A global economic recession, unpredictable weather-related disasters and a tightening global regulatory regime are some of the adversities being faced by the corporate Caribbean.

Therefore an impassioned and personalised presentation by self-made Jamaican billionaire Michael Lee Chin on “How to Persevere in Times of Adversity”, at the recently concluded International Business Week 2010 Conference at the Hilton Barbados came at the right time for many.

An affable and engaging Lee Chin called upon conventional wisdom to outline for the over 200 participants how he had personally translated the concept of “crisis” equals “danger” plus “opportunity” to triumph over what had initially been a personal crisis in 1998/1999. It was at that time, Lee Chin told his audience of business leaders from the Caribbean, Latin America, the United States, United Kingdom, and Canada, that his then flagship investment management company AIC looked like it had missed the “dot-com” bubble and was flagging under the weight of investor uncertainty. This position was worsened by a damning September 1999 article in the Canada-based Globe & Mail that predicted a run on the fund that would leave it and Lee Chin illiquid. However, after admitting that the publication of that article precipitated one of the darkest days of doubt in his 30 years in investments, Lee Chin told his audience he reminded himself of the Western translation for the Chinese symbol “crisis” that gestured toward the opportunity in every danger. With that mantra in mind, Lee Chin capitalised on the lack of investor confidence and bought as investors sold until he had amassed a substantial stake in Mackenzie Financial, which he later sold for double what he had bought it.

With that experience under his belt, Lee Chin was able to remind the high-profile gathering that included senior executives from Citicorp, Merrill Lynch, Deloitte, KPMG, and Scotiabank, among others, that while what was occurring on the global financial stage might appear to pose insurmountable challenges, there were opportunities yet to be had.

Lee Chin’s presentation dovetailed with the overarching theme for this year’s International Business Week of celebrations, which was staged between October 24 and 30, 2010 by the Barbados International Business Association and its strategic partners under the theme: “From Crisis to Opportunity ...Unique Strategies, Competitive Edge”. More specifically, Lee Chin and a host of other speakers including G20 advisor Professor Avinash Persaud and one of the pillars of the Barbados international business sector, Dr Trevor Carmichael, tailored their presentations to meet the conference theme: “Surviving to Thriving: Strategies for Global Expansion in Turbulent Times”.

Now in its second year, this conference is poised to become the premier international business conference in the region as Barbados continues to distinguish itself as a leading international business centre capable of facilitating the global expansion programmes of major corporations and investors. This year’s topics ranged from an examination of the current economic  climate: ‘Managing the Open Economy in a Time of Crisis’, ‘OECD Next Steps’, ‘Double Taxation Agreements versus Tax Information Exchange Agreements’; to the strategic: ‘Strategies for Global Expansion’, ‘Trends and Strategies for Latin American Investors’, ‘The Changing Face of Global Competitiveness’, and ‘Smart Wealth Management Strategies in Turbulent Times’.