Curacao Competes 2014

 

Curaçao Competes 2014 provides for six immediate needs:

  • A self-assessment by the private sector of its own business sophistication and innovation.

  • Concrete actions for the private sector to enhance its competitiveness. As such it is a tremendous tool for advisors, financiers, business service organizations and the like.

  • Awareness of the 100+ factors that contribute to competitiveness of firms and countries.

  • Information about the programs our competing nations have implemented to improve the competitiveness of their firms and countries, and attract more investors and exports. We do the same for our trade partners and economies in transition.

  • Points to promote Curacao NOW, given our current strengths and weaknesses

  • An existing globally benchmarked tool to measure our progress.

 

The World Economic Forum’s (WEF) Global Competitiveness Index (GCI) is widely recognized as the world's leading cross-country comparison of factors that affect competitiveness and therefore investments and economic growth. Published since 1979 and financed by private enterprise, it covers 148 of the 200 countries in the world, and is used to evaluate investment options and determine economic policy.

 

Curacao is not included in the report, because of the size of our economy and because, while they exist locally, secondary data is not available from global institutions such as the World Bank and IMF. The cessation of the Netherlands Antilles on October 10, 2010, has both added to the confusion and created a unique opportunity.

 

In 2012, based on our credentials, WEF gave MarkStra Caribbean permission to conduct the Global Competitiveness Survey in Curacao using its methodology, but for our own account. MarkStra Caribbean published Curaçao Competes 2014 in June 2014.

 

 

Contents

  1. Introduction to the pillars of competitiveness

  2. Methodology

  3. The findings for Curacao and analysis

  4. Curacao’s ranking against our major competitors so that

  5. Curacao’s ranking against our major existing and emerging trade partners

  6. The ranking of the local business community on the global business sophistication index

  7. The strengths and weaknesses of the leading countries in each continent

  8. An overview of practical ways in which other countries have used the findings of the GCI to determine policy, attract investors and increase competitiveness. The overview will focus on our competitors, the Kingdom, existing and emerging trading partners, and other small states. The questionnaire stating all 140 factors that influence competitiveness

 

 

Methodology

The global competitiveness index is made up of an Executive Opinion Survey and secondary data.

We issued invitations to Curacao professionals and executives to participate in the 30 minute Executive Opinion Survey via mail, email and telephone calls, to lists from the Chamber of Commerce, Curacah Hospitality Associaiton, ADECK  (Small Business Association), CURINDE, DMO (Downtown Management Organization), and MarkStra’s proprietary database, as well as through the media, between August 2013 and February 2014

Business leaders, board members of trade and professional organizations were given an additional opportunity to participate

Participants could take the survey online or in-person between August 2013 and February 2014. Over 75% chose to take the survey online;All surveys were taken in English (as they are in Holland)Surveys filled in only partially were discarded

The final sample, n = 80, is representative of the Curacao business landscape according to contribution to GDP, following the WEF guidelines.

Statistical analyses were carried out, following WEF GCI methodology, as far as possible

Secondary data was collected from CBS, CBCS, BTP and global sources between January and March 2014  

 

 

Why is it good for your company?

  • If you are a Curacao company:

    • you can use it to describe the economic environment in which you operate to potential foreign clients, suppliers, and partners in today’s terms

    • It gives you an idea of your company’s own competitiveness based on its attention to and investment in the factors that are relevant in today’s terms.

  • If you are a potential investor, it describes the strengths and weaknneses in Curacao's economic environment 

 

 

Why is this good for Curacao?

  • It allows us to describe Curacao’s business and economic environment in terms used nowadays around the world

  • It allows us to highlight our strengths to potential investors, clients, partners and others based on benchmarked data

  • It allows us to measure the effectiveness of economic policies and programs developed and implemented

 

 

 

Our intern, Yverna Hu-A-Ng, a senior at the University of Curacao, managed the fieldwork. 

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© 2014 MarkStra;  e: tlacruz at markstra.com; t: +5999767-3085, skype: tamiralacruz