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1 The U.S. Commercial Service Export Opportunities in the Caribbean Region Presented by: Isabella Cascarano Senior Commercial Officer for the Caribbean Region

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3 The Caribbean Region: A Sizeable Export Market Caribbean US$20.27 Italy US$16.01 Chile US$15.99 Brazil India US$21.51 Malaysia US$14.22 Australia US$27.54 Source: U.S. Import and Export Merchandise trade statistics. December 2011

4 The Caribbean region imports $20.27 billion of US products and services Jamaica US$1.91 billion The Bahamas US$3.42 billion Haiti US$2.04 billion Dominican Republic US$7.35 billion Barbados US$439 million 23 Markets, 41 million people Total imports: $42 billion Regional GDP growth: 4.0% US import market share: 38% Trinidad & Tobago US$2.18 billion Source: U.S. Import and Export Trade Statistics July 2012/ World Bank Economy Report

5 Why Export to the Caribbean Region? Close proximity to the United States Third largest market in Latin America for U.S. exports Cooperative trade relationship Free trade Regional integration

6 Dominican Republic HIGHLIGHTS Population: 10 million GDP 2011: $55.67 billion GDP growth: 3.8% Per Capita Income $5,406 Bilateral Trade US/DR: $11.54 billion Imports from US: $7.35 billion US Imports Market Share: 44% Ranking for US Exports to WH: 9th largest Foreign Direct Investment: $23.71 billion Sources: U.S. Import and Export Merchandise trade statistics- December 2011 / 2011 Economy Report DR Central Bank

7 Why Export to the Dominican Republic? CAFTA-DR On-going market liberalization 70% of consumer goods imported into the DR are from the U.S. Tariffs were removed on 80% of U.S. goods under CAFTA-DR Growing use of English in business U.S. Standards widely recognized and accepted Few import restrictions Labeling and testing not typically a problem

8 CAFTA-DR Benefits for the United States Comprehensive, Reciprocal Trade Agreement 80% Of U.S. Manufactured Exports Enter Duty-Free Low Tariffs (1-17%) For Products For Remaining Products Equal Access To Services Market, Such As Telecommunications & Insurance Improved Business & Investment Climate Fewer Import Restrictions, Standards Are Similar To The U.S., & Labeling/Testing Greatly Simplified

9 Dominican Republic ADVANTAGES Seven international airports Eight major seaports State-of-the-art ITC infrastructure Major Free Trade Zone activity and investment Multiple tourism and second-home construction projects

10 The Dominican Republic Market Best prospects for U.S. exports in US$ Millions: Mkt US Imports Automobile Parts and Services Medical Equipment (inc FTZs) Telecoms Equipment Building Products Printing Equipment And Supplies A/C and Refrigeration Equipment Hotel and Restaurant Equipment Renewable Energy - incentives available Travel and Tourism Services 230K visitors/yr 26 th top mkt to the U.S.

11 Best Prospect Automotive Parts & Services Total Import Market - $148 million U.S. Imports $96 million In the DR the demand for automotive spare parts is linked to; the aging car population (vehicles older than seven years represent 83.8 percent of the total Dominican vehicle population of 2.9 million vehicles), the growth in total vehicle population (7% annually), and the general tendency in the Dominican Republic to extend the useful life of vehicles due to their high replacement cost. There is local production of batteries and radiators, which covers a small percent of the total market.

12 Best Prospect Medical Equipment Total Import Market - $124 million U.S. Imports $ 254 million Demand for medical equipment and supplies is driven by the increase in services under the Healthcare Plan mandated by the Social Security Law, a growing population, and continuous growth of the number of hospitals. The market is mainly supplied by imports, about 80 percent of which come from the U.S. There is extensive production of surgical instruments and supplies. However, 98 percent of this production is exported through the Free Trade Zone (FTZ) Program. Import statistics reflect large importations of parts for medical equipment, which are assemble in the FTZs and re-exported.

13 Best Prospect Telecoms Equipment Total Import Market - $170 million U.S. Imports $ 139 million The telecoms sector is characterized by competition, price reductions, and the introduction of new technologies, which allows the industry to offer modern products and services. The cellular/mobile sub-sector is the fastest-growing and most competitive. The country enjoys a modern telecommunication law that: facilitates inward investment by providing equal treatment for local and foreign investors; allows price rates to be set freely by the industry players; and guarantees interconnection rights. The telecoms equipment market is almost 100 percent importdependent and the United States is the preferred source due to the CAFTA-DR that allows for duty free imports and the good reputation that American products enjoy in this market.

14 Best Prospect Building Products Total Import Market - $ 328 million U.S. Imports $ 95 million Construction sector experienced remarkable growth from 2000 to 2005, decreased significantly from 2008 through 2010,and grew moderately in 2011 and Experts predict that construction will emerge as a leading growth sector in the Dominican economy in 2013 and be an important market for U.S. exporters. However, there is a strong competition in supplying building products from China, Europe and Central and South America. In order of importance, the main selling points for building products are price, quality, and time delivery. Following up with Dominican companies is very important.

15 Best Prospect Printing Equipment & Supplies Total Import Market - $ 335 million U.S. Imports $ 174 million The printing and graphic arts industry in the Dominican Republic is the largest in the Caribbean, with over 2,000 companies operating in the local market. There is no local production of equipment or supplies. Demand is satisfied by imports. Recently the industry has shown solid growth despite a slight decrease in U.S. exports during 2011 and continues to offer export opportunities for U.S. Demand for printing and graphics arts products is expected to grow mainly due to the demand for printed packaging and labels in the food, cosmetics and pharmaceutical industries. A Ministry of Education program to update and reprint all public schools textbooks will stimulate the industry locally.

16 Best Prospect A/C Refrigeration Equipment Total Import Market - $74 million U.S. Imports $34 million There are opportunities for U.S. exporters of air conditioning and refrigeration equipment in a number of sectors of the economy: In the country s huge tourism industry there are a number of projects, many involving U.S. partnerships, including new and expansion of hotels and resorts. There is good sales potential for equipment sold to commercial malls and restaurants. Refrigeration equipment for commercial purposes is in growing demand by retail outlets, such as supermarkets and convenience stores.

17 Best Prospect Hotel & Restaurant Equipment Total Import Market - $74 million U.S. Imports $34 million The Dominican Republic is the largest tourist destination in the Caribbean, receiving 4.3 million tourists in 2011, up 4.41 percent over Tourism is a major contributor to the country s economy. The DR has over 67,000 hotel rooms with an occupancy rate of 80 % at the height of the season (January) Hotel and restaurant equipment imports, especially from the U.S., are expected to increase by 5 % per year as impact of international economic crisis wanes. Due to CAFTA-DR, U.S. exporters enjoy a 20 % price advantage over foreign competitors.

18 Caribbean Tourism Market Destination Arrivals The Caribbean Tourism Organization (CTO) is forecasting a continued rebound in visitor arrivals in Dominican Republic 4,306,430 Jamaica 1,951,792 Cancun (Mexico) 1,671,710 Puerto Rico 1,449,433 Bahamas 1,344,189 Aruba 871,316 U.S. Virgin Islands 680,447 Barbados 567,724 Martinique 410,958 Source: Caribbean Tourism Organization. Estimated statistics from January to December 2011

19 Best Prospect Renewable Energy The Dominican Republic experiences electrical blackouts even though generation capacity is over 3,000 MW and the average daily peak demand is around 1,900 MW. Thus the supply shortfalls are due to systemic problems rather than a lack of generation capacity. Increasing costs of fossil fuel imports have made the development of renewable energy projects a priority for the government which offers several incentives to renewable projects most notably: The 2007 Renewable Energy Incentives Law (57-07) includes a 100 percent tariff exemption on imported inputs (equipment and materials) and a 10-year exemption from all taxation on profits up to, but not beyond, the year The National Energy Commission (CNE) supported three wind energy projects in 2011, generating 110 megawatts of power. CNE projects total wind-generated capacity in the DR of 180 megawatts by late 2012.

20 Best Prospect Travel & Tourism Services Each year over 230,000 tourists from the Dominican Republic visit the United States. The DR is the 26 th largest provider of tourist s to the United States. In addition, around 1 million Dominicans live in the United States.

21 International Buyers Program CS Dominican Republic will recruit for the following IBP trade shows in the upcoming year: NACE Auto Services Show New Orleans - October 2012 PACK EXPO Chicago October 2012 Consumer Electronics Show Las Vegas January 2013 NAHB International Builders Las Vegas - January 2013 Graphics of Americas Orlando February 2012 Nightclub and Bar Convention Las Vegas - March 2013 Nat Assoc of Broadcasters Las Vegas - April 2012 Windpower Conference Chicago May 2013 National Restaurant Association Chicago - May 2013 Waste Expo - New Orleans May 2013 CTIA Wireless Las Vegas - May 2013 POW-WOW Chicago June 2013

22 International Buyer Program Shows continued.. International Franchise Show New York June 2013 Fancy Foods Show New York June 2013 Clinical Laboratory Show Houston July 2013 PRINT 13 Chicago September 2013 Pack Expo 13 Chicago - September 2013 International banking Industry Las Vegas November 2013 POWER GEN Orlando November 2013 Greater NY Dental new York December 2013

23 Foreign Direct Investment in DR Cumulative US$ million Source: $ % United States 5, Canada 4, Spain 3, Mexico 1,8, UK

24 Other business opportunities: Free Trade Zones The National Free Trade Zones Council of the Dominican Republic has 48 industrial parks operating. There are a total of 555 companies operating in Free Zones, which generate 121,001 jobs. 40% are from the U.S. 24% of the companies are in the textile industry, the largest industry sector followed by medical equipment and products; % of the companies provide services. Source: National Free Trade Zones Council of the Dominican Republic. Statistics Report 2010

25 The Bahamas HIGHLIGHTS Population: GDP: 354 thousand $7.70 billion GDP growth: 0.95% Per Capita Income $21,538 Bilateral Trade US/Bahamas: Imports from US: $4.2 billion $3.42 billion US Imports Market Share: 84% Sources: U.S. Department of State Bureau of Public Affairs. December 2011 & US Embassy Nassau 2012

26 The Bahamas AREAS OF OPPORTUNITY The best U.S. export opportunities remain in the traditional areas of : foodstuffs and manufactured goods vehicles and automobile parts; hotel, restaurant, and medical supplies computers and electronics franchises and energy efficient products. Bahamian tastes in consumer products roughly parallel those in the United States. Merchants in southern Florida have found it profitable to advertise in Bahamian publications. Most imports are subject to high but nondiscriminatory tariffs.

27 Jamaica HIGHLIGHTS Population: GDP: 2.86 million $14.3 billion GDP growth: 0.6% Per Capita Income $5,000 Bilateral Trade US/Jamaica: Imports from US: $2.48 billion $1.91 billion US Imports Market Share: 40% Sources: U.S. Department of State Bureau of Public Affairs. December 2011

28 Jamaica OVERVIEW 1.92 million visitors (2010), 65 percent from the US. GDP is US$14.3 billion and growth hovers at about 1.5% per year on average. 20% of GDP comes from tourism and 15% from remittances from Europe and North America. Services account for 60% of the GDP. Trend of significant investment in the hotel and tourism sector. New highways, increased energy production and port modernization will likely lead to higher GDP growth.

29 Jamaica Market Overview PNP-led government elected in 2011 on platform of state capitalism and public investment: Job creation through labor intensive infrastructure projects Establishment of Jamaica 50 Growth and Development Fund Support of innovation and increased competitiveness. Direct Foreign Investment up to $228 million (2010): Increased investment in the tourism sector 15% of its 2008 level. Strong Investment Potential: Proximity to U.S. market and English-speaking workforce Natural Resources: Beaches and Blue Mountains.

30 Haiti HIGHLIGHTS Population: GDP: 10 million $7.4 billion GDP growth: 5.6% Per Capita Income $663 Imports from US: Bilateral trade US/Haiti: $2.04 billion $1.6 billion US Imports Market Share: 40.0% Sources: U.S. Department of State, Central Bank of Haiti

31 Haiti Market Overview The U.S. remains Haiti's largest trading partner. U.S. imports represent more than 40 percent of total imports. Haiti imports more than 70 percent of market goods. Three major International Ship and Port Facility Securitycertified ports include Port-au-Prince, Cap Haitian, and St. Marc. Renovations to the ports are underway. Haiti is renovating its two existing international airports and constructing two new international airports, enabling improved transit to the U.S.

32 Haiti OPPORTUNITIES Haiti s political and security situation has been improving since before the January 2010 earthquake. Renewed international focus on Haiti since the earthquake and Haitian government policies promoting increased trade and investment have created new opportunities in many sectors. In May 2010, Congress passed the Haiti Economic Lift Program (HELP), which extends two existing trade preference programs, the Caribbean Basin Trade Partnership Act (CBTPA) and HOPE II, until September Both publicly and privately financed reconstruction efforts and new present opportunities in the construction material and equipment sectors. The garment sector has great potential for growth. U.S. firms export cut fabric, raw materials, and equipment to support assembly. Haitian and international firms provide labor on a contractual basis.

33 Haiti OPPORTUNITIES The telecommunications sector is growing. The rapid expansion of the telecommunications market has been accompanied by a growing demand for diversified telecommunications services. Approximately 10 firms offer Internet access and data transmission services, which is leading to the growth of a computer culture. Tourism development is booming. Improvement in basic infrastructure, such as roads, health services, and power supply, as well as construction, is essential for hotel and other tourism development. A spare parts market for new and used American vehicles (including trucks and buses) exists. Used vehicles are often valued at higher prices in Haiti than the United States.

34 Barbados and the Eastern Caribbean HIGHLIGHTS Population: 282 thousand GDP: $4.1 billion GDP growth: 5.3 % Per Capita Income $14,540 Bilateral Trade US/Barbados: $485 million Imports from US: $439 million US Imports Market Share: 35.9% Sources: U.S. Department of State Bureau of Public Affairs. December 2011

35 Barbados and the Eastern Caribbean OPPORTUNITIES There is a demand for hotel and restaurant equipment. Smaller scale hotel construction continues on the South Coast with three new hotels scheduled to open by the end of Barbados has liberalized its telecommunications market. New opportunities for US telecom and retail companies have arisen in the area of call centers for long distance calling, medical transcription services and the outsourcing of customer service via telephone. Barbados enjoys a high rate of internet connectivity, computers per household and computer literacy in the hemisphere. There are increasing opportunities for renewable energy technologies in Barbados and the Eastern Caribbean countries.

36 Trinidad & Tobago HIGHLIGHTS Population: GDP: 1.3 million $22. 4billion GDP growth: 8.2% Per Capita Income $17,231 Imports from the U.S. $2.18 billion US Imports Market Share: 32.7% Sources: U.S. Department of State Bureau of Public Affairs. December 2010

37 Trinidad & Tobago Market Overview Trinidad and Tobago has a very open economy. The majority of protectionist tariffs and non-tariff schemes have been gradually dismantled. Market of some 1.3 million people with a per capita income of US$17,231 the second highest in Latin America and the Caribbean. It has a predominantly service based economy despite its endowments in oil and natural gas. The services sector is the largest services sector in CARICOM.

38 The Government of Trinidad & Tobago has opted to maximize the development of the hydrocarbon sector and at the same time has identified seven key non hydrocarbon based industries for immediate development. They are: Yachting; Fish and Fish processing; Merchant Marine; Music and Entertainment; Film; Trinidad & Tobago OPPORTUNITIES Food and Beverage; and Printing and Packaging.

39 Trinidad & Tobago OPPORTUNITIES Best prospects for U.S. exports exist in the following sectors which have been targeted for growth: Information Communications Technology (ICT) Clean Energy Technology Creative Industries (fashion, film) Light manufacturing Maritime Industries. Other opportunities exist in: Tourism Yachting Food & beverage, Fish and Fish Processing.

40 Contact us! U.S. Commercial Service Caribbean Office Isabella Cascarano Regional Senior Commercial Officer for the Caribbean Region Dominican Republic Office Tel: (809) Fax: (809) Office.

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