News Americas, NEW YORK, NY, Fri. May 14, 2021: Obstacles to entrepreneurship in the Caribbean countries are rapidly disappearing as the economies in the region continue to implement business-friendly reforms. These reforms are concentrated on improving the speed of getting a business started. Governments in the region are bent on streamlining every process.
The pandemic of 2020 may have changed a lot of things, yet according to a World Bank report, in 2019, eleven out of 16 Caribbean countries implemented substantial improvements. Puerto Rico and Jamaica have made the most reforms, but the Bahamas, Barbados, Belize, and the Dominican Republic have taken huge steps to remove cumbersome regulations that hinder economic growth.
The Caribbean is home to some large conglomerates with many years of corporate history behind them. These companies support the economy of the region and have also expanded globally. As businesses expand, the services of a registered agent are vital to offering them personal guidance, flexibility, and peace of mind.
The shining stars of the Caribbean economy have adopted diversification and expansion into their strategies as they grow globally.
Diversification and growth
Manufacturing food products play a vital role in the economy of the region. The islands are productive in the agricultural sector and manufacturing these into a final product for export markets has played a vital role in the economy.
GraceKennedy Limited is a shining example of one company that has diversified into a manufacturer of consumer products. The company is headquartered in Jamaica and has several subsidiaries in the UK and US. Since its inception in 1922, GraceKennedy Limited started in shipping and insurance. Late in the 1950s, it started diversifying into the manufacturing, distribution, and retail of food products. GraceKennedy Limited still offers a wide range of financial services.
Cave Shepherd and Co. Limited is a retail store partnership started in Barbados in 1906. Today, the company has also diversified its operations into property development, tourism, and financial services.
One of the most diversified conglomerates in the region is the ANSA McAL Group of Companies founded in Trinidad in 1881. Besides financial services and retail, the company is a media and manufacturing group.
Listed on the Stock Exchange
Corporate companies in the Caribbean not only support their regional economies but also trade publicly. Owners of their stocks can share in the success of these companies as they expand within the region and globally.
Sagicor Financial Corporation was originally established in 1840 as the Barbados Mutual Life Assurance Company. The company provides financial and insurance services to more than 20 countries and is listed in three of the largest stock exchanges in the region and on the London Stock Exchange.
Cave Shepherd and Co. Limited listed on the Barbados Stock Exchange in 1951. Massy Group, headquartered in Trinidad and Tobago, went public in 1958. They are one of the largest corporations in the region with over 60 subsidiaries that also include real estate, energy, and gas.
Mergers and Expansions
Companies like Massy Group and ANSA McAL Group have used mergers and expansions to reduce competition and to open into new territories. As they have accessed new markets, they have acquired much more than just a greater capacity to provide services and products; they have also acquired new expertise.
Financial and Insurance Services
The Financial Services sector has greatly contributed to the development of the region. The companies that offer these services continue to evolve and remain competitive. In the region, the Bahamas continue to lead an international finance center and hold a significant place in the international listing.
Entrepreneurs in the region and beyond have some excellent banks to choose from, including Butterfield and the National Commercial Bank of Jamaica. Forex trading is also popular and Forex Brokers like Forex.com and IG are licensed by the Eastern Caribbean Regulatory Commission.
Shipping and Cruises
Besides the luxury cruiser industry, a vital part of the region’s tourism economy, the region has a dense network of global shipping traffic. It is an important location making it the ideal crossroads for both East-West and North-South maritime routes. There are two global hub port terminals in the region, in the Bahamas and Jamaica. The Bahamas is the third leading shipping flag state in the world.
The growing importance of the Caribbean as a shipping area cannot be ignored. The region has 351 ports and 16 oil refineries. It has 51 tanker terminals and over 15 different types of ship transiting. Laparkan Jamaica Limited and Dean’s Shipping Co. Ltd. have some of the largest networks in the region and globally.
The shining stars of the Caribbean economy have adopted diversification and expansion into their strategies. They have adapted to the new global economy and spread their wings beyond the region even as they continue to offer employment and provide the countries in the region with good tax revenue.