Barbadians are being urged to take advantage of the emerging trade opportunities with Guyana in the area of agriculture, as the region continues to battle supply chain issues and continued price increases.
Representative for the Guyana Office for Investment, Gavin Bovell told Barbados TODAY that with unabated price increases threatening the region’s food and nutrition security, it was not the time for complacency.
Bovell said there were also opportunities for Barbadians and Guyanese to partner in several business ventures across agriculture and manufacturing.
“We need to be able to sustain ourselves. We are small island developing states and we are vulnerable to climate change and global economic shocks because of how much we import and how much we depend on the international visitor,” he said.
“We have also recognised that we have our own capabilities within our neighbourhood, so how can we leverage our capabilities to become more resilient? Because we are not going to get rid of the external shocks. They are going to continue to happen. These supply chain challenges and disruptions are not going to stop; we have to develop the competencies to become more resilient and we need to have more visibility.”
Bovell, a university lecturer in logistics and supply chain management, pointed to several opportunities that are now ripe for the picking, in light of the recent signing of the St Barnabas Accord, which speaks to cooperation between Barbados and Guyana in several areas.
“It speaks to a lot of opportunities, not only for combating the food security issues that we face in the region but also for generating tangible exports out of the region,” he said.
Last week, Prime Minister Mia Mottley and President of Guyana Irfaan Ali signed the accord, clearing the way for further dialogue and cooperation in specific areas including agriculture, tourism and international transport, energy, manufacturing, mining and quarrying, trade and business development, security, education, and bilateral integration measures.
Describing it as timely, Bovell said the St Barnabas Accord was a catalyst for deepening the relationship between Georgetown and Bridgetown.
Lauding the two leaders for their drive toward trade and economic integration, he said there has certainly been a lot of movement and commitment over the last few months.
Bovell contended that with Guyana’s capacity for agricultural production and lower labour costs, coupled with the global reach Barbados has developed over the years through tourism, the two countries had the opportunity to boost food production, add value and increase exports.
He said there were opportunities for investment and research in the agriculture sector, as he pointed to the need for greater private sector involvement.
“The private sector plays a critical role in pushing this through. While the governments create the environment, [those in] the private sector are the ones to invest,” Bovell argued.
“When we sit down and think about ‘where can I open a business?’ the thought shouldn’t just be ‘should it be in St Michael or St Philip?’ It should be, ‘should it be in Guyana, should it be in Suriname, what are my options?’ These relationships that have been put in motion are so that these nations can develop together.”
The Caribbean Community (CARICOM) has set a target to reduce the region’s food import bill by 25 per cent by 2025.
As part of the St Barnabas Accord to help achieve this, the Barbados Government has already broken ground on a seven-acre parcel of land at Lears, St Michael for the construction of a purpose-built facility to accommodate up to 40 containers, a reservoir holding about 20 million gallons of water, and land for crop production.
While Guyana is to serve as the main food production location, Barbados will act as a hub to transship the agricultural produce to the rest of CARICOM.
Bovell said this was critical, especially now given the existing shipping challenges.
He said he was confident of the region’s ability to reach its food import bill reduction target within the tight timeframe.
Bovell acknowledged that there were still some trade barriers in the region and a need to improve labelling and sanitary and phytosanitary measures in some cases. He disclosed that talks were scheduled to take place with private sector organisations and manufacturing groups on those matters.
He also noted that affordable and frequent transportation was key for the countries achieving the objectives of the St Barnabas Accord.
