Two non-financial co-operatives have been formed within the first quarter of this year, and another is on target to be set up by the end of May.
This disclosure came from acting Registrar of Co-operatives and Friendly Societies, Brent Gittens, today, at the Co-operatives Market, held on the grounds of the Baobab Tower, Warrens, St. Michael.
After touring the booths, Mr. Gittens told the Barbados Government Information Service: “Our objective is to form four or five co-operatives each year, and we are definitely within the scope that we have established to see more being created.
“We are currently working with a business cluster of the Barbados Trust Fund Limited. It includes wine and spirits, consumables and bath and beauty products. We anticipate that by the end of May or sometime before, this business cluster will transition to a co-operative. So, there is definitely interest in the co-operative movement.”
The acting Registrar further disclosed that five co-operatives were established last year. He added that there were about 42 registered non-financial co-operatives.
He encouraged persons who are not currently members of the movement to seriously consider registering, since co-operatives “remain very relevant”.
“The idea of pooling resources, ideas and money is always better than going the individual way. So, more so now than ever, people need to consider co-operatives as a viable option apart from the other business structures, because working together, and pooling resources always work,” he suggested.
Mr. Gittens said his department had started going into communities to sensitise citizens about co-operatives and that drive would continue.
He added that the Ministry of Energy and Business would continue its objective of using co-operatives as one of the options to build out the Barbadian business ecosystem.
“We think that this is one of the ways that we can get people to create opportunities, and be part of a process that enables them to alleviate poverty and augment their livelihood,” he said.
The Co-operative Market was hosted by the Co-operatives Department and the Corporate Affairs and Intellectual Property Office, and was held to mark World Intellectual Property (IP) Day, which is observed annually on April 26.