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SCOTTISH TRADE MISSION TO BARBADOS - JUNE 2012: GLASGOW PRESENTATION ON WEDNESDAY, 14 MARCH 2012

SCOTTISH TRADE MISSION TO BARBADOS - JUNE 2012: GLASGOW PRESENTATION ON WEDNESDAY, 14 MARCH 2012. AGENDA. About Barbados The Scottish/Barbados Connection Business Opportunities In Barbados Seeking Out Those Opportunities What’s In It For You? Why Visiting Now (Is A Good Time)

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SCOTTISH TRADE MISSION TO BARBADOS - JUNE 2012: GLASGOW PRESENTATION ON WEDNESDAY, 14 MARCH 2012

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  1. SCOTTISH TRADE MISSION TO BARBADOS - JUNE 2012: GLASGOW PRESENTATION ON WEDNESDAY, 14 MARCH 2012 Glasgow Presentation

  2. AGENDA • About Barbados • The Scottish/Barbados Connection • Business Opportunities In Barbados • Seeking Out Those Opportunities • What’s In It For You? • Why Visiting Now (Is A Good Time) • BHC Support – The Barbados/Eastern Caribbean Team • Bonus - O.E.C.S. Sub-Region (& UKTI In The Caribbean) Glasgow Presentation

  3. Glasgow Presentation

  4. BARBADOS – BASIC FACTS • Size: 166 Square Miles (431 Km) • Capital: Bridgetown • Language : English • Population: 276,300 (2010) • Life Expectancy: 76.8 Years • Labour Force: 142,300 (2010) • Established Parliament • Legal System: Independent Judiciary (Derived From English Common Law And Statutes) • Four Hours Behind GMT • Direct Flights From UK To Barbados (7.5 Hours) Glasgow Presentation

  5. BARBADOS – BASIC FACTS 2 • GDP Per Capita (At Factor Cost): US$13,250-00 (2010) • GDP: 0.5%; Unemployment: 12.1%; Inflation: 7.0% (2011) • Barbados Currency (Bds$2) = US Dollars (US$1) • Financial System: Regulated by The Central Bank of Barbados And The Financial Services Commission • Business Hours: 8.00–4.00 (Government: 8.15– 4.30) • Standard Of living And Quality Of Life: High • Businesses Pay Their Bills On Time – A Plus For Overseas Suppliers (Government Agencies Are A Little Slower In Doing So) Glasgow Presentation

  6. UNIQUE SELLING PROPOSITIONS • Reputation: Safe, Low Crime, Well-Managed • Democratic Traditions: Politically Stable, Regular And Democratic Elections • People: Warm, Welcoming, Friendly • Workforce: Reliable, Offer Professionals, Skilled And Unskilled Labour • Excellent Transportation – Road, Air, Sea And Telecommunications Network • International Agencies And Companies Have Their Regional (Even World) HQ Offices in Barbados • Free Wi-Fi In Bridgetown – Soon All Over Barbados Glasgow Presentation

  7. INTERNATIONL RANKINGS • No.1 Developing Country In The World - United Nations 2007 • Highest Ranked Caribbean Country (36th Globally) For Effective Usage of ICT - World Economic Forum’s Global Information Technology Report 2008-09 • Low corruption – 24th Out Of 163 Countries -Transparency International Corruption Perception Index 2006 • Highest amongst Caribbean countries (43rd out of 131 countries) – World Economic Forum - Global Competitive Index Glasgow Presentation

  8. EDUCATIONAL ACHIEVEMENTS • High Human Capital Investment - Government • ‘Free’ Pre-School, Primary, Secondary And Tertiary Level Education Since 1961 (Compulsory Until Aged 16) • 99.7% Literacy Rate • High Computer Literacy And Internet Usage • High Percentage Purchases Of Blackberry’s, And Increasing Usage Of I-Phones, I-Pads And Other Gadgets (Good Gifts For Self And Others) • Technology In Use By All Ages – By Students In Primary School To Retirees • Social Media Popular – Facebook, Twitter, Linked-In, You Tube, Business And Personal Websites Glasgow Presentation

  9. ECONOMIC CHALLENGES • World Economic Recession Hurting • Confidence In Economy Lacking • FDI and Local Investment Below Pre-2007 Levels • Next General Election On Everyone’s Mind • Corrective Action: • Increase FDI And Local Investment • Need To Grow Exports • Need to Reduce Bureaucracy/Red Tape And Other Bottlenecks Inhibiting Growth • Good Winter Season • Construction Sector Activity To Become Robust Again Glasgow Presentation

  10. BUSINESS OPPORTUNITIES • History: Education Has Always Been A Tool For Upward Social Mobility Through One’s Own Efforts • Remains So: Life-Long Learning Principle Applies • Education Accounts For Over 21% Of Government’s Annual Recurrent And Capital Expenditure (Bds$0.5b). • Education Importers – Supply Educational Institutions • Companies Budget To Spend On Staff Development Training – Induction, Training, Re-Training (From Simple Customer Relations To Masters Programmes) • All Methods Used: Face-To-Face In-House, Day/Evening courses, On-line, Plus Vocational Programmes Glasgow Presentation

  11. Visible Trade Statistics • £40.5m In Exports Went From UK To Barbados In 2010 • £31.5m In Imports Went From Barbados To UK In 2010 • An Average Of £46.8m Exports Went From Barbados To UK Between 2000-2010 • An Average Of £23.8m Imports Went From Barbados To UK Between 2000-2010. • Balance Of Trade Is In The UK’s Favour On Average By 2:1 Over This 11-Year Period. • Main Trading Partners – USA, CARICOM, Japan, Canada, UK Glasgow Presentation

  12. SEEKING OUT OPPORTUNITIES • Market Intelligence Is Your Key – 10 Suggestions: • Secure Local Representative OR (J-V) Partner • Have Formal Written Contract(s) • Maintain Contact • Respond When Requested • Regularly Review Local Media • Review Published Tenders • Watch Your Competitors • Undertake Market Research • Have That Research Undertaken For You (UKTI) • Visit The Market (At Least Annually) Glasgow Presentation

  13. SECTOR OPPORTUNITIES • Twelve Areas: • Education, Training & Human Resource Development • ICT • Financial Services • Alternative/Renewable Energy – solar, wind, wave • Environment - Climate Change, Disaster Management/Risk Reduction • Energy – offshore oil and gas development/production • Construction/Infrastructure including Housing • Healthcare • Tourism • Food & Drink and Consumer Items • Good Governance • Security plus • Aid funded business cuts across all of the above Glasgow Presentation

  14. WHAT’S IN IT FOR YOU? • Grow UK’s (Including Scotland’s) ‘Prosperity’ Agenda • Expand Your Current Export/Overseas Market Base • Grow Your Business • Supply Local Requirements • Receive Assured Payment • Benefit Financially • Learn From The Barbados Experience To Develop Further Caribbean (And Other) Export Markets • Make New Friends • Enjoy Visits To The Caribbean Glasgow Presentation

  15. WHY NOW • No Better Time! • Market’s History – Excellent relationship with UK • Public And Private Sectors – Welcome UK Businesses • Entering Barbados During Recessionary Times Positions You To Increase Your Company’s Business When The Economy Picks Back Up – Then Ride The Growth Wave! • International Aid Development Agencies Are Supporting/Funding Wide Variety of Projects E.G. Education And Related Projects To Develop And Reduce Poverty In The Caribbean – Don’t Miss The Boat!! Glasgow Presentation

  16. THE EASTERN CARIBBEAN Antigua And Barbuda Dominica Grenada St Kitts And Nevis St Lucia St Vincent And The Grenadines PLUS: UKTI Teams Based In Cuba, Dominican Republic, Jamaica, Trinidad UKTI Also Has Capacity To Cover The Entire Caribbean Region Glasgow Presentation

  17. We are…Open For Business • £19-£1 benefit to UK taxpayers UKTI’s BARBADOS TEAM Paul Roni Wayne Hadford Glasgow Presentation

  18. SUMMARY • About Barbados • The Scottish/Barbados Connection • Business Opportunities In Barbados • Seeking Out Opportunities In Barbados • What’s In It For You • Why Visiting Now (Is A Good Time) • BHC Support – The Barbados/East Caribbean Team • Bonus - O.E.C.S. Sub-Region (& UKTI In The Caribbean) Glasgow Presentation

  19. Coming To Scotland...Soon Glasgow Presentation

  20. THANK YOU, QUESTIONSAND CONTACT DETAILS Hadford Howell MBE, Head Of Trade & Investment, UKTI Barbados & The Eastern Caribbean, British High Commission, Lower Collymore Rock, St Michael, Barbados BB11000; Tel: 1 246 430 7855; Fax: 1 246 430 7826; E-mail: Hadford.S.Howell@fco.gov.uk; http://www.ukinbarbados.fco.gov.ukwww.uktradeinvest.gov.uk Glasgow Presentation

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