Nearshoring & Friendshoring: Unexplored opportunities in Central America and the Caribbean

Globalization has led companies to look beyond their borders in search of efficient solutions. In this context, terms such as ‘nearshoring’ and ‘friendshoring’ have become more relevant than ever, and regions such as Central America and the Caribbean are emerging as key destinations for these strategies.

What is Nearshoring?

Nearshoring involves moving processes or services to geographically close countries, seeking efficiency and effectiveness in the development of a project. This offers multiple benefits: cost reduction, cultural similarity, compatible time zones and greater ease of communication.

Friendshoring: An Extra Step

Friendshoring is based on taking projects to countries with which there is already a pre-existing commercial or cultural relationship, enhancing trust and synergies in the business. It’s like working with friends, but on an international level.

Central America and the Caribbean: A Hidden Gem

Beyond paradisiacal beaches, this region offers:

– Bilingual and trained talent: The labor market is full of bilingual professionals with technical and soft skills.

– Geographic advantages: The proximity to North America and the cultural similarity facilitate the integration of processes.

– Growing economy: Countries like Guatemala are emerging strongly in the technological and services field. The Caribbean receives approximately 30 million tourists per year and a 10% increase in demand for eco-friendly accommodation has been observed in the last decade.

– According to the Inter-American Development Bank, Central America has shown an average growth of 4% in recent years.

– Investment in infrastructure has increased by 15% in the last decade, especially in countries like Guatemala and Costa Rica.

Florida: Strategic Connection

Florida is the perfect bridge between North America and the Central American and Caribbean region, thanks to its location, infrastructure and diverse culture. This state has experienced a real estate boom, with a 20% increase in construction projects in the last 5 years.

Additionally, Miami is considered one of the 10 most innovative cities in terms of design and architecture worldwide.

Challenges and Considerations

Like any strategy, it is vital to take into account possible barriers, from logistical aspects to subtle cultural differences. However, with the right tools, like those offered by Meridia, these barriers can be turned into opportunities.

Technological innovation and the strategies that foreign direct investment is requiring nearshoring and friendshoring can take your business to new horizons. It is time to explore the opportunities that Central America and the Caribbean have to offer, and to use all the tools at your disposal to maximize the potential of your company in the region.