RAYMOND CHANG has made a sizeable investment in the operations of Walkerswood Caribbean Foods Limited. Chairman of Canadian mutual fund company, C.I. Fund Management, he said he could have invested anywhere in the world, but his heart and its potential made him invest in Jamaica. The Canadian billionaire was the special guest speaker of the Rotary Club of St. Andrew meeting held at the Hilton Hotel, New Kingston on Monday evening.
"It is important to find things that are unique to Jamaica and three agricultural products that have a unique Jamaican flavouring are pimento, ginger and scotch bonnet pepper," he said to explain why he put money into Walkerswood. "Why should I go into other agricultural products that would see me competing with bigger operators with more resources and access to more markets? You have to go with something that gives you that bit of an edge."
ETHNIC AND GOURMET MARKETS
One of Jamaica's most celebrated producers of seasonings, sauces, preserves and spices, the company began as a cottage industry in the Walkerswood community of St. Ann in 1978. Their products, in particular, their 'Jerk Seasoning' and hot pepper sauces are very popular in ethnic and gourmet markets across the Caribbean, the United States of America and Europe.
"When deciding to invest in a business one should pay particular attention to the quality and motivation of the people who work there," Mr. Chang said. He added that he was impressed with the people at Walkerswood and what they wanted to achieve.
Boosted by an investment from Mr. Chang, the company built a new 45,000 square foot processing plant at a cost of $150 million. The company, which has in the past imported produce such as scallion from Costa Rica, is attempting to expand local production of its raw materials.
"In conjunction with the 45,000 square foot plant, we will need additional input more scallion, more pimento," he said. Walkerswood has sought to allow farmers to access land owned by the Government and the bauxite companies.
"Three years ago we started with 12 acres of land and eight farmers," he said. "Today two of those farmers have gone out on their own and are now cultivating 30 acres."
One hectare of peppers can netting $600,000 in income each year, "you can do the math," he said. "We are now telling farmers 'You grow this and this and we will take everything you grow'."
UNDERGOING AN EXPANSION
Walkerswood is currently undergoing an expansion and part of the financing for this project is coming from the Jamaica National Building Society, run by Earl Jarrett. Mr. Jarrett sees the farmers as potential clients and is actively courting them.
To compete in the global market, "We should be concentrating on unique Jamaican products, marketing them and selling them to the world," he said. "I have a dream in which I see Jamaican scotch bonnet known all over the world because of its unique flavouring."
