Saturday 17 November, 2018

BIDC ready to help start-ups export more, Barbados import less

Innovate Barbados participants on Day 1 of the Conference being hosted by the BIDC.

Innovate Barbados participants on Day 1 of the Conference being hosted by the BIDC.

The Minister of International Business and Industry, Ronald Toppin has disclosed that the Barbados Investment and Development Corporation (BIDC) has two new programmes up its sleeve to drop in less than a month to see Barbados import less and export more.

He made this announcement at the opening of Innovate Barbados two-day conference.

Toppin said:

“The BIDC will implement, within the next two to three weeks, two new programmes that will buttress these recent initiatives to reduce the island’s imports in key areas, increase exports and create high value jobs.”

‘Accelerate 20/20’ will be aimed at starting up and expanding 20 high-growth companies over the next year and a half, but “the first of these, a new product development programme, will provide for the creation of new products, or the enhancement of existing products, which have the potential to earn or save foreign exchange.”

The second programme, the ‘Accelerate 20/20’ programme “will target companies that can start up and scale up quickly with the potential to achieve annual export earnings of BBD $100 000 in the medium to long term.”

These coupled with the newly launched government Trust Loan Fund will support local innovators and businesses that can add value through job creation and exports.

“The launch of government’s Trust Loan Fund a week ago, will aid in expanding the horizon for Barbadians to start-up businesses and to acquire the tools and talent that can and value to our economy.”

This comes on the heels of government’s latest phase of retrenchments as this administration continues to roll out Barbados Economic and Recovery Transformation (BERT) programme.

He was speaking at the Lloyd Erskine Sandiford Centre yesterday, Tuesday, November 7, 2018.

 

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