A section of the participants from the various member countries of the Caribbean Shipping Association. Photo: VINO

President of the Caribbean Shipping Association Grantley St. J. Stephenson CD, JP. Photo: VINO

Some of the flags of the participating countries on display at the conference. Photo: VINO

A view of the head table at the opening ceremony of the conference. Photo: VINO

He made the remarks earlier today May 11, 2015 during his opening speech of the 14th Annual Caribbean Shipping Association Conference held in the Ballroom of UP's Cineplex in Road Town.

A new trading partner opened

According to Mr Stephenson, there was an announcement last week that Americans looking to sail between the United States and Cuba will soon be able to by ferry and that a few ferry licences have already been issued by the US Treasury Department’s Office of Foreign Asset Control.

He said the easing of some of the sanctions that have been in place for nearly 55 years have effectively opened up a new port, a new trade partner for the entire world. “Last year, perhaps in anticipation of the spending change, the Cuban Government with the assistance of Brazil opened their new mega-port. This is a $900 million signal to the world that Cuba is ready, willing and able to become a regional hub for transhipments,” said Stephenson.

The CSA president reasoned that this development will certainly spike competition in some areas with the lifting of sanctions and conditions specific to travel, but it will also provide trading opportunities that were missing because of the embargo by the US.

Expanded Panama Canal spell opportunities

He said perhaps the biggest game changer in the history of the region and certainly in the 20th century was the building of the Panama Canal. “History is set to repeat itself as it seems the biggest game-changer for the region’s maritime industry in the 21st century is the expansion of the same canal,” he said.

He added that almost every investment in the region in the last few years is centred on the potential of the expansion of the canal and the opportunities that such expansion will provide. “We must continue to assess its impact and benefits to strategically prepare for the projected challenges and economic benefits.”

French company investing in Jamaica’s ports

Stephenson said that contingent upon the proposed multimillion dollar investment, courtesy of French shipping company CMA-CGM and the Port Authority of Jamaica for the operation of the Kingston container terminal, are further opportunities for the expansion of trade in the region.

“The region’s strategic location that prompted the French company’s investment of $600 million is yet another indicator of the investment potential of the region,” he said.

Stephenson said trade facilitation is pivotal to development as it enhances a country’s competitiveness by allowing them to trade goods and services on a timely basis with lower transaction costs. He said conversely, inefficient logistics procedures and infrastructures can pose significant obstacles to trade by making it difficult for countries to tap new market opportunities or improve their overall competitiveness. "We need to fully grasp our role and business potential in this critical area,” he said.

He also said it is no question that the mind-set of persons in the industry must change and for this reason the CSA is continuing its training programmes.

Speaking at the opening ceremony, Minister for Communications and Works Hon Mark H. Vanterpool (R4) said because of the strategic placement of the Caribbean islands it is to the region's benefit to work together to maximise these advantages as it relates to trade, travel and transport.