Business Barbados 2022

GrowingExports ThroughLife Sciences The Barbados Government is on a mission to boost the island’s export strength, such that the number of businesses exporting goods and services increases, and the revenue generated from those businesses reaches US$1 billion by 2030. Over the next eight years the focus will be on making that goal a reality, and leading the charge is the state-owned entity, Export Barbados (BIDC). Export Barbados (BIDC) is committed to growing exports from Barbados, building on the solid foundation it has fostered since its inception. Export Barbados (BIDC) is ever mindful that export-oriented industries are pivotal to the country’s economic development. It is certainly not lost on Export Barbados’ Board and Management that the island’s small population and even the diaspora cannot and must not be the only market that Barbadian businesses endeavor to serve. Of equal import is that to reach the US$1 billion by 2030 will require increased activity in traditional areas as well as expansion into new and innovative markets which have a global reach. Export Barbados (BIDC) strongly believes that there is a viable future in export. The sector has been resilient throughout the COVID-19 pandemic and while tourism dropped by as much as 80 percent at the height of the pandemic, exports proved to be sustainable, falling only by eight percent. But, particularly of interest to the organization is the life sciences and biotech industry, as it believes the island is well poised to become the life sciences and biotechnology island of the Caribbean. To achieve that, efforts are underway to develop the framework to allow life sciences to succeed in Barbados. Chief among these are plans to create a 23-acre life sciences park at Newton, Christ Church, which it hopes to populate with leading scientists and manufacturers MARK HILL, CEO , EXPORT BARBADOS (BIDC) SCIENTIFIC SPACE 200,000 square feet LIFE SCIENCES PARK 23-acres Newton, Christ Church Above: Efforts to develop a life sciences framework include the development of industrial and laboratory space.