IIC Concludes Export Training Series in Barbados

11/19/2012

Political and industrial stakeholders gather at export forum in Barbados to mark the end of a training cycle under the IIC’s FINPYME ExportPlus program

Bridgetown, Barbados, November 19, 2012 — The Inter-American Investment Corporation (IIC) has marked the end of a training cycle for export capacity with a forum in Bridgetown, Barbados, bringing together the Barbadian Minister of Industry, Small Business and Rural Development, Denis Kellman, and experts from the Barbados Investment and Development Corporation, the Barbados Manufacturers’ Association, Scotiabank, and the Cave Hill Business School.

Three local companies presented their export business plans at the forum, which they prepared over the course of the past seven months under the IIC’s FINPYME ExportPlus program.

Speaking at the event, Minister Kellman expressed his delight at the IIC’s work in Barbados: “From its inception, FINPYME ExportPlus has created the opportunity for local enterprises to interact with local and international experts and learn how to conduct business in some of the most complex markets in the world. The IIC has helped companies identify new markets, assisting them in the learning, planning, and execution stages of the entire process. The business plans presented today are the fruits of this effort.”

Benjamin Choo, general manager of Choo’s Enterprises Ltd., a producer of spices and condiments and one of the participating companies, noted: “The program has been really effective for us and very enriching for me personally. Thanks to the strategy we put in place with the help of the experts, we will now be able to expand our business and take our typically Caribbean products to foreign markets.”

The workshop series conducted over the past seven months enabled participating enterprises to create their own export strategy and identify strategic goals and new business opportunities abroad. The other companies presenting their business plans at the forum were Jays Enterprises Inc. from the spices and condiments sector and Purity Bakeries, a major player in the Barbadian bread and pastry market.

FINPYME ExportPlus was launched in Barbados in 2010 and has since benefitted some 100 businesses. The program provides technical assistance to small and medium-sized companies in Latin America and the Caribbean, making them more competitive and raising their export capacity.

The government of Korea funds FINPYME ExportPlus in Barbados through the Korea-IIC SME Development Trust Fund.

About the IIC

The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees. In 2011, the IIC reached the symbolic one-billion-dollar mark in disbursements of own and third-party funds. Throughout our history, we have benefited more than 1.6 million SMEs in Latin America and the Caribbean. For more information on the IIC, visit www.iic.org.

Contact: Jorge Roldán

Telephone: +1 (202) 623-3948

Email: jorgero@iadb.org