BRIDGETOWN, Barbados, A group of Barbadian manufacturers and services exporters recently visited Guyana to explore trade and market opportunities there.
The 10-member group which participated in a February 11-14 exploratory mission, are all recent graduates of the Barbados Investment & Development Corporation’s (BIDC) Export Readiness Training Programme. The BIDC Export Readiness Training Programme is an initiative designed to equip new and potential exporters with the knowledge, tools and strategies to successfully expand their businesses into new markets.
The BIDC in a release stated that the companies were drawn from various sectors of the island’s economy including food and beverage; information technology services (particularly for medical services); building and construction; garments and fashion; footwear; media publishing and health and wellness sectors.
The group comprised AirtelCimTect Inc, Carepoint Solutions, Bibi’s Snacks Inc., Eve’s Creations, Locks Protector, Regal Elegance and Eastlanders Manufacturing (B’dos) Inc.
The BIDC said that it has been working with the Guyana Office for Investment (Go-Invest) on the strength of a Memorandum of Understanding (MOU) which was signed between the two agencies and which speaks to the exploration of market opportunities, agency collaboration and exchange.
It stated that the 5 year period from 2013-2017, Guyana has received on average US$23 million in exports from Barbados every year, with exports growing by some 7% since 2013. On the other hand, Guyana exports approximatelyUS$13.7 million to Barbados, with export growth estimated at 44% over the corresponding five year period.
The group will be accompanied by three BIDC Officers and they will be in Guyana for two full working days. In recent months, a number of business and manufacturing companies from various parts of CARICOM and the Caribbean region have been collaborating with their counterparts here. Trade links have been established between Guyanese and Cubans as well as Trinidadian firms in recent months.
As Guyana’s petroleum sector evolves interest has grown international entities in doing business here. A number of partnerships and discussions were undertaken between local and international firms at the just concluded Guyana International Petroleum Business Summit and Exhibition (GIPEX) which saw participation from executives and personnel representing a large number of companies.