Barbados Government introduce National Industrial Policy

  • The government is preparing a National Industrial Policy that will seek to revive the manufacturing sector, according to Ronald Topping, the Minister of International Business and Industry. The first draft of the policy is expected to be ready by September and finalized before the end of the current financial year in March 2020.
  • This is a response to the decline of the sector over the last decade based on the reduction in employment in the sector, the number of companies in the sector, the level of investment, and the contribution of the sector to GDP. The minister also noted that there are several challenges facing the sector, particularly as it relates to access to financing.
  • He added that talks are ongoing between the government and local manufacturers, and there are plans for national consultation in the coming months to hear their concerns. The government is also aiming to create two new industries, particularly in ICT and pharmaceuticals.

 (Source: Barbados Today)