Since the early 2000s, most US and European companies have cut significant costs by moving manufacturing operations to China and Southeast Asia. Because of COVID disrupted supply chains, growing tensions and trade disputes between China and Western nations, and backlash over China’s dismal human rights records, companies are seeking diversity. As CEOs are rethinking their supply chain strategies and looking to new areas, the Caribbean and Central American regions are positioning themselves as attractive, close-to-the-US global manufacturers. Will this new practice be a fad or a long-term solution?
Altamar hosts Peter Schechter and Muni Jensen are joined by Roberto Álvarez, Minister of Foreign Affairs of the Dominican Republic, to explain this new concept of “nearshoring.” Altamar’s ‘Téa’s Take’ by Téa Ivanovic discusses how governments must do more to prepare their young population for nearshoring.