Banks DIH seeking regional spirit producers association help in extra-regional marketing push
Company could benefit from EU 70m euros support programme for Caribbean spirit producers
Stabroek News
January 19, 2007
Banks DIH Ltd is currently engaged in discussions with the West Indies Rum and Spirit Producers Association (WIRSPA) aimed at helping the company emulate the highly successful local and regional marketing success of its rum products in North America and Europe according to the Company's Rum Factory Executive Robert Sugdeo.
In an exclusive interview with Stabroek Business earlier this week shortly after the launching of the company's new VXO rum at Thirst Park Sugdeo said that Banks was currently working with WIRSPA to secure external marketing support for its branded rum products under a 70m euros project funded by the European Union. (EU) "Growth is one of the company's priorities and with the limited size of the regional market we are focusing on external sales," Sugdeo told Stabroek Business.
According to Sugdeo WIRSPA is currently working with regional spirit producers to expand their share of the international market for branded rum products by providing funding support for market research aimed at assisting them to penetrate extra-regional markets.
Sugdeo told Stabroek Business that the WIRSPA assistance programme for regional rum producers includes assistance in helping companies meet external labelling and other requirements. He said that the company was confident that its branded rum products which have established solid local and regional reputations will satisfy the criteria necessary for marketing on the North American and European markets.
Sugdeo explained that in order to qualify for support under the WIRSPA programme Banks DIH Ltd had to satisfy a number of criteria including the endorsement by WIRSPA of the company's business plan. He disclosed that that requirement had already been met and that discussions with the regional spirit producers association were currently on the company's "front burner."
Banks DIH Ltd has taken previous initiatives to market its rum products in North America and Europe and the company is hoping that under the WIRSPA support programme its traditionally popular blends will enjoy sustained marketing success among the Guyanese and Caribbean disapora as well as with traditional consumers in North America and Europe.
Asked whether the company had set a target date for the start of its new extra-regional marketing push Sugdeo said that there was still some collaborative work to be done with WIRSPA and that Banks DIH Ltd was hopeful that the initiative would bear fruit "in a few years' time."
Stabroek Business understands that Demerara Distillers Ltd (DDL) is also seeking to benefit from similar support from WIRSPA.