CARIBBEAN/BARBADOS: BIDC seeks to improve quality of exports

BIDC seeks to improve quality of exports
Web Posted - Tue Aug 19 2003

BARBADOS’ economic success hinges on a high-quality export economy. 
That’s according to chief executive officer of Barbados Investment & 
Development Corporation (BIDC), Vince Yearwood. As a result, the BIDC has 
instituted several new innovative strategies in an attempt to ensure 
Barbadian goods and services attain international status. 

Meanwhile, the BIDC will use its Special Technical Assistance Programme to 
ensure the success of key sectors under its umbrella. 

“We are determined to see the sectors under our charge – information 
technology, manufacturing and financial services – become vibrant sectors,” 
asserted Yearwood. 

“Through our Special Technical Assistance Programme, we intend to 
strategically orient local businesses toward international alliances for 
export competitiveness and to meet the challenges of the WTO, CSME and FTAA,” 
Yearwood said. 

He also revealed that award-winning companies will now have improved access 
to technical aid, noting that those companies would now be fast-tracked 
through the auditing and benchmarking facilities available under this 
programme. 

Moreover, the introduction of the Barbados Industry Seal of Excellence serves 
to better position local companies in local and international markets, and to 
remind local companies of the need to strive towards international 
excellence. 

“Award-winning companies in this year’s industrial celebrations will be first 
to carry the seal. It will become a part of their corporate identity, and a 
testimony to their attainment of world-class standards in a critical aspects 
of business,” stated Yearwood. 

The chief executive officer said so far five Barbadian companies have 
received the Quality Achievement Award. 

“They have now been elevated into the elite class of top quality enterprises, 
and it is our hope than an increasing number of enterprises would strive to 
adopt international standards in their production processes,” he said. 
Yearwood added that an International standards certificate was mandatory if 
penetration of lucrative foreign markets was to be accomplished. 

Pointing to industry partnerships with the Barbados International Business 
Association (BIBA) and Barbados Coalition of Services Industries, Yearwood 
said strategic alliances had to be established if penetration of foreign 
markets was to be successful. 

“Having initiated aggressive and targeted promotions in foreign markets in a 
bid to increase direct investment and boost exports, it was felt that a 
strengthened support base would greatly assist in conquering obstacles and 
removing any impediments to business,” said Yearwood. 

Recognising a new approach to business would have to be instituted, Yearwood 
concluded that this would require improved organisational efficiency, 
strengthened operational management systems and commands. Yearwood also 
highlighted, the recent enactment of Consumer Protection Legislation, as well 
as the installation of facilities to handle consumer complaints, as a clear 
indication that it could no longer be business as usual. 


SOURCE: Barbados Advocate