SMALL BUSINESS DRIVE
Small businesses and micro technologies are "key tools" that will drive the Barbados economy and create new wealth. This is according to Maryland business owner Robert Wallace, who revealed at a press conference at the Barbados Investment and Development Corporation (BIDC) yesterday that his group was on a trade mission and were excited by the potential trade exchanges between the island and Maryland. The group, Maryland-Barbados Business Mission is in the island for two days exploring businesses opportunities and have identified the island's small business sector as a potential area for investment.

In Favour of Move
Chief Executive Officer of BIDC Vincent Yearwood was in favour of the move and stated that Barbados was seeking a two-way co-operation for business investment. "It is very timely for this visit because in Barbados we are (seeking to create) an entrepreneurial class and to encourage the entrepreneurial spirit and drive realising that the smaller business would make a significant contribution to the economy." He said that this venture would not only create revenue, but also generate employment opportunities.

Meanwhile Wallace, President of the BiTH Group Inc., said that while examining the success factors needed to build a strong manufacturing economy in the island, he saw great potential. Wallace asserted, "I see a motivated workforce. I see an educational system that is second to none. I see a commitment from the government to put resources in places to ensure that companies that do invest in that sector that their risks are minimized." Noting that, "for any trade to be successful there has to be a win-win." Wallace added that it was essential for the Maryland delegation to explore the goods and services that are produced in Barbados that have a market in the United States. He added that if these factors were explored, small businesses could develop into large businesses.

Majority Small
In studying the economic value of small businesses, Executive Director for the Governor's Office of Minority Affairs, Sharon Pinder, revealed that 95 percent of all Maryland firms were small businesses and 50 percent of those where minority owned. This she added, equated to 39 percent of the state's workforce. Pinder said that the 16 delegates in the island represented businesses in the area of health care, financial services, information technology, workforce development and education. She stated that this was the first trade mission of its kind in the Caribbean region and was strongly supported by L.T. Governor of Maryland, Michael Steele.

*article taken from The Barbados Advocate