Barbados revises industrial policy to align with modern needs and foster entrepreneurship

The Government of Barbados is in the process of developing a comprehensive modern industrial policy aimed at strengthening local manufacturers, enabling them to expand and compete effectively in international markets.

This announcement was made by Marsha Caddle, the Minister of Industry, Innovation, Science, and Technology, during the Barbados Manufacturers Association’s (BMA) 60th anniversary celebration.

Minister Caddle emphasized that the new policy would be more than just a broad set of objectives. It would focus on creating a supportive environment for businesses, including a transparent fiscal incentives framework, to encourage young people and entrepreneurs by demonstrating that there is robust support for local companies to grow both domestically and internationally.

“I believe we need to clearly and concisely identify the opportunities that exist from our perspective and the comparative advantages that Barbados holds in 2024 and for the coming decades. Of course, this has to be backed by a supportive environment,” Caddle remarked.

The Minister highlighted that government-created entities such as Business Barbados, Export Barbados, and Invest Barbados, in collaboration with the BMA, are key players in addressing the environmental and regulatory challenges that currently create uncertainty for businesses operating in Barbados.

“We are at a point in Barbados where it’s essential to have honest and mature discussions about the issues that need to be resolved. One of the purposes of Business Barbados is to directly address matters related to the corporate registry, intellectual property, and other associated issues, and to simplify the process for doing business,” she emphasized.

Minister Caddle also mentioned that the Cabinet would be reviewing Barbados’ trade policy. “This is crucial because the geopolitical landscape has changed significantly since our trade agreements and overarching trade policy were established, and it continues to evolve.

Given the frequent changes in global trade dynamics, economic conditions, technological advancements, geopolitical shifts, and environmental challenges, we believe that a review of our trade policies is necessary. We expect to complete this review swiftly,” the Minister explained.

Caddle noted that the Ministry plans to engage all relevant stakeholders in this process. “We have a strong partnership and a proven track record of collaboration with the BMA to identify and address challenges, translating these into informed trade policies.”

She also emphasized that the BMA remains one of the Government’s key partners in its mission to develop Barbados for the benefit of all citizens.