Exploring the Caribbean as a new investment destination for FAO and BPO firms was the focus of the “Outsource to the Caribbean Conference” (OCC 2019) held from May 6th to May 10th at the Santa Barbara Beach and Golf Resort, Curacao.
OCC 2019 brought together BPO firms, telecommunications companies, training institutions and government officials with the goal of creating networking opportunities for investors who have an interest in the Caribbean’s Outsourcing Sector.
Investing in the Caribbean’s BPO sector has many advantages, as VP of Operations at Evolve Mortgage Services in Trinidad and Tobago Rachael Mason explains: “Trinidad and Tobago is an excellent location for financial services outsourcing. The labour cost in this sector is 50% less, compared to North America.”
There is a growing trend for BPO firms that have been successfully operating in India to move operations to the Caribbean as part of their company’s growth and expansion. Our region’s proximity to the USA and Latin America, English-speaking population, high-speed internet access, shovel ready sites, quality buildings, utility capacity, ease of doing business and rich talent pools and make the islands very attractive to investors looking to set up shop.
Curacao, as the host country for OCC 2019, is also supporting this regional thrust towards attracting investors. Rejo Sam, Country Manager of AVASANT, based in Trinidad and Tobago, believes a collaborative and strategic regional effort is the key to benefiting from this wave of interest. “As a region, it’s advantageous to position the Caribbean as a FAO location, but also marketing destination. Leveraging the region’s marketing and customer service portfolios against the investors’ interests and tailoring our offerings to suit their needs offers us the best advantage. Each country within the region has something significant to offer. Collectively, as a market, this is not a small market and the Caribbean has the potential to establish itself as the second or third largest BPO sector in the world.”
The two agencies responsible for FAO and BPO investment facilitation in Trinidad and Tobago are the T&T IFC and InvesTT. T&T IFC CEO Omar Sultan- Khan, in delivering remarks during the CAIPA Golden Minute at OCC 2019, said Trinidad and Tobago is very well positioned to capitalise on this BPO trend. Commenting on this trend, he stated: “We are confident that as more and more investors become aware of Trinidad and Tobago’s extraordinary competitive advantages, our country will see a tremendous surge in companies establishing their F&A BPO front offices here. The future of F&A BPO in Trinidad and Tobago is indeed extremely promising.”
OCC 2019 was jointly hosted by the Caribbean Association of Investment Promotion Agencies (CAIPA) and the Caribbean Export Development Agency.