Based mostly on present projections, the state-owned Barbados Agricultural Administration Firm (BAMC) is predicted to turn out to be worthwhile by the yr 2025.
Furthermore, if a advice that’s anticipated to be made to Cupboard is authorised, the BAMC will transition to turn out to be a brand new entity referred to as the Barbados Power and Sugar Firm (BESCO). In line with Minister of Agriculture and Meals Safety, Indar Weir, shares of this firm, which might take over the working of the sugar cane business, can be made obtainable to odd Barbadians and the non-public sector to buy, thereby lowering the Authorities’s industrial footprint.
He provided this clarification to The Barbados Advocate yesterday, following a quick ceremony on the BAMC, throughout which they acquired a donation of a brand new sugarcane harvester from the Chinese language agency Zoomlion Heavy Business Science and Expertise Firm Restricted. The event additionally marked the signing of a Memorandum of Understanding on agricultural co-operation between Barbados and China.
Throughout the ceremony, Minister Weir advised these gathered and people becoming a member of by way of video convention from Hunan Province, China, that the harvester has come at a “very important stage” on this nation’s financial transformation, as efforts are ongoing to strategically rework the sugar business.
“The sugar business in Barbados, as you realize it, has been for a few years working at a considerable loss to the Authorities. Authorities subsidies have continued to extend, while we attempt to grapple with the adjustments which are needed to rework the sugar business. The sugar business in Barbados can now not go on as a bulk producer for sugar that’s exported at substantial losses to the BAMC.
To that extent, the Authorities is shifting to transition the business from one in every of bulk sugar manufacturing to a worth chain business,” he said.
He went on to say that going ahead, the business will now not be producing bulk sugar for export, and has already began the method of transformation, by producing sugar for home consumption and sugar for export for direct consumption within the worldwide markets. Weir added that also they are centered on the manufacturing of molasses for the native rum business, and also will be in search of to benefit from the alternatives which are obtainable in renewable vitality.
“The by-products of the manufacturing facility will even be used to provide fertilisers, giving the business for the primary time in its historical past, a possibility for worth chain growth, proper by means of the whole worth chain system. Barbados is now poised to rework the sugar business right into a sugar cane business,” he stated.
Minister Weir stated that this transformation is predicted to consequence within the BAMC incomes extra for sugar and molasses, whereas additionally they deal with worth chain growth and embracing renewable vitality. (JRT)