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ABDB To Launch Sea Island Cotton Project

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Banking
Tuesday, 30 August 2011 02:29
By Everton Barnes
SocButtons v1.5

ABDB To Launch Sea Island Cotton ProjectThe Antigua and Barbuda Development Bank (ABDB) is to embark on a new initiative that seeks to develop a major industry around sea island cotton - said to be one of the best grades in the world.

General Manager Donald Charles made the announcement during a national discussion hosted by the Antigua Studies Group on the topic, "Fixing the Antigua and Barbuda Economy".

Charles said the ABDB will form a public company that will not only cultivate the cotton, but over time, will process the cotton to the final stages of development in a vertically integrated company with subsidiaries in high fashion, design, and marketing.

“The bank will start the company as a pilot project and we will offer shares to the public, Antiguans at home and abroad, and when we are satisfied that it has a board, all the required staff in place, we will step back and allow it to function,” Charles explained.

He said arrangements are being made to have the company’s registration completed by next week, and the company has already been preparing 21 acres of land near Bethesda for the first phase of the project. Eventually, he added, this figure will grow to over 300 acres. He expects a yield of 1,000 lbs of cotton per acre.

“The idea is that we will not sell the cotton to Japan, as has been the practice. Instead, we will send the lint off to either Switzerland or Italy to convert into high quality cotton,” he explained.

The ABDB general manager said the hope is that the company will approach top fashion mogul Georgio Armani, who has a house in Antigua, to obtain some assistance with the establishment of a design industry on the island.

“We want to be able to control the industry at all the stages, and create outlets for the creativity and talents of our young people,” Charles noted.

The bank will provide the start-up capital for the company, along with technical and other support to ensure it establishes a firm footing and grows. Two local experts have already been identified to work on the project. These are cotton specialist with extensive experience with sea island cotton, Rodney George, who will serve as the project manager, and pest control specialist Juliana Laudat.

Charles promised that further details relating to the name of the company, the sale of shares, and other pertinent details would soon be made public.


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10 Comments In This Article   

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re: morris

#10 fnpsr » 2011-08-31 01:19

Morris well said and I agree with you. One of the problem I have with this is that the bank is now deviating from its core business - banking. ABIB should be still fresh in our minds.

I recall sometime ago we had a thriving sugar cane industry and that has gone the way of the dinosaur. Too often we come up with grand schemes and invest large amount of money to launch them without proper study, just to fail.

I have the feeling that Antigua is not an agricultural society and for that reason, I would like to know who would be picking the cotton. I can guarantee that Antiguans won’t be picking cotton. Thus, you may have to import workers to pick the cotton.

Before one invests money in a project, there must be a reasonable expectation of success. Since the bank has no experience in managing a cotton farm, its expectation of success has to be low.

“Let’s fix the little things before we attempt to fix the big things.”
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fnpsr

Sea Island Cotton - A Rare Commodity.

#9 John French II » 2011-08-30 23:36

Notes From A Native Son OF The Rock. Donald Charles is on to something.
Here is the company from Switzerland:
www.spoerry1866textiles.ch/index.php?id=21&L=1
Even though this is a very rare and precious commodity. The production of Sea Island cotton as a proportion of total worldwide cotton production is no more that 0.0004 percent. There is relatively very easy entry into this market which must be considered. Any other CSME island state nation can enter. As a child, I learned of Boll Weevils and know that an infestation can be deadly. By spending quite a bit of time resarching the various strains of cotton - I definite found that I had a very neglected education on Sea Island Cotton and the various strains of cotton. For those who cringe at any mention of 'Black" just as we speak of the "Antigua Black Pineapple strain" being the best so is the Sea Island Cotton "Black Seed".
As a strong supporter of Indigenous Development Investment, I find this iniatiative very interesting and worthy of support. Caveat Emptor, Get and study the Prospectus. Heaven Help Donald Charles and The Nation of Antigua & Barbuda - Redonda?
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John French II

Morris

#8 Skyewill » 2011-08-30 22:53

no plan is fool proof and is 100% gauranteed to work. Seriously, I liked the short snappy sentences and to the point in some key areas. I never expect for a person to give you everything. What Mr. Charles and company is about to do is creat a brand and associate it with royalty, creating a demand. It happened in Nappa valley with grapes for wine. Wine makers in Nappa went to france and set up a contest using french judges who were experts in the field of wine making. The American wines won and the rest is history. With the right conditions and management, this brilliant idea with a goal to keep improving it seeking better and betpter ways to do it. Right people+p, Right Attitude and seriousness. They can pull it off. Let get some shares morris let the association invest...I like the tone of it. Remember I am a commercial underwriter. Put it into an Empowerment zone and protect it and ancillary businesses within the zone. Turn some of these young doctors into researchers to document data to grow the finest cotton in the world
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Skyewill

My concerns

#7 Morris » 2011-08-30 15:06

They plan to register next week, but only giving us sketchy details? With all due respect, this proposal does not appear to have been properly vetted. Perhaps that is why we have to wait for further information. It's like pi$$ing in the wind and hoping that none gets on your clothes. Shares in a pilot?

* The article only stated that the bank plans to develop a major project, but gave no figures. What is the total investment for this project (infrastructure , production, etc)?
* They intend to be vertically integrated over time, controlling all aspects of production from beginning to end. Describe over time..
* They would send the lint to either Switzerland or Italy for further processing. What is preventing us from vertical integration now and providing those jobs to Antiguans and Barbudans?
* Who are the initial clients (none has been identified)? It is unbelievable that they would announce that one of the top designers in the world has a house in ANU and have yet to contact him for his input. Perhaps they should present a proposal to be his main supplier.
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Morris

trying

#6 maco » 2011-08-30 14:37

Mr. Charles is trying hard to make a difference and I will all the best although I think some key ingredients are missing. His analysis on Friday night was informative although incomplete and preliminary. He just scratched the surface and omitted key areas. In my mind although a start has been made it is only a start and requires a lot more.
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maco

Long Overdue

#5 Avid Reader » 2011-08-30 14:10

It took them a long time to get to this point, so much money lost. he needs to check with Barbados one of the countries that produce Sea Island Cotton and see what they are doing, they stopped selling cotton a few years ago and only produce products in Barbados with it. Long overdue but welcome, since a set of men's handkerchiefs was selling for $50US made from Sea Island Cotton over 20 years ago in the USA. Again taking control of this industry where the raw material is only available in three countries in the region is welcomed.
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Avid Reader

RE: ABDB To Launch Sea Island Cotton Project

#4 VeNoM » 2011-08-30 12:23

Why not do this in Barbuda? Instead of placing large acreage under foreign lease hold, for hotels-which we have seen even sea weed can close-we should attempt other avenues of industry. Avenues over which we will have more control. Tourism is just too fickle! Barbuda's flat, untouched lands are perfect for lagre-scale agriculture & agri-processing , even if only to supply local demand, in the interin. Pears, citrus, mangoes, peanuts etc could be mas produced there & thereby provide needed employment & potential products for export. The natural resources, both on land & sea, could them be marketed as untouched & thereby, be able to "reap" the rewards of being such. Big up ABDB, tourism, marinas & hotels are not the only option!
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VeNoM

love this

#3 tenman » 2011-08-30 11:43

I like what I have read. These are the methods we need to use going forward. I wish to see the prospectus because i for one would invest in this. We need to ensure that the right persons are put to head this so that it does not end being something driven by political stooges
..
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tenman

Good concept

#2 Earthrain » 2011-08-30 11:38

This is a very good thing but with the attached pic, one would believe it is bad news.
I have observed the pic that this paper adds to the article and they always give a good idea of what to expect in the article but today this was not so.

I am not a fan of Don Charles' personality (not competence) so i got a good laugh but, fair is fair and this pic needs isn't fair for such good news.
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Earthrain

Excellent

#1 Skyewill » 2011-08-30 07:15

Sounds really thought out. Ms Laudat is a hard worker and she loves what she do. I don't know I can see this working. Fresh because the idea breaks tradition. Mr. Charles is an inovator and very professional and serious about what he does. I hope he is given real support and not just lip service. Mr. Charles is on of the most progressive minds to com out out of AGS in the 70's at the peak of quality education in Antigua. We need to support this. Check out the history of Napa Valley and how it beat italy in wine quality production, proving impossible is temporary. This can be done.
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Skyewill

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