Diasporic Entrepreneurship in the Caribbean - Firm Profiles.pdf Vol 2 | Page 31

Agro-processing Firms

Target Market:
Most of the initial work done, focused on Caribbean
people in Caribbean economies (Guyana, Trinidad or other
parts of the Region) and also Caribbean people living
in other parts of the world, especially wherever there
was a significant concentration of Caribbean people. For
example, consideration was given to USA and Canada
as places where there were large concentrations of
Caribbean people.
In addition, GFI followed closely, the migration patterns of
Caribbean people. As the business developed, GFI began
to explore markets in French and Dutch countries of the
Caribbean, with expansion of markets. This led to the
expansion into the Surinamese and French West Indies,
markets followed by penetration into France (Paris).
GFI has active product agents in Venezuela, investments
in Belize, exploring prospects of expanding into
Guatemala, Honduras and Mexico. There are current
operations in Ghana. GFI has been exporting into African
and the Asian markets. Exports have been to Japan for
the last 15 years. While only a small amount of business
in India currently exists, GFI is seeking to secure a supply
chain in Thailand.
Main competitors:
Thailand and Malaysia have very robust agro-processing
industries that are reliable, effective and productive; they
also have significant sources of raw material and food
safety packaging that meets world standards.
China and India are still limited in terms of food safety
requirements that are acceptable in world markets. Cites
labor productivity as being an important element of
production costs in Caribbean; suggests that there is a fall
in productivity of labor in the Caribbean.
Diasporic Market Analysis:
• 30% of GFI’s market is in Caribbean (English, French,
Dutch and Spanish) outside of Jamaica;
• 20-25% of sales are to UK, mainly to Caribbean people;
• Remainder in North American (shared between
Canada and the USA).
• The manner in which GFI has evolved, has led to it
now marketing beyond Caribbean people, with the
Caribbean segment of the overall market share now a
smaller percentage of what it originally was. GFI was
built on the foundation of the Caribbean diaspora in
terms of expanding its international business on this
market.
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