(World Bank, 2020)
Bring Your Technology & Support Business to the Caribbean
The Caribbean is the ideal nearshore market for the U.S. with similar time zones and nonstop flights from the majority of major U.S. cities.
Multinational companies are choosing to bring their technology and business support projects to the Caribbean with 1.3 billion being invested in 130 projects in the Caribbean’s BPO sector from 2006 to 2020 (fDi Markets). These investments resulted in the creation of over 43,600 jobs, something the Caribbean can support due to the region’s highly educated, multilingual workforce. Afterall, the Caribbean’s 95 higher education institutions graduate 80,000+ students annually, 38 percent of whom have degrees in social sciences and economics.
Itelbpo, Xerox, Scotiabank, KPMG, Sutherland Global, Vistaprint, IBEX, HGS, Teleperformance, Qualfon, KM2 Solutions and others have call centers, finance and accounting, back office, medical processing, health care, and non-voice service centers in the Caribbean. They are leveraging the Caribbean’s unique advantages, such as:
- The Caribbean has 200+ delivery centers with over 100,000 workers.
- 95% retention rates make Caribbean BPO companies highly productive.
- BPO office space costs 28 - 90% less than in the U.S.
- A strong fiber network connects BPO companies from the Caribbean to their headquarters and the world.