Database to boost businesses in Eastern Caribbean states

A new database is being developed to enhance market research for businesses in the Caribbean.

An expert provided by the Commonwealth Fund for Technical Co-operation will head the Market Intelligence Research (MIR) unit of the Organisation of Eastern Caribbean States (OECS). The MIR unit aims to launch the database by the end of 2007.

Manufacturers and clients will be able to obtain details on markets and products to help in the promotion and distribution of goods and services on a regional and international level.

“We are looking at ways of developing strategic business planning and strengthening professional services in the region which will help increase exports,” said Andrew Satney, who heads the MIR unit.

“The pending move towards a single market and economy within the Caribbean Community (CARICOM) offers tremendous opportunities for companies in the region.”

This database aims to broaden the economic prospects of Eastern Caribbean states by enabling companies to identify new sectors and develop strategies for market access. The information will also strengthen the private sector in the region and help expand their market share by capitalising on useful economic data.

Ronald Ramjattan, Managing Director of Baron Foods Ltd, a manufacturing company headquartered in St Lucia, believes that the market intelligence system will be an asset to companies in the region.

“The database will provide accurate reports of market trends, patterns and requirements. This will enable manufacturers to improve efficiency and competitiveness by adapting their products and services to suit markets,” commented Mr Ramjattan.

He added that the system will also allow entrepreneurs and employees to focus on more important aspects of production to improve consumer appeal.

The OECS contributes to the sustainable development of its member states by helping them maximise their economic advantages for a successful integration with the global economy.

It comprises Antigua and Barbuda, Dominica, Grenada, Montserrat, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines. Anguilla and the British Virgin Islands are associate members of the OECS.

“The Commonwealth Fund for Technical Co-operation is confident that OECS will provide timely information to trade policy formulators such as the World Trade Organization and the CARICOM market,” said Jacqueline Wilson, Director of the Governance and Institutional Development Division at the Commonwealth Secretariat.

“This move will ensure an ideal environment for the trading of goods and services, especially with existing and ongoing negotiations on various regional and international trade agreements.”

Secretariat Links:

• Commonwealth Fund for Technical Co-operation (CFTC)

Related Websites:

• Organisation of Eastern Caribbean States (OECS)
• Baron Foods Ltd