KINGSTON – The ability of Caribbean businesses to trade with counterparts in the region and internationally, has been significantly boosted with the recent launch of the Caribbean Business Opportunities Service (CBOS), an on-line buyers and suppliers website.
The service was developed by JAMPRO as part of its Cricket Legacy Programme to enable businesses to sign up to procure goods and services on-line through a sophisticated business matching service among other features.
The site is expected to serve as a center of business for major projects and events across the Caribbean, such as the ICC Cricket World Cup West Indies 2007, as well as serve as a stand alone service for commercial activity and trade.
Speaking at the launch at the Terra Nova Hotel in Kingston, President of JAMPRO, Patricia Francis said the site is a repository of suppliers’ information which will play a critical role in educating the business community about upcoming projects that present business opportunities for them, adding that international firms involved in supplying major events will also be encouraged to register as potential international supply partners. This, she said, would present additional partnerships for firms.
“This initiative is projected to increase the percentage of local/Caribbean goods and services provided to major events, facilitate the development of the region’s firms (operationally, technically and economically) as a result of increased sales, the ability to forge international partnerships and opportunities to benchmark their operations to meet international standard as well as increase the ability of the region’s private sector to supply goods and services,” Mrs. Francis said.
The site, she further noted, will also improve the region’s chances of attracting such events to the region. Among the other features of the site is a business matching service which will allow buyers to select ideal suppliers from a range of options and view detailed suppliers profiles.
Minister of Development, Dr. the Hon. Paul Robertson hailed JAMPRO and all the partners for the initiative and hopes it will be used as a tool to bolster businesses across the region.
Minister of State in the Ministry of Foreign Affairs and Foreign Trade, Senator Delano Franklyn, observed that intensified travel and business transactions among nationals of countries in the region have resulted in more legal funds moving throughout Caribbean countries than any other time in the history of CARICOM.
Calling the service timely, Senator Franklin stated that, since the signing of the Treaty of Chaguaramas which established CARICOM in 1973, the regional grouping has not had a central hub to conduct business activities and service. He added that with the expected inflow of an estimated 50,000 to 150,000 persons for Cricket World Cup in 2007, with each anticipated to spend some US$3,000, the business potential out of that event would be tremendous.
The business community had its endorsement from National Investment Bank of Jamaica Chairman, Aubyn Hill and he observed that “doing business in this competitive local and international business environment is an on-going challenge for businesses. Sourcing raw material at competitive prices as well as advertising and marketing are critical success factors for business.”
With the service, implemented by JAMPRO, the NIBJ Chairman urged businesses to sign up to CBOS to advertise their business and services to a worldwide audience in a cost-effective manner. Rodney Davis, President of Cable and Wireless said the telecommunications giant will be working more closely with local partners. He said the opportunity of CBOS is an ideal fit with Cable and Wireless’ vision of providing strong and focused leadership in key areas of national development.
Persons may access the site at www.caribbeanbos.com.
