Premier Label: Trade missions offer unparalleled opportunities

BAVINA SOOKDEO

Trade missions offer unparalleled opportunities for market exploration, networking, and business growth, says Varun Maharaj, general manager of Premier Label Co Ltd.

This bold statement encapsulates the transformative impact that participating in trade missions has had on his family’s business.

Premier Label, a family-owned enterprise founded by Maldeo and Renuka Maharaj in 1992, has been a stalwart in TT’s printing and packaging sector for over 30 years.

With two bases in San Fernando (6 and 11 Prince Albert Street), the company has seen significant growth and innovation over the years.

Maharaj, transitioning from a career as a tax attorney at KPMG to joining the family business in 2023, now heads the company’s efforts to expand its market reach through strategic trade missions.

Premier Label specialises in commercial printing and manufacturing digital labels and flexible packaging materials for industries such as agriculture, pharmaceuticals, personal care and food and beverages.

Speaking to Business Day, Maharaj said, "Our products cater to the specific requirements of companies by providing high-quality, durable and attractive packaging solutions that help preserve the integrity and appeal of their products."

On his interest in trade missions, Maharaj said it was fuelled by the desire to explore new business opportunities within the Caricom region and to thrive in TT’s competitive business environment.

Premier Label has participated in trade missions to St Lucia, Grenada and the Dominican Republic.

Maharaj said the TT Manufacturers’ Association (TTMA), ExporTT (now amalgamated into the TT Trade and Investment Promotion Agency Ltd) and the Ministry of Trade and Industry played pivotal roles in informing his company, through their promotional efforts and industry networks.

Reflecting on his first trade mission to Grenada in 2023, he admitted feeling a mix of apprehension and hope.

"I felt fearful and intimidated to take such a significant step, worried that we might not be successful in generating any business.

"However, my fears were unfounded. The experience turned out to be incredibly positive, providing valuable market insights and establishing crucial business connections.

"As a young professional, coming into the world of business, I was also looking forward to networking among other manufacturers in TT and understanding different export strategies."

During the trade missions, Maharaj participated in business matchmaking sessions, B2B meetings and industry networking events.

These activities provided a platform to showcase Premier Label’s products, discuss potential collaborations and gain insights into market demands and trends.

"The key benefits," Maharaj noted, "included gaining a deeper understanding of market needs, establishing valuable business relationships and identifying potential distribution channels. The trade mission offered firsthand market intelligence and insights into consumer preferences and competitive dynamics in the new markets. It allowed me to understand pricing strategies, logistics and assess the demands in the market."

Other tangible benefits the trade missions have yielded for Premier Label include securing potential business partners and distributors in St Lucia and Grenada.

"These new markets have shown great potential for our business, offering opportunities to expand our customer base and increase our market share in the region," Maharaj said.

Additionally, partnerships forged in the Dominican Republic promise new business opportunities.

The insights gained from the trade missions have also had a positive effect on Premier Label’s business operations and growth plans.

"Participating in the trade missions positively impacted our business operations by opening new avenues for growth and expansion.

"It has allowed us to understand the importance of generating a source of foreign exchange to assist in the purchase of our raw materials for production.

"We plan to leverage the insights gained to refine our market entry strategies and explore additional markets in the Caricom region and beyond."

He said the pre-arranged business matchmaking and B2B meetings were particularly beneficial.

"They provided direct access to potential clients and partners, enabling us to present our products and negotiate deals in a structured and efficient manner," he said.

Maharaj praises the organisation and execution of the trade missions, saying they were "well-organised and executed."

He commended the scheduling of events, the quality of participants and the overall management.

"It provided a productive environment for business engagements and networking."

Encouraging other businesses to participate in trade missions, Maharaj said, "There is room at all levels for smaller manufacturers like us to take the bold step in that direction.

"They provide a platform to gain insights, establish partnerships and access new markets that might otherwise be challenging to enter.

"Although our journey only began in 2023, we have seen exceptional results and will be committed to attending more missions," he said.

Maharaj extended his heartfelt gratitude to key supporters – Ramesh Ramdeen, CEO of the TTMA; Trade Minister Paula Gopee-Scoon and permanent secretary Randall Karim; and Dhanraj Harrypersad and Crisen Maharaj of ExporTT.

"Their support and guidance were crucial to our successful participation."

Maharaj said Premier Label is committed to staying innovative in the ever-changing and highly competitive industry.

"We will continue to invest in the latest technologies and stay updated with industry trends to ensure business continuity. Our team is dedicated to research and development, constantly seeking new ways to improve products and processes to meet the evolving needs of our customers," he said, adding that trade missions will also contribute tremendously to the company’s innovativeness and competitiveness not just locally but internationally as well.