To reinforce trade within the Eastern Caribbean, the EU-funded TEECA project is helping 30 ready-to-export companies in the agro-food, environment, ICT, fashion, and music sectors boost their business.
TEECA – Enhancing trade and boosting business in the Eastern Caribbean
- 18 September 2019
TEECA is above all a human encounter between entrepreneurs from the French and the English speaking Caribbean, having as its common goal the improvement of the region’s wealth and employment through business partnership, development, and innovation.
The Eastern Caribbean region is comprised of a number of vibrant islands, each of which boast a range of unique businesses. However, due to trade barriers and a lack of market intelligence, logistics, and financing, the region sees limited export activities.
TEECA aims to change this. Designed specifically for first-time exporters, the project is using a number of tools to support regional trade and economic development. By increasing the flow of goods and services within the Caribbean, the project aims to provide the region with a range of economic benefits, including job creation.
Developing feasible export strategies
The first step to trade is to understand who you’re trading with. TEECA started by developing a shared information tool to improve market intelligence about neighbouring countries. The tool is based on in-depth market research conducted in each of the five targeted sectors. Project researchers established a trade facilitation team to advise companies on their export strategy, and created a document listing all financing opportunities available throughout the region.
Next, 30 companies from the region and operating within the priority sectors were selected to participate in the project’s pilot programme. Participants were invited to partake in a number of sector-specific actions aimed at developing feasible export strategies. Such actions include: attending informational workshops on how to secure financing, working with other participating companies to create innovative new products, taking part in an entrepreneurship competition, joining a language course (English, French), participating in a business immersion programme, and attending an innovation-focused business retreat.
Already seeing results
Although the project remains ongoing, several important results have already been achieved. For example, in July 2018, companies from six countries came to Martinique for a three-day business retreat to network, share expertise, and exchange best practices. Furthermore, thanks to the project’s language courses, company representatives are able to present and explain their product or service and negotiate deals in another language.
To ensure the project’s long-term impact, TEECA has hired a full-time market research analyst, based in Saint Lucia, and two export development advisers, one of whom is based at the Organisation of Eastern Caribbean States’ headquarters in Castries, Saint Lucia, and one at the Martinique Chamber of Commerce and Industry’s office.
Total investment and EU funding
Total investment for the project “TEECA – Trade Enhancement for Eastern Caribbean” is EUR 2 199 099, with the EU’s European Regional Development Fund contributing EUR 1 115 909 through the “INTERREG CARAIBES” Operational Programme for the 2014-2020 programming period. The investment falls under the priority “Jobs, Growth and Investment”.