New Partnership Agreement Signed

The Barbados Investment and Development Corporation (BIDC) has signed a cooperation agreement with the Centre for Export and Investment Promotion of the Dominican Republic (CEI-RD).

The signing was one of two which took place on March 9, 2018 during a luncheon ceremony organised by Caribbean Export in association with the Delegation of the European Union in DR and the CEI-RD. The other cooperation agreement was signed between CEI-RD and Jamaica Promotions Corporation (JAMPRO).

Barbados, as one of the CARICOM signatories to the CARICOM/Dominican Republic trade Agreement, has been actively seeking to enhance commercial relations with the Dominican Republic.

Five companies from Barbados for the first time participated in the Dominican Republic’s premiere multi sectoral trade fair, The Hub Camara in Santo Domingo, March 6-9, 2018. In addition to showcasing their offerings during in the four-day event the Barbadian companies, sponsored by BIDC sought to establish commercial contacts, discussed trade and investment opportunities and explored new commercial trends.

BIDC Chief Executive Officer, Mrs. Sonja Trotman, noted “With respect to trade, there are still many untapped opportunities to explore and significant scope to grow. This visit followed extensive market research into the Dominican Republic in 2016, which sought to explore potential demand within the market and  which indicated good prospects for our companies”.

Barbados’ exports to the Dominican Republic market have averaged approximately US$2 million annually between 2015-2017, comprising mainly of printed paper labels, liqueurs and cordials, artificial parts of the body, machinery and equipment and medicaments. Barbados’ imports from Dominican Republic meanwhile, were valued at just over US$10 million annually during that period.  The main items sold to Barbados were potato, tortilla and corn chips, plastic carboys and flasks, cotton T-shirts, condiments, seasonings and sauces, liquefied natural gas, gypsum and plastic packing materials.

At the business level, BIDC is also seeking to establish strategic partnerships with key agencies in the Dominican Republic responsible for business development, including the Chambers of Commerce in the two major cities of Santo Domingo and Santiago.

CAPTION: Executive Director of CEI-RD Marius de León (left) BIDC CEO Sonja Trotman (centre) and Denia Sosa (right) of CEI-RD, during the MOU signing.  

Wednesday, March 21, 2018