This prediction has come from Minister of Industry and International Business Dale Marshall.

Key to this, he outlined, would be the revival of the "once robust and vibrant" garment industry.

While delivering the feature address at the 35th National Industrial Awards ceremony Saturday night at Hilton Barbados, Marshall said his ministry was working on a strategy to increase viablity, productivity and exports in this sector.

Noting that worldwide competition between garment producers was leading to a type of "economic Darwinism" where those in the lowest-cost territory survived, Marshall said his ministry and the Ministry of Commerce, Consumer Affairs and Business Development were creating an action plan aimed at the survival of the local sector.

He said they had found that local apparel producers were small scale, not ready to create ready-to-wear lines and were plagued by high labour costs and low morale.

The minister said the action plan would facilitate research into new viable product possibilities; and training in key areas of branding and brand management, intellectual property, product and market development, and cost reduction and production enhancement.

It would also include the establishment of a Barbados apparel area, which would include a fashion collective showroom and retail space with websites and catalogues, he added.

"It is anticipated that the benefits accruing from a project of this scope would see an increase in foreign exchange, as well as domestic revenues, increase in employment, differentiation in the presently available tourism product, and an increase in market share," he said.