Bajan firms to explore trade with Guyana

With the prospect of new Foreign Direct Investment (FDI) looking tenuous, a number of Barbadian manufacturers and service exporters have launched an exploratory mission to Guyana to seek new trade and market opportunities.
According to the Guyana Office for Investment (GO-Invest), the Barbados Investment and Development Corporation (BIDC) will be facilitating ten recently formed companies from the island as they seek to network with local businesses.

BIDC has actually been working with GO-Invest on behalf of the companies on the basis of a Memorandum of Understanding (MoU) that was signed between the two agencies, in order to explore trade and agency collaboration.
The companies themselves were drawn from the food and beverage, information technology, construction, garment and fashion, footwear, media publishing and health and wellness fields. The group will be accompanied by three BIDC officers, and will be in Guyana from February 11 to Valentine’s Day.
“It is hoped that useful networks will be forged, excellent working relationships will be born, and the foundation for new trade will be laid,” GO-Invest said in a statement. “Over the (past) five years, Guyana has received an average US$23 million in (imports) from Barbados every year. Exports (grew) by some seven per cent since 2013.
“Guyana exports approximately US$13.7 million to Barbados, with export growth estimated at 44 per cent over the corresponding five-year period. (Group members) participating in this exploratory mission are all recent graduates of BIDC’s export readiness training programme, designed to equip new and potential exporters with the knowledge, tools and strategies to successfully expand their businesses into new markets.”
The participating firms are Artel Cimtect Inc (construction), Bibi’s Snacks Inc and Eve’s Creations (food and beverage), Carepoint Solutions (ICT), Eastlanders Manufacturing (craft), Locks Protector (Hair accessories), Regal Elegance (Garment sector), Spa E’scentials and the Healing Power of Touch (Health and Wellness) and Thorne Publishing and Productions (Media Publishing).
The MoU in question was signed under the previous administration in 2014, during the GuyExpo Investment forum. BIDC is a statutory agency of the Barbados Government, with special responsibility for export development and promotion, and the establishment and expansion of business enterprises.
It was formed with the aim of contributing to the diversification and growth of the Barbados economy through new investment, increased exports, and employment creation by fostering the development of competitive manufacturing and related services companies.