Export Barbados inks MoUs with three African entities

Export Barbados (BIDC) is engaging new markets as it endeavours to boost revenue earnings from Barbadian exports to US$1 billion by 2030.

Last week, Export Barbados’ chief executive officer, Mark Hill, signed three memoranda of understanding (MoUs) on behalf of the corporation, aimed at advancing South-South trade between Barbados and the African continent. The MoUs were initialed in two ceremonies on September 2, 2022, at the maiden AfriCaribbean Trade and Investment Forum, dubbed ACTIF2022, which took place at the Lloyd Erskine Sandiford Centre.

Export Barbados (BIDC) is developing strategic partnerships with three key entities in Africa: the African Export-Import Bank (Afreximbank), the Ghana Export Promotion Authority (GEPA) and the Ghana Union of Traders’ Association (GUTA). The Barbados Chamber of Commerce and Industry (BCCI) also signed the MoU with GUTA.

The Export Barbados-Afreximbank MoU will facilitate collaboration between the two entities to establish the proposed Export-Import (Exim) Bank of Barbados. The Exim Bank is intended to provide working capital for local businesses seeking to export goods and services. The MoU signed by Hill and his GEPA counterpart, Dr. Afua Asabea Asare, will promote trade and export cooperation with BIDC. Meanwhile, the MoU signed by Export Barbados (BIDC), GUTA and the BCCI seeks to foster and strengthen the expansion of trade, economic ties and contacts between the business communities of Ghana and Barbados on cooperation and mutual benefit. CEO Hill signed along with the president of GUTA, Dr. Joseph Obeng, and president of BCCI, Anthony Branker.

CEO Hill said he is keen to work with Afreximbank, GUTA and GEPA to implement the agreements and achieve the stated goals.

In his remarks, Dr. Obeng said there is scope for Africa and the Caribbean to venture into industrialization, creating affordable, high-quality and well-packaged goods to trade among themselves and the world. “In order for our brothers in the Caribbean to enjoy the benefits of the continental free trade, the manufacturers should partner with their African counterparts to set up industries in Africa, which will be used as a springboard to reach the rest of Africa … Also we have to find ways to make reliable and faster access to transportation for both passengers and cargo, as it was identified as one of our weak points.”

Branker added that there are significant opportunities for the Caribbean in Africa, and the Chamber’s members are anxious to explore those opportunities and are looking forward to a mutually beneficial, long-lasting relationship.

Dr. Asare, CEO of GEPA, supporting the sentiments of the previous speakers, said there is a lot that Barbados and Ghana can offer each other. Noting that this alliance is long overdue, she insisted that they “must make use of the now” to work together to remove the stumbling blocks and get the requisite systems in place, including harmonized standards.

Export Barbados (BIDC) anticipates that through the MoUs with GEPA and GUTA, Barbados will increase its trade to Ghana, building on the 20-foot container shipment sent in April 2022. Also, through the collaboration with Afreximbank, the Exim Bank of Barbados will be established, opening the doors for more local businesses to take their products and services to the world. (PR)