IN THIS TIME of global economic uncertainty, stability without growth in the local manufacturing sector is better than decline.

That is the view of Barbados Manufacturers' Association (BMA) chairman James Husbands about manufacturing prospects for the rest of 2008.

In fact, he told BARBADOS BUSINESS AUTHORITY just after the conclusion of the Barbados Manufacturers' Exhibition (BMEX) 2008: "I don't have a prediction that I can give you. What I can say is that throughout the year we were seeking to stabilise manufacturing with, perhaps, very little overall growth because of the various challenges."

Husbands believed the threats to international food security would compel Barbadian manufacturers to pursue a more creative stream of production that would "help us to develop the food sector of the manufacturing industry".

The BMA boss maintained that food production was a sector with tremendous potential.

"I think we would start to do better, provided that serious consideration is given to the ability of being able to feed ourselves," he asserted.

The manufacturing executive said that synergy with agriculture was essential but even pursuits in such areas would not likely promote growth in manufacturing over the year.

"Whereas there may be fluctuations, we are seeking stability . . . as compared to a decline; that would be an achievement," Husbands said.

Central Bank of Barbados Governor Dr Marion Williams pointed out in her review of the first quarter of this year that along with tourism, manufacturing played a pivotal part in driving the economy's four per cent growth. (SR)