Highlights 2020

EvENTS

shortly after the BCCI held its premier event for 2020, Barbados went into an island-wide lockdown due to the CoVId-19 pandemic. In accordance with the national emergency measures imposed by the Government of Barbados, which placed restrictions on public gatherings and events, the BCCI cancelled all planned in-person events for the remainder of the year. despite the challenges posed by the pandemic, the BCCI was able to successfully leverage virtual channels such as microsoft teams and Zoom and secured partnerships to host several webinars aimed at facilitating knowledge-sharing and providing value-add to members and the wider business community during the year.

BCCI Business Luncheon | “envisioning 2020: The Path Towards a New decade”

the first and only BCCI Business Luncheon of the year was held on february 6, 2020 and featured the prime minister of Barbados, the Hon. mia Amor mottley, who facilitated a dynamic panel discussion. the panel discussion preceded the featured address by dr. Kevin Greenidge, Government’s senior economic Advisor, who delivered an impactful presentation on the progress of the Barbados economic recovery and transformation (Bert) programme and shared insights on how the private sector can support the efforts to successfully move the country into the next decade.

the event was very well attended by business leaders who actively engaged the prime minister and dr. Greenidge. event sponsors were nCB Capital markets (Barbados) Ltd., ernst & young (Barbados) and the Central Bank of Barbados.

Webinar series | “Practical Considerations for e-commerce in the New Normal”

the first webinar hosted by the BCCI was held via Zoom on August 4, 2020 and sponsored by Webstylze. Given the wide-reaching impact of the CoVId-19 pandemic and the resulting, critical need for businesses to quickly enhance their eCommerce capabilities, the

session was geared to provide practical guidance to members and the wider business community as they navigate the challenges posed by the pandemic. to inform the discussion, the findings from a BCCI CoVId-19 Business Impact survey was shared with participants, followed by presentations on the topics: “Growing with ecommerce”, “decoding the data” and “Cybersecurity considerations for ecommerce.”

Webinar series | “Understanding risk in an evolving World”

With the rise in natural disasters and its impact on businesses and economies globally, the BCCI hosted a webinar on october 2, 2020 on the topic, “understanding risk in an evolving World.” the virtual session enabled business leaders to learn more and discuss the importance of widening their risk management strategies to allow for greater agility during times of crisis. the event brought together a panel of public and private sector experts who shared insights and expertise in the areas of business continuity, resilience, and disaster risk management.

sponsored by sagicor Life Inc and Lynch Insurance Brokers, the key topics discussed were the management of multiple hazards and threats that continue to pose a risk to the economies in the region, how to use disaster risk reduction strategies effectively, calculating the value of business continuity and resilience; and strategies for navigating through disasters and loss mitigation. Virtual digital Conference | “executive mindset: evolved Thinking for Business Leaders”

the BCCI digital societies Committee hosted its annual digital event on november 13, 2020 with a renewed focus on digital transformation. the event featured an impressive cadre of local and international experts including Ceo & founder of eBanjo Inc, Chares Ifedi; Ceo of digital path based in estonia, Calum Cameron; director AI, Automation & Analytics of Incus services, Leslie Lee fook and senator the Hon. Kay mcConney, minister of Innovation, science & smart technology.

the theme of the virtual conference was influenced by the unprecedented global disruption caused by the pandemic, which has necessitated businesses to find new and innovative ways to operate effectively and has forced executives to develop a new mindset, to better adapt and evolve their thinking to survive and thrive beyond the current crisis. the discussions explored evolving and practical solutions for a more seamless e-commerce experience and new and evolving digital strategies to enable businesses to better thrive in the “new normal.” the agenda also included an update on the progress made in transforming Barbados to a smarter digital economy by the ministry of Innovation, science and smart technology (mIst), as well as future plans by mIst.

PuBLIC/PRIvATE PARTNERSHIPS

Mou with Kenya Private Sector Alliance (KEPSA)

the BCCI finalized a joint memorandum of understanding (mou) in collaboration with the Barbados private sector Association (BpsA) and the Kenya private sector (KepsA) in 2019, to facilitate the sharing of trade information between Barbados and Kenya and to provide greater opportunities in trade and business.

to best operationalize the mou, the executive director of the BCCI and the Ceo of the BpsA held meetings during 2020 to discuss the appropriate next steps. An agreement was made on August 19, 2020 to engage a BpsA trade expert to conduct research and provide an action plan with timelines to guide the implementation of the agreed objectives of the mou. A trade expert was commissioned at the beginning of september to produce a framework report, detailing sectoral trade opportunities with Kenya and the potential challenges that would need to be addressed. It was also decided that the consultant would work with the BCCI to prepare a survey which would formally assess interest among local businesses to establish trade relations with Kenya. this was distributed in november 2020.

BCCI and ACCA Mou

Leveraging the memorandum of understanding (mou) signed in october 2019, the BCCI and ACCA partnered to host a webinar on risk management for smes: building resiliency and business continuity in times of crisis. the virtual session which was held on August 19, 2020, focused on building resiliency and business continuity in times of crisis and was attended by over 500 participants.

Amidst crisis and an uncertain future, it is crucial that small and medium-sized enterprises find creative ways to minimize their risk and remain agile. the joint ACCA and BCCI webinar brought together expert panellists from Barbados and the wider Caribbean, who shared practical insights and expertise to help smes build their resiliency with solid business continuity plans. Key areas discussed included continuity of operations and services, protecting the health of staff and customers, managing supply chain shortages, dealing with investment issues, and potential opportunities for smes.

In keeping with the mou, both bodies will continue to explore opportunities to develop and provide technical assistance, knowledge-sharing and training initiatives for the benefit of their respective membership.

Business Continuity: Transitioning Through A Pandemic Series

the BCCI, in partnership with Guardian Life of the Caribbean and the trinidad & tobago Chamber of Industry and Commerce, hosted a three-part webinar series to assist business owners with

transitioning the “new normal” as a result of the global pandemic. the series was aimed at highlighting actions that small and medium-sized businesses should adopt to assist with stabilizing their business during the pandemic.

the first instalment of the series, which was entitled “Your human Capital“ was held on June 26, 2020. the second session, “Going digital - moving your business from offline to online” was held on July 10, 2020 and rounding up the series was “The Financial Way Forward”, which took place on July 10, 2020. All the sessions were hosted via Zoom and facilitated interesting and informative discussions.

Customs Bill Consultation workshops: A Public-Private Initiative

recognizing the critical importance of a collaborative approach to public advocacy, the BCCI collaborated with the Customs and excise department (Ced) to host a virtual three-part consultation workshops on the draft Barbados Customs Bill, 2019. the objective of the consultation series was to inform the Barbados trade community about the proposed legislative changes, to consider the implications of the changes for the business community and to gather their comments and feedback on the Bill. the consultation workshops also sought to provide participants with a better understanding of Barbados’ obligations under the World trade organization, the trade facilitation Agreement and CArICom, and how they translate into customs’ requirements for import and export processes.

the opening consultation workshop was held on August 11, 2020 and featured a keynote address by the Hon. ryan straughn, minister in the ministry of finance. the official opening was followed by a working session which reviewed and discussed the Bill. the second session was held on August 20, 2020 and the final one on August 26, 2020. the consultations were led by technical experts from the BCCI trade and facilitation Committee; the Ced; the CArICom secretariat; the ministry of energy, small Business and entrepreneurship; the shridath ramphal Centre at the uWI Cave Hill Campus and the Barbados Customs Brokers & Clerks Association.

the three-part consultation workshop was sponsored by the Barbados port Inc. and massy stores.

The Caribbean Chambers of Commerce (CARICHAM)

following its historic launch in Barbados on April 1, 2019 the network of Caribbean Chambers of Commerce (CArICHAm) is the first representative business support organisation for the Caribbean private sector. the network now comprises 21 members who work together to advocate and create enhanced value for members of the respective chambers; to reduce the risk of members and their countries to disasters; share knowledge and best practices among the network; and to

CARICHAM Team at the BRICs+ Conference in Suriname- February 2020

enhance transportation, trade facilitation, and promotion.

In June 2020, dr thackway (dax) driver, Ceo of the energy Chamber of trinidad & tobago succeeded to ms. Lizra fabien, executive director of the dominica Association of Industry and Commerce as the CArICHAm Chair. mr. Andrew satney, executive director of the st. Kitts and nevis Chamber of Industry and Commerce took over the role of Vice Chair. thanks to the mobilization of the regional Cooperation fund (fCr), a full-time coordinator was hired in november and is currently based in dominica. the Coordinator’s focus is on providing administrative support, facilitating communication, and monitoring processes within the network, as well as working on the network’s visibility.

As a founding member, the BCCI was represented by executive director, misha Lobban-Clarke at meetings hosted by CArICHAm during the year. the Barbados Chamber continues to be an active supporter and participant in the network’s activities.

With the impact of the CoVId-19 pandemic and input from member Chambers, CArICHAm launched a webinar series: “CarICham regional Growth series” in 2020. these dynamic virtual sessions were designed to support the members of the Chambers who are part of CArICHAm and the private sector of the Caribbean and to encourage best practices and knowledge sharing among the network of regional Chambers.

the BCCI coordinated and hosted the second episode of the series entitled, “remote work – maintaining a Competitive edge for Businesses.” on June 19, 2020. this session was moderated by BCCI executive director, misha Lobban-Clarke and featured ms. Vanessa phala, senior specialist for employers Activities, International Labour organisation (dominica); ms. norma shorey-Bryan from Catalyst Consultants and mr. mario Greene, senior manager,

transaction Advisory services with ernst & young (Barbados).

the other webinar series held during the year were as follows: • episode 1: “preparing for the

Hurricane season in Light of the

Impact of CoVId-19 on our Caribbean economy.” • episode 3: “the Importance of regional

Air transportation for the economic recovery of the Caribbean.” • episode 4: “doing Business with Cuba.”

on february 27 & 28, 2020, the suriname Chamber of Commerce and Industry hosted members of the network for the first CArICHAm BrICs+ Conference to strengthen the business relationship between CArICHAm and BrICs+ countries, to share opportunities for doing business in each represented Caribbean country, and to understand the opportunities for access to finance by regional institutions.

this conference also provided an opportunity for CArICHAm members to gain insights into the operation of the suriname Chamber and to strengthen relationships with businesses in suriname through businesses-to-business meetings. members of the disaster risk reduction working group organized a Hurricane preparedness Campaign targeting msmes. this campaign was displayed on social media (facebook, LinkedIn) and shared via email to the businesses. this campaign will be held annually and is part of the drr toolkit proposed by this working group to enhance the resilience of Caribbean msmes.

CArICHAm has established a working relationship with key International and regional organizations: united nations office for disaster risk reduction (undrr); Caribbean export development Agency (CedA); CArICom disaster emergency management Agency (CdemA); the organization of African, Caribbean and pacific states (oACps); us AId; CArICom private sector organization (Cpso), and the International Chamber of Commerce (ICC), among others.

CArICHAm is also represented on regional committees inclusive of America Business dialogue (ABd) and CArICom’s regional Committee for trade facilitation.