Globalization: Jamaica Jamaica: Fertile Potential Term Paper

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This, combined with limited liquid capital, also limits entrepreneurial ventures.

The Potential of the Caribbean Market

Despite the above challenges, it is also true that Jamaica and other countries in the region have become a significant emerging force in the global market. The problems outlined above serve only as challenges for those venturing into the Caribbean market, and Jamaica specifically.

Specific areas showing great potential for the international Jamaican market include telephones and tourism. The above-mentioned technology has increased by leaps and bounds since the 1990's, and great progress has been made in the area of tourism. Indeed, 90% of Jamaica's international revenue in the services sector is accumulated from tourism. Undeveloped Caribbean niche markets in this sector include eco-tourism and package tours. These are specific areas that can benefit from educational efforts and possible entertainment components.

Wireless telephony is also a large potential Jamaican market. The country features 1.2 million cell phones for its 2.6 million population. The average phone bill in the country is $50 per month. The potential of this market lies in the demand for inter-island communication, as well as communication between the United States and the Caribbean area. A hopeful sign is that some Caribbean governments are working towards more competition between wireless phone companies, while landlines are mostly handled by Cable & Wireless.

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Closely connected with the tourism and wireless markets is real estate in the Caribbean. Once again, this is a potential market that is largely undeveloped in this emerging market. Hotels and resorts can for example be developed in these areas, as the Caribbean islands are popular tourist destinations. Furthermore real estate benefits from persons wishing to retire in the Caribbean area.

Hotels and resorts can then be offered at discount and package rates, up to the top-rate hotels for the traveler with money to spend. Underserved, less affluent tourists can then be easily catered for by the large amount of undeveloped land available.

It appears then that Jamaica and the entire Caribbean area features many untapped resources for global trade. What remains to make the most of these markets is facing challenges such as political, legal and educational shortcomings and addressing these. The global market and the revenue already generated through services such as tourism can be used towards this end. Foreign investors can be made aware of the market by means of advertising and global activity. Revenue generated through investment can furthermore be used towards the ends of development and infrastructure.

Jamaica and the Caribbean serve as examples of largely untapped resources, which can be….....

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