Local rum producer Angostura is continuing its focus on international expansion as it sees “great potential” in that area, says the company’s chief operating officer (COO) Ian Forbes.
In an interview with the Sunday Business Guardian following Angostura’s release of a special rum in tribute to Caricom’s 50th anniversary, Forbes shared insights into some of the company’s plans for expansion in the regional and global arena.
On the international front, he said, “That’s an important aspect of what we want to focus on so growing our rums internationally and expanding our reach internationally is our primary focus.”
Forbes noted that Angostura’s major markets internationally are in Europe, specifically western, central, and eastern Europe, as well as North America, which he identified as the biggest markets for rum.
“North America is probably the biggest market for rum globally. So our presence there is critical, but our areas of focus are Europe and North America, in terms of the growth that we hope to achieve in the future.”
He further noted that penetrating new emerging markets is critical, not only for Angostura, but also for many of its colleagues in the Caribbean rum industry as that is where growth is likely to come from.
Angostura recently signed an agreement to re-enter the Chinese market, reflecting its international reach.
On this move, Forbes said, “So take China, for instance, where the GDP (gross domestic product) is increasing and where the earning potential of the average citizen is increasing. That is a tremendous opportunity. There are other such markets around the world, new and emerging markets, and those would be of interest to us.”
Two weeks ago Angostura announced a strategic distribution agreement to export its global award-winning products to China.
The agreement is with Caribbean Commercial Management (Hangzhou) Co Ltd, a subsidiary of First Caribbean Marketing Company Ltd, an established importer and exporter of Chinese goods into T&T and the wider Caribbean.
Forbes also cited the African markets as another area of interest, as well, for Angostura as those too hold potential avenues to conduct business.
On whether the mission of Angostura is also to increase this country’s foreign exchange earnings, Forbes said he would put it this way, “Given the finite size of T&T, given the finite size even of the Caribbean region, the only place that we can grow sustainably is in the global market and we look at global rum opportunities and that’s our main focus.”
Regarding challenges in sourcing raw materials, and whether Angostura is facing shipping issues like other entities, Forbes acknowledged that all businesses operating in today’s economic space are facing challenges caused by geopolitical conflicts and other factors, which cannot be controlled. Supply chain issues impact aspects like freight prices.
