Maharaj outlines plans for regional export agency

by Marlon Madden

Local and regional firms interested in increasing their export capacity or starting to export their products and services within the Caribbean Community (CARICOM) and internationally, are being promised more attention from the Caribbean Export and Development Agency (Caribbean Export).

Newly appointed Executive Director Deodat Maharaj said he was eager to see more firms growing their operations and providing employment opportunity within the region.

However, he said for this to take place several areas must be ramped up including digitalisation and partnerships between firms.

Maharaj, who took up the top position at the beginning of February this year, told Today’s BUSINESS the COVID-19 pandemic had emphasised the vulnerabilities of the region when it comes to fiscal performance, trade and investment, job creation and economic growth.

However, outlining some of his plans for the organisation to assist regional firms, he said there were several opportunities in the face of the challenges.

The reality we face now as a region that is largely ineligible for overseas development assistance and concessional financing and that is highly indebted, is that for us, business has to play a more important and central role in facilitating our development agenda and helping to create much needed jobs, growth and prosperity for our people,” said Maharaj.

The said in coming weeks and months, the agency would be focusing on helping to ramp up regional trade, as well as export of goods and services into existing markets while tapping into new ones.

“Given the tight fiscal situations governments across the region face, foreign investment is absolutely vital. So we need to get investors from established partners, whether it is North America or Europe, and from new areas such as Africa for example. So that issue of investment is a big priority of mine going forward,” said Maharaj.

He said the Caribbean Export has been receiving a number of calls especially over the past couple of weeks, with companies expressing an increased interest in trading in other CARICOM member states as well as other regions, whether through new or existing arrangements.

However, he said the lack of knowledge among firms in relation to existing agreements between CARICOM and other countries has been identified as one of the main hindrances behind some companies not tapping into some markets, and the Caribbean Export would be correcting that.

“So I see Caribbean Export functioning as well as a knowledge hub, as a go-to-place for information related to trade and investment. So it is like a one-stop and non-stop shop,” he said.

“So if you are a businessperson and you want information on what is the trade agreement with Costa Rica or Columbia for example, what kind of businesses can go, what partnerships can be established, you come to Caribbean Export and you are able to get that information. You want to partner with another business and you will be able to get that information,” he added.

He said the agency has already started discussions with the CARICOM Secretariat with the view of establishing database firms by sector, contact person and other critical information to better match opportunities with supply.

He insisted that “business as usual isn’t going to work”, adding that firms must take on new approaches to how they operate.

“Overall, I think one important point is that our companies need to embrace digitalisation and technology. It is difficult but not impossible. Related to that, many of our companies don’t have a website. The micro enterprises I understand, this is an investment that would be required going forward,” said Maharaj.

He said focus was also needed on sectors that would lead to transformation within the region including renewable energy and agriculture, adding that it will also be important for firms to tap into opportunities in Guyana and Suriname as those economies grow.

“The final sector has to do with services. So how do we tap and export services, whether it is market tourist products, our ability in terms of fashion, music and dance – the creative sector? So there are many opportunities out there we need to focus more into and tap into,” he said.

Stating that it was important that governments and residents support local companies more, Maharaj said governments must also improve the ease of doing business.