Preconco Limited, a Barbadian company formed in 1991 starting with just a few employees, has rapidly grown into a multimillion dollar operation and established itself as the leading precast concrete design build company in the Caribbean. Preconco has worked on many hotels, condominiums, office buildings, townhouses and private residences in Barbados and throughout the region. Their diverse scope of works has included marinas, cricket and other stadia, prisons, low and middle-income housing, as well as drainage alleviation projects in Barbados, Grenada, Trinidad, Jamaica, St. Vincent, St. Lucia and St. Kitts.
Mark Maloney – Managing Director
‘I think there is more opportunity in Barbados today than there has been in the last ten years. I admit to being an eternal optimist but I am also a realist. Barbados is too small to suffer the same level of fallout during an economic recession as the big countries around the world, with their massive economies that have proportionally massive challenges. We are a small island with a small economy and all it really takes to get our economy back into gear are a few major projects to provide a period of sustainable growth.
Preconco and the group of companies that surround it are still growing because we constantly modernize our operations to deliver what the markets require and we actively go out there seeking the right opportunities.
When the price of raw materials goes up we don’t just pass on that increase to our customers. Instead we find ways to make our operation more efficient to produce that same good quality product at a lower cost. So the more we can keep our prices affordable for a broad base of clients, then the more product we can sell and the more opportunities will come our way. People often say that the costs to manufacture are too expensive in Barbados for our businesses to compete with other Caribbean countries, especially those like Trinidad with lower energy costs, but we have proven that wrong. In fact right now we are exporting significant amounts of our products to Trinidad and competing successfully against their companies in their own backyard, even after we have to add shipping costs to our price. Our business is growing down there. We don’t need to move our manufacturing plant to Trinidad; we have cut our costs by investing in better technology and our own people. Even though our costs of labour in Barbados might be higher than other Caribbean countries, we have an intelligent workforce that can produce very efficiently. People should not confuse costs of labour and productivity. Our workforce is one of the best in the world and our operations and manufacturing lines are very sophisticated.
Here in Barbados we have the right infrastructure for business, a supportive Government, whichever party is in power, and a fantastic entrepreneurial spirit and level of expertise. Our business people travel all over the world, seeking out the latest technology and staying on top of what the very best in each sector has to offer. This country has tremendous potential in many areas, with alternative energy and innovative concepts to all sectors offering some particularly attractive opportunities.
We at Preconco are excited about the future of Barbados and we are starting a number of new companies that are going to deliver some big changes and help bring in significant foreign exchange to help transform this economy. And I am talking about businesses that are going to dwarf anything we have in existence right now and that will assist us in being competitive and offering products to suit the times.
I am confident about the future of Barbados for my children and my children’s children. The situation we find ourselves in right now is very exciting for those people who understand the opportunities and can see beyond the talk of doom and gloom that the pessimists seem to like to spout about. The people who I work alongside, in both the private and the public sector, know what needs to be done. Some decisions will inevitably take longer to make than others but the real decisions, the ones that will ultimately transform this country by bringing in the appropriate quality of major foreign investment that we need, they are actually happening right now.
The sky is the limit for Barbados.’