Despite the manufacturing sector being poised for renewed growth, it must place more emphasis on breaking into new international export markets.
This is according to Industry Minister, Donville Inniss, who stated that as a member of CARICOM, Barbados has sought to fashion a number of trade agreements with the view of deepening trade relations in the hemisphere.
He made these comments last Friday at the official opening of the Barbados Manufacturers??? Association???s (BMA) Annual Trade Fair, popularly known as BMEX.
Reiterating that these trading arrangements would present opportunities for local manufacturers to build new strategic alliances, the Minister reminded his audience that it was companies that traded and not Government.
???You must [therefore] exploit all potential opportunities that exist through Barbados being a signatory to these agreements, in particular CARICOM-Cuba, CARIFORUM-EU EPA, CARICOM/Costa Rica and the CARICOM/Dominican Republic,??? he urged.
Mr. Inniss added that it was his understanding that some of these agreements not only provided market access for goods and services produced locally, but they also had developmental and technical components which manufacturers must seek to exploit.
???It is these unique provisions in the agreements which would enable you to strengthen your operational capabilities,??? he underscored, while commending the BMA for its continuous efforts in promoting and encouraging the development of manufacturing in Barbados.