Caribbean Export OUTLOOK 2016 - 2017

Pulse OF THE CARIBBEAN

under criticism for not contributing enough to economic sustainability. Wehby noted that while some of the criticism is understandable, it is not always warranted. “Generally, the private sector has lived up to its role. However, the fact that the region continues to experience low economic growth suggests that more can be done in terms of market research and innovation to broaden the quality and range of products offered internationally.” In addition, more can be done to optimise the benefits of our international trade agreements with some of the developed countries of theworld. Furthermore,theSpanishandFrenchCaribbeanare an integral part of the Caribbean andmore should bedonetobroadenanddeepentheserelationships, in terms of services or as a supply source for inputs, or for distribution opportunities extra-regionally. As theman in charge of a company with interests in so many global jurisdictions, Wehby posited that regional products have some of their greatest market opportunities in emerging markets. “Apart from the fact that there are great opportunities for more intra-regional business, especially in the French and Spanish-speaking Caribbean, there are significant prospects in Sub-

SaharanAfricaandBrazil.Atthemoment,however, the best opportunity continues to be the major markets of the USA, parts of the EU and Canada.” Wehby also believes that in order to capitalise on these opportunities, the private sector will have to become more cost and price competitive, while paying greater attention to the diversification of product lines, moving up the value chain and adopting best practices in order to build new and existing markets. “Given the relative small size of most Caribbean economies and businesses, to better capitalise on these opportunities, it might be useful for consideration to be given to national, regional and extra-regionaltradealliancesincludingjointventures, as well as outsourcing production and distribution arrangements. Additionally, the opportunity would be furthermaximised if there is the requisite investment in brand building and awareness.” As an exporter for over 40 years, the established corporate head had some advice for regional businesses now entering or seeking to enter the global arena. “It is important to be very competitive in terms of cost and cutting edge, in terms of innovation. As a result, there has to be an increased investment in

innovation, research anddevelopment. In addition, a thorough understanding of global quality standards and market entry requirements would help regional firms to satisfy, supply, and service opportunities. It is also very important to decide on products andmarkets, and then pursue and agree the distribution arrangements that will help the potential exporter to enter the destinationmarket.” Looking forward to the next decade, the former senator and cabinet minister sees the Spanish and French-speaking Caribbean enjoying a larger share of the regional export market in goods and services. He alsonotesthatcurrenttrendssuggestthatthegrowing middleclassandtheincreaseddisposableincomeofthe emerging markets of Brazil, India, Malaysia, Turkey, IndonesiaandNigeriawillprovidenewopportunities for the Caribbean region. In order to make the most of these prospects, Wehby urged that there has to be anunderstandingofthetrendsandsegmentsthatare drivingconsumerandbuyerbehaviouranddesires. “Competitive products and services must be designed and developed to address consumer and market segments that are underserved; and getting the products or service into the hands of the desired target involves developing distribution arrangements or alliances that have the strongest connection to the targeted market, supported by an effective awareness strategy.”

Stephanie Bishop is a Communications Advisor at the Caribbean Export Development Agency. She is a development communications specialist with over 10 years professional experience and holds a Masters in International Affairs.