Barbados Develops Multipronged Modern Industrial Policy
A New Era for Local Manufacturers
The Government of Barbados is developing a multipronged modern industrial policy that is expected to benefit local manufacturers and help them to grow as well as compete in international markets.
Minister of Industry, Innovation, Science and Technology, Marsha Caddle, and guests of the Barbados Manufacturers’ Association’s (BMA) 60th anniversary Mix & Mingle event at Hayman’s Market, Hayman’s, St. Peter. (S. Forde-Craigg/BGIS)
The policy aims to create an environment that would signal to young people and entrepreneurs that there was support for local companies to grow domestically, regionally and globally.
A Clearer Direction for Local Businesses
According to Minister of Industry, Innovation, Science and Technology, Marsha Caddle, the new policy would not be a macro-level policy document with a general wish list of objectives. Instead, it would focus on creating an enabling environment, including through a transparent fiscal incentives framework and other measures, to support local businesses.
"I do think that we have to, very crisply and very succinctly, be able to signal what are some of the opportunities we think exist from our vantage point and what are some of the things we think are obvious comparative advantages for us in 2024, and for the next 30 or 50 years. That has to be supported of course by the enabling environment," she stated.
Collaboration with the BMA
Ms. Caddle highlighted the importance of collaboration with the Barbados Manufacturers’ Association (BMA) in developing the policy. "We are at the point in Barbados where we need to have frank and adult conversations about what needs to be fixed. And that’s one of the reasons that Business Barbados was set up, to be able to look squarely at issues associated with corporate registry, with intellectual property, with all related issues and to be able to say, ‘this is the system; this is the simplified way in which we will make it easier to do business’," she emphasized.
Reviewing Barbados’ Trade Policy
Ms. Caddle also shared that Cabinet would be reviewing Barbados’ trade policy. "We think that this is critical because we realise that our trade agreements and our overarching trade policy… the geopolitics that obtained at the time [it was created] have shifted and continue to shift.
"And so, given the frequent changes in the trade landscape, the dynamic nature of global economic conditions, technological advances, geopolitical shifts, even environmental challenges, we believe that we have to engage in this review of our trade policies. This is something that we expect to be able to do quickly," the Minister explained.
Conclusion
The development of a multipronged modern industrial policy is a significant step towards supporting local manufacturers and promoting economic growth in Barbados. By creating an enabling environment and reviewing the country’s trade policy, the Government is committed to helping local businesses grow and compete in international markets.
Frequently Asked Questions
Q: What is the purpose of the new industrial policy?
A: The policy aims to create an environment that would signal to young people and entrepreneurs that there was support for local companies to grow domestically, regionally and globally.
Q: What kind of support will be provided to local businesses?
A: The policy will focus on creating an enabling environment, including through a transparent fiscal incentives framework and other measures, to support local businesses.
Q: What is the role of the Barbados Manufacturers’ Association (BMA) in the development of the policy?
A: The BMA will be a key partner in the development of the policy, providing input and feedback to ensure that the policy is effective and meets the needs of local manufacturers.