‘Tariffs give us chance’ to seek import options

NEWLY-ELECTED PRESIDENT of the Barbados Chamber of Commerce and Industry (BCCI) Paul Inniss sees the global tariffs imposed by the Donald Trump administration as an opportunity to explore alternatives in the way Barbados sources products.

“It will present challenges, but challenges sometimes are good because it allows us to think differently and also think outside the box.

“The implementation of tariffs certainly gives us an opportunity to just stop and think about what we’re doing and what are the options before us. We may find out that there’s a better way to do business or that there are other markets to source products,” he explained.

Inniss was speaking at the media launch of the BCCI’s 200th Anniversary Celebration, at Hilton Barbados, Needham’s Point, St Michael, last Friday, after he was announced as the new president.

He said dependence on a single market was no longer viable in the face of these challenges and stressed the need to diversify partners and plan contingencies for events that would impact the market.

On alternative ways of sourcing products, Inniss proposed collaborations between regional companies to move supplies from Latin and South America that would normally go through southern United States.

“For example, a lot of our fruits come through Florida, but Florida also gets those fruits and a lot of those items from Latin and South America. Why couldn’t we go directly to source and see if there’s an opportunity to directly import those, rather than through Florida or Miami?

“Have relationships set up for the Caribbean, not just for Barbados, but how can we work together as CARICOM. I think there’s an opportunity for us to be bold and be bold enough to not only talk about it, but actually go into the markets and actually see where those opportunities are,” he added.

The BCCI has participated in several discussions and engagements with CARICOM entities and is also seeking a partnership with the CARICOM Private Sector Organisation.

“This is one of the good things that we hope will come out of our current circumstances – the ability to collaborate and partner regionally, as opposed to trying to go at it individually, whether it’s by company or country . . . . I think the Caribbean space will benefit from the efforts of the various partners working together to achieve some solutions and outcomes that are in our own interests and benefit,” Inniss said, who is also executive vice-president and general manager of Sagicor Life Inc.

(JRN)

(left) delivering his remarks as executive director Misha Lobban-Clarke

looks on. (Picture by Josué Ramiréz Nelson.)