What will Going Global entail?
The export thrust will feature a combination of export capacity building initiatives along with an increased focus on firm level interventions and supply side capabilities to enhance export competitiveness.
According to Trotman, “This will see the BIDC team reaching out to clients with a view to engaging them in training programmes, providing general business support and advice, assistance under our Special Technical Assistance Programme, market research and market promotions.
A Going for Gold workshop series will commence over the next few weeks to ensure that local companies are in tune with internationally accepted packaging and pricing strategies as well as product design. Following the training, participants will be invited to submit entries for the commercialization of new products.
Through the Going Global programme, the BIDC is aiming to broaden the distribution of Barbadian products by keeping companies on top of emerging trends and opportunities through the offering of relevant business intelligence and market research, the creation of stronger commercial linkages, enhanced availability of products, a wider base of products and in-market promotional events.
This renewed thrust to extend Barbados’ footprints across the globe will be facilitated through an approach which will be executed through the following actions:
- Building capacity and efficiencies within the targeted groups of export companies that collectively can deliver the minimum export sales targeted over an 18 month period, that of Bds$55 million.
- Pursuing very specific market opportunities in targeted markets (CARICOM, Canada, New York tri state area, the UK, Cuba, Panama, Costa Rica, Puerto Rico, Haiti and Africa.
- Identifying new roads to markets – networking through onshore and offshore contacts and outlets, agencies, shipping arrangements and business to business match making.
- Promoting Barbados, its goods and services as a holistic package. This effort will be facilitated through collaboration with not only the main partners, but also our stakeholders at Invest Barbados, Barbados Tourism Marketing Inc. (BTMI) and the Barbados Chamber of Commerce and Industry.
A number of promotional tools will be used to maximize the opportunities uncovered through the market penetration and market development activities. These will include:
- A unique BajansConnect marketing campaign aimed at the diaspora communities
- Trade Shows slated for markets in the USA, UK, China, Panama, Brazil
- The placement of Market representatives in critical locations such as CARICOM, Canada and the UK
- Trade Missions and
- In-market events in targeted markets identified by market research.
The first of these events will be a trade mission to CARICOM, scheduled to be hosted in October. The BIDC will then be moving on to Cuba, participating in FIHAV 2015, Cuba’s biggest trade fair and executing targeted market research in exploration of commercial opportunities.
The Corporation is also expanding its reach through strategic partnership with Barbados’ consulates and embassies abroad to bolster distribution and promotion efforts.
To coincide with the start of the winter tourist season, a Barbados Uh Come From marketplace will be hosted. This event is intended to promote and generate sales of locally produced goods, while at the same time bringing more activity to the Pelican Craft Centre– the home of Arts and Craft in Barbados.
Trotman stated, “Where the promotion of Barbados is concerned, ideally, we will like to see, as part of our Going Global efforts, the roll out of the long talked about Barbados brand, in collaboration with our industry partners in early 2016.”