The Government of Barbados is crafting a comprehensive modern industrial policy aimed at strengthening local manufacturers and enhancing their ability to compete in international markets.
This announcement was made by Minister of Industry, Innovation, Science, and Technology, Marsha Caddle, during the Barbados Manufacturers’ Association’s (BMA) 60th anniversary Mix & Mingle event at Hayman’s Market, St. Peter.
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Minister Caddle emphasized that the new policy would go beyond a broad set of goals, instead focusing on creating a supportive environment with clear fiscal incentives and other strategic measures. This approach is designed to encourage young people and entrepreneurs by demonstrating that Barbados is committed to supporting the growth of local companies at domestic, regional, and global levels.
“We need to clearly and concisely communicate the opportunities we see for Barbados in 2024 and beyond, supported by a strong enabling environment,” she remarked.
The Minister highlighted the role of government entities such as Business Barbados, Export Barbados, and Invest Barbados, which, in collaboration with the BMA, are tasked with addressing the challenges that currently create uncertainty for businesses operating in the country.
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“We are at a critical juncture in Barbados where we need open, honest discussions about what needs to be improved. That’s why Business Barbados was established—to tackle issues like corporate registry and intellectual property, and to simplify the process of doing business in Barbados,” Minister Caddle stressed.
She also revealed that the Cabinet will soon be reviewing Barbados’ trade policy. “Given the ongoing shifts in global trade dynamics, technological advancements, geopolitical changes, and environmental challenges, it is essential that we reassess our trade policies to stay competitive,” she explained.
Minister Caddle assured that all stakeholders would be engaged in this process, emphasizing the strong partnership and proven track record of collaboration with the BMA. She reiterated that the BMA remains a vital partner in the government’s mission to advance Barbados for the benefit of all citizens.
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