There has been much chatter about our manufacturing sector, including how we can boost local consumption and how we can have more of an imprint regionally by having our goods on foreign shelves. Many manufacturers talk the talk but when really examined they rarely walk the walk.

There has been much chatter about our manufacturing sector, including how we can boost local consumption and how we can have more of an imprint regionally by having our goods on foreign shelves. Many manufacturers talk the talk but when really examined they rarely walk the walk.

Snacks and beverages are a perfect example. Barbados has a plant here or has licensed its products, as have countless Trinidadian companies, yet you would be hard-pressed to find a Jamaican company operating in Haiti, let alone the Eastern Caribbean (as it relates to regional manufacturing).

One can’t expect to break into a market if one hasn’t even established distribution links, and the fact that we have no factory our distribution outlet in the Eastern Caribbean, where manufacturing is cheaper, speaks loudly as it relates to priorities and target markets.

All of that, however, is small change when we look north, just 90 kilometres away. Cuba is slowly opening its economy, and while some think it will be busting down doors I think it will be a crack to let light in and that could be excellent news for us.

Cuba will wish to trade with nations that have stood by it, but also have something to offer it. Jamaica has probably one of the wealthiest regional conglomerates in GraceKennedy, and one of the most dynamic in Lasco, if they could get there foot in the door then its advantage Jamaica. These companies, in particular, and others cover a broad span of products, pride themselves on local produce and manufacturing, and are very profitable while being very affordable. If our manufacturing companies were to target Cuba for both exports and manufacturing, that would greatly boost the respective companies’ profits, provide money to Jamaica and Cuba through taxes, and provide good employment to local Cubans.

The opening up of Cuba could also be a boon for our medical and pharmaceutical sectors. Our medical and pharmaceutical sectors are still in infancy, more so when compared to our Cuban counterparts. If we as a nation are serious about our science and research sector, and diversifying our economy, then retaining our top scientists and researchers is a must and they will only stay if they have adequate funding or equipment. Alone we can provide little of either, but teaming up with the Cuban medical and pharmaceutical sectors, with which we already have strong links, would be a good start.

We are also home to some world-renowned hoteliers and Cuba is looking to expand its tourist sector. Rather than be afraid and view it as a spectre, these hoteliers should invest in Cuba’s hotel sector from the get-go. If that is done, then we could link our local hotels with those in Cuba, while being able to access relatively cheap foodstuff that we don’t produce in abundance locally for our hotel sector. This can be done almost without a pause, as already we have a decent cohort of managers in the tourist sector fluent in Spanish thanks to Spain. This coupled with the vast experience that we as a nation, and the managers in particular, have, we should have no problem in Cuba.

The unspoken truth of Cuba is that, while the majority might not have much, there is a group of extremely wealthy people in Cuba. If becoming a financial hub is really on our scope, then maybe our local financiers and capital market should seek out these wealthy Cubans who will no longer be restricted by sanctions and will be looking to invest.

We, as a nation, have industry and industrialists, we have expertise in some fields, and we also are awash with cash if you look in the right places. In short, we have no excuse to not be a major player both financially and industrially in the region, so let us stop complaining about our trade imbalance and do something about it. Let us not fear the opening up of Cuba, but instead ready ourselves for what could be a potential windfall.

— alexanderwj.scott@gmail.com