Assisting global businesses to launch or expand in the Caribbean
Despite their relatively small populations, and the numerous challenges to economic growth, including natural disasters and rising international food and oil prices, the Caribbean includes a large number of markets offering profitable opportunities for foreign businesses. The region comprises numerous high and upper middle income territories, such as Trinidad and Tobago, the Cayman Islands, the Virgin Islands, Antigua, Barbados and the Bahamas (the last of which has the 3rd highest per-capita income in the western hemisphere, after the USA and Canada).
Consumers in many of the islands not only possess disposable income but also a desire to purchase products and services from international companies. Most Caribbean islands are in fact net importers. According to the UK Foreign Office, British exports to the region outweigh imports from the Caribbean and are already worth nearly £1,000 million a year.
Tourism, which underpins the Caribbean economy, boosts the consumer base substantially. In 2007, the industry brought an additional 18 million people to the region, with extremely large spending power and readiness to buy. Many products aimed at holiday-makers have achieved phenomenal success in the Caribbean.
Many of the islands are also classified as "easy to do business with" according to the World Bank. Antigua, for example, is ranked in this regard above Italy, Greece, Taiwan and Poland. Developments towards the creation of a Single Market and single airspace in the Caribbean are also likely to make selling products and services in the Caribbean significantly easier.
However, doing business in the Caribbean requires a detailed understanding of customers' needs and frustrations, as well as the dynamics of the market in each of the islands. The variation in cultural heritage, regulatory environment and level of economic development means that a one size fits all approach is unlikely to succeed.
Please contact us to discuss how Caribbean Marketing Company can assist your business to develop and implement the right strategy to make a success of entering or expanding in the Caribbean market.
