GLOBAL EXPANSION: Caribbean Region Attracts Technology-based Firms

Barbados continues to maintain a favorable environment for companies considering an expansion into the Caribbean region, particularly in the international business and financial services sectors, as well as information technology, call centers and manufacturing.

The country continues to improve and expand its legislative framework to provide generous incentives, greater flexibility for investors and general conditions to facilitate international business activities. Barbados is a low-tax, highly respected domicile for a range of business activities.

Glastonbury, Conn.,-based Open Solutions Inc., a provider of integrated enabling technologies for financial service providers across the United States, Canada and international markets, recently signed an agreement to expand its presence in Barbados via the City of Bridgetown Co-operative Credit Union.

“Our vision is to be the preferred financial institution in Barbados,” said Steve Belle, general manager of the City of Bridgetown Co-operative Credit Union. “We recognize the importance of an open architecture, flexible core data processing platform that will allow us to customize the system and have that system grow with our needs.”

Grenada is diversifying its economy into a knowledge-based society grounded in technology. Investment opportunities there include agro-processing, fishing, light manufacturing, information services, filmed entertainment and international financial services.

Ocean Call operates a $1.3 million telemarketing company on the island to service the UK and U.S. markets.

Melvyn Mills, managing director of Ocean Call, said that coming to Grenada was purely an accident. Initially, the company started operations in another island but became frustrated with the lengthy procedures. Support from the Grenada Industrial Development Corp. helped Ocean Call get up and running in Grenada in five weeks.

“The more we are here, the more we like it,” Mills said.

Abbott Laboratories operates its Abbott Grenada Ltd. manufacturing site in Frequente Industrial Park, where its assembles plastic tubing parts for a hospital pump called Flexiflo and other related medical devices.

“Within the time frame I have been in Grenada, the level of technical expertise, infrastructure and support systems are much improved,” said Jim Peczkowski, general manager of Abbott Grenada. “Telecommunications has brought Grenada into the global community. You don’t have to feel like you’re on a rock in the middle of the ocean.”

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.