Trinidad and Tobago – Open for Business
The Republic of Trinidad and Tobago has emerged as a Caribbean hub of culture and commerce, with its well-developed energy sector and vibrant festivals and music. In recent years there has been renewed dedication and commitment to the growth and development of the non-energy sectors of the economy by the Government of Trinidad and Tobago. Foreign Direct Investment is encouraged across all sectors with little restrictions to investment.
There are already a number of foreign companies operating within Trinidad and Tobago including commercial banks, several air-courier services, three airlines and insurance companies. Additionally, multinationals within the energy and ICT sectors can be found, among these are:
- British Gas
- Hewlett Packard
- BHP Biliton
In an effort to propel the continued development and diversification of the nation’s economy, the Government of Trinidad and Tobago has established the investment promotion agency, invesTT, which is aligned to the Ministry of Trade and Industry. invesTT is usually the first point of contact with prospective investors and is committed to providing all the investment information and services an investor will need when considering Trinidad & Tobago as a viable investment location. This includes site visit co-ordination, provision of pertinent business facts, facilitation of business meetings with key local counterparts and identification of local investment opportunities within targeted sectors.
In the aftermath of the world economic downturn, many of the emerging economies were sheltered from the weighted backlash and events that affected the world’s financial system. The Central America and Caribbean (CAC) region saw very strong growth in Greenfield FDI and the region was most resilient to the global recession.
The year 2011 recorded the highest levels of investment into emerging markets since 2008, standing at US$755billion according to the United Nations Conference on Trade and Development (UNCTAD) report. FDI activity in the Caribbean region included these top activities – Business Services; Manufacturing; Sales & Marketing; Construction.
This island economy with its international trade agreements is positioned as a key offshore and near shore market and investment location, providing access to a global market of over 700million ULLS
As a competitive investment location, Trinidad and Tobago stands at favourable positions for a variety of variables in the CAC region. Further to its stable democratic political climate, the country stands first in the region for having the best credit rating (FDI Intelligence Benchmark 2012). In addition to possessing one of the lowest Corporation Tax rates, Trinidad and Tobago also places first for specialization of Financial Services in Insurance and Financing at 14% of the commercial services exported in the region (FDI Intelligence Benchmark 2012).
This island economy with its international trade agreements is positioned as a key offshore and nearshore market and investment location, providing access to a global market of over 700million. Some of the existing trade agreements include the following countries, Colombia, Costa Rica, USA, Europe, France, Venezuela, Canada. Trinidad and Tobago is also placed among the top five countries in the region for efficiency of legal framework and logistics performance.
Commercial opportunities for investment in Trinidad and Tobago reside within the non – oil and gas sectors and includes – Light Manufacturing, Creative Industries, Clean Technology, Information Communication Technology and Maritime Industries. Specific business ventures would include Business Process Outsourcing services, ICT Regional Headquartering, Sound Engineering Studios, Solar and Wind Power facilities and goods production.
Trinidad and Tobago is a country with an established positive business and commercial track record and it continues to be open to the receipt of new business ventures, investment and trade. The diversification of the island’s economy is a key objective to all efforts and initiatives being established to facilitate the investor and improve the business climate.