BY SHARON AUSTIN | MAR 22, 2022

Minister of Energy and Business Development, Kerrie Symmonds. (FP)

Minister of Energy and Business Development, Kerrie Symmonds, has described the upcoming Business Fair and Expo as a “wonderful initiative”, which his Ministry will be seeking to build on and stage on a quarterly basis.

Mr. Symmonds expressed this view today, as he addressed a media briefing to discuss the expo, which will be held on Friday, March 25, on the grounds of the Warrens Office Complex, Warrens, St. Michael, from 9:00 a.m. to 3:00 p.m.

In highlighting its importance, the Minister stated: “It creates a marketplace for people who had been dislocated as a result of the pandemic….  We can create a marketplace which provides commercial opportunity for small and micro businesses in Barbados, which had been impacted in some circumstances so severely, that nobody came to their doors, or their doors could not open for many months.

“The second thing that this does is to meet businesses where they are…developmentally.  This Ministry as it is now constituted, … facilitates the full range of businesses in Barbados being offered the assistance of the intervention of Government, from the smallest of players right up to the international business sector.”

An energy village, which will include the Division of Energy, will be set up at the expo. And, Mr. Symmonds noted that companies associated with renewable energy would be available to indicate some of the economic and commercial benefits that exist for consumers and business people.

“This business fair is also about highlighting some of the critical issues of the synergies and partnerships that we need to have in this country if we are going to approach the issue of business development seriously,” he pointed out.

Mr. Symmonds said last year, his Ministry was challenged to identify some businesses that should have been able to benefit from the business interruption assistance during the pandemic because their applications could not be validated.

Therefore, he explained, officers from the NIS and Barbados Revenue Authority would be at the fair to share the benefits of being part of the formal system.  

He added that officials from the Customs Department, Labour Department, Fund Access, the Barbados Trust Fund Limited, and financial institutions, among others, would also be present.

“We in Barbados have thrown people into the deep end…. We encourage them to start their own business but we do not dedicate a lot of time and effort to the handholding and the nurturing that must come with the effort, if…we are going to be successful. And that way, I think, is the only realistic way that we are going to avoid continuing to lose so many businesses before the first generation of their existence is over,” he opined.

Minister Symmonds noted that within a short period, some small and micro businesses had moved from incubation to the point where some were at export level, and expressed Government’s commitment to facilitate the environment for growth and continuity.

He pointed out that several small businesses that received business development support from his Ministry’s agencies would also be displaying their innovative products and services this Friday.

During the Business Fair and Expo, there will be music by a popular DJ, and a special guest appearance by RPB. Business owners, potential entrepreneurs, persons looking for investment opportunities, students and other members of the public are encouraged to attend.

Public Encouraged To Support Expo On March 25

Members of the public are encouraged to support the entrepreneurs who will be showcasing their products at the Ministry of Energy and Business Development’s Business Fair and Expo, on Friday, March 25, on the grounds of the Warrens Office Complex.

General Manager of the Barbados Trust Fund Limited (BTFL), Gerald Amos, said his organisation would be sponsoring the BEF/St. Leonard’s Boys’ School Mr. Executive $20 challenge, and urged Barbadians to be part of this important event, which runs from 9:00 a.m. to 3:00 p.m.

“Please come out and support these young people because the last time we had an initiative for those students, their products sold out very early,” Mr. Amos said.

He made the comments today during a media briefing at the Baobab Tower, Warrens, St. Michael, to discuss the Business Fair and Expo, which is being held under the theme Building A Stronger Business Community.

Mr. Amos noted that the businesses would be showcasing their products and services, and identified some of the items to be displayed by six BTFL’s entrepreneurs as: natural homemade wines; baked goods; handcrafted jewellery from precious metals and stones; wood creations, and oils made from locally sourced herbs, including lemongrass, basil and garlic.

The various departments and agencies under the Ministry’s portfolio will be showcased at the expo, and information will be shared on starting a business, business development, financial literacy training, standards development, consumer/supplier rights and obligations, accessing financing, and dealing with debt.

Giving the background to the event, co-ordinator and Supervisor of Insolvency, Ester Springer, said the initiative was organised because of some developments being witnessed in businesses.

Mrs. Springer noted that the main causes of bankruptcy and insolvency continued to be poor corporate governance, poor financial management, excessive borrowing and bad or failed investments.

“And what we noticed…among all of the businesses, …was a general lack of knowledge of the business environment, as well as in relation to financial literacy.

“As part of our mandate, we’re not only responsible for identifying the causes of bankruptcy and insolvency, but also developing policies and programmes which are aimed at addressing root causes, and this is one of the initiatives that we conceptualised,” she explained.

An Energy Village will be set up at the fair and expo, and those visiting will have the opportunity to see what is available on the market in solar and renewable energy products and electric vehicles, and learn about the economic and environmental benefits of renewable energy.