As China continues to strengthen its position as the world’s second largest economy, business owners from the East Asian country are seeking to forge special bonds with Barbadian businesses.
A delegation from the China Chamber of International Commerce comprising high level businessmen and officials from trade organizations is here for a series of meetings aimed at helping them become more familiar with the vagaries of doing business on the island.
At a seminar organized by the Barbados Investment and Development Corporation (BIDC) on Monday morning, Director of Export and Entrepreneurial Development Marina Taitt, said the visit was a follow up to a similar mission to Beijing in 2014 by Barbadian Government and private sector officials seeking tolearn about market conditions, access, regulations, entry requirements “and the characteristics of the Chinese economy”.
“Since 2010, we have seen a growing number of people in China interested in doing business in Barbados, and the number of Barbadians showing a keen interest in making contact with China has increased as well,” Taitt said.
“Several manufacturers and service providers in Barbados have also asked us about trading with China, specifically exporting a range of goods, including food, beverages and craft, and partnering with service providers in information and communications technology and renewable energy,” she added.
The BIDC official added that her organization was in discussions with the Chinese mission on potential areas of technical cooperation.
“We are specifically looking at product development and capacity building in the craft and agro-processing sectors, sectoral and market research, training and education,” she said.
“We are also keen to lend our support for trade missions, study tours, business-to-business engagement and business matchmaking for the private sector as we seek assistance with the verification of suppliers of equipment and raw materials, as well as importers and distributors from China,” Taitt added.
In his brief remarks, Yu Jianlong, the secretary general of the China Chamber of Commerce, spoke of the close relationship between the two countries and the “high number of Chinese business owners in Barbados”.
During the seminar at the Bagnall’s Point Gallery in Pelican Village, Sandra Payne of Invest Barbados gave the visiting Chinese contingent an idea of the local investment climate and some of the concessions to which they would be entitled, while tax consultant Dominique Pepin spoke about the island’s tax laws. (DH)