Businesses here are being encouraged by their Guyanese counterparts to invest there and cut Barbados’ high import food bill while growing their bottom line.
President of the Georgetown Chamber of Commerce and Industry (GCCI) Indar Deodat has urged strategic partnerships with Guyana-based firms in a range of industries including tourism, manufacturing, agriculture, renewable energy and services.
He was speaking as the Chamber of Commerce in Bridgetown held a breakfast meeting on doing business in Guyana.
“The tourism sector is one that I believe is a first area we can work together on,” said Deodat, as he pointed to the various business-related laws in Guyana that allowed for the ease of doing business there.
“There are so many tenets of tourism in terms of what we have in tourism that you in Barbados can find a niche,” the Guyanese business leader told the chamber.
“The private sector in Barbados can come to Guyana and find those partners and see where they can expand their business and diversify and do whatever they can do knowing you guys are the best in the region in this area.”
Pointing out that Guyana’s economy was set to grow “exponentially” over the next two decades, Deodat said that as it expands its oil and gas industry, his country could benefit from Barbados-based skills.
Deodat said: “Either you come by yourself or you come and find a partner and start working.
“What we have been doing is encouraging partnerships because it is a fast way to learn, it is a fast way to transfer technical knowledge and know-how and it builds local capacity. What we saw in most of the companies that are partnering are that they are the ones that are getting ahead quicker.
“When it comes to working together the Barbadian private sector is one that is opened to doing business. We in Guyana we are opened to doing business and we want to make sure we start working together quickly,” said Deodat.
The executive director of the Barbadian Chamber of Commerce, Carlos Wharton, expressed disappointment at the “small amount of trade” that currently takes place between the two CARICOM member countries.
He said Bridgetown had an opportunity to reduce its $500-million food import bill by deepening trade relations with Georgetown.
Wharton said: “It is the view of the Barbados Chamber of Commerce and Industry that improving our trade and non-business relation with Guyana and by extension, other CARICOM states in South and Central America, is critical to the success of the CSME and the development of Barbados.
“Barbados imports the majority of its foods from extra regional sources and building relationships with Guyana can have the potential to reduce our [food import] bill while increasing food security and supporting healthiness.”
Based on 2017 statistics, he noted, Barbados’ top five exports to Guyana were cement, wheat four, printed paper, plastic bags and sweet biscuits, while the top five imports from Guyana were molasses, non-coniferous wood, sugar, rice and chow mein.
In her speech to the breakfast meeting, Minister of Foreign Trade Sandra Husbands said the drive towards deeper collaboration between the two chambers came at a time when there was a need for “more meaningful partnerships across the various sectors” in Barbados.
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Minister of Foreign Trade Sandra Husbands[/caption]
Pointing to the importance of the private sector to the island’s economic growth, Husbands said that with the level of global uncertainties, regional trade was a way to boost food security while growing the Barbados economy.
“Unfortunately, the level of intra-regional import covers just around 12 per cent of our total imports into the various territories. So the region purchases some 88 per cent of our needs and wants outside of the region. That means there is vast opportunity for us to serve each other with goods and services and be able to earn the necessary foreign exchange,” said Husbands.
The Food and Agriculture Organisation estimates that Caribbean countries import some $8 billion in food annually. marlonmadden@barbadostoday.bb
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