IIC and Barbados Investment and Development Corporation Host Seminar on U.S. FDA Requirements for Exporting to the U.S.

10/04/2011

Saint Michael, Barbados - On September 28, the Inter-American Investment Corporation (IIC) and the Barbados Investment and Development Corporation held a FINPYME ExportPlus workshop on the import requirements of the U.S. Food and Drug Administration for SMEs hoping to export to the U.S. market.

Food and beverage exports from Barbados to the United States continue to grow and will likely do so for many years to come. Nevertheless, developing a successful export strategy has become more challenging over the past several years. In this workshop, local SMEs learned about new regulations and how to avoid the most common mistakes made by exporters. Seminar topics included an overview of current regulations and requirements, with a focus on the new Food Safety Modernization Act (FSMA).

"Barbadian exports play a key role in boosting our economy and encouraging job creation and growth," said Sonja S. Trotman, Director for Export Development and Promotion at the Barbados Investment and Development Corporation. "It is critical that our SMEs take advantage of every opportunity to increase sales by competing in the global marketplace. I am pleased that this workshop in joint partnership with FINPYME ExportPlus focused on helping SMEs through different avenues of technical assistance."

This workshop represents the fourth round of FINPYME ExportPlus technical assistance activities organized by the IIC in 2011 to support the objectives of the World Trade Organization’s Aid for Trade initiative. Through these activities, technical experts provide direct assistance to SMEs so they can improve their competitiveness and capacity to export. Funding for the FINPYME ExportPlus program in Barbados is provided by the Korea-IIC SME Development Trust Fund.

About the IIC

The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. It does so by providing financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2010, the IIC reached US$1.4 billion in assets and approved 49 operations channeling US$374.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.org

Contact: Antonello Bove

Telephone: (202) 623-3905

Email: antonellob@iadb.org