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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.
Pulse OF THE CARIBBEAN