Business

Barbados To Host Regional Policy Meeting October 8 – 10

Barbados will serve as the host nation for the upcoming Regional Policy Meeting organised by the Caribbean Policy Development Centre (CPDC) from October 8 to 10.

This event, funded by the Open Society Foundations (OSF) and the European Development Fund (11th EDF), will be held at the Crane Hotel in St. Philip.

Minister of Labour, Social Security and Third Sector, Colin Jordan, will deliver the feature address during the opening ceremony on Tuesday, October 8, at 9:00 a.m.

The Meeting will see regional policymakers, civil society organisations, and international partners gathering to tackle the Caribbean’s most pressing challenges, including sovereign debt, food and nutrition security, and to chart a new course for governance, development, and climate resilience, all aimed at improving the lives of Caribbean people.

Speaking about the important timing of the upcoming meeting, Officer in Charge at the CPDC, Richard Jones, stated: “Now it is of paramount importance as Caribbean nations face a convergence of complex challenges that threaten to derail sustainable development and the well-being of their citizens. At this critical juncture, the region grapples with persistent poverty, rising inequality, food insecurity, and the existential threat of climate change.”

According to data provided by the CPDC, small economies, burdened by the legacy of colonial extractive practices, remain vulnerable to external shocks, such as global price fluctuations and natural disasters. Climate change, in particular, presents a grave risk, with increasing hurricanes and rising sea levels threatening entire economies, especially those reliant on tourism and fisheries. The Caribbean loses an estimated three per cent of its GDP annually, due to natural disasters, underscoring the urgent need for robust, coordinated regional responses.

To address these critical issues, the Regional Policy Meeting will feature an impressive lineup of regional and international thought leaders who bring deep expertise in policy, development, and advocacy, including:

Jwala Rambarran, former Governor of the Central Bank of Trinidad & Tobago, who will address the urgent need for financial stability and reforming international financial institutions.
Grace-Ann Cornwall, Social Development Professional, will provide insights on empowering vulnerable groups and NGOs across the region.
Christon Herbert, CPDC Policy Officer, will lead discussions on climate resilience, insurance solutions, and disaster risk financing.
Meghna Abraham, Director of Open Society Foundations, will highlight the importance of international solidarity in achieving sustainable development goals.
Jeremy Stephen, economist and development finance expert, will present innovative approaches to debt relief and financial stability.

Other key speakers will be Assistant Secretary-General CARICOM Single Market and Trade Ambassador Wayne McCook; Director and Senior Research Fellow, Sir Arthur Lewis Institute of Social and Economic Studies, The University of The West Indies, Cave Hill Campus, Dr. Don Marshall, and Florida-based International Consultant on Food and Nutrition Security and Sovereignty, Dr. Tigerjeet Ballayram.

Agenda – “The Main 8”

Over the three days, the meeting will drill down into eight critical policy areas under the theme “Forging Ahead”, which addresses the eight most urgent challenges threatening progression in the region:

Sustainable Development
Reform of International Financial Institutions
Debt Relief and Financial Stability
Empowerment of Vulnerable Groups
Capacity Building for NGOs
Food and Nutrition Security
Climate Resilience
Good Governance

Mr. Jones, stated: “These areas are not only crucial but also interconnected. For example, the Caribbean’s food security is directly impacted by climate change, while sovereign debt threatens the region’s ability to invest in resilient infrastructure; we will therefore focus on comprehensive solutions that encompass a range of considerations.”

Noting that progress was already underway by the CPDC in many of these areas, he added: “By building on existing projects and facilitating high-level discussions, the Meeting seeks to generate momentum for collaborative action on food security, financial mechanisms, and policies that prioritise the empowerment of vulnerable communities, ultimately fostering a more resilient and equitable Caribbean.” (PR/GIS)

Business

Trust Fund Ltd. To Launch New Initiative Early Next Year

The Barbados Trust Fund Limited (BTFL) will launch a new initiative early next year to empower its clients in the services sector.

General Manager of the BTFL, Jerry Amos, made the disclosure on Friday afternoon as he addressed the Staff Luncheon and Awards Ceremony for some clients, at Accra Beach Hotel and Spa.

Mr. Amos told the gathering: “Starting in the first quarter of the next financial year, we will launch STI-FEST – Service Technology Innovation Fest.
This initiative will blend technology and innovation to empower our clients in the services sector, equipping them with tools and insight to thrive in a rapidly evolving market.”

In highlighting some of the Fund’s accomplishments over its six years of existence, he pointed out that an online Loans Management System (LMS) was launched in 2024. He said the system has transformed the operations of the BTFL, as the loans process has been streamlined and is entirely online.

“Once the payment sections are completed, we will have a complete end-to-end system, making it easier for our clients to access and manage their financial services with us….

“We are not stopping there. In the second phase of development of the LMS solution, we will introduce artificial intelligence and data analytics to enhance the system’s capabilities.

“These advancements will allow us to better anticipate and respond to clients’ needs, as well as provide valuable insight that will help us refine and improve our services. This is about more than technology; it’s about using innovation to deliver even greater value to our clients,” he stressed.

Mr. Amos said recent public discussions about the Fund’s $5,000 loan offering had sparked reflection within the organisation. He insisted that such an amount could deliver the remarkable outcomes showcased by BTFL.

“When paired with guidance and resources, $5,000 can be the seed that transforms a dream into reality. That being said, we also recognise that some businesses require more than the $10,000 that we offer as a second loan, after the first $5000.00 loan is successfully repaid.

“We will continue to champion grant funding for potential entrepreneurs at the pre-seed stage, ensuring that ideas can grow into enterprises. Our work must not only fund businesses but nurture them to succeed,” he emphasised.

The General Manager praised the staff for their commitment, describing them as enablers of dreams, architects of change, and the backbone of the organisation’s success. He also congratulated the 27 clients who received awards for their hard work and dedication.

Permanent Secretary in the Ministry of Energy and Business, Kevin Hunte, underscored the importance of the entrepreneurs and Trust Fund celebrating their achievements. He encouraged them to map out and list their achievements.

“We need to wave them high, especially in these days where negative news seems to be taking the predominance. And, so I want to encourage you both – Trust Fund as well as the awardees – to tell your story … as widely as you can, as loudly as you can, and with as much detail as you can, because your success is Barbados’ success,” Mr. Hunte said. (PR/GIS)

Caption: Collis Lowe of Gratitude Enterprises accepting her award from Permanent Secretary in the Ministry of Energy and Business, Kevin Hunte

Business

Balancing Cruise & Cargo Operations At Bridgetown Port

As a multipurpose port, the Port of Bridgetown is focused on balancing the needs of both cargo and cruise customers, while minimising berthing conflict and ensuring delivery on customer expectations.

The Port of Bridgetown yesterday, December 10, 2024, welcomed four cruise ships. Seabourn Ovation sailed in with 532 passengers and Explora I with 900 passengers. The Resilient Lady made her inaugural visit with 2,245 passengers, as well as MSC Virtuosa with 5,083 passengers. MSC Virtuosa, homeporting at Bridgetown during winter 2024/25, also took on twenty-three 40ft containers of stores.

With all berths dedicated to cruise ships, yesterday was designated a “no cargo” day i.e. a day where cargo vessels cannot discharge or load cargo during the day i.e 0700 hrs to 1900 hrs,as all berths are occupied by cruise.

There are forty-two “no cargo” days anticipated during the peak season October 2024 and April 2025, of which vessel agents are advised and should reference as a vessel operations planning tool.

As a multipurpose port, inevitably some conflicts will occur. These however are resolved in the context of an age-old stated national policy where cruise vessels are accorded priority over cargo ships and cargo lines are aware that they have to plan around this mandate.

In addition to the policy, the Operations Team at the Port hosts daily briefing meetings focused on vessel planning at which agents and vessel representatives are present. These meetings are key to ensuring smooth operations, as the Port continues to serve both cargo and cruise lines, through the winter cruise season.

The assertion however, that the JPO Aquila container ship bypassed Bridgetown yesterday because it was deemed a “no cargo” day is inaccurate.

According to its schedule, the JPO Aquila was late in arriving at Port of Spain, Trinidad and as a result had to wait one day before berthing. The vessel was in fact still berthed and being worked in Trinidad yesterday, departing in the early hours of this morning. The vessel took the decision not to call at Bridgetown in an effort to get back on schedule. Even if it was not a “no cargo” day therefore, the vessel would not have made its scheduled call at Bridgetown.

JPO Aquila was originally scheduled to arrive at Bridgetown on December 6 and because of delays experienced in previous ports, rescheduled to December 8 and later December 10, for berthing in the evening. Just a single vessel was scheduled for work from 1600 hrs yesterday and no vessels were scheduled for 2300 hrs. The vessel could also have been serviced today if it had continued to Barbados.

The Port of Bridgetown understands the need to balance services to both cruise and cargo customers both of which are very critical, for different reasons, to the economy of Barbados. And to ensure service delivery, Barbados Port Inc, (BPI) remains flexible, extending weekday opening hours and opening on weekends as required, to facilitate commercial and personal cargo collection and delivery. Yesterday 168 full containers were handled at the Port.

BPI cautions however that during the peak cruise and cargo season, some delays are to be expected. The close arrival of three cargo vessels discharging 100+ containers each in the last two days, meant containers had to be stacked high, resulting in significant shifting to retrieve those ready for delivery.

Where normally four delivery lanes are dedicated for trucks, BPI was forced to work across three lanes only, due to the congestion in Port. Peak days are characterized by personnel and heavy-duty equipment in operation, as well as ground transport— taxis and tour buses, and visitors both local and foreign, all in a single space.

Here at the Port, work is advancing on the construction of Berth 6 at a cost of $108 million and is scheduled for completion in June 2025. This will allow for simultaneous berthing of cruise and cargo vessels. The ultimate goal is to achieve a separation of cruise and cargo operations, with the construction of new cruise facilities.

The investment required for such is significant and the Port continues discussions with potential partners, investors and financiers on dedicated cruise facilities. (PR/GIS)

Business

More demand for live trees in 2024

Kooyman launches Christmas Holiday Wonderland

Live, fresh-cut Christmas trees have become the preferred option for Barbadians looking to add that special touch to their homes for the holidays. Speaking ahead of the Annual Kooyman Holiday Wonderland event at the Megastore on Saturday, December 7th, from 2:00 p.m. to 7:00 p.m., Marketing Officer Charlene Mullin says they anticipate a heightened demand in 2024.

“We anticipate an even more spectacular Kooyman Holiday Wonderland this year as we officially launch Christmas at Kooyman. Customers in recent years have been clamouring for our premium live trees, and this year, we are prepared for an even more overwhelming response. All customers purchasing live trees will receive a 10 percent discount voucher to use on our Christmas décor items, and we will have storewide special offers and deals so everyone is invited to come celebrate with us.

The Marketing Officer says in addition to emphasising Kooyman’s support for entrepreneurship and community, Holiday Wonderland brings that festive family atmosphere where the children can meet Santa, take festive photos, and enjoy face painting, balloon art, and clown entertainment.

“This year, we are featuring several activities emphasising our commitment to the community. We’ve had a fantastic response to our offer of free space for entrepreneur pop-ups, and we are looking forward to our holiday-focused adult workshops designed to inspire creativity and help participants add that festive cheer to their homes.”

Mullin said Kooyman is proud to partner with Team Mikey Charity this year to host a holiday donation drive supporting varied community initiatives.

“Kooyman is pleased to work with Team Mike Charity in keeping with our pillars of sustainability, poverty reduction, and youth and education. Throughout the year, we have continued to make donations and build partnerships in this regard, and this Christmas will be no exception as we continue to play our part.” (PR)