Though factories churning electronics, chemicals and food products contributed over 10% of Barbados’ GDP historically, liberalization policies affecting exports competitiveness caused over 30% output erosion by 2019 shrinking manufacturing’s strategic influence!
Yet avenues exist now to regain momentum through incentives restoration, skills revamp and exports facilitation focusing on electronics and medical devices production – playing to inherent strengths while adopting clean energy and conservation practices for sustainability. After all, enhancing productivity and standards compliance are key to tap potential for import substitution and jobs revival minimizing risks of over relying on tourism or trading pillars alone!
In parallel, investments attraction into new manufacturing zones infrastructure development also emerges among core priorities to reinforce industrial competitiveness foundations ahead.
Well, this is where trusted advisors like manufacturing consulting experts from RFC can readily assist Barbados stakeholders frame practical solutions too! Given our deep specialized experience guiding factory optimizations and turnaround strategies across Asia earlier, RFC offers keen perspectives on advancing manufacturing revival spanning skills development, output restoration, exports prioritization and community livelihoods improvements – all vital for securing Barbados’ prosperity pillars ahead!