Organiser of the Keys to LATAM Conference Craig Powe has raised as a concern the lack of centralised documentation on exporting to Latin America.

Speaking at the media launch of the conference at the Private Sector Organisation of Jamaica (PSOJ) office in St Andrew last week, Powe, the CEO of Adtelligent, argued that there are several factors that positioned Jamaica to take advantage of export opportunities within Latin America.

However, he pointed out that, “There is currently no documentation all in one place, and that makes it difficult for someone who is new to exporting to figure out.”

Powe further questioned: “How many businessmen know the trade agreements that exist between the regions? The cost of shipping and how to do business? Government clarity around the exportation of services and GCT [General Consumption Tax]?”

While noting that these concerns are valid, he added that they can be addressed with the proper information and support.

The Keys to LATAM Conference will be held at Spanish Court Hotel on September 7 and will be co-sponsored by the PSOJ and Panama-based carrier Copa Airlines.

The line-up of speakers for the confab include JMMB Group Chief Investment Strategist Julian Mair, PSOJ President Metry Seaga, Panjam Group Executive Chairman Jeffrey Hall, and BCG Mexico Senior Consultant Stefan Richards.

According to Powe, the conference aims to unlock the potential of the Latin American market for Jamaican and Caribbean businesses and is “designed to provide Jamaican businesses with insights and strategies to enter and succeed” there.

“Now is a unique opportunity for Jamaican businesses to explore and tap into the potential of the LATAM markets,” he stated, listing a number of opportunities.

Outside of nearshoring, Jamaica shares cultural affinity with a number of Spanish-speaking countries due to a shared history of colonialism and the migration of Jamaicans in the late 1800s to work on the building of the Panama Canal. As a result, many people of Jamaican descent live in Panama, Costa Rica and Colombia.

Another plus Powe highlighted was the technological advancements including the use of artificial intelligence that have made it easy to research, communicate with, and market to Latin American countries.

A number of Jamaican companies have engaged business and/or invested in Latin American jurisdictions such as Jamaica Producers, JMMB, GraceKennedy, itel, Spur Tree Spices, Productive Business Solutions, and Tropical Battery. While noting that the success of most of these companies are due to the Jamaica Stock Exchange, Powe said the capital market is just one avenue to raise funds to access the region.

Among the industries he said has huge potential for Jamaican products are agriculture, processed food, cosmetics, software services, aggregates, chemicals, tourism, artisanal goods, among other.

For small businesses, he encouraged partnership with larger companies or building a partnership with a company in a targeted market.

Estimating the Latin American market to be around US$250 billion, Powe pointed out that Jamaican companies should take advantage of Caricom agreements with Colombia, Costa Rica and Cuba.

“To truly win…we need the Ministry of Foreign Affairs at the table, Jampro, BSJ [Bureau of Standards Jamaica], DBJ [Development Bank of Jamaica], Carib Export, IDB [Inter American Development Bank], Exim Bank, and, of course, the Office of the Prime Minister. But, in the meanwhile, it is totally possible to do it as an individual businessman with the resources that are there,” he said.

While noting that Dominican Republic has a resident ambassador in Jamaica championing its country’s business, there is need for a dedicated ambassador in from Jamaica to that country.