Hon. Michael Lee-Chin, OJ, Chairman, of Businessuite #7 Caribbean Ranked, National Commercial Bank Jamaica characterised the situation as follows in his 2013 report to shareholders. “As has been the case in the past, we have refused to let the headwinds that confronted us during the past year curb our enthusiasm or optimism for the future. We have risen to the challenge, producing strong growth in our core business segments as was reflected in increases in our loan and funding portfolios.”

Going through the 2013 annual reports for companies on the Businessuite Top 100 we are increasingly seeing a trend among Caribbean business leaders. They are focusing their company’s resources on strengthening their home markets as a launch pad for growing their international footprints. They are specifically targeting markets such as the USA, Canada, South and Central America, the United Kingdom and new markets in Western Africa and Continental Europe.

Goddard Enterprises Limited, Businessuite #6 Caribbean Ranked Company for example already has an extensive network of businesses operating throughout the Caribbean and Central and South America.

Multinationals with the ability to execute supported by the strength of their capital base, extensive human resources, physical infrastructure and the global strength of their head offices have for many years dominated in the Caribbean. Caribbean Business leaders are now pushing back and competing successfully with these multinationals on their home turf.

In an interview earlier this year with the Trinidad Guardian Newspaper, Massy’s Group CEO Gervase Warner commenting on the company’s major rebranding said the process of arriving at the decision began in 2011, when the group did a number of things: including crafting a new vision statement which stated that the Massy Group would be “a force for good: the most responsible and profitable investment holding/management company in the Caribbean Basin.”

That vision statement Warner said set the company an aspiration for growth that went beyond the shores of the English-speaking Caricom countries to the region’s Latin American neighbours.

In the same article, Warner highlighted that the Massy Group currently generates 75% of its profits from the Trinidad economy, clearly making the case for the Group to reduce its dependence on the Trinidad market and, as he said, go beyond the shores of the English-speaking Caricom to the regions of Latin America for growth and profit diversification.

Arthur Lok Jack, Chairman of Businessuite #1 Caribbean Ranked Company for 2014, The Massy Group, made the following comment in his 2013 report to shareholders. “The Group continues to approach business in CARICOM with cautious optimism, giving due consideration to opportunities outside our traditional markets. To extend our Automotive and Information, Technology & Communication portfolios, we are pursuing investments in Central and South America. We have appointed a Country Manager for Suriname who has started exploring opportunities there, particularly in the energy sector.”

Hon. Gordon V. Shirley, OJ Chairman of Businessuite #3 Caribbean Ranked Company
Grace Kennedy Limited in his report to shareholders remarked “We are excited about 2014 and launched the year under the theme “Investing for Growth, Delivering on our Promise.” “We are focused on the growth of our international business, strengthening and maintaining our domestic businesses, improved efficiency and better capital management.”

Ronald F. deC. Harford, Chairman of Businessuite #4 Caribbean Ranked Company,
Republic Bank Group Limited reported to his shareholders that the bank has formed a partnership with HFC Bank (Ghana) Limited in Ghana, West Africa, and during the last year built up a 40% shareholding. “We are excited about this opportunity to work with HFC Bank (Ghana) Limited as we seek to build a strong portfolio of business on the African continent.”

Mr. R. Geoffrey Cave, Chairman, Cave Shepherd and Company Limited in his report to shareholders indicated that “As is well documented, economic conditions in Barbados and the other neighbouring territories in which we operate are very difficult, and we do not expect to see any rapid improvement in their fortunes. Indeed there is likely to be increased pressure on those businesses that rely on the domestic market.”

It’s very clear that companies in the top tier of the Businessuite Top 100 will not generate real US Dollar growth each year by focusing solely on Caricom. Such growth can however, be found and secured in the markets to the north and west, Europe and, of course, Africa.

Charles Herbert, Chairman of the Goddard Group said it well “As we look forward to 2014, we recognize that we will continue to operate in an uncertain economic environment but take the view that such uncertainty also presents many opportunities.”