Damie Sinanan, Senior Advisor – Competitiveness and Export Promotion at Caribbean Export, introducing the CE Intelligence Portal.
In spite of economic challenges, Barbados remains open for Business.
According to Minister in the Ministry of Foreign Trade, the Honourable Sandra Husbands “We are on the road to rebuilding our national credit rating and providing investors with the confidence necessary to bring their capital and business to our shores.”
She gave this assurance while addressing the launch of the Caribbean Export Development Agency (Caribbean Export) Market Intelligence Portal, held at CIBC First Caribbean Training Centre, Warrens Great House recently.
Applauding the development of CE-Intelligence, she noted that it will provide investors with the information to enable them to make sound business decisions and links them to the main suppliers of goods in our country and the Region.
“It provides accurate information on doing business in Barbados and the rest of CARIFORUM,” she pointed out.
“Our government is encouraging the use of technology, going digital in our attempts to fast track the new economy. This portal allows goods producers to embrace the modernisation of old methods of market research. It provides a more manageable way to assess new business opportunities,” she added.
Husbands recalled that over the years, the Ministry of Foreign Affairs and Foreign Trade has negotiated a number of trade agreements to give opportunities to penetrate strategic markets in the region and around the world, with the most comprehensive of these being the Economic Partnership Agreement (EPA) between CARIFORUM and the European Union (EU).
“The EPA allows duty free, quota free access for every product produced in Barbados and the Region into the EU market. Yes, there are still a few non-tariff barriers to fully accessing the market and we are working to mitigate those. The Export Guide section of the portal provides additional insight into the European Market and can assist to overcome these barriers as businesses now have the information and opportunity to adapt to the market requirements. The guide provides the necessary information on the key markets for the Region and would be critical for new entrants to the market,” she indicated.
“The Ministry continues to monitor the implementation of the EPA and all trade agreements to which Barbados is a party and stands ready to advocate and defend the rights and interests of local goods and services providers.”
Minister Husbands also acknowledged that Barbados places a high value on the regional interface and have begun to take the necessary steps to ensure that the integration movement works for all our citizens.
In order for Barbados to continue to provide citizens with a high quality of life, she assured that Government will continue to craft the appropriate growth strategies and set the environment for local and regional businesses to explore opportunities beyond the confines of CARICOM and CARIFORUM.
“Businesses must now engage the new economic space. Think regional, Think global! The economic and social advancement of our people can only be achieved by spreading abroad and the portal, can be key, to start our engines and drive us to greater prosperity,” Husbands stressed. (TL)