Minister of Economic Affairs and Empowerment, Trade, Industry and Commerce, Dr. David Estwick,
addressing the official opening ceremony of the Barbados Manufacturers’ Exhibition (BMEX).
A Government Minister is urging the manufacturing sector to utilise "trade intelligence" to improve their knowledge base and keep abreast of changes in the market place.
Minister of Economic Affairs and Empowerment, Trade, Industry and Commerce, Dr. David Estwick, made this appeal recently, while addressing the official opening ceremony of the Barbados Manufacturers’ Exhibition (BMEX), at the Lloyd Erskine Sandiford Centre.
In highlighting the significance of trade intelligence, he stated that it not only played a major role in improving a company’s knowledge base, but also in identifying emerging and declining markets.
Dr. Estwick pointed out: "This is critical data that you need to have. In some countries, business persons sit in their offices and receive detailed trade information on potential market access opportunities. We too must make use of that technology."
While pledging Government’s assistance through the creation of a National Research and Innovation Centre, the Economic Affairs Minister warned: "It is up to you to broaden your markets by reviewing your manufacturing and administrative processes and procedures to ensure that they are internationally competitive and efficient".
Dr. Estwick acknowledged that the manufacturing sector accounted for 6.2 per cent of the island’s Gross Domestic Product, provided employment for scores of Barbadians at all levels and steered the country afloat during tough financial times. "We therefore owe much of the development we enjoy today to the early support and contribution of this sector to our economy," he pointed out.
The annual trade exhibition, which attracted more than 150 exhibitors, ended on Monday.