Guyana, Barbados ink MoU to establish Trade Mission

[www.inewsguyana.com] – Guyana and Barbados yesterday (Friday, October 03) inked a Memorandum of Understanding (MoU) aimed at establishing Trade Missions between the two countries.

The MoU was signed by Keith Burrowes, Chief Executive Officer, Guyana Office for Investment and Madaline Headley-Woodroffe, Business Development Officer, Barbados Industrial Development Corporation (BIDC) during the GuyExpo Investment Forum held at the Guyana International Conference Centre (GICC).

Burrowes noted that while the MoU should have been signed years ago, it means Guyana is going into an agreement with Barbados and an examination of having MoUs with other countries as well.

He pointed to the issue of due diligence, which is one area the entity would be examining carefully with overseas investors. He explained that credit ratings would be examined while a turnover time of one week will be applied.

The GoInvest, CEO explained the importance of working with other agencies in this regard. Agreements will be made with the Guyana Revenue Authority and other agencies, Burrowes noted, stressing the fact that there are new economic requirements coming on board, for which Guyana is not ready.

Headley-Woodroffe, observed that the organisation she worked for is much similar to GoInvest.

The Barbadian business official stated that while she is responsible for the Caribbean and CARICOM trade agreements, BIDC provides incubation services for some investors for three years, until they graduate into full flight manufacturers.

“We provide subsidised factory space and also help them with funding through a special technical assistance programme. We try to encourage entrepreneurship from a young age by assisting the youths in our schools, training them in the ways of how to be entrepreneurs and giving them every opportunity to do so through competitions etc.” she added. [Extracted and modified from GINA]