BARBADOS (Commonwealth Union)_A recent ‘share fair’ and workshop event brought together multinational energy companies, investors, contractors, and project owners with local suppliers and businesses to exchange information, brainstorm prospects for collaboration, and connect to the energy sector value chain.
The Energy Local Content Workshop and Share Fair, which was sponsored by the India-UN Development Partnership Fund and held from September 29 to October 1 by the Ministry of Energy and Business in collaboration with the Commonwealth Secretariat, is a part of the Commonwealth Secretariat’s broader technical assistance as the Government works to reform its energy sector.
The project comes as Barbados sees an increase in interest in energy investments while balancing interest in its prospective oil and gas sector with its ambition to being an island with 100% renewable energy by 2030.
Victor Kitange, the Economic Adviser at the Commonwealth Secretariat who oversaw the mission to Barbados, stressed the significance of the country’s efforts in building a strong local content policy and legislation in this regard.
Through the formation of new local businesses, the awarding of contracts to local suppliers for the provision of goods and services, as well as the expansion of the energy value chain, this would create a framework for providing improved benefits to the local economy.
“This is a significant chance for economic growth in Barbados’ energy sector. The government has a number of measures in place to solve the dual issues that local content development in the energy sector faces in Barbados,” said Mr. Kitange. One of those strategies is holding this Share Fair.
“First, despite the fact that local capacity exists, local suppliers do not have access to the market for available business prospects in the energy industry. Secondly, by participating in the value chain activities of the energy business and learning the trade, local suppliers can increase their competitiveness.”
