Before the end of this year, Barbados is hoping to more than quadruple the number of products it exports.
This was revealed by chief executive officer of Export Barbados Mark Hill who said they were looking to substantially increase the 40 products currently exported to around 200 by November.
Export Barbados is formerly known as the Barbados Investment and Development Corporation.
He made the comments while speaking at a ceremony this morning at Pelican Village, to announce the winner of the Export Barbados’ National Innovation Challenge – Beauty Edition.
Hill also pointed out that Barbados was set to “launch” products into the European market.
“We are seeking to leverage and to build out a new export basket. As you know Barbados’ export basket constitutes just around 40 products that are generating around $300 million per annum and to grow our exports we need to add new enterprises, we need to add new companies, new entrepreneurs with new products, new services that we can drive into the global market.
“One of the things that this particular beauty challenge really underscored is our focus on the life sciences. Beauty products speak to the whole aspect of human well-being and human development and we want to encourage more of this type of innovation going forward, especially as we launch into the European market in a massive way.
“We’re about to do some significant activities in the European market moving product directly from Barbados, consolidating shipments and moving them into the global market space,” Hill said.
“We have a goal of getting to 200 products by November, so we anticipate seeing not only beauty products but I understand there is a portfolio of diabetes care [products] coming shortly with aloe vera with other streams of products such as furniture, furnishing, home accessories. So by the time we get to the November design exhibition we’ll be having a world-class expo that everybody in Barbados will be proud of.”
Minister of Industry, Innovation, Science and Technology, Davidson Ishmael lauded Barbadians for the innovation they showed over the last two years during the COVID-19 pandemic.
He pointed out that despite the challenges posed by the pandemic many small businesses had grown and blossomed during this period.
Ishmael said the challenge was just the first in a series of several initiatives that would provide opportunities for Barbadian entrepreneurs.
The minister maintained that Barbados could no longer continue to rely on a “small cadre” of exported products.
“The benefits of these innovation challenge series are two-fold. For the entrepreneur, they provide access to critical business development support and the opportunity to scale up and pursue export markets.
“And for the country it provides opportunities for Barbados to increase exports and diversify its export base. Ideally, the aim of the challenge series would be to discover new and improved solutions to old and new problems,” he explained.
“That is the true essence of innovation. This effort will not just increase the number of export products in our product and service mix, but it will enhance that mix and empower us as a nation, so that we are not as dependent on the earnings generated from just a small cadre of products.”
Dawn by Nature, owned by Dawn-Dew Thompson was announced as the winner of the Challenge which attracted 30 participants.
She received $30 000 in technical assistance and $5 000 cash.
Second place went to Healthy Kinks, owned by Leandra Wilfred-Boyce, who received $20 000 in technical assistance and $3 000 cash, while Che Essentials, owned by Cherish Forde placed third and received $15 000 in technical assistance and $2 000 cash.
Krown n Glory owned by Tricia-Ann Waldron placed fourth and Home and Body by Rose, owned by Janelle Gordon-Thompson placed fifth. They each received $500 cash. randybennett@barbadostoday.bb
