 

For information on how you can benefit from any of these 

services contact us at email bidc@bidc.com or telephone 

(246) 427-5350. 



Managing Export 

Growth 

Manager of Export Development and Promotion, Paul Waithe. 

For as long as he could remember Paul Waithe has always 

had an interest in international trade. 

Following on his academic training where he gained a BSc in 

Science and a MSc. in International Trade Policy, Waithe’s 

entrepreneurial pursuits led to the establishment of an import 

distribution agri-business and saw him undertaking work beyond 

Barbados and into Tobago, Grenada, St. Vincent, Guyana and the 

Dominican Republic with an impressive list of major retailers as 

clientele. 

This, he added, will also extend to tackling capacity constraints 

to ensure sustainability of supply and developing a new cadre of 

exporters. 

New market penetration is also high on his agenda and so Waithe 

is eager to work with local producers to ensure they meet 

international standards compliance and certification. Beyond 

target markets in Europe, he is keen on exploring market niches 

in South and Central America, “focusing on these markets not 

only as outlets for sales, but also as source markets for raw 

materials that would allow us greater product diversification”. 

Expansion in his view means a greater emphasis on new product development to 

better “articulate sophistication and product diversification of the export base.” 

- Mr. Paul Waithe, Manager of Export Promotion and Development, BIDC 

His appointment as Manager of Export Promotion and 

Development (EPD) at the Barbados Investment & Development 

Corporation (BIDC) could therefore be seen as a natural 

progression on the career development path. 

Waithe, a former director of the Barbados Water Authority and 

the Barbados Agricultural Society, taking time out from his first 

days in office to speak to the Barbados Business Catalyst, 

said he now has a great opportunity to work with companies in 

developing Barbados’ true export potential. 

He is particularly keen on “consolidating Barbados’ position in 

our main export markets across CARICOM, maximising our 

reach and then expanding beyond that”. 

Expansion in his view means a greater emphasis on new product 

development to better “articulate sophistication and product 

diversification of the export base”. 

Waithe, whose background also includes merchandising and 

product promotion, is also looking to develop a new suite of 

electronic promotional materials to highlight Barbados export 

products. And beyond this he is open to exploring “more high 

tech ways of interacting with the public” as part of efforts to 

improve the delivery of BIDC export assistance. 

Of course participation in major trade shows and expos is on 

the agenda and in time, Waithe is hoping to see the BIDC and 

Barbados by extension participating in events like the London 

2012 Olympic and Paralympic Games. 

He reasoned, “The focus may be on the athletes but this 

presents a perfect opportunity to highlight Barbados and the 

products of Barbados.” 


15

Looking to the Future 

Industries of the 

Future 

By Jane L. Brome 

A 

recent analysis of industry indicators suggests that 

several sectors of manufacturing are deemed to be 

uncompetitive, with some old products lacking appeal. 

Foreign exchange earnings remain limited and there is an urgent 

need for economic diversification. Moving towards a more 

dynamic future requires a new strategic approach driven by 

entrepreneurial and innovation-led initiatives that utilise scientific 

approaches, take advantage of emerging technologies, emphasize 

creative thinking and reinforce competitiveness. 

We envision a future for the manufacturing sector that: is 

dynamic, sustainable, and boundless; transcends traditional 

industries and that promotes national economic growth. The 

BIDC has therefore undertaken research in support of moving 

Barbados closer toward the realization of this vision. The 

research, based largely on trend analysis, has pointed to several 

new high-potential growth industries which if pursued and 

developed can better position Barbados’ productive sectors. 

The research was undertaken in line with Government’s 

vision of transforming the island into a green economy and 

in accordance with Barbados developmental goals. It also 

took into consideration Barbados’ changing demographics, its 

population characteristics, changing consumer preferences 

and infrastructural resources and capabilities. It also takes into 

account our resource base namely our educational and human 

resources, largely untapped knowledge of tradition, 

rich biodiversity and under-exploited wind/solar energy. 

These are the industries of the future. 

ENVIRONMENTAL TECHNOLOGIES 

Renewable energy technologies are increasingly being sought 

after as alternative energy sources to combat the effects of 

global warming, minimize pollution and reduce the reliance on 

fossil fuels. Demand is increasing for products and processes 

that reduce energy consumption, encourage more efficient 

use of resources and increase production efficiency. Given the 

increasing demand for energy efficient improvements, there is 

scope for establishing eco-innovation industries to produce: 

• Cleaner transport e.g solar, natural gas powered 

• Alternative energy production systems e.g photovoltaic panels 

for generating electricity, wind turbines for power 

• Smart meters for measuring electricity and water usage to 

reduce consumption and cost 

• Water saving devices to reduce consumption and cost 

• Photovoltaic lighting systems including security and street 

lighting to reduce consumption and costs 

• Energy efficient cooling and heating systems for all types of 

buildings 

• Building insulation to reduce heat 

• Industrial equipment such as pumps and valves that conserve 

energy in production plants 

• Eco-friendly products with minimal impact e.g natural cleaning 

agents, pesticides, packaging 

• Sustainable waste management & recycling – promoting 

materials management by providing solutions to reduce, reuse 

and recycle waste and promote use of renewable raw materials 

• Pollution control & monitoring – providing solutions to 

eliminate or reduce pollution and enable effective pollution 

management 

• Ecosystem resource management – promoting sustainable 

use of land and coastal regions, as well as critical ecosystem 

resources 

• Sustainability/environmental consulting – providing advice 

on good practices and solutions for tackling sustainability and 

environmental impacts 

HEALTH & WELLNESS 

Barbados is moving closer toward an ageing population. Some 

31% of the population will be classified as elderly by 2025. More 

than 50% of females and 30% males are considered to be obese. 

It is estimated that 1 in 5 persons will have a non-communicable 


Looking to the Future 

chronic disease (diabetes/hypertension) by 2025. Given these 

statistics, it is projected that goods and services which help 

people live longer, healthier lives will be in demand. Already 

there is increasing interest being shown in: 

• Organic/natural foods e.g specialty flours, spices, fresh/dried 

herbs & fruit 

• Healthier alternatives e.g low-sodium, unsweetened, nocholesterol 

options 

• Functional foods that promote physical and dietary well-being 

e.g purifying herbal teas; extracts like sorrel for high blood 

pressure; pomegranate for heart disease. 

• Orthopaedic products for the elderly and persons with special 

needs like diabetics 

• Botanicals/cosmeceuticals e.g natural products for younger, 

clearer skin, organic hair care & dyes, aromatherapy essential 

oils 

• New and improved traditional products 

• Social care solutions for the elderly and those with specialist 

needs e.g hospices, day/night care 

• Sports, athletic, fitness & nutritional centres 

• Organic farming (food) 

• The cultivation and sale of medicinal plants 

We envision a future for the 

manufacturing sector that: 

is dynamic, sustainable, and 

boundless; transcends traditional 

industries and that promotes 

national and economic growth. 

FASHION 

It is often said that the start to any great outfit is an inside job. 

This has seen demand increasing for foundation garments that 

temporarily alter the body shape to achieve a more flattering 

figure. The fastest growth is occurring in the plus size segment 

but on the whole demand continues to climb for: 

• Shapewear (body suits) 

• Control briefs (girdles) 

• Control slips 

• Control camisoles 

• Push up brassieres 

• Corsets 

• No-show panties 

• Design 

• Fabric Supply 

• Accessories Supply 

that businesses in the gift industry have been enjoying a distinct 

advantage. Inspite of the recession, consumers have continuously 

been focused on enhancing their homes with the purchase of 

accent pieces. Beyond that, major growth segments are showing 

in: cultural goods spurred by growth in international tourism/ 

increased focus on interior decoration; 

global-styled products that combine ethnic elements of craft with 

contemporary design; and eco-products as more consumers are 

demanding environmentally-friendly items that are beautiful and 

functional. This in turn has seen demand increasing for: 

• Home accessories & décor products (functional & decorative) 

e.g. furniture, tableware, wall decor 

• Hotel, restaurant, office accessories (functional & decorative) 

e.g. furniture, tableware, wall decor 

• Garden and outdoor living accessories (functional & decorative) 

e.g. planters, seating 

• Indigenous art 

• Souvenirs that are unique, functional and decorative 

KNOWLEDGE 

Access to education and training can lead to economic prosperity 

and an improvement in the quality of life. Individuals are living 

longer, changing occupations more frequently and switching 

between different types of work more often. All of this is leading 

to greater demand for skills training services and technological 

innovation in delivery mechanisms like: 

• E-learning solutions and supporting software e.g online courses 

for working adults 

• E-books for easy download by children and adults 

• Electronic educational games to stimulate learning and improve 

cognitive abilities 

• Education & training – providing solutions for post-secondary 

education, language & corporate training 

SAFETY & SECURITY 

Minimising risks of incidents at work, at home and in the 

community has emerged a top priority. Increasing attention is 

being paid to prevention against: theft, fire, natural disasters 

(hurricanes) and accidents. This in turn has fuelled demand for 

products to support: 

• Occupational safety - reducing risks of exposure to harmful 

substances or dangerous processes in the workplace e.g 

protective gear. 

• Residential & commercial safety- securing property e.g 

monitoring/alarm systems, security locks/devices, hurricane 

shutters. 

• Personal safety- self-defence products 

• Product safety – improving consumer products through better 

testing and controls. 

GIFT & DECORATIVE ACCESSORIES 

Many sceptics would probably think that in these economic 

times there would hardly be a lot to shout about in the gift and 

decorative accessories industry. Research has however shown 


17

Barbados on Display 

BARBADOS 

FURNISHINGS 

& ACCESSORIES 

ON SHOW 

The 2010 Holiday and 

Home Furnishings 

and Decorative 

Accessories Expo may 

have succeeded in winning 

over merchandisers from 

the hotel, villa and realtor 

segment and convincing them 

that local manufacturers have 

a lot to offer. 

She said the expo really highlighted the importance of being 

innovative and aggressive with the launch of new lines and 

new products. The product range exhibited especially for the 

accommodation sector, home, office, school and restaurant 

sector included furniture, decorative accessories, and functional 

artistic pieces like baskets and table ware. 

The Barbados Investment & Development Corporation (BIDC) 

partnered with the BMA and the Council for Investment, 

Exports, Foreign Exchange and the Diaspora (CIEX), within the 

Ministry of Foreign Affairs and Foreign Trade, in hosting the 

expo. 

Executive Director of the 

Barbados Manufacturers Association (BMA), Ms. Bobbi 

McKay said the three-day expo, hosted November 24-26 

at the Lloyd Erskine Sandiford Centre, generated “a lot of 

business for participants with substantial contracts being 

offered and appointments being made with hoteliers and 

villa owners who are keen on refurbishing their properties 

in the summer”. 

And she attributed this to the fact that “the manufacturers 

were willing to bring something new and out of the box by 

engaging the use of different colours and textures”. 

McKay explained that three designers were hired to 

assist in coordinating the show and the result, was that 

“everybody is really excited about the possibilities”. 


Barbados on Display 


19

Entrepreneurship 

When opportunity knocks, 

Think Twice 

Entrepreneurs are ambitious and imaginative. 

Their bold motivation and willingness to try new things 

are very helpful traits. But sometimes, the opportunity to 

pursue fascinations can lead them astray. 

An efficient due diligence process 

can save companies from making 

costly mistakes that may have 

profound consequences for the 

firm’s other operational areas 

and/or its corporate reputation. 

If you’re an entrepreneur confronting decisions on growth and 

expansion, the key is to decide whether you aspire for breadth 

or depth in your industry, and then act accordingly. As you seize 

new opportunities in your business, you do so at a cost. Of 

course, there are the literal costs with spreading yourself too 

thin or losing your focus. But there is also a perception cost. You 

become a little less of an “expert” in one thing as you start to 

focus on other things. 

Most opportunities tend to come with risks. They may involve 

financial uncertainties that you may not be totally comfortable 

with. Or they may lead to changes in your lifestyle that you may 

have to think twice about. Opportunities also have a way of 

disrupting your perfectly laid out plan. You might have planned 

a carefully designed budget that suddenly becomes totally 

unmanageable. Or you may have put together a retirement 

plan that will have to be reconsidered. These decisions are 

never easy to make. We are not talking about taking imprudent 

risks here. We are talking about making a decision with the 

understanding that there are calculated risks involved in every 

situation that presents potential rewards. 

An efficient due diligence process can save companies from 

making costly mistakes that may have profound consequences 

for the firm’s other operational areas and/or its corporate 

reputation. Due diligence is a programme of critical analysis that 

companies undertake prior to making business decisions in such 

areas as mergers/acquisitions or major product purchases/sales. 

The due diligence process, whether outsourced or executed inhouse, 

is in essence an attempt to provide business owners and 

managers with reliable and complete background information 

on proposed business deals so that they can make informed 

decisions about whether to go forward with the business action. 

The process can involve everything from reading the fine print 

in corporate legal and financial documents, to interviewing 

customers, corporate officers and key developers. The ultimate 



goal of such activities is to make sure that there are no hidden 

drawbacks or traps associated with the business action under 

consideration. 

A business feasibility analysis can help you to see whether the 

commitment of time, money and effort to your business idea 

is justified, given the high failure rate of new business ventures 

Typically it requires that you: 

1. Review and document your personal objectives, skills, 

experience and personal financial resources. 

2. Describe your product or service. 

3. Describe your customers - Who are they? What is their 

demographic range - increasing or decreasing? How many are 

they? When will they buy? Where are they? 

4. Describe the competition - Who are they? Where are 

they? What are the trends? What are their strengths and 

weaknesses? What are the market barriers? 

5. Describe your sales and distribution process in detail, from 

the start of sales generation, to the distribution methods and 

facilities required. 

6. Describe the management requirements, and what hours 

and skills will be required to supply what the business needs. 

Analyze successful competitors to determine the top-ranking 

skills requirements for the industry. 

7. Sales forecast - on the basis of objective evidence (not opinion 

or guesswork), describe the price and expected volume of 

sales for at least 12 months, the uniqueness of your offering, 

the relationship with competitors and overall market size (e.g. 

do you need to steal market share - if so, how?), impact of 

seasons, fashion, competitors’ likely response to your presence 

in the market, and comparisons of your forecasts to industry 

benchmarks. 

8. Compile a list of start-up and ongoing expenditure, including 

where applicable, inventory costs and receivables. 

9. Prepare an operating budget and cash flow for the business 

for a reasonable period (at least 12 months), and compare the 

results to industry benchmarks. 

Depending on the results it may prove not viable, viable, or viable 

if certain conditions are met. This may or may not involve further 

research to help reduce the perceived risk. 

That being said, we also recognize that quite unfortunately, it’s 

just as easy to dilute your own opportunities by adding to them 

as it is by ignoring them. Act too quickly and you might wish you 

hadn’t. Perhaps it’s a matter of fate. Sometimes you’re damned if 

you do and damned if you don’t. 

But given the environment of uncertainty and disruptive 

economic forces that currently exists, the best advice we can give 

is: when opportunity knocks, think twice. 


21

Manufacturing Incentives 

Benefits to Buy Into 

If you’re a manufacturer thinking about a new business venture or you’re considering expanding into 

another area, you should know that Government has enacted several pieces of legislation to encourage 

investment and has provided a number of tax incentives from which you may stand to benefit: 

Duties and Taxes 

Since 1994, all companies in the manufacturing, agricultural and 

fishing sectors have been granted a waiver of customs duties and 

taxes payable on inputs. Eligible inputs include raw materials, 

machinery, equipment and spares. It does not however include 

motor vehicles. 

Effective November 1, 2008 the Ministry of Finance announced 

that all imports of raw materials, packaging and equipment used 

by registered manufacturers would be zero-rated for Value 

Added Tax (VAT) purposes. 

Small Business Development Act 

Duty-free concessions for small manufacturers are contained 

in the Small Business Development Act (1999). Approved small 

businesses are accorded the following benefits: 

• Exemption from the payments of import duties and stamp duty 

on plant and equipment for use in their business 

• Exemption from withholding tax on dividends and interest 

earned on any investments 

• Exemption from the payment of stamp duty on all documents 

related to the business where registration of the document is 

required by law 

• A deduction of corporate tax of an amount equal to 20% of 

actual expenditure incurred in respect of use of technology, 

market research and any other activity that is in the opinion 

of the Commissioner of Inland Revenue directly related to the 

development of the business 

• Payment of corporate tax at a rate of 25% on profits 

Fiscal Incentives Act 

The Fiscal Incentives (Amendment) Act (2001) provides a 

maximum 15-year tax holiday* to any manufacturer of an 

approved product, provided that it meets the definition of an 

enclave enterprise: manufacturing exclusively for export outside 

of CARICOM; manufacturing approved products containing a 

specified percentage of local value added; or being highly capital 

intensive. 

Under the Fiscal Incentives Act, such enterprises are classified as 

follows: 

Classification Criterion Tax Holiday 

Group I Enterprise 

Group II Enterprise 

Group III 

Enterprise 

Enclave Enterprise 

Local value added 

is ≥ 50% 

Local Value Added 

is ≥ 25% but < 

50% 

Local Value Added 

is ≥ 10% but < 

25% 

Enterprise 

produces 

exclusively for 

export to countries 

outside of 

CARICOM 

15 years 

13 years 

11 years 

15 years 

* expires 2015 in line with Barbados’ WTO compliance obligations. 



Such enterprises may import duty-free equipment, spare parts, 

and raw materials from outside CARICOM. Exemptions from 

VAT are also available to approved enterprises. Dividends and 

other distributions to shareholders during the tax holiday are 

also exempt from the payment of income tax. Non-resident 

shareholders liable to tax in their country of residence are 

subject to Barbados withholding tax at a lower rate. To qualify 

for these incentives, the enterprise must apply to the Ministry 

of Agriculture, Food, Fisheries, Industry and Small Business 

Development. 

The Fiscal Incentives (Amendment) Act, 2007 provides for a fiveyear 

extension of benefits contingent upon new investment by an 

approved enterprise or the provision of a new regime of benefits 

based on the production of new products. To qualify for the 

five year extension, the approved enterprise, under Section 11A 

of the Act, must have invested in equipment or technology or 

innovative methods of production and management amounting to 

$1 million or more during a three year period prior to application 

for the extension. To qualify for the new regime of benefits, the 

approved enterprise, under Section 11B of the Act, must prove 

that it intends to manufacture or is engaged in the manufacture of 

a new product that qualifies for approval. 

An approved enterprise whose period of tax holiday has expired 

on or before the commencement of the Amended Act is still 

eligible to apply for an additional five-year tax holiday, where the 

enterprise meets the requirements set out in Section 11A or 11B 

of the Act. 

Export Allowance 

Enterprises not obtaining benefits under the Fiscal Incentives Act 

and generating export profits (other than from exports within 

CARICOM) may receive an Export Allowance under the Income 

Tax Act, expressed as a rebate of corporation tax (between 35- 

93%) on profits. The maximum rebate of 93% applies if more 

than 81% of an enterprise’s profits result from extra-regional 

exports. Enterprises are entitled to a rebate of Corporation Tax 

on profits as follows: 

Export Profits as a % of 

total profits 

Up to 20 35 

21-40 45 

41-60 64 

61-80 79 

81 and up 93 

Rebate of Income Tax as a 

% of income tax on export 

profits 

The Export Development Allowance permits a company 

to deduct from taxable income an additional 50% of what 

the company spends in developing export markets outside 

CARICOM. 

Investment Allowance 

Manufacturing businesses may also qualify for an investment 

allowance of 20% on plant machinery which is new or imported 

into Barbados for the first time. Businesses entitled to the export 

allowance may claim a 40% investment allowance instead of the 

usual initial allowance of 20%. 

Market Research and Development Allowance 

In addition manufacturers are entitled to an allowance of 150% 

of the expenditure incurred for the purpose of promoting export 

sales to regions outside of CARICOM or for market research 

and development. Section 12D of the Income Tax Act sets 

out the types of expenditure which qualify. It includes salaries 

and wages, traveling and accommodation, advertising and sales 

promotion. A certificate must be obtained from the BIDC 

confirming the person is engaged in the business of export, to 

substantiate the claim. 

International Business Company Act 

Manufacturing companies classified as International Business 

Companies under the International Business Companies Act 

(1991) are also afforded benefits. Benefits under the Act include: 

• Tax on income on a sliding scale from a maximum of 2.5% to a 

minimum of 1%. 

• Exemption from capital gains tax or estate duty. 

• Tax credits in respect of taxes paid outside of Barbados but 

insofar as it does not reduce the tax payable in Barbados to less 

than 1%. 

• Freedom from exchange control. 

• Tax concessions for specially qualified persons. 

• Imports of equipment and machinery free of customs duty, 

consumption tax, VAT and other like duties. 

In addition, international business companies may apply for a 

guarantee that all or any of the benefits and exemptions in the 

Act will be valid for 15 years. In order to benefit from these 

incentives however, companies must apply to the Ministry of 

International Business and International Transport for a licence 

to conduct international business. The licence must be renewed 

annually. A company classified as an International Business 

Company must not trade within Barbados. 

Special Technical Assistance Programme 

This programme seeks to address inherent problems associated 

with high cost of production, inappropriate technology and 

management and production systems and other associated 

problems. This fund, administered by the BIDC, is intended to 

assist in helping companies to become globally competitive and 

to improve their level of exports. 

Export Credit Insurance Scheme 

This Scheme was established to promote and facilitate the 

growth of Barbados’ manufactured exports. This Scheme 

provides insurance cover against losses as a result of the nonpayment 

for Barbadian exports by foreign buyers. It offers a 

Continued on Page 24 


23


number of facilities and is administered by the Central Bank of 

Barbados. 

Enhanced Credit Guarantee Scheme 

The Central Bank of Barbados established an Enhanced Credit 

Guarantee Scheme for enterprises in the foreign exchange 

earning sectors, under the following terms: 

Any credit institution desirous of participating in the Scheme may 

apply to the Central Bank to do so and, upon approval, provide 

credit facilities to eligible borrowers. 

The borrower may be an individual, partnership, a corporate 

body, or an association of individuals, and must have the ability to 

contract loans and other credit facilities. 

To qualify the borrowers must meet the following criteria:- 

(a) The enterprise must be in the foreign exchange earning 

sectors, or be a direct supplier to an enterprise earning 

foreign exchange. 

(b) Sales in foreign currencies must be at least 75% of gross 

revenue, or at least 75% of gross revenue must be supplied 

to enterprises earning foreign exchange. 

Under the scheme: 

• Credit facilities to be guaranteed shall be the net amount of 

new credit advanced to the enterprise. 

• The maximum amount of credit facilities to be guaranteed 

shall not exceed 80% of the loan from the credit institution or 

Bds$2.0 million, whichever is lower. 

• Guarantees may be provided for working capital facilities up to 

a maximum maturity of three (3) years. 

• Guarantees for long-term facilities may be provided up to a 

maximum of twelve (12) years. 

• Credit facilities which may be guaranteed include demand 

loans, term loans, overdraft, discounts, letters of credit, 

acceptances, payment guarantees, tender bids and contract 

bonds. 

Export Finance Guarantee Scheme 

This Scheme is designed to remove the laborious systems 

involved in accessing financing for exporters fulfilling the 

production of goods for export. The Scheme covers both pre 

and post-shipment costs and evidence of a firm contract or 

agreement of sale with a foreign buyer is required. This Scheme 

is offered by the Central Bank of Barbados. 

Export Rediscount Facility 

The Central Bank has sponsored this facility to assist in the 

promotion of non-traditional exports from Barbados. The Facility 

will allow exporters to obtain export finance at minimum cost. 

All commercial banks operating in Barbados which maintain a 

reserve account with the Central Bank of Barbados are eligible 

to participate. All exporters who possess bills receivable for 

the exportation of non-traditional goods, wholly or partially 

manufactured in Barbados, are eligible to participate in the 

Facility. The Central Bank reserves the right to impose discount 

limits for individual exporters. Only bills with credit periods not 

in excess of 180 days will be considered for rediscount. Advances 

against sight bills will be considered upon request. 

Barbados Investment Fund 

The Barbados Investment Fund (BIF) is a close-ended equity fund 

administered by the Caribbean Financial Services Corporation 

(CFSC). The Fund provides equity financing for small and 

medium sized businesses operating in Barbados and engaged in 

manufacturing, agro-industry, tourism and several services subsectors. 

The BIF will provide funds for capital costs as well as 

working capital. Requests for financing through the BIF should be 

directed to the CFSC. 

Enterprise Growth Fund Ltd. Range of Funds 

The Enterprise Growth Fund Ltd. (EGFL) provides Barbadian 

companies in the productive sector with loan financing, venture 

capital and technical assistance through a range of funds, 

including: 

• Loans & Equity for Small and Medium Sized Businesses 

• Small Hotels Investment Fund (SHIF) 

• Tourism Loan Fund (TLF) 

• Agricultural Development Fund (ADF) 

• Industrial Investment and Employment Fund (IIEF) 

• Innovation Fund (IF) 

Applicants for grant financing are required to submit a 

comprehensive project proposal including details of the project’s 

contribution to the development of new or expanded export 

markets and their long-term sustainability; potential foreign 

exchange earnings; employment creation and project costs. The 

maximum funding per application has been set at Bds$1 million. 

Qualifying private companies are required to contribute 20% 

of the total cost of the project to be financed. That contribution 

may, in exceptional cases, be waived by the fund’s management 

committee. 

Tourism and Manufacturing Guarantee Facility 

(formerly Small Business Guarantee Scheme) 

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. The Central Bank is prepared 

to guarantee facilities of up to Bds$150 000 for short-term and 

Bds$300 000 for medium-term use. This does not however apply 

to past-due debts. 

Businesses which make use of the facilities provided under this 

Scheme could derive substantial benefits, including: 

• Adequate security for loans 

• Increased working capital 

• Expansion of fixed assets, machinery and equipment 

• Increased cash flow 

• Increased sales and profits 



• Lower rates of interest 

• Expansion and diversification of operations 

• Opportunity to employ more people and new skills 

• New technology 

• New products 

In addition, the Central Bank 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 

reorganisation/restructuring or any other relevant areas of 

technical assistance. 

A technical assistance grant may be made available to persons 

who qualify. The criteria for this grant are as follows: - 

qualified financial intermediaries. These intermediaries are 

commercial banks and other financial institutions operating in 

Barbados. Potential beneficiaries must first approach a financial 

intermediary with a project proposal. The intermediary will in 

turn submit the proposal to the Industrial Credit Fund. 

In addition to the technical assistance grant, the ICF’s resources 

can be used to finance: 

a) Fixed assets (excluding real estate purchases) 

b) Working capital (primarily raw material purchases) 

Environmental Policy Initiatives 

Manufacturing firms are entitled to a 150% tax rebate on 

attainment of recognized environmental certification such as 

ISO 14000, the Green Globe Programme or the Leadership in 

Environmental and Energy Design (LEED) certification. 

• Grants may be given up to $5,000 and should not exceed 

50% of the cost of the business plan, etc. 

• Consultant should have performed a number of previous 

consultancies. 

• Consultant should have a degree in a relevant discipline. 

• Invoice from consultant should be submitted to the 

Central Bank of Barbados to verify the cost. 

• The grant will normally only be considered in connection 

with a loan under a Small Business Guarantee or an 

Industrial Credit Fund loan. 

• In exceptional cases a grant may be considered apart 

from a credit guarantee or ICF loan. 

Industrial Credit Fund Technical Assistance Grant 

The Central Bank in February 2009 introduced a Technical 

Assistance Grant to be administered under the Industrial 

Credit Fund (ICF). 

• Grants can be given up to $5,000 and not exceeding 

50% of the cost of the business plan, market research 

etc. 

• Consultant should have performed a number of previous 

consultancies. 

• Consultant should have a degree in a relevant discipline. 

• Invoice from consultant should be submitted to the 

Central Bank to verify the cost. 

• The grant will normally only be considered in connection 

with a loan under a Small Business Guarantee or an 

Industrial Credit Fund loan. 

• In exceptional cases, a grant may be considered apart 

from a credit guarantee or ICF loan. 

The objective of the ICF is to contribute to the 

development of Barbados by stimulating growth of 

output, employment and foreign exchange earnings of the 

Barbados economy. To this end, the ICF also provides 

medium and long-term credit to productive enterprises 

operating mainly in the private sector. 

ICF resources are channelled to beneficiaries through 


25

Small Business Assistance 

NEW SMALL BUSINESS 

FACILITY INTRODUCED 

The Trade Receivables Liquidity Facility 

(Factoring) for the small business sector, 

which was announced in 2008, was 

launched on December 1. 

Chief Business Development Advisor in the 

Small Business Development Unit (SBDU), 

Ministry of Agriculture, Food, Fisheries, Industry and Small 

Business Development, Francine Blackman, pointed out that 

the initiative would provide support to local small businesses 

which suffered difficulty due to the inordinately long wait on 

Government for payment. 

She explained that the objective of the initiative was to facilitate 

a more timely payment to small businesses that provided goods 

and services to Government. These payments, which are 

discounted, would assist in improving the cash flow position of 

small businesses. 

The Factoring Facility has been made operational through a 

window established by the Central Bank of Barbados of up to 15 

million dollars. 

The SBDU has responsibility for registering all small businesses 

seeking to access the Factoring Facility. Financial statements must 

be submitted during the registration process. For those applicant 

businesses that currently do not have financial statements, a sixmonth 

grace period will be permitted for the submission of the 

statements. They must be prepared by a qualified accountant and 

the registration forms must be certified by a Justice of the Peace. 

Ms. Blackman pointed out that for the purposes of this 

programme, a small business is so defined under the Small 

Business Development Act Cap 318C, where the small business 

must not have more than one million dollars as stated or paid up 

capital; not more than two million dollars in annual sales, and not 

more than 25 employees. 

The Facility, she added, would be made available only 

through the following financial institutions: the main branches 

of commercial banks; the Enterprise Growth Fund, Fund 

Access, Consolidated Finance, Signia Finance, Globe Finance, 

Citicorp Merchant Bank and the Caribbean Financial Services 

Corporation. 

The Chief Business Development Advisor also explained that 

for any one company, the total number of invoices that can be 

The SBDU has responsibility for registering all 

small businesses seeking to access the Trade 

Receivables Liquidity Facility. 

factored under the programme in any one year is BDS$200,000. 

and invoices are discounted at an annual rate of five percent. 

Collection of the registration forms, as well as the actual 

registration process can be carried out at the Small Business 

Development Unit (SBDU) located within the Ministry of Trade 

and Commerce, Reef Road, Fontabelle, St. Michael. 

Persons may also contact the SBDU for further 

information on the Trade Receivables Liquidity Facility 

(Factoring) at 246 427-5270. (BGIS) 


Entrepreneur’s Forum 

abusSTAR 

SHINING LIGHT FOR 

SCHOOL AND STUDENT 

MANAGEMENT 

After just five years on the 

market, the abusSTAR 

Education Management 

Information system (EMIS) has 

emerged as the most effective 

and competitively priced EMIS 

application for the Caribbean. 

And Ferdinand Hinds, CEO of 

abusTechnology Inc, the company 

behind AbusSTAR, says this is 

largely because “it is the only EMIS 

that was designed with the specific 

needs of the Caribbean schools in mind”. 

Both public and private sector primary, secondary and tertiary 

educational institutions can now benefit from the abusSTAR 

EMIS. And the EMIS serves many audiences - from a school’s 

website for communication with the community, to extensive 

reporting capability for both school administrative tasks and the 

statistical data collection for the Ministries of Education. 

According to Hinds, “abusSTAR is well qualified as the star 

for school and student management. It provides the ability 

to track the continuous assessment of student academic and 

non-academic activities across multiple school years. It enables 

schools to manage the administrative tasks of daily school life 

with significantly expanded data collection for analysis, reporting, 

control, customization and management. 

Having created software that we are confident of, we are 

prepared to serve the Caribbean education market. Our 

company delivers information, software and training materials 

to assist schools in the implementation process, after which 

teachers will have secure access, from any web-enabled terminal 

to monitor student progress by their specialized groups and 

individually, term by term during the school year.” 

As we exit the first decade of the 21st century, we note the 

proliferation of the use of the words and concepts centred 

around Information Communication Technology (ICT), 

tele-medicine and e-commerce in the Caribbean business 

landscape. As both the private and public sector become 

more technologically advanced, it is no surprise that in this 

educationally and technologically enhanced environment, there 

is an increased awareness of Education Management Information 

Systems. Within the last few years, government-implemented 

educational reforms which saw increased spending on technology 

in order to modernize infrastructure, computers and student 

management systems within Caribbean schools created a 

demand for ICT within the Caribbean. 

The trend among Ministries of Education (MOE), supported by 

international organizations such as USAID and the World Bank, 

had been to incorporate an EMIS into their schools. 

These systems effectively track student performance, ease the 

process of generating and analyzing reports, and make school 

information more accessible for administrators and the MOE, 

as a child progresses through the school system from entry to 

exit. All this created an opportunity for the development the 

abusSTAR EMIS product. 

‘Our vision is to see the abusSTAR 

application implemented as a core 

component of the education sector of 

Barbados’ 

- Mr. Ferdinand Hinds, CEO of abusTechnology Inc. 

Along with business partner i2d Inc, abusTechnology Inc 

has positioned abusSTAR as the optimum solution for the 

Caribbean market. Hinds explained that under the prevailing 

macro environmental conditions, the potential for growth in 

the market was compelling, and the demand for the product 

in the developing countries was significant. He noted that 

whereas in 2005 Canadian, US, and European companies 

supplied EMIS solutions at a cost well out of the reach of most 

Caribbean schools at approximately US$18 to US$21 per 

student, “we brought something more competitive and we 

continue to provide competitive cost per student pricing in our 

deployment strategy”. abusSTAR is available through Software 

as a Service [SaaS] model, to a private education institution or 

to any Ministry of Education. The technical resources provided 

by abusTechnology personnel delivers information, software, 

materials and training to assist schools with their implementation 

process. It is with the understanding that EMIS is a multi-year, 

complex undertaking and abusTechnology is there to support the 

system and process every step of the way. 

Hinds said “Our vision is to see the abusSTAR application 

implemented as a core component of the education sector of 

Barbados. It is a critical application in the management of schools, 

de-signed to work the way you work as a management tool, in a 

role and rule-based secure net-work.” 

The company leverages its future sustainability and commitment 

to service by adopting international standards to meet the proper 

process requirements and the use of proven technologies in 

planning, design, development and testing to achieve the desired 

outcome, with fewer problems and inconsistencies. It is based 

on adopting a best practice methodology leading to greater 

efficiency and effectiveness (best results) based on the standard 

operating procedures that have proven themselves over time. 


27

Economic Outlook 

Economic 

Outlook 

2011 

The Barbadian economy should expand by approximately 

2% during 2011, as tourism continues to improve and 

other key sectors rebound. Beyond 2011, the economy 

is expected to achieve a 3% rate of growth, as the 

effects of the global crisis abate. 

This assessment was 

given by Central Bank of 

Barbados Governor, Dr. 

Delisle Worrell, during the 

annual economic review 

session. Dr. Worrell 

however noted that “this 

outturn is dependent on a 

number of factors.” 

Chief among those he 

listed was a full recovery 

in the tourism sector. 

The Governor said this is 

possible in 2011, provided 

that arrivals increase as 

projected from the main 

source market, the UK. All 

Barbados’ source markets are 

expected to benefit from intensified marketing initiatives, along 

with additional seat capacity out of the US West Coast and South 

America. 

Secondly, he noted that the international business sector should 

benefit from the general revival in global activity, as well as the 

signing of new tax treaties. 

Thirdly, Dr. Worrell said private capital inflows are expected 

to pick up, to fund projects such as the Four Seasons, Port 

Ferdinand, Merricks, Palisades and the new Barbados Light and 

Power plant. These projects, he said, should serve to boost 

activity in the non-traded sectors, particularly wholesale and 

retail, as well as construction. 

With the resumption in economic activity, the unemployment 

rate is not expected to widen further during 2011 and prices are 

expected to stabilise, as oil and international commodity prices 

moderate. 

The medium-term fiscal strategy (MTFS) of Government spans 

a five year period, which commenced fiscal year 2010/11 and 

ends fiscal year 2014/15. Dr. Worrell indicated that the MTFS 

target for 2011/12 is achievable, based on the November 2010 

budgetary measures and the Central Bank’s growth forecast. 

Once growth in the tax base has been fully restored, from 2012 

onwards, forecasts are that Value Added Tax (VAT) revenues will 

recover. At the end of the MTFS period, Central Government’s 

net debt-to-GDP ratio should be about 54%. 

Receipts from the recovering tourism sector, along with private 

capital inflows, should facilitate an increase in imports. However, 

public foreign borrowing is anticipated to be somewhat lower 

than in 2010. The current account position is expected to remain 

roughly on par with that of 2009 (and narrower than in 2010), 

but the capital account surplus may be a little below the level 

recorded in 2010. Foreign reserves adequacy should remain at 

about the same level as at the end of 2010. 

According to the Central Bank’s economic review, the Barbadian 

economy leveled out in 2010, and a balance of external payments 

and receipts was achieved, with the benefit of some market 

borrowing and official inflows. Preliminary estimates suggest that 

the economy contracted by just 0.4%, compared to a decline of 

4.7% in 2009. 


News To Note 

Empowerment Through 


Minister of Finance 

and Economic 

Affairs, Christopher 

Sinckler, delivering the 

feature address at the launch 

of FINPYME Export Plus 

Programme at the Lloyd 

Erskine Sandiford Centre, 

said many small and medium 

sized enterprises (SMEs) 

were making tremendous 

contributions towards 

national development and 

the society as a whole. And 

he encouraged Barbadians 

to see entrepreneurship 

not as a burden, but as an 

empowering experience. 

Recognizing the importance of the small business sector to the 

Barbadian economy the Minister said: “successive governments 

have put in place a number of initiatives aimed either directly or 

indirectly at improving the operation and business environment 

of the sector. Pointing to initiatives like the establishment of a 

Business Development Unit to advise on policy formulation with 

respect to the development and expansion of the small business 

sector, he added that Government was also moving to introduce 

legislation such as the Small Business Development Act Cap 

318C; the Electronic Transaction Act; and the Computer Misuse 

Act which will add some formality to the business environment 

and provide greater sustainability. 

Government recently announced an increased allocation of 

$1.5 million to the Barbados Agency for Microenterprise 

Development (Fund Access) to assist its efforts in responding 

to the needs of clients who require working capital technical 

assistance or training. And Minister Sinckler said a National Micro 

Enterprise Programme will be implemented to provide grant 

financing of up to $3,000 for micro businesses. 

Along with the implementation of a project where small 

businesses would be audited for Hazard Access Critical Control 

Points (HACCP) implementation, he further stated that 

Government was also looking at hosting educational seminars 

to enhance the skills and knowledge of SMEs, and would be 

introducing a Medium-Term Development Strategy, 2010-2014. 

These initiatives, Mr. Sinckler stressed, would allow individuals 

and businesses to seize the opportunities available and “along 

with the work of the FINPYME Programme, will stand our small 

business sector in a good stead”. 

BNSI Makes 

International 

Standards Available 

nother step towards improving local standards is being 

made by the Barbados National Standards Institution 

(BNSI). 

The BNSI in support of the National Initiative for Service 

Excellence (NISE) Strategic Direction and the Office of 

Public Sector Reform (OPSR) Customer Service and Service 

Assessment Improvement Programmes, is making available 

a series of International Standards on Customer Service and 

Customer Service Satisfaction. 

The series, which is called ISO (International Organization for 

Standardisation) 10 000, focuses on customer service standards 

and offers guidelines for codes of conduct, complaints handling, 

external dispute resolution and monitoring and measuring 

customer satisfaction. It provides solutions for organisations, 

products or services of any type or size, including entities 

that design customer satisfaction codes of conduct for other 

organisations, and also caters to small businesses. 

These efforts are part of the national initiative to boost the 

quality of Barbados’ service economy and enhance OPSR and 

NISE objectives, which focus on service excellence. Barbados 

is currently in the process of adopting the ISO 10 000 series as 

national standards. 

For more information on the International Standards 

on Customer Satisfaction please contact the BNSI at 

426-3870. 


29

BIDC Going Green 

The BIDC’s high output LED streetlight by day (left) and at night (above). 

BIDC gets 

Green Light 

The Barbados Investment & Development Corporation 

(BIDC) is stepping up its efforts to go green. 

On Friday November 12th 2010 the Corporation, with 

the assistance of its contractors, completed the installation and 

commissioning of its first solar powered light located at the Head 

Office car park. 

Sam Harrison, Business Development Officer (Technical), 

Property and Estates Management Department, explained 

that the pole-mounted self-contained unit, located at the main 

entrance to the car park, is designed to capture the sun’s 

energy to charge a series of storage cells (batteries) that in turn 

power a low wattage, high output LED streetlight. The light is 

independent of power from the BL&P’s grid. 

Although this BIDC project has only just been commissioned, 

it has been in the pipeline for some time, and was preceded by 

a pilot project where the Corporation replaced the standard 

fluorescent tubes and ballasts with lower wattage Light Emitting 

Diodes (LED) tubes in one office to assess their practicality and 

performance. LEDs are designed to produce the same amount 

of light as incandescent or fluorescent lights while consuming 

about one third the power of their fluorescent counterparts. 

The Barbados Investment & 

Development Corporation (BIDC) is 

stepping up its efforts to go green. 

The BIDC, as one of the largest public sector property managers, 

will aim to keep you informed as its alternative energy and 

energy saving projects continue to unfold. 


Our Environment 

A Journey through 

Bajan Fauna 

By Paula Bourne 

Nestled inside the wing housing the Aall Gallery at the Barbados Museum & Historical Society sits a small but 

valuable exhibit which celebrates the diversity of the fauna of Barbados. This exhibit was the brainchild of the 

Museum’s Assistant Curator of Natural History, Mr. Kerron Hamblin, who recognized that there was a need to 

expose our citizens and visitors to the natural history and diversity of Barbados. The timely nature of the exhibit was 

emphasized by the Ministry of Tourism which was also celebrating “Biodiversity” as the theme for Tourism Awareness 

Month 2010, held during the month of October. The year 2010 is also designated as the International Year of 

Biodiversity by the United Nations and under the direction of the Secretariat of the Convention on Biological Diversity 

several objectives were identified as key to measuring the success of the campaign. These included: 

• Raising awareness of the importance of conserving biodiversity 

for human well-being and promote understanding of the 

economic value of biodiversity 

• Enhancing public knowledge of the threats to biodiversity and 

means to conserve it 

• Encouraging organizations (and through them individuals) to 

undertake direct or indirect biodiversity conservation activities 

The Museum’s exhibit mirrors these aims with an intriguing look 

at the fauna within seven categories of invertebrates, fish, marine 

reptiles, amphibians, reptiles, mammals and birds. The approach 

taken by the curator is to link native fauna to that which is 

already extinct and to view the impact of introduced fauna into 

the local ecosystem. 

A bit of nostalgia emerges as you review the collections and 

reflect on the tales of yesteryear which shaped our understanding 

and fuelled our fears of many of these animals and insects in 

the collections. However, this exhibit attempts to educate the 

young and old through different methods about the value of 

every insect and animal to the ecosystem in which they function. 

You will encounter from the threadsnake, the smallest known 

snake which is native to Barbados; and a life-like representation 

of a turtle nesting site; to an extinct rice rat and threatened bird 

species like the Yellow Warbler. 

The journey will spark discussions about extinction and their 

natural and unnatural causes, destruction of ecosystems, the 

disturbance of ecosystems caused by introduced fauna and the 

under-appreciation of our natural habitat by our citizens. It 

will encourage reflection on our responsibility to maintaining a 

balance with nature, our personal impact on the environment 

and our contribution to the global warming. 

The journey offered me pleasant reflections on the many ways 

that the natural environment played and continues to play a 

role in the enjoyment of life as we know it. It brought me to 

the realization that I have a responsibility to my children to 

experience the rich natural history of Barbados and our region 

and to encourage them to expand their horizons beyond the 


31

Our Environment 

malls and the gadgets that consume their lives and behind the 

walls of our edifices. 

The lessons to be learnt 

from this experience 

not only tell me of my 

responsibility to my 

children but of our 

shared responsibility 

to protect our natural 

environment and the 

biodiversity of Barbados. 

For biodiversity is 

as important to the 

existence of animals as 

Since we live on a little 

rock, our ecosystem is 

even more vulnerable 

because of its small 

size. We therefore 

can’t ignore our role 

in its preservation. 

it is to our own existence and the preservation of our lives. It is 

that biodiversity which allows humans to exist side by side with 

animals and plants. Biodiversity is the food that we eat; it is the 

clothes that we wear; the homes that we live in; the medicines 

that we take. Biodiversity is life! 

the extinction of the local population of Barbados Racer (Liophus 

perfuscus) when mongooses were introduced into Barbados as a 

means of controlling rats which were major sugar cane pests. 

The recent example of the Giant African Snail (Achatina fulica) 

underscores that very well. We have seen the aggressive 

expansion of that mollusc - considered the most invasive mollusc 

in the world - in Barbados. The United States has acknowledged 

it as a potential serious threat to its economy, affecting the 

important agricultural sector. 

Since we live on a little rock, our ecosystem is even more 

vulnerable because of its small size. We therefore can’t ignore 

our role in its preservation. Make it a part of your plan. 

One of the poignant lessons surrounds the introduction of new 

animal species to an ecosystem as small and vulnerable like 

ours. Such unplanned activity can impact our ecosystem in such 

a significant way that it may result in the threatening/extinction 

of native species. This may happen as a result of the introduced 

species being better adapted to the environment and thus, 

outcompeting native species or it may be a result of the native 

animal falling prey to introduced species. One example of this is 

Some visitors to the exhibit. 


Trading Developments 

Barbados’ products 

and services on display 

in Brasilia, Brazil 

The recently-established Embassy of Barbados in 

Brasilia participated in the Annual Bazaar organised 

by the Group of Ambassadresses/spouses on Saturday, 

November 13, at the Embassy of Portugal. The Embassy 

displayed a number of products and services, provided 

samples of rum punch, among other items. 

The Bazaar has an opportunity for the new mission to 

disseminate information about Barbados, including the 

flights between Sao Paulo and Bridgetown, and to showcase 

Barbadian products to members of the large diplomatic 

community and to the population of Brasilia (including 

many government employees and professional persons). 

There was a keen interest in the rum products, seasonings, 

jams and jellies and skin care products, with many 

enquiries about where the items could be purchased. 

The Ambassador and Attaché were assisted by two Barbadians 

living in Brasilia (one student and one who lives and works in 

Brasilia) as well as a temporary staff member. The Barbados 

Manufacturers’ Association and the Barbados Tourism 

Authority’s representative in Sao Paulo also assisted the 

Embassy by providing some products and materials for display. 

The Bazaar was intended to generate funds to be used for 

charity. Participants sold indigenous products, including 

food, handicraft, clothing and items of typical Barbadiana and/ 

or displayed material and products to promote the country. 

Approximately 70 missions, representing countries from Latin 

America and the Caribbean, North America, Europe, Africa, 

Asia, Middle East and Oceania participated in the event. 

Support for Air Services Agreement 

between Barbados and Spain 

Support has been forthcoming 

for the establishment of air 

linkages between Barbados 

and the Republic of Spain. 

It has come from Minister of 

International Business and International 

Transport, George Hutson. 

Speaking minutes before the signing of a Double Taxation 

Agreement (DTA) between Barbados and Spain yesterday, 

Minister Hutson expressed the hope that the accord could 

pave the way for additional bilateral agreements. 

“In my capacity as Minister responsible for International 

Transport, I am also hopeful that the double taxation 

Convention will provide the impetus for other bilateral 

agreements such as an Air Services Agreement. 

“I note your extensive air links and investments into Latin 

America and I believe that there is significant scope for including 

Barbados in a triangular process to encourage trade, business 

and tourism between our countries. Barbados could serve as a 

major hub to support travel throughout the Caribbean and Latin 

American countries,” the International Transport Minister said. 

To date, Barbados has some 18 tax treaties in force. The 

treaty with Spain brings the number of signed treaties, 

awaiting ratification (to enter into force) to five. The others 

are with Ghana, Luxembourg, Panama and Portugal. 

Four initialled treaties with Italy, Vietnam, Belgium and 

the Czech Republic are currently awaiting signature. 

The Ministry is hopeful that the signed DTAs would 

be ratified and the initialled draft DTAs also signed 

and implemented during the course of next year. 


33

Industry By Numbers 

SPECIAL TECHNICAL ASSISTANCE PROGRAMME DISBURSEMENTS 

JANUARY - DECEMBER 2010 

Source: Barbados Investment 

& Development Corporation 

DOMESTIC EXPORTS 

2009/2010 (BDS$) 

Source: 

Barbados Statistical 

Service 


Industry By Numbers 

EMPLOYMENT IN MANUFACTURING SECTOR AT DECEMBER 2009 / 2010 

Source: Barbados Investment & Development Corporation 

DISTRIBUTION OF INVESTMENT IN MANUFACTURING SECTOR 2009 AND 2010 (BDS$) 

Source: Barbados Investment & Development Corporation 


35

abusSTAR - Barbados Investment and Development Corporation

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