September 2015 Issue Business View Caribbean

Business View Caribbean - September 2015 65 uct showcasing and promotion, national campaigns and public sensitization are but some of the avenues the BMA uses to advance the manufacturing sector lo- cally, ensuring a strong sector and, inevitably, a strong national economy. In spite of many challenges, Barbados is ranked 44th on the Global Competitiveness Index thanks to the na- tional infrastructure’s facilitation of functioning institu- tions, good extensive use of information communica- tion technology, an excellent educational system and a sophisticated business community. Manufacturing has been recognized as a major con- tributor to the island’s economic development, and the sector is key for the creation of jobs in industry while at the same time reducing leakage of foreign ex- change. It has been researched and documented that for every job in the manufacturing sector, two jobs are produced in the services sector. The reality is that manufacturing is still a major source for jobs and an earner of foreign exchange. The importance of exporting is paramount for the country’s economic recovery and the manufacturing sector has a primary role to play in this arena. The Association’s export initiatives include trade shows/ exhibitions to display the products and services of its members with both inward and outward missions. The importance of trade partners is undeniable, and, according to statistical data, Barbados’ main exports during 2012 were sent to the following trading part- ners: Trinidad & Tobago: 20.8 percent U.S.: 11.9 percent St. Lucia: 9.7 percent St. Vincent & the Grenadines: 6.0 percent Jamaica: 5.6 percent Antigua & Barbuda: 4.9 percent St. Kitts & Nevis: 4.6 percent