A 24-member contingent of Barbadian manufacturing and services companies will be arriving in Guyana on Thursday, to participate in a series of pre-arranged business to business meetings – the final leg of a multi-country Caricom trade mission.
According to a press release from the Barbados Investment and Development Corporation, the visit, led by Barbados’ Minister of Industry, International Business, Commerce and Small Business Donville Inniss, is intended to enhance policy dialogue and the exchange of business information while strengthening the network of business support organisations, promoting trade and exploring investment opportunities which could yield economic gains for both territories.
The mission is being spearheaded by the Barbados Investment and Development Corporation (BIDC) with support from the Barbados Ministry of Foreign Affairs and Foreign Trade and the Barbados Manufacturers Association.
It is anticipated that the mission will be executed with support from the Guyana Office for Investment (Go-Invest) as part of the Memorandum of Understanding which was signed between Go-Invest and the BIDC in 2014.
During the visit, the Barbadian delegates, representing firms from the food and beverage, construction, printing, health and wellness and consulting sectors, will engage in business to business meetings, consult with business support organisations and agencies and explore opportunities for the development of trade relations, joint ventures and other investments. The Barbados-based Queen Elizabeth Hospital will be among the delegates, showcasing the eye care, neurosurgical and cardiac services offered at its facility, the release said.
Open House sessions are scheduled for Friday at the Marriott Hotel and persons interested in doing business with Barbados are invited to attend.
Barbados enjoys a longstanding relationship with Guyana, manifested in the areas of trade, tourism and culture. With respect to trade, Barbados’ exports to this market reached US$24.2 million in 2014 and were projected to tally some US$25 million at the end of 2015. Exports comprise mainly building cement, plastic bags, printed paper labels, margarine, water-thinned paints and sweet biscuits, according to the release. Barbados’ imports from Guyana averaged approximately US$15.7 million annually over the period 2005 to 2014, and preliminary estimates indicate 2015 imports to be only slightly lower.
The main items imported were wood, molasses, rice and chow mein, fish fillets and raw cane sugar, the BIDC release noted. Guyana is currently the Caricom country with the highest level of diplomatic or consular representation in Barbados through its Consulate General Captain Gerald Gouveia. Robert Morris, CHB was appointed as Barbados’ non-resident High Commissioner to Guyana in April 2014.The long history of cooperation between the two countries was further amplified when the 3rd session of the Barbados/Guyana Joint Commission was convened in Barbados in October 2015. The Joint Commission provides an effective mechanism for the promotion of continued tangible cooperation between the two countries with emphasis on agriculture and fisheries, tourism and education.
It is hoped that this upcoming trade mission will succeed in contributing to the creation of a bridge to sustaining existing relations and creating new ones between Barbados and its Caricom counterparts. The group departs Guyana on Sunday, the release said.
