Invest SVG, BIDC sign MOU at trade show

Invest SVG and Barbados Investment and Development Corporation (BIDC) have officially formalized their long-standing partnership with the signing of a memorandum of understanding.{{more}}

The signing, which launched the recently-concluded Barbados Trade Mission, took place on Monday, June 25.

Cleo Huggins, executive director of Invest SVG, said that the MOU will cement arrangements between the two bodies that have already been taking place for a number of years.

“We will be…providing support…in terms of trade missions, investment opportunities, [and] facilitating businesses, when they want to do business in either country,” said Huggins.

She also recalled the assistance that BIDC provided to a delegation from Invest SVG a few years ago, when it embarked on a similar mission to Barbados.

“They gave us as much support as they could have during the time,” she said. “It speaks well for the different integration efforts that are taking place in the OECS and within CARICOM and CARIFORUM.”

Huggins also pointed out that the benefits of this signing are not just for the BIDC and Invest SVG, but also for local business owners.

“Businesses within St Vincent and the Grenadines who are looking for opportunities in Barbados… can call on us… to intervene on their behalf,” she said.

Huggins further emphasised the importance of being registered with Invest SVG and urged local business owners to do so, if they had not already done it, to “take advantage of the different services that we offer”.

Representing the BIDC was Madaline Headley-Woodroffe, business development officer within the Export Development and Promotion Division.

She expressed the same sentiments as Huggins in regard to the purpose and benefits of the MOU and trade show.

“We are here to share,” she insisted.

Headley-Woodroffe said that the trade show, which was held at the Methodist Church Hall from June 25 – 27, sampled products from mainly Barbadian companies.

“The focus of this mission is predominantly to encourage trade in the spa and wellness sectors,” she explained.

The trade show featured the following exhibiting companies: Antique Creations Ltd., Cheggins, Coral Isle, Bajan Balmz, J’s Therapeutic Touch Spa & Holistic Center, Star Chick, Williams Legacy Co., HIPAC, Debbie’s Closet, Ezee Cuisine, Undercover Canvass, and Art & Stage Inc Walcott.

Headley-Woodroffe also divulged that there are individuals within the Barbadian delegation who are actively looking for investment opportunities in SVG, and that at least one had already identified such and was pursuing it.

“Sometimes it’s difficult to access raw materials for our processes back home,” she said. “We always look to get into the market where we can source raw materials or set up factories or joint ventures, and invest in that country.”(JV)