Doing business in the Dominican Republic: The market of the future
On the final day of the National Export Awareness Week 2020, a webinar was given regarding the benefits of doing business in the Dominican Republic. Dovetailing into this theme, the day also saw the launch of ‘Path to Market: Negoshi Repúblika Dominicana i hopi mas (Business in the Dominican Republic and much more).’ This is a digital platform through which Curaçao’s Micro-, Small- and Medium-sized enterprises can access information, training, and support to enter the Dominican Republic market and beyond.
According to projections from the UN’s Economic Commission for Latin America and the Caribbean (ECLAC), the Dominican Republic market will be better off than most countries in Latin America and the Caribbean in 2020. Despite the COVID-19 crisis (DR cases peaking at 14.000), 59% of consumers surveyed indicate an increased consumption in certain areas of the DR and willingness to try new products and services. Thus it will greatly benefit Curaçaoan companies to gain entry into this profitable market.
Follow the Sun!
There was also a webinar titled “Follow the Sun!”, which focused on local entrepreneurs jumping into and generating revenue from more international markets. The provision of high-value international services will be a cornerstone for Curaçao’s economy once all stakeholders (public and private) converge their efforts into making this a success. Thus building businesses based on a clearly defined purpose will create an opportunity to support clients internationally. Value-based leadership and a culture of innovation will also be key to making this a reality.
Entrepreneurs will also need to employ lateral thinking, exploring new dimensions of their businesses while having a fierce focus on activities that contribute to their ultimate goal: succeeding abroad. In a sustainable and synergetic partner ecosystem, fed with creativity and positive energy, the sky’s the limit.
Curaçao en route to an orange economy: The creative industry
The core of the orange economy is culture and its expressions and every member of the Curaçaoan community is encouraged to give their meaningful contribution to this economy. A creative economy has great positive cognitive, health, and social effects on the community. The visual arts, craft and design sectors of Curaçao’s creative industry are already sustainable, diversified, and up to both local and international standards.
These sectors will showcase authentic Curaçaoan products in order to sustain families. They will also enhance the value of the Curaçao brand in a dynamic environment. Furthermore, the visual arts, crafts, and design sectors will empower Curaçaoan citizens to elevate themselves as a young nation while giving a real contribution to poverty alleviation.
Curaçao en route to an orange economy: The possibilities
In the film sector there are several cross border services to explore, albeit with some challenges to overcome. These services are Digital Imaging, Education, Editing, Connectivity, and Animation. But the Curaçaoan government would need to be brought on board to facilitate the exportability of these services. For more information go to: www.curacaofilmoffice.com
In the music sector, revenues can be generated through live performances, music sales (singles, albums), streaming, royalties, and third party marketing and monetization. A shining example of the possibilities to enter international markets in this sector is the story of Curaçaoan music artist Ephrem J. Over the years he has amassed an international fanbase through his uniqueness, high-quality music, carefully cultivated image, accessibility, and use of the right language, in his case Spanish.
Local music artists looking to break onto the international music scene can take the following lessons from Ephrem J’s success story: they must start small with an end goal in mind, have a manager, know their rights and protect their assets, and market themselves effectively on digital and social media platforms.