Plan to boost exports from manufacturing sector

Government is moving aggressively to return the manufacturing sector to its former glory days when it was one of the country’s biggest economic drivers.

Those plans were outlined by Minister of Industry, Innovation, Science and Technology Davidson Ishmael who revealed that the Mia Mottley administration was working to implement policies that would help the sector achieve an export target of US$1 billion in eight years.

Speaking during the launch of the Barbados Manufacturers Association Trade and Innovation Summit at the Barbados Hilton on Wednesday morning, he maintained there was a future for manufacturing.

Recalling that there was a time when the sector contributed 12 per cent of Gross Domestic Product (GDP), the Minister lamented the decline in recent years.

“Admittedly, there has been a decline in the performance of the sector over the years. This decline is as a result of several exogenous factors such as high production costs and increases in competition from regional and international markets, just to mention a few…. Despite these challenges, the manufacturing sector has shown fortitude and resilience in weathering the storms. It continues to make a significant contribution to our national development and of course to our economic growth,” Ishmael said.

“My Ministry is, therefore, resolute in its commitment to restore prominence to the manufacturing sector which will, in turn, serve as a catalyst to regenerate macroeconomic stability. I am certain that doing this can and will put the economy on a sound footing for sustainable growth.

“We intend by all means to prove the naysayers wrong. We believe that there is a future for manufacturing and that opportunities exist for us to recreate and return the sector not only to its former glory but with a 21st-century glow,” he added.

Ishmael said the Government was cognisant of the high degree of volatility in the domestic, regional and international markets, as well as the impact of climate change on small island developing states.

It was for this reason, he said, that the current administration was moving to pass new legislation to offer support to the manufacturing sector.

“My Government is pursuing landmark policies and strategies that are aimed at facilitating societal development, economic enfranchisement, and empowering the man and the woman on the street to transform and enhance the performance of our manufacturing concerns,” Ishmael said.

“Having assumed the office of Minister with responsibility for industry just five months ago, I am therefore pleased to disclose the Ministry’s work through the Barbados Investment and Development Corporation (BIDC) in embarking on and executing several policy initiatives aimed at innovating and transforming the sector and improving the overall competitiveness and export readiness of Barbadian enterprises, all with the goal of achieving an export target of US$1 billion by 2030,” he added.

The Minister said one such initiative was the corporate reforming and rebranding of the BIDC, with a strategic focus on exports.

“My Government is seeking to establish a strong export brand by building a national export culture. We will globally position Barbados’ industrial brands in the international market to appeal not only to the diaspora but to consumers across various cultures and borders. We must build global Barbadian household brands and there is no doubt we can do it,” Ishmael contended. (RB)