The offshore services industry in the Caribbean: a conceptual and sub-regional analysis

Bananas have always been a key generator of revenue for the Windward Islands. Now, the banana industry is experiencing a precipitous decline due to the increase in Caribbean offshore centers. The development of offshore sector frameworks must include deliberate public policy-making aimed at enhancing economic diversification in the region. Although islands, especially in the Organization of Eastern Caribbean States (OECS) sub-region, are attempting to harness a strategic growth industry as a principle agent in national and sub-regional economic transformation, it is premature for policy-makers to view the offshore sector as a replacement for the agricultural sector at least in the short- to medium-term. An explicit review of the banking and international business companies (IBC) sub-sectors of Dominica's offshore services regime confirms this argument.