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Tuesday, July 5, 2022

Export Barbados, GUTA Eye $3.6m Trade Collaboration

Officials of Export Barbados and GUTA in a pose after their meeting

THE BARBADOS Investment and Development Corporation (BIDC), also known as Export Barbados, are set to enter into business agreements worth about $3.64m with the Ghana Union of Traders Association (GUTA).

Representatives from both institutions on Thursday met at the Kempinski Gold Coast Hotel where they discussed various aspects of the agreement, including trade facilitation between the two countries – Ghana and Barbados – as well as business opportunities for their respective business people.

Speaking on behalf of the Barbadian delegation was Mark Hill, Chief Executive Officer (CEO) of BIDC, who stated that both parties, through the collaboration, would identify business enhancing possibilities that would benefit their respective countries.

According to him, with Barbados having traded about $36,000 in the last two years, while Ghana traded only about $3000 within same period, there was the need for a well coordinated business system that would enhance balance.

“This [collaboration] will really boost trade in the two territories [Ghana and Barbados]. We really want to see a double digit growth for both economies, and in this particular space. We want to work towards getting about $3.64m in terms of trade,” Mr. Hill stressed.

“We want to work on imbalance, so to ensure that both economies are growing together in a significant way,” he added.

On his part, President of GUTA, Joseph Obeng, said the agreement would bridge the trading communities in Ghana and Barbados so that business people could explore opportunities together.

Through the agreement, trade facilitation would be enhanced through regular engagements; organisation of trade fairs and exhibitions; establishment of trade platforms between the two countries; as well as the provision of legal maritime and aviation advise to GUTA members, he indicated.

The agreement, he added, would be effected through the signing of a memorandum of understanding (MoU) in August this year in Barbados.

“We deem it a call to action to improve the lives of our people. This collaboration is important to us. It will help us carry out our flagship programme dubbed: ‘Income in; income out’, which will enable GUTA identify goods made in Ghana and marketed in Barbados and vice versa,” Mr. Obeng noted.

BY Nii Adjei Mensahfio

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