Barbados trade mission on outreach to Guyana

Last Updated on Sunday, 11 February 2018, 16:26 by Denis Chabrol

Ten new Barbadian manufacturers and service exporters are exploring trade and market opportunities in Guyana, the Barbados Investment & Development Corporation’s (BIDC) said Sunday.

The group participating in this exploratory mission, are all recent graduates of the Barbados Investment & Development Corporation’s (BIDC) Export Readiness Training Programme, an initiative designed to equip new and potential exporters with the knowledge, tools and strategies to successfully expand their businesses into new markets.

The companies are drawn from the 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 Guyana Office for Investment (GO-Invest)

The BIDC says it has been working with Go-Invest in Guyana on the strength of a Memorandum of Understanding (MOU) between the two agencies, which speaks to the exploration of market opportunities, agency collaboration and exchange.

Over the five years, 2013-2017 Guyana has received on average US$23 million in exports from Barbados every year, with exports growing by some 7% since 2013.  Guyana’s exports total approximately US$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 arriving February 11th and returning to Barbados on February 14, 2018.  “It is hoped that useful networks will be forged, excellent working relationships will be borne and the foundation for new trade will be laid,” the BIDC said in the statement issued through Go-Invest.

The Barbados Investment and Development Corporation (BIDC) is a statutory agency of the Barbados Government, with special responsibility for export development and promotion; the establishment and expansion of business enterprises. Its aim is to contribute 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.

For more information visit  BIDC’s website http://www.bidc.com