Sugar industry dying
Minister of Finance Chris Sinckler is warning that Barbados’ sugar industry will die in another two to three years and that is why it was vital for Government to go the direction of a multi-purpose factory that will do much more than produce sugar.
Delivering the feature address at the Barbados Agricultural Society’s annual general meeting at the Lloyd Erskine Sandiford Centre this morning, he said: “The window of survivability, in its present state, is only two to three years.”
The $400 million multi-purpose factory will be aimed at transforming the sugar industry, with the production of specialized and refined sugar and refined molasses geared to producing quality rum, and renewable energy production.
It will be located at the site of the old Andrews Factory in St Joseph and is expected to come on stream by 2016.