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FIND OUT MORE ABOUT  THE GLOBAL BODY FOR LQIR#ZLDFFDJOREDOFRP PROFESSIONAL ACCOUNTANTS FDULEEHDQDFFDJOREDOFRP January - March 2011 Contents Volume 7 #1

Editor’s Desk - Trade Shows, Expos & Conferences 5 CEO’s Desk 6 Ready To Go 8 Revolutionizing Barbados’ Export Marketing 10 BIDC Targeting Canada 12 BIDC Rebranding Export Marketing 13 Out With The Old, In With The New 14 The Road To Hell Is Paved With Good Intentions 16 Caribbean Trade Mission A Success 18 Venture Capital More Than A Financing Option 20 Using Standards As A Competitive Advantage 22 Mission Imperative Green Revolution 23 Engagement, Empowerment And Effective Results 24 New Year Revolutions 25 Bajan Art Company Pictures A Healthy Barbados 26 Byndelle Building Barbados 27 New BIDC Appointments 28 BBC Notebook 29 Bigger, Better BMEX Expected 30 SMART Fund To Fuel Renewable Energy Drive 31 When In Brazil 32 Commitment By Trade & Investment Partners Recognised 33 PG. 8 Manufacts 34 Ready To Go

The BARBADOS BUSINESS CATALYST is published quarterly by the Research, Information and Design Services Division of the Barbados Investment & Development Corporation. It offers information and advice on trade and commercial issues to the business community. Information contained herein may be reproduced if accredited to the BIDC. Items of interest to local manufacturers, exporters, entrepreneurs and potential investors are welcome.

Editor: Jane Brome, Email: [email protected] PG. 12 PG. 14 BIDC Targeting Canada Out With The Old, Editorial Team: In With The New Fern Gooding, Email: [email protected]

Design & Layout: G&A Communications Inc. Cnr. Harts Gaps & Hastings Main Road, Christ Church. Tel: (246) 437-2214; Fax: (246) 228-5204; Disclaimer: E-mail: [email protected] Some of the views expressed in this publication are the views of the writers and not necessarily those of the BIDC. © 2011 BIDC.

Printed By: COT Caribbean Graphics, #16 Newton Industrial Estate, Christ Church. Tel (246) 420 8550 • Fax (246) 420 8555 Email: [email protected] PG. 26 PG. 27 Creative Thinking, Entrepreneur’s Forum: Inspirational Artwork Byndelle Building Business

4 Barbados Business Catalyst • January - March 2011 Editor’s Desk

By Jane L. Brome

think by now we’re all familiar with There is a saying that “If you always do what you’ve always done, the drill: Competition’s up, costs you’ll always get what you’ve always got.” So beyond just saying Iare increasing, profits are down and you’re going to make a change, we want to encourage you to everything you’re doing is changing. Under look at new approaches to businesses in 2011. Timed to coincide the current circumstances, most of us are with the start of fiscal year for most businesses, as opposed to reeling — out of breath, out of time, and the calendar year, this edition focuses on revolutionizing key probably out of what’s left of our minds given the new thrust in processes and functions to achieve new targets and results. the direction of thinking outside the box. Since the financial crisis It includes coverage of new market penetration, changing has laid waste to business as usual, it’s time to do something approaches to export marketing, and strategies to improve the different. But what? And more specifically, how? business climate. It includes also executive coaching advice on new year revolutions and goal setting. Well we can’t tell you what to do and we certainly can’t tell you how either. But the way I see it, the world is brimming with It’s ironic that most of us go through life studying what successful potential. The economic future will be populated by the movers people did and trying to emulate that success by doing the same and shakers willing to put their creative imagination to work, thing. The irony is that most of the time, when the successful willing to take a risk and daring to stand out in the crowd. ones did it, they were doing something different. By the time we get around to copying them, it’s no longer unique. To be counted among this elite grouping however demands a little more than simply a willingness to do something different. You simply have to find a way to be different and to do things This edition, with the theme, Forget Resolutions, Think differently if you want to succeed. Revolutions is really intended to kick start revolutionary thinking. Trade Shows, Expos and Conferences

Export Workshop, June 8th, 2011 Caribbean Fashion Week, June 14th - 20th, 2011 The Export Development and Promotion Division of the Barbados Investment The Caribbean’s largest fashion event takes place at the Nation Indoor Sports & Development Corporation will be hosting a workshop targeted at exporters Centre, Jamaica. under its Market Development Programme as well as potential exporters CONTACT: www.caribbeanfashionweek.com interested in exporting to the UK. It will be facilitated by the BIDC’s UK Market Access Representative, Mr. Peter Martin and major UK importer, Taste of the Caribbean, June 22th - 27th, 2011 Mr. Alexander Douglas of Dees Caribbean Imports. Some of the topics to Hosted by the Caribbean Hotel and Tourism Association, this year’s edition of be covered are: Product Suitability, Market Demand, Marketing/Promotion Taste of the Caribbean is expected to be a much improved and larger event of Products, Timely and Consistent Supply of Products, Pricing, Ingredients/ with more teams, a consumer oriented food fair, greater destination marketing Allergens, Packaging, Long Term Business Planning for Export and New opportunities. Product Development. CONTACT: www.caribbeanhotelassociation.com CONTACT: [email protected] Design Caribbean, September 1st - 4th, 2011 BMEX 2011, June 10th-13th, 2011 Caribbean’s artisans have another important opportunity to show off their Barbados’ largest manufacturers’ exhibition, BMEX 2011 comes off this year products to regional, international and diaspora buyers. The region’s foremost at the Lloyd Erskine Sandiford Centre under the theme ‘Innovation through trade show, Design Caribbean, is scheduled for, Santo Domingo, Dominican Inspiration’. Hosted by the Barbados Manufacturers’ Association (BMA) Republic and will attract buyers from North America, Europe and the it allows participants to showcase products and/or services to a diverse Caribbean. All artisans engaged in design in the region can participate in the international audience. Design Caribbean trade show. CONTACT: www.bmex.bb CONTACT: [email protected] or visit www.designcaribbean.com

Barbados Business Catalyst • January - March 2011 5 CEO’s Desk BIDC’s Plans for 2011 and Beyond By Wilbur “Basil” Lavine

ore technical assistance and support services are in store The Corporation will seek to for Barbadian companies to better position them to encourage local businesses Mpursue opportunities in trade and business development. to increase their investment in innovation, research These are among the measures contained in the Barbados and development, whilst Investment and Development Corporation’s (BIDC) Corporate undertaking product development and diversification in order to Strategic Plan 2011/12. benefit from new and emerging opportunities.

With the local economy poised to emerge from the worst Despite the current economic situation locally, the small recession in eighty years, the BIDC will be taking actions that business sector in Barbados remains a major provider of jobs and should in effect result in: a more resilient and sustainable opportunities for economic growth. As such, it has the potential export sector, a strong cadre of innovative and business savvy to contribute substantially to the social stability of the nation. entrepreneurs and new engines of growth in the renewable Many of the opportunities, however, require that businesses energy, creative industries and revitalized traditional sectors. engage in greater creativity and innovation. Consequently, encouragement in these areas will be a focus of the Corporation. To move the local manufacturing sector onto a more sustainable and productive path the Corporation will be seeking to re-invent The BIDC intends to alter the structure of the Special Technical itself with the adoption of a new mind set and modus operandi Assistance Programme (STAP) by introducing an equity/loan that, inter alia, fosters entrepreneurship and innovation, within financing component during the coming year. The ‘Basic and without aggressively and embodying the concept of ‘creative Industries’ and ‘Turnaround Management’ programmes will destruction’. continue to provide critical support for producers who are seeking to achieve a greater level of efficiency and improved The prevailing economic environment has underscored the need performance. A cluster initiative will also be launched during for a new thinking in business; doing different things and doing the year to assist small enterprises that face capacity and supply things differently. The BIDC is in the vanguard of the quest for challenges and to help them enhance their competiveness. Not an innovative approach to business practice and development being oblivious to the present challenges facing the local industrial going forward. This thinking is what inspired the theme of sector in the face of the international crises, the Corporation’s this year’s Strategic Planning Programme - “Rethink, Retool, strategic plan reflects a short-term time bound perspective, as Rebuild”. Consequently, while the Corporation is committed to well as a medium to long-term perspective. Over the short term assisting the traditional industrial subsectors, it will also seek to (15 months), the Corporation will continue its policy of merited encourage investment in new viable project ideas consistent with rent relief and other strategic measures arrived at when helping economic and environmental sustainability in what is called the worthy businesses to ride out the present hardships. Meanwhile new economy. the Corporation will be seeking to lay the foundation for nurturing a sustainable and innovative culture over the medium During the coming year, the Corporation will seek to intensify its to long term. Creating and maintaining sustainable growth will efforts to further stabilize the manufacturing and related services be the perennial challenge in an environment where increased sectors and empower the more vulnerable micro to small innovative awareness and innovation have become recognized enterprises. Self-enterprise and innovation amongst clients will as principal drivers of sustainable economic development and be promoted in an effort to assist manufacturers in returning to a competitiveness. state of health.

6 Barbados Business Catalyst • January - March 2011 CEO’s Desk

One of the major outcomes which the Corporation hopes will The BIDC’s new strategic direction is aimed at developing a be realized as a result of its efforts over the next three (3) - five new economy which embraces knowledge-based industries, new (5) years will be the evolution of a new cadre of entrepreneurs product development, a growing local entrepreneurial class and a that are ambitious, export-focused and innovative. The building more diversified export market thrust within wider Europe, Latin blocks for this achievement will be laid in 2011-2012 and we look America, and other non-traditional markets. A major element forward to realizing this success in the not too distant future. of the thrust will also be to identify measures and initiatives that will support and promote the renewable energy sector and the During 2011-2012, the Corporation will continue to focus development of a green economy. on helping businesses improve their revenues from both the domestic and foreign markets. Specifically, it will seek to Collaboration and the strengthening of linkages, as well as reverse the declining trend in domestic exports of non-sugar, the furthering of joint programmes with organisations such as non-petroleum products. Existing trade agreements will be the Barbados Manufacturers Association (BMA) the National examined to identify and exploit potential opportunities for local Council for Science and Technology (NCST), the Small Business products. The Corporation will renew its efforts to assist local Association (SBA) the Barbados Agricultural Development and manufacturers in attaining export-readiness status with a view Marketing Corporation (BADMC) and the University of the West to expanding the list of exporters. This programme will provide Indies (UWI) among others both locally and internationally, are targeted assistance to the top companies with the potential to expected to be a major part of the BIDC strategy. expand exports in the near to medium term. Within the BIDC itself, a major rebranding of the Corporation is As an extension of this effort, the Corporation will also continue expected to be initiated and efforts will be intensified to identify its export market development programmes in market segments and secure sources of funding towards the goal of self financing. of the USA, Europe, Canada, Latin America and the Caribbean. Investments are also expected to be made in promoting and A Brand Barbados Campaign will be initiated as part of this facilitating an aggressive Research and Development programme. exercise in collaboration with national promotion agencies to raise the profile of Barbadian-made products in the export market.

Barbados Business Catalyst • January - March 2011 7 Trade & Commerce Ready to go

Remarks by Mr. Andy Armstrong, President Barbados Chamber of Commerce and Industry during the Chamber’s March business luncheon presentation entitled “Enhancing Trade and Investment: Opportunities Unveiled”.

e have a national goal of becoming the No.1 300,000 of its residents are Arabs and there are large numbers entrepreneurial hub in the world by 2020. To of Eastern Europeans, Africans and West Indians. In spite of achieve this goal we are going to have to be this international flavour, London remains an English city. The flexible and willing to change. We may have to give example of the English Premier League is a familiar one. My upW some ownership in our companies if we want to go global. favourite team – Chelsea – includes Ivorians, French, Brazilians, Portuguese, a Czech, a Serbian, a Nigerian, a Spaniard, a Russian, We will have to welcome highly-skilled individuals – who may an Italian manager, a Russian owner and three English players. not look like us or have the same cultural values. We have long Yet Chelsea is still regarded as an English team and this very encouraged British and Americans to visit our island on holiday. international group generates significant economic activity which In more recent times we have encouraged them to come and benefits England. buy second homes. Now we are encouraging them to come, live and work here. To set up companies here – not as shell Our challenge in Barbados will be to create a world-beating team companies but as real companies with real staff who will work while retaining our Barbadian-ness. And I think we can do that by and live here. This will benefit all Barbadians in that it will create adopting these highly-skilled individuals and making them feel that more jobs and more interesting jobs for Barbadians – and will this is their home and that they – like all of us born Barbadians give Barbadians the opportunity to work in other places and so – are privileged to be here and that we have a responsibility to enhance and widen their experience. This is imperative as we protect what we have and to improve it. produce increasing numbers of university graduates. Unless we can provide well paid, interesting jobs for our graduates , many of So think a little about what we do have – a very pleasant climate, them will leave Barbados and our investment will benefit others. a safe environment, a vibrant cultural sector, a largely corruption free public sector. But to achieve this we may have to do some things that make us uncomfortable. We will have to allow these highly-skilled And think a little about where we could improve... individuals to work here and this will mean making it easier for them to get work permits, residency or landed immigrant status. Top of most people’s list is the speed at which it takes to They have to feel welcomed or most will not bother to come – get decisions and to do necessary things such as registering a no matter how attractive our way of life is. company, obtaining development permission, obtaining a work permit or clearing goods through our ports. I don’t think that Barbados can achieve our goal of becoming the No. 1 entrepreneurial hub in the world by 2020 without At our Customs seminar on March 16, we had a very frank becoming more cosmopolitan. And we cannot underestimate the discussion on trade facilitation and it was clear to all that – social tensions that this can create in the short term. although we have some very good plans – we have a long way to go to achieve what the business community desires and what We can learn much from our international friends. The city of consumers are clamouring for. One of our presenters - Adrian London is generally regarded as the most global major city in the Beckles of FedEx in responding to the question about which world. Some 400,000 of its residents are French citizens most country FedEx operates in that does the best job at trade of whom are there because of London’s internationalism. Some facilitation, singled out the USA.

8 Barbados Business Catalyst • January - March 2011 Trade & Commerce

Mr. Andy Armstrong, President Barbados Chamber of Commerce and Industry.

‘Our challenge in Barbados will be to create a world-beating team while retaining our Barbadian-ness.’

That is one area in which we can try to emulate the USA. In Delaware, businesses have seen that we are “ready to go”.

Another example is the state of Delaware – which has been In our own context I think Barbados already has much of that spectacularly successful at attracting corporate registration. Over in place but we still have work to do to get everyone and 50% of all publicly traded companies in the USA are registered everything aligned before we can truly say that we are ready in Delaware. This is because of a carefully thought out mix of low to go. The IDB-funded Barbados Competitiveness Programme registration fees and taxes and fast response. It takes 48 hours to (originally requested by the BCCI) which has recently register a company in Delaware. commenced, will address much of what we need to do as a nation to facilitate business, but having been involved in similar To illustrate some of their selling points, I’ll quote two excerpts programmes I know that Barbadians have a very - dare I say - from the maiden speech of their Senator Christopher Coons on British way of throwing up all sorts of reasons why – even though January 27, 2011. they agree with the change that is being proposed – there are good reasons why it won’t work. Think of the TV series Yes “In our state, we have the ability to bring together stakeholders Minister where the permanent secretary very politely agrees often seen as adversaries and deliver productive collaboration. with the minister and then does everything he can behind the This involves labour and businesses making sacrifices and sharing scenes to ensure that nothing happens. If we can’t convince the responsibility.” average man and woman of the need for the change, then they will very nicely and politely agree to your face that it is a good In our social partnership we already have that. idea but will make sure that the change does not happen.

The other excerpt is talking about why a company recently set So, since we are in agreement that we want Barbados to be the up in Delaware: No. 1 entrepreneurial hub in the world by 2020, let’s make sure that we sell this goal to all Barbadians so that when businesses “When I asked the leadership of the new company what made look to come to Barbados, we can emphatically say we are ready them choose Delaware, it was a familiar answer - a skilled and to go! reliable workforce, a responsive state and county governments, strong local infrastructure, and access to global markets through our roads, rails and the Port of Wilmington.”

Barbados Business Catalyst • January - March 2011 9 Export Marketing

Revolutionizing Barbados’ Export Marketing

Submitted by Joel Richards

y almost any medium-term future. However, established criteria, while Barbados cannot ignore Barbados has a its traditional developed country small economy trading partners such as the and this smallness European Union, Canada and is reflected in a the United States of America, Black of economy of scale and Government and producers scope, limited diversification, need to expedite the process of export concentration in very expanding trade linkages with few markets, and a high degree emerging economies in Asia, of vulnerability to external Latin and Central America, and economic shocks among other characteristics. Like most Africa. In particular, the private sector needs to begin utilising countries, Barbados has been severely affected by the global existing trade agreements with developing economies to a much economic and financial crises which have resulted in a “sudden, greater extent. The current paper would present an overview severe and synchronized” collapse in trade across the globe of recent trends in Barbados’ exports, provide the rationale for (Baldwin & Taglioni, 2009). an expanded trade agenda and highlight a number of initiatives being taken by the Barbados Private Sector Association (BPSA) to In the half-year encompassing the last quarter of 2008 and the promote export development in the private sector. first quarter of 2009, the annualised drop in world imports was more than 30 percent, with roughly equal declines experienced Export Trends by advanced and emerging economies (International Monetary During the first decade of the 21st Century, the value of Fund, 2010). However, by the first quarter of 2010, there was Barbados’ exports amounted to approximately US$ 2.8 billion. some recovery in world imports which grew at an annualised Of this total, roughly 43% went to CARICOM countries; rate of more than 20 percent (International Monetary Fund, about 18% to the United States of America; nearly 14% to the 2010). Nonetheless, despite some measure of recovery, for European Union (EU) and approximately 2.3% were exported all of 2010, trade remained below its pre-crisis trend, and to Canada. Combined, these four trading partners accounted for for some economies, namely those hit by a banking crisis, it just about three-quarters of the value of Barbados’ total exports. remained below pre-crisis levels (International Monetary Fund, 2010). Due to the fact that the recent crises occurred in large, Some of the major exports include sugar, pharmaceutical advanced economies that account for a substantial portion of products, beverages and spirits, chemical and paper products. global demand, the speed and extent of their trade recovery Together, these account for over 30% of Barbados’ total exports affected the growth prospects not only of the crisis economies during the period under review. but also of their trading partners (International Monetary Fund, 2010). This is a trend that is anticipated to continue into the The above data clearly demonstrates that Barbados’ exports

10 Barbados Business Catalyst • January - March 2011 Export Marketing are heavily concentrated in a few markets. There is also some The Role of the BPSA in Promoting Export indication of product concentration and these observations Development strengthen the need for diversification of both markets and At the moment, the BPSA is implementing a number of projects products with respect to Barbados’ exports. geared toward enhancing the export reach of the private sector. These are: Exports to Trade Agreements Partners Apart from the EU, Barbados also has trade agreements in (I) BPSA-CARTFund Communications Enhancement various forms with Costa Rica, Colombia, Venezuela and the Project: One of the main objectives of this project is to Dominican Republic. However, exports to these destinations ensure that the private sector has access to pertinent remain negligible at best and between 2001-2009, the four information regarding a number of the trade agreements markets combined accounted for approximately 0.6 percent that Barbados has signed with the EU, CARICOM, Costa of the value of Barbados’ total Rica, Dominican Republic and exports. other countries and regions. During the first decade of the This is expected to translate It is quite obvious that Barbadian to enterprises making more producers have been under- 21st Century, the value of informed business decisions in utilising the several trade terms of which markets they can agreements that are currently Barbados’ exports amounted to target and what products they can in force with their hemispheric export. neighbours. This is the case approximately US$ 2.8 billion. despite the fact that relatively (II) BPSA-CARTFund Project significant market access Proposal Hub: It is widely conditions are available for a wide range of local products. recognized that the private sector has a limited capacity Therefore, local producers need to start viewing these markets to draft project proposals to access donor funds to help as viable options in terms of market expansion and take the offset some of the constraints it faces in terms of access to necessary steps to initiate and maintain entry into those markets. capital. Therefore, the BPSA is undertaking this initiative to strengthen the capacity of the private sector, particularly Why an Expanded Trade Agenda small and medium-sized enterprises (SMEs) to access the As noted previously, many of the developed country markets EPA’s development co-operation package and other donor in North America and Europe on which Barbados depend assistance that is available for enhancing the competitiveness are experiencing considerable fiscal and economic growth of private sector enterprises in a wide number of areas, constraints. Meanwhile, many developing and emerging markets including export development. have been experiencing economic growth at alarming rates. For instance, in the last 30 years the Chinese have been almost (III) BPSA-Inter-American Development Bank (IDB) averaging 8% growth in Gross Domestic Product (GDP) per Supporting the Private Sector to Take Advantage of annum (Economy Watch). While Brazil’s economy has not grown Regional and Global Integration: This project contains at the same pace as China’s, it has still managed to achieve very several components and the one specifically related to positive levels of growth in GDP and per capita income over exports centres on building private sector capacity to the past decade. Other emerging markets in Asia, Latin America increase exports. This component will finance: (a) three and Africa have also been experiencing economic growth sector studies analysing current comparative advantages at unprecedented rates. Essentially, the spending power of and market demand in foreign markets. Technical assistance consumers in emerging markets makes them attractive options will identify, for selected products, technical barriers to around which Barbados can construct a comprehensive export entry, all market and regulatory requirements, including strategy. sanitary, safety and logistics considerations for the European market under EPA access conditions; and (b) export guides It can be appreciated that producers would not be able to and action plans for each sector with specific firm-level successfully target all emerging markets. Moreover, local recommendations on the activities needed to increase producers are adversely affected by capacity constraints, productivity, upgrade products and increase exports. insufficiently developed transportation links with non-traditional markets in particular, and a host of other issues which may Through the projects identified above, the BPSA intends to constrain their ability to effectively penetrate emerging markets. boost the overall capacity of firms to increase and develop their This suggests that any revolutionising of Barbados’ export exports. However, as alluded to earlier, positive results might not marketing would not happen overnight. Instead, there has to be realised immediately. However, it is nonetheless important be a structural shift in terms of developing the export capacity to lay the groundwork for the private sector to develop and of firms; developing strong transportation links to and from all improve its export performance on a sustained basis. target markets and boosting the productive capacity of local producers.

Barbados Business Catalyst • January - March 2011 11 New Market Development BIDC targeting Canada

BIDC Director of Export Development and Promotion, Ms. Sonja Trotman.

he Barbados Investment and Development which are already being produced to Canadian standards Corporation is targeting Canada as a key non- and sold in Toronto, will receive further exposure at this regional market for the sale of Barbadian products, show, which boasted an attendance of 30,000 in 2010.” and has set an objective to increase exports to Tthis market by at least 3% over the 2011/2012 period. The Good Food Festival which is in its 19th year continues to receive high ratings from consumers who visit the show to be In an effort to achieve this objective, BIDC Director of Export introduced to and sample new products. Prior to the event the Development and Promotion, Ms. Sonja Trotman said “we Barbadian delegation will visit retail outlets to assess the level will be working with Barbadian agencies in Canada to facilitate of distribution and meetings will be convened in an effort to participation in trade shows and other activities focused on build relationships and to identify possible sources of assistance the Barbadian as well as the international community. We for Barbadian entrepreneurs targeting the Canadian market. will be implementing market development initiatives as we seek to deepen relationships with the trade facilitation The BIDC is concerned about the falloff in Barbados’ trade advisers and importers in the market in an effort to improve with Canada which saw exports to Canada decline from and expand the distribution of Barbadian products, especially BDS $19.3 million in 2009 to BDS $15.2 million at the end targeting the specialty food segment of the market.” of 2010. With the renewed marketing focus however, it is expected that by the end of March 2012, the BIDC would Market development activities this year will commence have fully re-established a strong presence in Toronto for with participation in the Good Food Festival being held Barbadian products, and would have successfully engaged the in Toronto from 29th April to 1st May 2011. Trotman services of importers in at least two other Canadian cities. explained, “At this event we will showcase and sample products such as jellies, cakes, fish, sauces and condiments, ice cream, sweetened and unsweetened biscuits, beverages, syrups and flavourings. It is anticipated that these products ‘We will be working with Barbadian agencies in Canada to facilitate participation in trade shows and other activities focused on the Barbadian as well as the international community.’

- Ms. Sonja S. Trotman, BIDC Director of Export Development and Promotion

12 Barbados Business Catalyst • January - March 2011 Rebranding Export Marketing BIDC Rebranding Export Marketing BIDC Manager of Design Services, Mr. Michael Piggott

he Barbados Investment and Produced in collaboration with local company G&A Development Corporation Communications Inc., the BIDC Design Services and Export T(BIDC) has revitalised its export Promotion Division Teams, Piggott explained that the colours marketing thrust with a new brand and imagery used were deliberately chosen to complement identity. the better known promotional materials utilized within the Corporation’s Market Development Programme by UK Market And BIDC Manager of Design Services, Placement Consultant to the BIDC, Peter Martin. Unveiled Mr. Michael Piggott says it now realigns during the recently concluded BIDC-organized trade mission to the Corporation to better fit into the more large scale efforts of Grenada and St. Lucia, he reported that response to the new branding Barbados. export brand was overwhelmingly positive. Feedback suggests that it says a whole lot about Barbados, the diversity of its As part of the BIDC’s export market development programmes productive sectors and the quality of its products. in market segments of the USA, Europe, Canada, Latin America and the Caribbean, a Brand Barbados Campaign is expected to Acknowledging that the concept of product promotions and be initiated in collaboration with national promotion agencies exhibitions has changed significantly to one that is very modular, to raise the profile of Barbadian-made products in the export flexible and focused, Piggott said the new BIDC outlay is very market. much in keeping with this trend. Given the flexibility of the design, Piggott said there are many other applications for which The new identity speaks to the export promotion strategy this new identity is suited and “which we can and must use if we of repositioning Barbados and Connecting with the World are indeed to claim some aspect of Brand Barbados.” Through Trade. The promotional materials will shortly be made accessible to The export drive is being communicated through vibrant, Barbadian manufacturers in electronic format for use in their colour-coordinated table top accessories and pop-up banners all own marketing. They will also be made available in French and set against a collapsible logo wall and complemented with full- Spanish. colour brochures displaying the company and product profiles of Barbadian exporters by sector.

Barbados Business Catalyst • January - March 2011 13 Revolutionizing Key Business Processes Out with the OLD In with the NEW Revolutionising key business processes to achieve new targets and results.

By Jane L. Brome

omething has to change. sake of being different; I don’t mean entirely differently. But I do That much is known. mean significantly differently. Certainly, the status Squo isn’t working. But let’s face Before embarking on this endeavour however, you may want to it: if you keep doing the same consider if what you’re doing is working. Can you find something thing in the same way, you’re better? And how can you tell what is working best? likely going to get the same result. If you think however The answers to these lie in research and trend analysis. I’m that the results you’re looking not referring to the seat-of-the-pants guesswork that most for are simply a matter of businesses engage in. Too many businesses seem willing to forget commitment and hard work, that if you can’t measure it, you can’t manage it. Tracking your you are sadly mistaken. You business results is essential to answering the questions above and can’t make significant changes by improving those results safely. At the same time you’ll find out just working harder. You’ve actually got to work smarter. how well what you’re currently doing is or isn’t working. Companies today are operating in a very complex dynamic Consider for a moment another dynamic. What if you are environment that requires agility and proactive decision-making. working harder and you’re doing well but your success has To learn from the past and forecast the future, many companies nothing to do with the work you’re doing? What if you’re just in are adopting business intelligence tools and systems. What a great market? What if the economy is simply working in your is required now however is a better integration of business favour? Because you think it’s your hard work that is yielding intelligence solutions with intra- and inter-organisational business the result, when conditions change and things start going in the processes that would enable firms to compete intelligently. wrong direction, that’s where the problem emerges. You may be convinced that you can fix it by just doing what you’ve always It must be remembered that whatever the nature of your done harder, longer and faster. business, the environment in which you operate changes almost daily. These changes manifest in the form of new competitors, I’d like to suggest that you consider doing things differently. I products, technologies, market demands and requirements and don’t mean randomly differently; I don’t mean differently for the of course, new challenges. All these are bound to impact on the decisions you make and the direction in which you lead your

14 Barbados Business Catalyst • January - March 2011 Revolutionizing Key Business Processes

Old vs. New: a classic Apple Macintosh II and an Apple iPad 2.

The benefits of this shine through in improved market If you think however that the results knowledge, improvements in product quality against the competition, improved cross-functional relationships within the you’re looking for are simply a matter organisation and greater confidence in making strategic plans. All of commitment and hard work, you this better positions the firm to find better solutions as it seeks to fashion new corporate strategies, create new products or are sadly mistaken. You can’t make services, enter new markets or chart a new path to profitability. significant changes by just working Radical change may be required. But the search for better could easily begin with trying something new on a small scale harder. You’ve actually got to work initially. This does not in any way suggest that you stop doing your old standby stuff and toss it all for a new-fangled, roll-of- smarter. the-dice effort. Once you’ve found something that consistently out-performs those old standbys, then you can retire the old company. The most effective safeguard to ensuring you make the and your new, profit-proven programme can become the new right choices therefore is to boost the competitive intelligence- standby. Of course, as soon as that happens, you embark on the gathering capabilities of your company. process of finding something even better, using the same process of measured change. A large part of the effort involves keeping an eye on competitors but the objective is not to steal a competitor’s trade secrets or If however you’re keen on kick-starting a revolution to achieve other proprietary property. Rather it is to gather in a systematic an overall improved business performance, then there will be a manner a wide range of information that when collated and critical need to challenge the current culture, establish process analysed, provides a better understanding of a competitor firm’s infrastructures and select the right people to champion and structure, culture, behaviour, capabilities and weaknesses. accelerate change. These people must be impassioned and Competitive intelligence also extends to keeping track of industry tenacious - ready to challenge the way things are done and drive and market trends, political and economic changes, legal and the transformation process. regulatory changes, technological developments, suppliers and materials. It is about positioning a business to maximise the value It has been said that the best way to predict the future is to of the capabilities that distinguishes it from its competitors. That create it. This requires a lot more than a simple commitment to means you have got to run the numbers and specifically watch working harder. It in fact demands significant business changes. the impact of your advertising, marketing and sales initiatives on And success in managing such revolutionary, strategic changes in the sales curve. turn demands a commitment not to a result, but to the process of ever-improving results.

Barbados Business Catalyst • January - March 2011 15 Goal Setting THE ROAD TO HELL IS PAVED WITH GOOD INTENTIONS

ope abounds. Aspirations are high. The opportunity Creating Goals for a clean slate breeds refreshment. It’s a New To increase the likelihood that you can create lasting change in Year. You are going to make major strides this your business and your life in 2011, you need ironclad goals! The year. You are going to take your business to the following is a formula created for developing goals: next level. And you are going to be even more Hproductive than you were in 2010. 2011 is going to be your year, Step One: Write down three to five goals you want to achieve and you’ve got your New Year’s resolutions on paper to prove it! in the next year.

Save yourself the heartache and frustration. Your enthusiasm is Step Two: Start each goal with the word “I” followed by an endearing, but the truth will serve you much better. action verb. For example: I earn…, I weigh.., I live…

The Truth and Nothing But the Truth Step Three: State your goal as though you’ve already achieved Despite your resolve to see your resolutions through in 2011, it. For example, write down: I earn $7 000 each month in studies show that only 75% of you will maintain your resolutions my online business by March 1, 2011. Writing your goals this – for a week. And after six months, only 46% of you will be on way helps your mind accept your goal as truth. It serves as a track. The truth is New Year’s resolutions are easy to make and motivator for your subconscious mind. easy to break. If you are going to make any lasting change in your business and in your life in 2011, you need a whole lot more than Step Four: For each goal, identify and write down all of the resolutions. obstacles you may face in trying to achieve this goal. Then, brainstorm potential solutions to each problem. You Don’t Need Resolutions. You Need Goals – On Steroids! Step Five: For each goal, identify the skills and knowledge you need to reach your goal. There are a multitude of reasons why resolutions end up in the pool of failed aspirations. But the primary cause of resolutions Step Six: For each goal, identify key people, events, and gone bad is that they merely state your intention to achieve resources that you should engage with to help you carry out your something. And, the problem with putting your intentions down goal. Also, brainstorm the things you can do to earn the help of on paper is that intentions are concepts of the mind. Intentions these people, events, and resources. Be a go-giver! are thoughts and hopes. As such, there is a big gap between intention and action. Step Seven: Deconstruct your goal. Write down each and every step you must take to achieve this goal. Start from the very Let’s say one of your New Year’s resolutions is to make your beginning and recognize that no step is too small. Then, give each business more profitable in 2011. This kind of New Year’s step a deadline for completion. resolution is doomed to failure because it lacks specificity, detail, and a deadline. With this kind of New Year’s resolution you can’t get any traction.

16 Barbados Business Catalyst • January - March 2011 Goal Setting

Step Eight: Apply the SMART principle to each goal you set. and energy to whatever you must do day by day. Intense focus SMART is a mnemonic device developed to help you set Specific, creates incredible results. Measurable, Attainable, Realistic and Timely goals. Use these principles as a checklist for each of your goals. Be sure your goals Lastly, prioritize your goals. Decide which one goal will create are detailed, and that you can measure your rate of success. the biggest positive impact on your life and begin with that one. Review your plan for reaching each goal, and ask yourself if your Organize your goals in the same fashion from most important to goal is reasonable. Most importantly, give your goal a deadline less important. before it self-destructs. Kick Intentions to the Lather, rinse and repeat this The truth is New Year’s resolutions Curb method every time you set By now you should have a goals you desire to achieve. are easy to make and easy to break. very detailed plan of action for If you are going to make any lasting reaching your goals in 2011. Critical Keys to Success Take this plan and build your in 2011 change in your business and in your daily to-do lists around the Don’t bite off more than you life, you will need a lot more that action steps you’ve set forth. can chew. Create goals that you Revisit your goals frequently can reach if you push yourself. resolutions. and cross off the steps you’ve Don’t set ten enormous goals completed as you go. When that create anxiety or self-doubt. It is better to create five you do this, you will experience a sense of accomplishment that manageable goals and reach them, than to set ten unmanageable builds on itself and creates self-motivation. goals and reach one. The former builds confidence and the latter tears it down. Remember to be flexible. Life will throw curveballs your way. You may find yourself derailed at one point or another. It’s okay. Maintain a positive mindset, and practice being present and Just get back to your plan, make adjustments, and keep moving. fully engaged. Seeing your goals through to the finish takes If you create SMART goals, a plan for achievement, and take determination, discipline, and dedication. Be kind to yourself in action every single day, you will be well on your way to making the process and you will accomplish much more than if you are 2011 your best year yet! being overly critical of yourself. Give all of your time, attention, Source: http://marleeward.com

Barbados Business Catalyst • January - March 2011 17 Barbados on Display

CARIBBEAN TRADE MISSION A SUCCESS

Mission Coordinator, Madeline Headley-Woodroffe.

arbados could soon be expanding its exports to meetings. They also got the opportunity to tour the Free Zone CARICOM. in St. Lucia and visit some food production and agro-processing facilities to gauge local production capabilities and explore joint This comes following the successful conclusion of a venture possibilities. multi-sectoral trade mission led by the Barbados BInvestment & Development Corporation (BIDC) into The networking receptions hosted in each island Headley- St. Lucia and Grenada during the period March 21-25, 2011. Woodroffe said, offered a taste of Barbados with sampling of Barbados’ rums, rum cakes, meat products, condiments The mission has unveiled not only significant opportunities for and sauces and afforded producers the opportunity to forge trade and investment between Barbados and the two countries, relations with key representatives of the respective governments, but has generated a number of contracts and sales for several of business support organizations and business communities, who the 15 Barbadian manufacturers who participated. Among them all extended a warm welcome and expressed a keen interest were six companies identified by the BIDC as high-potential and desire to enhance commercial relations with Barbados. exporters who were venturing into export marketing for the first The BIDC is committed to active follow-up and engagement of time and who were able to secure contracts and sales. the participants to ensure that the initial in-market discussions translate into successful projects. Representing firms from Barbados’ construction, transport, wood and metal decorative products, food and beverages, The presence of the Barbadian delegation attracted much apparel and accessories, renewable energy, printing and graphic attention and was covered extensively in both the print and design services sectors, the group reported positive outcomes electronic media with the Corporation’s newly rebranded and lucrative prospects for enhanced commercial ties with the export promotion strategy taking the spotlight under the theme territories. Even though some of the mission participants already “Connecting with the World Through Trade”. have a significant market presence in Grenada and St. Lucia they were able to strengthen their position with increased interest in Beyond efforts aimed at increased market penetration and their product offering. enhanced business linkages, the BIDC took the opportunity while in the territories to extend Barbadian goodwill with the Mission coordinator, BIDC Business Development Officer, Ms. donation of food and beverages products contributed from the Madeline Headley-Woodroffe, said participants were able to Pine Hill Dairy, Hanschell Inniss, Good Times Snacks, MIS initiate discussions with prospective business partners while Condiments and Spices and Caribbean Passion to the Le showcasing their product and service offerings during the Marion Senior Citizens Home in St. Lucia and Father Mallaghan’s approximately 200 pre-arranged business-to-business (B2B) House for Boys in Grenada.

18 Barbados Business Catalyst • January - March 2011 Barbados on Display

President of the Grenada Chamber of Commerce (left), Cedric Mitchell as he addressed mission participants. Standing at right is BIDC Research Officer Pedro Hutchinson. ‘Connecting with the World Through Trade.’

Some of those who came out to see Barbados’ export offering. The mission attracted much media attention.

Barbados Business Catalyst • January - March 2011 19 Venture Capital Financing VENTURE CAPITAL MORE THAN A FINANCING

OPTION So why is it that more Barbadian SMEs have not sought to access venture capital or acquire investors? When queried, fund managers and the SME owners both identified the other By Alison C. Holder, Kaizen Business Development as a deterrent in the system. SMEs are reluctant to disclose information or implement corporate governance while the fund managers are seen as threats to the owners’ control. Based on the success achieved by those who have surmounted these arbadian companies are being encouraged to give greater Bconsideration to venture capital as a means of financing. barriers, can equity be worth the risk? This comes from Kaizen Business Development’s Allison Holder, in light of findings from a survey of 50 Barbadian Small and Medium-sized Enterprises (SMEs) (July 2009 ) which revealed that those businesses financed by venture capital, investors or a combination of debt and equity experienced at least 50% more growth than those who did not.

The responses of the SMEs surveyed indicated that those companies funded by investors and venture capital had a high prevalence of engaging in R&D to facilitate innovation, whether in process or product. The SMEs which were financed by debt had less leverage to innovate the business and entered a decline stage quicker than those financed by equity.

20 Barbados Business Catalyst • January - March 2011 Venture Capital Financing

Abbreviations: Small Business Venture Capital Inc. (SBVCI), Enterprise Growth Fund Ltd. (EGFL), Caribbean Financial Services Corporation (CFSC), Barbados Small Business Association (BSBA), Venture Capital (VC).

What exactly is venture capital? Venture capital finances relatively young and potentially high fighting to find companies that can provide unique investing growth companies both at an early stage of their development opportunities so SMEs and entrepreneurs in developing countries and at the later stages through the provision of equity and should find venture capital much more accessible”. managerial support. Jelle Sjoerdsma, April 2004 stated “that only a few Caribbean The rapidly shifting parameters in the financial sectors have countries can sustain a domestic Venture Capital industry”. created a shift in the investment markets outside of the The countries listed were Trinidad, Jamaica, Bahamas and traditional attraction to technology and innovation businesses. Barbados, in order of greatest potential. According to The World Resource Institute - New Ventures Report 2009: “They (Global Venture Capital Agencies) are all

Barbados Business Catalyst • January - March 2011 21 Standards Strengthening Competitiveness

Using Standards as a Competitive Advantage

By Kamilah Codrington, BIDC Research Officer

arbadian businesses seeking to maximise the benefits • Higher overall product quality; of trading under the CARIFORUM-EU Economic • Better packaging and labelling for product; Partnership Agreement (EPA) must, among other • Promoting a learning environment that facilitates continuous things, improve their record-keeping practices and improvement pay attention to the standards (both voluntary and • More streamlined and easier training non-voluntary) upheld in the European markets. • Improved customer service B • Access to new markets which can increase business and profits This message was made clear by international standards expert, Mr. Leopoldo Colombo, who was commissioned to conduct During the presentation it was made clear that these benefits the recently held workshop on ‘Standards and Conformity while attractive, may only materialise in the medium- to long- Assessment’ jointly put on by the Barbados National Standard term, while the outlay/cost of conforming to international Institution (BNSI) and the Caribbean Regional Organisation for standards must be made upfront. Furthermore, it was noted that Standards and Quality (CROSQ) on March 7th and 8th at the what makes matters worse is that different standards, regulations Savannah Hotel. and procedures are required in different markets. It is thought that in some cases, the additional cost of meeting so many It was acknowledged that some countries use standards as different requirements can account for as much as 10 per cent of technical barriers to trade ultimately preventing goods from production costs. lesser developed countries from entering their markets, however, Mr. Colombo focussed on the upside of standards Notwithstanding this, small and medium-sized enterprises (SMEs) and conformity assessment, underscoring their role in creating a need not be discouraged. Given the importance of the small competitive advantage. business sector in the island’s development, these businesses will not have to face these trials alone. Minister of Commerce, Drawing on several globally accepted standards including Hazard Senator Haynesley Benn in his feature address during opening Analysis & Critical Control Points (HACCP), the International ceremony for the workshop pledged the support of Government. Financial Reporting Standards (IFRS), Occupational Health & Senator Benn noted that the workshop was a component of Safety Assessment (OHSAS) and several of those implemented CROSQ’s Regional SME project aimed at “strengthening the by the International Organisation for Standardisation (ISO), competitiveness of SMEs” around the Caribbean. Touching on Colombo showed how standards may be used to differentiate the difficulties faced by exporters in Barbados, he flagged the a company’s product from similar product offerings on the workshop as a much needed step in also “addressing [those] market. He noted that since most international standards require concerns and facilitating trade among the CARICOM member a review of all activities involved in the production process from states by harmonising the standards and requirements within sourcing raw materials to getting the good to its end user, several the region to ensure that the requirements to be met are the other spinoff benefits may be realised. These include: same for all the member states.” The Commerce Minister also • Improved efficiency in production and a reduction of waste and appealed to both business support organisations and SMEs to duplication; view standardisation as a benefit and not a hurdle. • Improved supply chain management;

22 Barbados Business Catalyst • January - March 2011 Starting a Green Revolution

uch of the industrial revolution as we now know it was due to the needs of the agriculture sector. As the Mglobal population increased, there was a need for larger volumes of food. This required innovations in farming practices and in food processing techniques. Thus, the agricultural revolution has impacted and simultaneously, been impacted by the industrial revolution, resulting in a greater influx of mechanisation in agricultural production over the years.

This phenomenon has been termed the “Green Revolution” by former USAID director William Gaud in 1968, who noted the spread of the new technologies and said, “These and other developments in the field of agriculture contain the makings of a new revolution. It is not a violent Red Revolution like that of the Soviets, nor is it a White Revolution like that of the Shah of Iran. I call it the Green Revolution.”

The Green Revolution occurred between the 1940s and the late 1970s and embodied a series of research, development and technology transfer initiatives that increased agriculture production around the world. This era produced high-yielding MISSION varieties of cereal grains, expansion of irrigation infrastructure, modernisation of management techniques, distribution of hybridised seeds, synthetic fertilisers and pesticides to farmers. IMPERATIVE However, an even greater revolution of agricultural and industrial GREEN REVOLUTION production practices is required today. Businesses need to be “greened”. With an ever-increasing focus on the impact of production on the environment and the carbon footprint being left, businesses appeal to consumers at the level of positive environmental impacts or, at the very least, as minimal a negative impact as possible compared to competitors. This emphasis has created a growing demand for energy-efficient machines, processes based on renewable energy sources, By Pedro Hutchinson, production practices that have the least negative impact on the BIDC Research Officer environment and certification standards that assure customers of environmental-friendliness. Thus, the global marketplace is in the midst of a “new green revolution”. challenging them to upgrade their plants and processes to offer their goods and services even at the domestic level. Consumers too are in the midst of a demand revolution, demonstrating an overwhelming preference for environmentally- Local small and medium-sized enterprises can no longer view friendly products. Having been sensitised to the frailty of the “greening” as “Mission Impossible” but as “Mission Imperative” environment, they wish to be identified with the effort to if they are going to survive in this increasingly-competitive global preserve it. Consequently, there have been dramatic shifts in economy. Businesses must conduct audits of their energy, consumption patterns, requiring transformations in production waste disposal, production and procurement systems with a processes and even products. Consumers are attracted to the view to adopting internal “reduce, reuse and recycle” initiatives. Green Seal, Energy Star and other earth-friendly product brands. Extensive training, sensitisation and involvement of staff are critical at the outset so employees may “own” and support the During the agricultural and industrial revolutions, businesses “greening” process. which failed to make the necessary transitions collapsed. They were competed out of business because of price, quality, quantity Government has paired the activity of agriculture with that of and availability. The new green revolution will be no different. industry. This places the BIDC in a strategic position to assist Businesses which fail to meet the standards of environmentally- businesses with “green” initiatives and identifying resource conscious consumers will be unable to compete effectively in persons to kick-start the process in their operations. The the global marketplace since many jurisdictions adopt stringent conduct of seminars and funding of innovation has been a part of environmental requirements. Local standards will follow those BIDC support to the industry and will be intensified as Barbados set internationally, raising the bar for local manufacturers and makes its presence felt in this era of revolution.

Barbados Business Catalyst • January - March 2011 23 Achieving Work & Service Excellence

Engagement, Empowerment and Effective Results

nculcating a culture of work and service excellence within the “The study revealed much more, but these findings were Barbadian labour force is high on the agenda. instructive and provide useful lessons for all concerned, as many I of these issues are replicated across Barbadian organisations. This was infact the focal point of the Productivity Council’s There is a failure on the part of management to communicate annual week of excellence programme. Under the theme: its vision for the company to one of its primary and most critical Engagement, Empowerment and Effective Results: Getting stakeholders - the employees. Without a vision a people perish Employees & Employers to Deliver Excellent Customer Care, and similarly, without information concerning the vision of the the event, held at the Grande Salle, Central Bank of Barbados, organisation, employees cannot contribute to making that vision Tom Adams Financial Centre, brought together representatives a reality, Mr. Sinckler underlined. from the public and private sectors, who heard presentations from the government, private sector, the trade union movement Meanwhile, John Williams, who spoke on behalf of the private and other agencies, on the importance of productivity and sector, called for a greater emphasis on customer service continuous assessment within in the workplace. excellence. “...There seem to be so many contradictions when it comes to excellent customer care. We have amongst our Delivering the feature address, Minister of Finance, Christopher hotels and restaurants, examples of truly world class customer Sinckler, underscored the importance of the core values of service, and I am not just referring to those who are at the most professional ethics in the work place such as punctuality, a expensive end of the spectrum. In fact, there are others who are fair day’s work for a fair day’s pay, delivering value for money willing to survive on mediocrity,” he disclosed. and rendering excellence and compassionate service in the organisation. Mr. Williams further stated: “In our professions, we have dedicated individuals that are thoroughly up to date in their field While these are important attributes, he cautioned that this must and providing cutting-edge professional customer care. At the be complemented with the requisite human resource tools to same time, others are willing to rest on qualifications garnered get the job done. “Therefore, our human resources must have 30 years ago, buttressed by outdated protectionist legislation the supportive environment, the tools and incentives to perform and rules which keep the competition at bay and their clientele and this admonition applies equally to the private as it does to the unempowered.” public sector,” he said. He argued that within some government departments, there Mr. Sinckler further stated: “The world is not waiting on are some companies as indicated by the National Initiative Barbados, therefore, Barbados must not wait on the world. for Service Excellence’s recent Customer Satisfaction Survey, It is our job to ensure that we are leaders in productivity and which were given high marks for seeking change; whilst others excellence and not followers and observers on the sidelines.” resisted change and appeared to the users of their services to “put bureaucratic hurdles and delaying tactics in the way of their Regarding the implementation of performance management customers.” Likewise in the private sector, the official intimated systems in companies, the Finance Minister revealed that the that some companies offered excellent customer service, while findings of a 2009 KPMG study to measure the extent to which others were contented with their existing business operations. these systems were adopted locally, showed that while a high percentage of companies had implemented an incentive scheme, “It is clear that excellent customer service is possible in Barbados no more than 40% had recorded any measure of success. and we must ask ourselves why this seems to be the exception rather than the rule. There is no simple answer to this, but it is Even though it appeared that many of the schemes were apparent that what we do need to start with is a clear message implemented as part of a negotiation agreement with workers’ from the leaders of our society, that this is an essential national representatives, Mr. Sinckler argued that the study found that strategic objective.” many of them had failed on account of inadequate managerial training. In turn, President of the Congress of Trade Unions and Staff Associations of Barbados, Cedric Murrell, expressed Of equal importance he noted was that over 50% of the disappointment with the island’s declining standards. “We are employees interviewed, could not identify what were the settling for too low a standard in this country. We are giving too incentives, had no knowledge of its link to productivity and much praise to mediocrity and we are sometimes, making those how they as employees made any significant difference to the who seek excellence feels as though they were wrong to do so.” organisation. (BGIS)

24 Barbados Business Catalyst • January - March 2011 Executive Coaching NEW YEAR REVOLUTIONS

By Cheryl Gittens

t is the end of the first quarter and the period when some • Is your strategic plan working? companies, large and emerging, huddle in board rooms and The farther into the future at coffee tables to ask important questions like: “What did we you PLAN, the more your set out to achieve? Which ideas are you currently working on? plans resemble dreams and What progress have you made? Are we looking at postponing guesswork. Try shorter Ithe launch? What can we do differently to stay afloat in the periods. Shorter periods light the fire underneath you. market?” • Try coming up with a business card that reflects your personality as opposed to your company. A myriad of tough questions geared towards meeting your • Make your business’ goal to make a difference to the planet not targets. As the old year neared to a close, entrepreneurs just to satisfy the temporary needs of your customers. privately declared, “Next year is going to be a tough year, if this • Lose your corporate dress sometimes, perhaps always. People recession continues.” Others declared, “Next year is going to be relax around confident, easy-going, cool business people. my year.” Often this statement is visualised as more profits and Don’t introduce yourself as a business person first. Try just pictures of being able to improve lifestyle are vividly imagined. being a human like everyone else. • Hire only when you absolutely need to. Your job descriptions Thus at the beginning of the new year, entrepreneurs become will be more specific and your measure of your employees’ concerned with how they can approach business differently performance will more closely align to their rewards. to achieve a specific set of • Every employee you hire results. Of course, I am more Revolutions always move the world should be placed on probation interested in what people do to regardless of how low skilled get the results they desire than forward? Perhaps! Will your business the job is. in the results themselves. For revolutions move your company • Have as few meetings as how entrepreneurs innovate possible. Meeting of the minds or challenge their existing forward? does not require meeting of beliefs, systems and practices, bodies. Stop wasting time. inevitably will affect their business’ outcomes. So I have chosen Production meetings should be about one thing: “Have you to offer not new, and perhaps not so revolutionary, ways of being completed it?” in your business for this year: • A meeting with you is a meeting, not a ‘lie’. Schedule lunch, bedtime and recreational activity, daily. When you are at lunch, • Stop asking people to generate new ideas. Ask them to do nothing else but eat. When you are sleeping, remove all challenge how and why they do what they do. communication devices out of your bedroom and please, take • Cut out the belief that you must be efficient all the time. Many time out to breathe deeply. large, successful companies are inefficient by share virtue of • Be a revolutionary! their size and bureaucracy alone. • You don’t have to succeed in the home market to branch out Revolutions always move the world forward? Perhaps! Will your into the world market. What do you think the Internet is for? business revolution move your company forward? • Decide how big or small you want your business to be. You can grow your business to sell it or to close it. Neither option Cheryl Gittens is a Life Performance Coach to Executives is indicative of failure. with Connect With Your Passion Life Coaching Inc. • Don’t stress yourself about notions like “failure is not an She lectures at the U.W.I. and is an Organisational option”. After all if you want to succeed, you will scarcely give Behaviour Consultant. Contact her at cheryl@ up after a “failure” anyway. connectwithyourpassion.com

Barbados Business Catalyst • January - March 2011 25 Creative Thinking

Annalee Davis interacts with patrons at a recent Manipura Mixer.

I Am Pure Foods on display - one of the Bajan Art Company partners at a recent Manipura Mixer. Pictures a Healthy Barbados

aking creativity to a new level, a Barbadian art gallery Barbadians are learning that there are cassava-based products is mixing delicious local foods with its expansive line of which are both tasty and wheat-free. Tinspirational artwork. “Our first three Mixers with I Am Pure foods, producers of It’s the gallery’s contribution to building awareness about the wheat-free, cassava-based baked goods, SinnfullySweetCreations, importance of eating healthy, and less expensive, local foods, a creators of healthy dark chocolate, and Went Caribbean Inc. move being supported by the Barbados food industry. producers of WentWorx healthy aromatic spice blends for “New Caribbean Cuisine”, were well patronised and have Local art gallery, Manipura is celebrating the diversity of local demonstrated a popular demand for healthy options,” said Davis. foods this year by staging twice monthly Manipura Mixers - fun- filled, educational events showcasing healthy and tasty foods Davis, an artist for more than two decades, believes smart while patrons take in the inspiring Caribbean art on display. partnerships with the culinary arts sector will promote healthier diets and lifestyles while reducing the incidence of chronic Manipura’s Annalee Davis wants these events to stimulate illnesses such as diabetes and hypertension. market demand for locally-made foods as well as the creativity displayed in regional art. “I believe if we knew the options that Manipura Inc. provides a unique Caribbean experience through were available locally and encouraged nationals to support our imagery and discussion of issues of the day. The company own producers, our dependence on imported products would manages two artistic brands - Annalee Davis, a contemporary decrease and the local economy would benefit,” she said. body of work that looks critically at contemporary Caribbean society; and Manipura, an inspirational line of Caribbean artwork The visual artist and Bim Ventures entrepreneur reported that that celebrates the beauty of the region’s archipelago. The range given the increased cases of wheat intolerance and food allergies, of products offered includes paintings, limited edition prints, home decor, installations and objects.

26 Barbados Business Catalyst • January - March 2011 Entrepreneur’s Forum BYNDELLE BUILDING BUSINESS

The Byndelle Website. Above, BYNDELLE founder Adrian Millington. and use it to enhance products or service delivery or tailor promotional content to better educate customers. To become a part of the BYNDELLE network, the managing director explained, companies can simply register online at www. byndelle.com and pay the required member fees by selecting new Barbadian company is moving to take business any of the bi-annual, quarterly or monthly payment options to business networking to a whole new level. And available. Online payment is possible, after which registrants at the same time it is aiming to link businesses and are free to create their own interactive company profile, upload customers across industries and countries in a way photos, embed videos and enter their own tags and keywords that will generate greater awareness of products and for easy search engine reference. The customised profile is then servicesA and facilitate continuous interaction.All this is set to take automatically generated which users retain the right to control, place thanks to efforts of entrepreneur Adrian Millington, with edit and revise at any time. For a limited time only BYNDELLE is the launch of the virtual networking platform at www.byndelle. waiving the registration free and are allowing companies to sign com. up for free.

Millington, in an interview with the Barbados Business Catalyst Once registered, Millington said they will be able to post said, “BYNDELLE makes it possible for all businesses to easily information on events, special offers and discounts, vacancies, build effective relationships with existing and potential customers, sales and any other information they desire. The facility is suppliers and distributors, located in any country worldwide.” expected to drive visitor traffic to the registrants’ corporate websites and storefronts. Beyond the networking extensions, Launched in November 2010, Millington said while he is initially it can help registrants to engage in focus groups or arrange targeting manufacturers and hoteliers, there is no restriction for mystery shopper events where they can get feedback on as to the number or type of businesses which can benefit from products and services. There is also a social media component the opportunities being offered with BYNDELLE. “The aim is included where users can chat online and transfer files among really to connect all business sectors and to make them easily themselves. accessible to buyers and customers. By providing a platform through which businesses can offer regular promotions and BYNDELLE has already attracted users from the real estate, promotional events, it can certainly peak client interest and hotel, manufacturing, consulting, jewellery and botanicals sectors. potentially increase sales” he said. The website also posts country profiles with local, regional and international links which Millington said have proven to BYNDELLE, he added, also serves as a medium through which be quite popular. He noted that the website has come in for potential customers can not only discover companies but also high praise for its “clean, crisp and easy to navigate features” compare and access multiple products and services to determine and he said plans are in the works for continued upgrades and which brands best suits their needs. At the same time, it provides enhancements. a forum through which enterprises can obtain customer feedback

Barbados Business Catalyst • January - March 2011 27 BIDC Appointments

New BIDC Appointments

Ms. Carol Lynch, newly appointed he Barbados for more than 17 years, previously serving as senior research Director of the Research Information Investment and officer. She has vast experience in market and economic research and Design Services Division at the Development and boasts expertise in strategic planning and national policy BIDC. T Corporation (BIDC) has formulation. strengthened its executive team with two additions within the Research Information and Design Services Division.

Ms. Carol Lynch has been appointed Director and Ms. Fern Lewis as Manager.

Lynch, who previously worked as a trade data expert in the Office of Trade Negotiations (OTN) of the CARICOM Secretariat took up her post on February 14, 2011. Her work experience has extended across government, the private sector and academia. Lynch is a trained economic statistician, with experience in international trade, national accounting, and business surveys.

Lewis, whose appointment to the position of Manager of Ms. Fern Lewis, Research and Information Services took effect on February Manager of Research 01, 2011, has been attached to the BIDC’s Research Division and Information Services.

28 Barbados Business Catalyst • January - March 2011 News To Note Change in Income Tax

cooperation, are eligible to move on to phase II Assessment, based on the number of tax information exchange agreements arbados will be they have concluded in the last two years. amending the BBarbados Income Barbados must take steps to ensure that its sovereign right to Tax Act to expand the tax set its own national policy in the area of international tax, is information provisions in not frustrated by the pressure brought to bear by a number of the existing double taxation OECD members in the Global Forum...,” he cautioned. treaties in order to meet the new Organisation for Economic Cooperation and Development (OECD) VAT waiver of interest model. extended into 2011 The announcement was made recently by Prime Minister, Freundel Stuart, who said it would allow Barbados to “unilaterally The 50% Waiver of Interest and Penalties Programme (WIPP), exchange tax information with countries with whom it has which was extended by the Minister of Finance, Chris Sinckler, initialed or signed a new treaty or protocol, but such treaty has during his financial Statement and Budgetary Proposal late last not yet been ratified by the other contracting state”. year, will continue until November 30, 2011. He also expressed disappointment that despite the island’s success in negotiating tax treaties that reflected the new OECD Registrants may sign onto the principles on transparency and tax information exchange, some Programme, which offers a of them were either not ratified or were awaiting signature. maximum five year repayment plan, dependent on the level of Mr. Stuart added: “For example, although Barbados has debt. concluded treaties with Italy, Spain, Vietnam, the Czech Republic, Panama, Portugal and Belgium over the last 18 months, none of To be considered for the these agreements has entered into force. In addition, a protocol programme, persons must comply has been negotiated with Canada to update the exchange with specific conditions. These provision and we expect that it will be signed and ratified this are: the principal and the remaining year.” balance of interest and penalty must be paid within the time stipulated in the agreement; all outstanding VAT returns must He further stated: “As a result of Barbados’ history of exchanging be filed so that the balance outstanding can be determined; all tax information based on double taxation treaties, the just returns filed after December 1, 2010, must be accurate; and all released Global Forum Phase I Assessment on the Barbados future obligations under the VAT Act, Cap. 87 must be met as jurisdiction has concluded that although Barbados has made they become due. excellent progress in expanding and updating its network of tax treaties to reflect the OECD standard, we no longer meet the Registrants must state their Value Added Tax Registration standard because these treaties are not yet in force.” number should they make an inquiry, and they are reminded that any agreement entered into will be terminated if the terms and Mr. Stuart said he was disappointed that the island had been conditions of the said agreement are not honoured. In addition, unable to proceed to Phase II despite favourable support from its taxpayers are reminded that within 21 days after the end of each peers in the Global Forum. taxable period, they must file with the Comptroller an accurate return for the taxable period, whether or not a taxable supply is “Since Barbados is one of the few international financial centres made. that has for over 30 years routinely exchanged tax information with our treaty partners, we are surprised that other countries Additional information on the WIPP, may be obtained by who have only recently committed to transparency and tax contacting the Value Added Tax Division at 467-1100.

Barbados Business Catalyst • January - March 2011 29 BMEX 2011 Bigger, Better BMEX Expected

Bobbi McKay, Executive Director of the BMA. arbados’ premiere manufacturers’ exhibition, BMEX, Under the theme Innovation through Inspiration, McKay B explained that this particular theme, a continuation of last year’s, is shaping up to be even better than last year’s. was chosen in an effort to get the manufacturers to “put a lot of effort and thought into being innovative in their products, in their Scheduled for June foods, in their packaging and everything that they do”. 10-13, 2011 at the Lloyd Erskine Sandiford “BMEX, while remaining an exhibition at its core, has now Centre, Executive become an experience. It has truly blossomed and we’ve seen a Director of the BMA, Ms. Bobbi McKay said they are expecting lot of our manufacturers and our exhibitors growing through this more than the 160 exhibitors who participated in 2010. Almost experience,” she said. 98 per cent of the booths are expected to display local products and a cross section of manufacturers - large, small and new will McKay explained that the BMEX pavilions have been assigned be exhibiting this year. themes which the exhibitors are expected to incorporate into products and the layout of booths among other things. She also said that the annual event, which showcases mainly Barbadian goods and services, would feature pavilions named after ‘BMEX, while remaining an exhibition Barbadian places: Furniture - Mahogany Lane, Food and Beverage at its core, has now become an - Coconut Walk, Construction - Rock Hall, Fashion/Spa - De Garden, Art - Cattlewash, Services and International Exhibits - experience.’ Culpepper Island.

Speaking during the official exhibition launch at the BMA’s Prizes will be given for the most outstanding booth, which Harbour Road offices, McKay said a delegation from the United incorporates the theme, as well as for those in each of the main Kingdom will also be attending. This is being facilitated through categories for Best New Product and best layout. Special awards the British High Commission in Barbados. will also be presented during the opening ceremony.

30 Barbados Business Catalyst • January - March 2011 Our Environment

SMART FUND TO FUEL RENEWABLE ENERGY DRIVE

arbados will sharply concern not only about the high cost of oil leading to a drain of reduce its dependence on foreign exchange, but also about the necessity of preserving the imported fossil fuels by island’s fragile environment. The US$10 million loan comes from creating a “Smart Fund’’ the Bank’s ordinary capital and has an amortisation period of 25 Bthat will finance renewable energies years with a grace period of 5 years. The interest rate is based on technologies and energy efficiency the LIBOR. The execution agency is the Prime Minister’s Office, measures with a US$10 million loan approved by the Inter- acting through the Energy and Telecommunications Division, American Development Bank (IDB). with Enterprise Growth Fund Limited as a sub executing agency.

The project aims to reduce Barbados’ fossil fuel dependency and Minister in the Office of the Prime Minister, Senator Darcy promote sustainable energy while reducing CO2 emissions. By Boyce, in commenting on the Smart Fund during a recent 2014, the Smart Fund intends to finance the installation of at least Operational Planning Meeting for Sustainable Energy Initiatives, 1 000 kilowatts of renewable energy generation capacity and held at the Grand Barbados Beach Resort, said it would produce savings equivalent to at least 500 megawatt hours per essentially finance campaigns to develop a critical mass of users year through efficiency measures. of some of the most promising technologies. He noted that it would also develop new market equilibrium in which these “The savings that will be generated by the Smart Fund, as part technologies become the norm. Senator Boyce said Government of Barbados´ Sustainable Energy Framework, are expected to was committed to promoting sustainable energy practices both total at least $283 million over the next 10 to 15 years,” said on the supply side, mainly using renewable energy sources, and Christiaan Gischler, the IDB team leader for the project. “This on the demand side by encouraging energy efficiency and energy will be one of the largest reductions in fossil fuel consumption conservation measures. He also revealed Government’s plans ever achieved by a country in Latin America and the Caribbean, to phase out incandescent lamps, and to distribute over 15,000 and it will show that fiscal responsibility can go hand-in-hand compact fluorescent lamps (CFLs) and 3 000 power monitors. with the promotion of renewable energy, energy efficiency and This, he added, would be at a minimal cost to consumers and, in environmental sustainability.” effect, jump-start the market for these items.

The Government of Barbados is launching the Smart Fund to The sustainable initiatives, the Minister pointed out, would help consumers and businesses, including the tourism industry, also see the installation of several megawatts of solar-derived to finance the up-front costs of renewable energy technologies electricity from Government-owned buildings, including schools, such as solar panels and more efficient air-conditioners and and the preparation of a policy for improving the efficiency and light bulbs. The Smart Fund will seek to develop a package of sustainability of fossil fuel consumption. financial instruments and provide technical assistance to remove the main barriers to investment in these technologies. As Senator Boyce disclosed that the changes were necessary to part of the programme, $9 million will be destined to support reduce the “country’s dependency on fossil fuels, enhance renewable energy and energy efficiency projects, including security and stability in energy supply, improve the country’s rebate mechanisms to upgrade air-conditioning systems and the competitiveness, and achieve greater environmental distribution of compact fluorescents lamps (CLFs). Another $1 sustainability”. million will help provide institutional support for the execution of the Smart Fund and will finance public awareness campaigns and The Energy Minister maintained that...”by promoting and data collection activities. implementing renewable energy and energy efficiency technologies that are economically viable, Barbados can “Barbados is the first Caribbean country to create this type of substantially improve its energy mix in the next 20 years. This fund, which could easily be replicated in other countries that are energy mix would be one where renewable energy generation highly dependent on fossil fuels,” added Gischler. “Since tourism would account for 29 per cent of electricity consumption and the is such a vital industry in this region, we have the opportunity remaining 71 per cent would come from conventional fossil fuel- to combine sustainable energy and ‘green’ tourism by reducing based resources.” monthly energy bills as well as the carbon footprint of hotels and end users. Barbados has already succeeded in getting 40% of the He suggested that as a result, total electricity costs would be country’s homes and businesses to install solar water heaters, for cut by US$283.5 million and carbon dioxide (CO2) emissions example.” by 4.5 million tonnes. These measures, he observed would also reduce Barbados’ reliance on fossil fuels by approximately 71 per Barbados is highly dependent on fossil fuels. In 2007, the country cent and would also result in “an overall 22 per cent reduction spent US$208 million in oil imports, which represents about 7 in electricity consumption based on the use of energy efficiency percent of GDP. The Prime Minister of Barbados has expressed measures”.

Barbados Business Catalyst • January - March 2011 31 Cultural Etiqutte

When in….BRAZIL The Cultural Etiquette Critical for Success

odern business is global and demands people travel to foreign countries and mix with foreign clients, colleagues or customers. Each one of those cultures will also have their own etiquette Mrules, many of them unwritten. When two or more different cultures mix, it is easy for small etiquette mistakes to be made that could have negative consequences. Not understanding the etiquette of another culture can and does lead to soured relationships, lost deals and in the end poor business results. The Barbados Business Catalyst explains the etiquette behind business dealings with Brazil.

Relationships & Communication to a strict schedule. Meetings are generally rather informal. Brazilians need to know who they are doing business with Expect to be interrupted while you are speaking or making a before they can work effectively. Brazilians prefer face-to-face presentation. Avoid confrontations. Do not appear frustrated meetings to written communication as it allows them to know with your Brazilian colleagues. the person with whom they are doing business. The individual they deal with is more important than the company. Since this Dress Etiquette is a group culture, it is important that you do not do anything Brazilians pride themselves on dressing well. Men should wear to embarrass a Brazilian. Criticising an individual causes that conservative, dark-coloured business suits. Three-piece suits person to lose face with the others in the meeting. The person typically indicate that someone is an executive. Women should making the criticism also loses face, as they have disobeyed the wear suits or dresses that are elegant and feminine with good unwritten rule. Communication is often informal and does not quality accessories. Manicures are expected. rely on strict rules of protocol. Anyone who feels they have something to say will generally add their opinion. It is considered Business Cards acceptable to interrupt someone who is speaking. Face-to-face, Business cards are exchanged during introductions with everyone oral communication is preferred over written communication. At at a meeting. It is advisable, although not required, to have the the same time, when it comes to business agreements, Brazilians other side of your business card translated into Portuguese. insist on drawing up detailed legal contracts. Present your business card with the Portuguese side facing the recipient. Business Negotiation Expect questions about your company since Brazilians are more Meeting Etiquette comfortable doing business with people and companies they Men shake hands when greeting one another, while maintaining know. Wait for your Brazilian colleagues to raise the business steady eye contact. Women generally kiss each other, starting subject. Never rush the relationship-building time. Brazilians take with the left and alternating cheeks. Hugging and backslapping time when negotiating. Do not rush them or appear impatient. are common greetings among Brazilian friends. If a woman Expect a great deal of time to be spent reviewing details. Often wishes to shake hands with a man, she should extend her hand the people you negotiate with will not have decision-making first. authority. It is advisable to hire a translator if your Portuguese is not fluent. Use local lawyers and accountants for negotiations. Gift-Giving Etiquette Brazilians resent an outside legal presence. Brazilian business is If invited to a Brazilian’s house, bring the hostess flowers or hierarchical. Decisions are made by the highest-ranking person. a small gift. Orchids are considered a very nice gift, but avoid Brazilians negotiate with people, not companies. Do not change purple ones. Avoid giving anything purple or black as these your negotiating team or you may have to start over from the are mourning colours. Handkerchiefs are also associated with beginning. funerals, so they do not make good gifts. Gifts are opened when

received. Business Meeting Etiquette Business appointments are required and can often be scheduled Dining Etiquette on short notice; however, it is best to make them 2 to 3 weeks If you are invited to a Brazilian’s house, arrive at least 30 minutes in advance. Confirm the meeting in writing. It is not uncommon late if the invitation is for dinner. Arrive up to an hour late for a for appointments to be cancelled or changed at the last minute. party or large gathering. Brazilians dress with a flair and judge In Sao Paulo and Brasilia, it is important to arrive on time for others on their appearance. Casual dress is more formal than in meetings. In Rio de Janeiro and other cities it is acceptable to many other countries. Always dress elegantly and err on the side arrive a few minutes late. Do not appear impatient if you are kept of over-dressing rather than under-dressing. If you did not bring waiting. Brazilians see time as something outside their control a gift to the hostess, flowers the next day are always appreciated. and the demands of relationships take precedence over adhering

32 Barbados Business Catalyst • January - March 2011 Trading Developments

Commitment by Trade and Investment Partners Recognised

arbados’ major trading to enhance trade and investment, to think of the United partners, the United States as its partner of choice. He said, “... not only Kingdom (UK), the because of our historical ties, existing business links, the United States of America current volume of trade, the close geography, the common B(USA) and Canada, have been language, or that the United States offers the world’s largest acknowledged for helping consumer market, but also because the United States is to shape trade and investment relations for the island. in my view the ideal business partner for Barbados.”

Minister of Foreign Affairs and Foreign Trade, Senator Maxine Noting that the close cultural and personal connections between McClean, made this recognition yesterday as she addressed the two countries were best exemplified by the droves of the March business luncheon of the Barbados Chamber of American tourists who flocked here on vacation, he said: Commerce and Industry (BCCI) hosted at Hilton Barbados. “135,000 Americans came to Barbados last year as stay-over Senator McClean said: “As we witness the rapidly changing tourists, more than a ten per cent increase over 2009. And, a international landscape, characterised by the emergence of majority of the 665,000 cruise ship visitors were also American. new centres of economic power, these countries remain Americans love Barbados and love to spend their money on important destination markets, sources of investment and Barbadian products.” Dr. Hardt also pointed out that trade “goes critical imports, and major homes of our diaspora.” both ways” and assured the country that the U.S. market was open to Barbadian businesses, both for export and investment. She noted that Barbados “had been helped in this relationship by generous concessions in terms of development assistance He stressed: “The United States is Barbados’ top export market, and ease of access to markets through unilateral trading with about 20 per cent of all of Barbados exports headed there. preferences. We are aware that such preferences have about Banks beer exports Barbados’ premier beer to the United ended and we are adjusting rapidly to the new global arena, States, and was featured at Disney World’s Epcot Center Food where free trade is the expected norm.” Alluding to relations and Wine Festival in October and November last year. Of with the UK, the Minister explained that there had been course, Barbados’ most famous export to the United States is a redefinition by way of the CARIFORUM-EU Economic Rihanna, and we would certainly welcome additional exports Partnership Agreement (EPA). And, she said: “We are working like her.” It was also explained that the US was the world’s hastily to bring this Agreement into full legal effect. The greatest source of technology and capital investment, making it EPA is a historic agreement and we must continue to work ideally suited for businesses. “One of the United States’ most together to ensure that the potential benefits accrue.” important ways to promote Barbadian business has been through our support of entrepreneurship and building local business Of the US, Senator McClean observed that the reshaping to expand US-Barbados trade,” said the Charge D’Affairs. of that relationship was “on CARICOM’s radar”. “We are presently engaged in negotiations with the USA which will Dr. Hardt recalled that both the late Prime Minister David lead to the finalisation of a Trade and Investment Framework Thompson and Prime Minister Freundel Stuart had called Agreement. This Agreement will serve as a forum for CARICOM for the re-awakening of the spirit of entrepreneurship in and the United States to meet and discuss issues of mutual Barbados. And, he said: “In his address to the Barbados interest. These include cooperation and the enhancement National Entrepreneurship Summit last year, a summit of trading and investment opportunities,” she revealed. that the United States helped to sponsor, Prime Minister Stuart affirmed his vision for Barbados to become a The Foreign Affairs Minister pointed out that changes with Centre of Entrepreneurial Excellence by the year Canada would also occur as CARICOM prepares for the 2020. He demonstrated his Government’s support for Third Round of negotiations for a trade and development the growth of entrepreneurism through the National agreement. She stressed: “The process is a challenging one, as Information and Communication Technologies 2010- we seek to coordinate and harmonise regional positions. Our 2015 Strategic Plan, which is designed to encourage national preparations are informed by a consultative process a culture of innovation and entrepreneurship.” which involves you and members of the Government and civil society. We must ensure that your interests are adequately As he assured the island that there was commitment by reflected.” Representatives at the luncheon further heard his Government, Dr. Hardt said the US had been actively that Government was addressing threats to the offshore and working to support this entrepreneurial vision. From international business sector, and that Barbados remained a President Barack Obama and Secretary of State Hillary leader in Caribbean affairs with a high level of political stability Clinton to all of us here at Embassy Bridgetown, the and a clean jurisdiction, transparent in its financial arrangements. United States is committed to supporting the growth of entrepreneurism in the Caribbean,” he stressed. Meanwhile, Charge D’Affairs for the US Embassy, Dr. Brent Hardt in his address, urged Barbados, as it looked

Barbados Business Catalyst • January - March 2011 33 Industry By Numbers

SPECIAL TECHNICAL ASSISTANCE PROGRAMME DISBURSEMENTS JANUARY - MARCH 2011

Source: Barbados Investment & Development Corporation

DOMESTIC EXPORTS JANUARY - FEBRUARY 2010 / 2011

Source: Barbados Statistical Service

34 Barbados Business Catalyst • January - March 2011 Industry By Numbers

EMPLOYMENT IN MANUFACTURING SECTOR AT MARCH 2010 / 2011

Source: Barbados Investment & Development Corporation

DISTRIBUTION OF INVESTMENT IN MANUFACTURING SECTOR AT MARCH 2010 / 2011 (BDS$)

Source: Barbados Investment & Development Corporation

Barbados Business Catalyst • January - March 2011 35