PM has advice for businesses

LOCAL and regional businesses are being encouraged to take advantage of the market access opportunities that have been negotiated on their behalf, giving them preferred entry to European and other markets.

The call was made by Prime Minister the Rt Hon Freundel Stuart as he delivered featured remarks during the 11th European Development Fund Regional Private Sector Development Programme launch, which was held at the Lloyd Erskine Sandiford Centre yesterday morning.

According to Prime Minister Stuart, “If the European Union can demonstrate such faith in us, making this investment in a Regional Private Sector Development Programme for our benefit, then we can surely have faith in ourselves.”

Stressing the need for small, open, developing countries to earn foreign exchange, he also used the opportunity to urge the regional private sector to be proactive and creative and seek to increase the number
of projects that can be assisted by the CARICOM Export Development Agency (Caribbean Export), in order to boost foreign reserves.

“Countries like Barbados need foreign exchange for almost every stage of our production in the various sectors. But if we do not earn it, we cannot spend it without serious effects on our entire economy and society.

“For example, companies in the retail sector which use a large proportion of foreign reserves in providing the goods that we both need and want, must be creative and explore how they can assist in producing more foreign exchange, through contributing in some way to our export thrust,” he stated.

The Prime Minister also reiterated calls for the regional private sector to renew its focus towards the growing and marketing of West Indian Sea-Island Cotton.

According to Stuart, “This could involve rebranding the cotton because of trademark issues, haute couture design by local and well known foreign designers, manufacturing of high valued clothing locally, contract weaving and spinning of cotton. What are the obstacles to doing this, I ask?”

The Prime Minister's comments came as he alluded the work of Caribbean Export and its achievements made in export-oriented private sector development over the past five years.

“For the last 20 years, Barbados has had the honour of hosting Caribbean Export, and this partnership has indeed been beneficial to the region and Barbados, as we view private sector growth and development as integral to the development of both the region and our own local economy.

He noted that the support of nearly 15 million Euros over the course of the 10th EDF has been a worthwhile investment in delivering initiatives focused among other things, on financial and technical assistance, facilitating market entry, building capacity through training and certification.

The Prime Minister said this funding has contributed to job creation, revenue generation and export growth, within the states of the Caribbean region, which are mainly small island developing states, and it has boosted our capacity to compete with firms on the global landscape.
(JH)