BTT Pub2016

B U S I N E SS T R I N I DA D A N D TO B AG O 2 0 1 6 - 2 0 1 7
EDITORIAL BOARD
Richard Lewis Chairman, Prestige Business Publications Ltd
Keith Miller Chief Executive Officer, Caribbean Business Publications Inc, Barbados
Wade George Caribbean Tax Managing Partner, Ernst & Young Services Limited
Kristine Thompson Director, Chuck E. Cheeses Trinidad & Tobago
Trevor Liebert CEO, iGovTT
Shurla Henry-Gibson Manager, Marketing & Communications, InvesTT Trinidad and Tobago
Joan Ferreira V.P. Corporate Services, Trinidad & Tobago International Financial Centre (TTIFC)
Yolande Agard-Simmons Manager, Corporate Communications, Ministry of Trade and Industry
Kara Enightoola Business Facilitator, Ministry of Trade and Industry
Patricia Lewis Director, Prestige Business Publications Ltd
Marie Gurley Director, Prestige Business Publications Ltd
Bavina Sookdeo Editor, Business Trinidad & Tobago
Dixie-Ann Dickson Contributor
Soraya Gonsalves Prestige Business Publications Ltd
CREDITS
Joint Publishers - Richard Lewis, Keith Miller Business Trinidad & Tobago is published
and produced by:
Editor - Bavina Sookdeo
Prestige Business Publications Ltd
Contributor - Dixie-Ann Dickson The Film Centre, 9 Humphrey Street,
St James, Trinidad and Tobago
Design - 809 Design Associates Inc.
Tel: (868) 622-0738/9 Fax: (868) 622-0426
Layout & Artwork - Patrice Letren, Soraya Gonsalves, Patricia Lewis Email: info@whoswhotnt.com
Production - Patricia Lewis, Soraya Gonsalves Website: www.whoswhotnt.com
Photography - Christopher Anderson, Aujourdhui Studio, Nicholas Copyright 2016 Prestige Business Publications Ltd
Bhajan, Edison Boodoosingh, Stephen Broadbridge, Caristock.com, All information in this publication has been carefully collected and
prepared, but it is still subject to change and correction. Use these contents
Allan V. Crane, Marcus G. Productions, Inken Janning, Ryan Jagessar -
for general guidance only and seek extra assistance from a professional
Carnival Central, Stephen Jay Photography, Gary Jordan, Maria Nunes,
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the contents in this publication can be reproduced or copied in any form
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TDC, TTMA, The Energy Chamber of Trinidad & Tobago. Printed by: ScripJ, Republic of Trinidad & Tobago.
2 Business Trinidad and Tobago

FROM THE PUBLISHER
Innovation, Diversification
and Intensification
If we intensify our efforts to improve real estate development. And given that
and expand those non-traditional sectors there exists a large surplus of TTD cash in
that offer real sustainability and capacity Trinidad banks, there is real scope for them
to earn foreign exchange, then that to finance major projects in other countries
will automatically result in increased throughout the region, and then be paid in
diversification and generate more growth USD for the services.
opportunities outside of Trinidad and With no meaningful recovery for the oil
Tobago, while providing a reasonable industry on the horizon for at least another
medium term return on investment. four years or so, it is imperative that we
However, where intensification really now step up into a higher gear to launch a
has enormous potential to drive solid new influx of export-driven investment. It
economic growth is simply by turning is this renewed sense of commitment and
Richard Lewis Keith Miller current challenges into advantages and revitalized drive to expand the economy
Chairman Chief Executive Officer working harder to do what we already that combine to currently set this country
Prestige Business Caribbean Business do better and with greater efficiency. If, apart as an extraordinarily attractive
Publications Ltd Publications Inc as expected, the TTD, which is already jurisdiction for global investors.
overpriced due to the relationship with the Throughout the following pages of
USD, depreciates in a similar vein to foreign Business Trinidad and Tobago we present
A
exchange availability, then Trinidadian a wide range of interesting articles and
s is the case with many vibrant manufacturers and service providers relevant information with the intention of
economies around the world will benefit from a good opportunity to providing a full overview of the many other
today, two of the most popular dominate the regional markets from a factors that make our country a compelling
buzzwords in Trinidad and pricing standpoint. choice for investment.
Tobago are innovation and diversification. Furthermore, the comparatively low We hope you find the publication to
With the protracted fall in global oil prices cost of input for locally sourced goods and be informative and useful and we look
underscoring the countrys traditional services, in particular the cost of labour forward to welcoming you to our shores
over-dependency on the energy sector, from a productivity perspective, could one day soon.
it is both inevitable and laudable that encourage significantly increased direct
leaders within private enterprise and foreign and local investment in TTD high
government should feel compelled to value-added businesses offering great
highlight the dire need for innovative export potential. By focusing on import
entrepreneurs and businesses to diversify substitution as the base for expanded
their areas of operation. export of goods and services, Trinidad
While in complete agreement and fully and Tobago could once again find itself
aligned with the ideals of delivering real becoming the regional powerhouse of
success stories of greater innovation manufacturing for the entire Caribbean.
and diversification within the economy, At the same time, with a vast supply of
we also think that Trinidad and Tobago specialist building equipment and large-
should be striving to add another buzz scale project experience already in place,
word to our national psyche that being Trinidadian companies could also be well
intensification, with special regard to our poised to assume the role of Caribbean
productive private sector. leaders in infrastructure construction and Richard Lewis Keith Miller

C A L E N DA R 2 01 6 - 2 01 7
Miguel at Tobago Jazz Experience 2015 Photo: Edison Boodoosingh
April 2016 27th-1st May NGC Bocas Lit Fest 14th-22nd Trinidad and Tobago Fashion
www.bocaslitfest.com Week Contact: 868-718-4191
1st Mar-31st Aug Leatherback Turtle
28th-1st May Decibel Conference & www.dus1.org
Watching
Expo, Queens Hall, Port of Spain 18th-20th 2nd Biennial Conference -
5th-9th TTGFA Marlin Madness
www.decibelexpo.com Sport Studies and Higher Education
Tournament, Tobago
30th Point Fortin Borough Day http://sta.uwi.edu/conferences/16/
www.ttgfa.com
Celebrations sportstudies/
7th World Health Day
www.pointfortinborough.com 19th-22nd The 2nd Caribbean
11th Distinguished Leadership & Conference of National Trusts and
Innovation Conference (DLIC) 2016, Preservation Societies 2016, Port of Spain
May 2016
Hyatt Regency Trinidad Email: caribbeanheritageconference@
Contact: Arthur Lok Jack Graduate 7th St. Andrews Golf Club SAGC
gmail.com
School of Business 868-645-6700 Corporate Tournament
www.golftrinidad.com 20th Scotiabank Against Breast Cancer
ext. 299 www.dlictt.com
www.golftrinidad.com
13th St. Andrews Golf Club - Sports & 12th-14th Region 14 Annual Leadership
Conference, Magdalena Grand Golf & 23rd-24th NOVA SME Conference 2016,
Tourism Golf Challenge
Beach Resort, Tobago Trinidad Hilton and Conference Centre
www.golftrinidad.com
Contact: Project Management Institute Contact: Trinidad and Tobago Chamber of
16th-24th Tobago Jazz Experience Industry and Commerce
Southern Caribbean Chapter (PMI SCC)
http://tobagojazzexperience.com/ Sharmin Boodoo 637-6966 Ext. 1252
868-658-4200 Ext. 2179
23rd-24th St. Andrews Golf Club - Email: secretariat@pmiscc.org or Jemma. Email: sboodoo@chamber.org.tt or
Sagicor SAGC Invitational Ramjattan@petrotrin.com events@chamber.org.tt
www.golftrinidad.com www.pmiscc.org 26th Corpus Christi (Public Holiday)
27th Administrative Professionals Day 30th Indian Arrival Day (Public Holiday)
Photo: Nicholas Bhajan

C A L E N DA R 2 01 6 - 2 01 7
Tobago International Cycling Classic Photo: Allan V. Crane
June 2016 July 2016 September 2016

3rd-11th WeBeat Festival, St. James, July-November Tobago Heritage 9th-11th Angostura Rum Festival
Trinidad. Contact: 868-622-7622 Festival, Various Villages, Tobago hosted by Angostura Limited, Laventille
www.webeat.org Contact: 868-639-5016/4441 Compound
5th World Environment Day www.tobagoheritagefestival.com 10th-11th St. Andrews Golf Club AIB
11th Massy Rainbow Cup 2016 6th-9th - Trade & Investment Convention Ladies Open Tournament
International Triathlon, Tobago (TIC), Centre of Excellence, Macoya www.golftrinidad.com
www.rainbowcuptobago.com www.tic-tt.com 15th-2nd Oct trinidad+tobago film
11th St. Andrews Golf Club 10th St. Andrews Golf Club - TTMCO festival (ttff)
Gentlemen Seniors Classic Sponsored Tournament www.ttfilmfestival.com
Tournament www.golftrinidad.com 17th International Coastal Clean Up Day
www.golftrinidad.com 11th Caricom Day 24th Republic Day (Public Holiday)
13th-15th Society of Petroleum 27th-31st Great Fete Weekend, Tobago 27th World Tourism Day
Engineers (SPE) Trinidad & TBD Eid-ul-Fitr (Public Holiday) 27th-2nd Oct Tobago International
Tobago Section Energy Resources
Cycling Classic
Conference, Hyatt Regency Trinidad.
August 2016 www.trinbagowheelers.com
Contact: 868-717-7388
www.spettconf.org 1st Emancipation Day (Public Holiday)
18th-19th Tobago Dragon Boat 12th-14th TTGFAs Tarpon Thunder
Festival Contact: 868-639-2125 Fishing Tournament www.ttgfa.com
www.lanternfestivaltt.com 27th 2016 Carib Great Race
19th Labour Day (Public Holiday) www.ttpba.net
23rd-24th Commonwealth Electoral 30th Carib Woodbrook Playboyz annual
Network Conference pre-Independence Day steelband parade
www.thecommonwealth.org along Tragarete Road, Newtown.
31st - Independence Day (Public Holiday)

C A L E N DA R 2 01 6 - 2 0 1 7
Panorama Photo: Maria Nunes
October 2016 November 2016 January 2017

1st-5th Crime Stoppers Annual 12th Champions of Business, Hyatt 1st New Years Day (Public Holiday)
International Conference Regency Trinidad
8th-9th 11th Chinese Arrival Dragon Contact: Trinidad and Tobago Chamber of February 2017
Boat Festival Industry and Commerce
6th-8th The Energy Chambers Energy
www.lantern festivaltt.com Sharmin Boodoo 637-6966 Ext. 1252
Conference of Trinidad and Tobago
Email: sboodoo@chamber.org.tt or
9th St. Andrews Golf Club - Living www.ttenergyconference.org
events@chamber.org.tt
Waters Community Charity Golf 25th National Panorama Finals (Medium
Tournament 8th-9th AMCHAM T&Ts 20th Annual
& Large Conventional Bands)
www.golftrinidad.com HSSE Conference & Exibition
www.pantrinbago.co.tt
Contact: AMCHAM 622-4466
11th Hosay Festival 27th JOuvert
http://hsse.amchamtt.com/
13th-14th 34th Annual Caribbean 27th-28th Carnival Monday & Tuesday
18th San Fernando Day
Conference of Accountants Parade of the Bands (most offices closed)
Contact: ICATT - 868-623-8000 www.ncctt.org
December 2016
16th World Food Day 29th Ash Wednesday
4th St. Andrews Golf Club Junior
16th Tobago Blue Food Festival, Tobago
Christmas Hamper Tournament, Parang &
www.visittobago.gov.tt March 2017
Party www.golftrinidad.com
16th-19th Caribbean Shipping
10th St. Andrews Golf Club - Mens 1st-31st Aug Leatherback Turtle
Association AGM
Christmas Hamper www.golftrinidad.com Watching
www.caribbeanshipping.org
11th St. Andrews Golf Club - Ladies 30th Spiritual Baptist Liberation Day
19th-20th Celebrating World Food Day,
Christmas Hamper www.golftrinidad.com (Public Holiday)
Tobago
25th Christmas Day (Public Holiday)
24th United Nations Day
26th Boxing Day (Public Holiday)
TBD Divali (Public Holiday)
Business Trinidad and Tobago 9

CONTENTS
Opportunity Driven Prosperity Focused

50 Regional Reach
Joy Francis, Team Lead - Trade Unit, Trinidad and
Tobago Manufacturers Association
57 Franchising as an Investment Opportunity

Kristine Thompson, Director, Chuck E. Cheeses Trinidad
& Tobago
58 Selling the Vision

Bavina Sookdeo
60 Trinidad and Tobago gives the Green-light

to Renewable Energy
Cherisse Moe
Page 60 - Trinidad and Tobago gives the Green-light to
Renewable Energy Photo: Edison Boodoosingh
62 Innovate & Create in Tobago
E-IDCOT
12 Message from the Minister of Trade and Industry,
Paula Gopee-Scoon The Trinidad and Tobago Advantage
Why Choose Trinidad & Tobago 66 Technology in T&T, Partnerships Key to Prosperity
Bevil Wooding
16 Why Choose T&T
Bavina Sookdeo 68 Empowering Exporters
Ryan De Souza, Team Lead Policy & Research, TTCSI
18 The Perfect Time to Invest in T&T
InvesTT 72 BPO... Creating and Adding Value
Vijay Parabdeen, Director, Aegis
24 Tobago on the Cusp of Economic Transformation
Marissa Williams, Tobago House of Assembly (THA) 74 A New Business Process Outsourcing (BPO)
Industry
27 Where the World Meets Varun Maharaj, Senior Executive, T&T International
Roslyn Carrington Financial Centre (TTIFC)
30 Corporate T&T driving the economy

New Opportunities In Tourism
towards new & exciting frontiers
Trinidad and Tobago Chamber of Industry and 78 Cruise Industry, Great Potential for T&T
Commerce Bavina Sookdeo, Team Lead Policy & Research,
TTCSI
32 Where To in Latin America
AmCham T&T 80 Right Time for Tourism in Trinidad and Tobago
Tourism Development Company Limited (TDC)
Finance and Wealth Management
83 Relocating to Trinidad, Like Coming Home
36 T&Ts Energy Sector Will Survive Roslyn Carrington
Raphael John-Lall
84 The Role of the Creative Industries in the
39 Promoting Transparency of our Energy Revenues Diversification Thrust
Sherwin Long, Head, Trinidad and Tobago Ministry of Trade and Industry
EITI Secretariat
86 T&Ts Sports Tourism: Ready, Set, Go!
40 The P3 Imperatives Creating Value Sheldon Waithe
Zack Nadur, Partner in the Transaction
Advisory Services, Ernst & Young Services Ltd; 90 - USEFUL INFORMATION
Kristin Forsyth, Senior Manager in - Stock Market Review 2015
the Transaction Advisory Services, Ernst & Young - Fast Facts Guide
Services Ltd. - Trinidad Contact Information
- Tobago Contact Information
42 Building the Right Environment for Growth - Advertisers
Kay Baldeosingh-Arjune

Champion!
by Sheldon Waithe
E
uphoria! In four magnificent strokes, Carlos
Brathwaite sent a region into ecstasy and
reminded the world of the Caribbeans
penchant for doing things in its unique way.
Triumphing against the odds, teamwork, motivation,
belief....the superlatives and adjectives are too
numerous to mention. Throw in the fact that the last
boundary sealed a treble of the Under 19 World Cup in
February and the Womens T20 World Cup won mere
hours before the Mens team took to the field, and
the mantra about punching above its weight quickly
comes to mind.
No other cricket team could have done it that way; no
other cricket team has the peculiarity of being made up
of different nations. The base of its makeup forges its
organisational culture. Naturally, there are complications
that arise from that infrastructure, yet when it gels it
becomes an unbeatable force propelled by momentum
and engulfed in its rhythm. Time after time the regions
cricketers have dominated the global game, entirely
from a home grown system. They became the best team
to ever play Test cricket, when One Day Internationals
debuted, they duly won the first two World Cups. Now
that T20 dominates the sport in the 21st century, they
have become the first team to win it twice (the first in
2012) with a fairytale performance that will go down
in history as one of the greatest, in any sport! It is a
fantastic advertisement for the Caribbean.
Cricketing aficionados mourn the decline of West
Indies in longer formats of the game; such is the
attraction of the way the Caribbean plays. What other
nation has rivals hoping for its resurgence for the sake
of creating magnetism for a global audience? - None.
The popularity of the Windies athletes makes them
the most sought after players in the sports new billion
dollar industry and has led to growth of the local
franchise sport industry, the Caribbean Premier League,
attracting major foreign investment. The dynamic has
changed, where international teams once visited, now
individuals play for territories regardless of nationality,
as television revenue rules the roost. The Caribbean
has embraced these changes and every time they
cross the rope to play - anywhere in the world - they
showcase the best of the Caribbean, both stereotypical
and original. It resonates further that the region can
now boast of the success across genders and with firm
confirmation of the future potential.
That epic victory encapsulates unity, hard work, flair
and success, a perfect Caribbean melting pot; long may
it continue. Champion! Marlon Samuels

Message from the
Minister of Trade and Industry
Paula Gopee-Scoon
Opportunity Driven-Prosperity Focused
D
espite the great challenges activity. The Piarco Aero Park will be Docking, Bunkering, and Transhipment
posed by the need to adjust commissioned in 2016. Construction services. Overall, measures will be put in
to energy prices, Trinidad and of specialised Industrial parks will also place to encourage and attract new, high-
Tobago still has enormous commence in the short-term. quality large investments in the maritime
strengths. Under review is the implementation of sector.
These were the words of the International a National Special Economic Zones (SEZ) The Government of Trinidad and
Monetary Fund as it concluded the 2016 Policy for Trinidad and Tobago which Tobago is treating this current challenging
Article IV Consultation in March 2016. It will be aimed at facilitating economic economic environment as an opportunity
is no secret that Trinidad and Tobago, development across all regions of the to re-build a stronger, more competitive
like many energy rich economies, had to country. A central component of the SEZ economy with diversified revenue streams.
adjust to the precipitous fall in commodity Policy will include new opportunities This is no small feat for any government
prices over the last 18 months. We however for the private sector to occupy and, but we have done it in the past and have
find ourselves better placed than several more importantly, own and operate SEZs demonstrated that we are capable of
countries facing the same challenges throughout Trinidad and Tobago. undertaking complex structural reforms
due to our stable political system, This Government recognises the and while making difficult decisions in the
well-educated work force, the largest importance of local manufacturers and best interest of our citizenry.
manufacturing sector in the Caribbean, service providers being able to penetrate History has shown that governments
robust financial system, several exportable markets within the Caribbean region and and companies which emerged strongest
services and significant financial savings. extra regionally. Efforts are therefore during challenging economic times
The Governments approach to being focused on the promotion of greater were able to identify opportunities for
facilitating new areas of economic growth trade and investment between Trinidad sustainable development and had taken
includes attracting investment into the and Tobago and the rest of the world. strategic decisions that distinguished them
non-energy sector. This will be done by Specifically, we intend to target markets from their competitors.
developing and implementing policies in Guyana, Suriname, Central and Latin This Government is committed to
and efficient systems that will ensure an America, Cuba, the UK and Europe. working with the private sector to
enabling environment to facilitate globally Our Policy Framework identifies specific ensure that new opportunities are taken
competitive businesses that generate much areas for development and investment. advantage of. We have full confidence
needed foreign exchange. These include Tourism, Agriculture and that our forward-thinking private sector
In addition, we are committed to provide Agro-processing, Maritime Services, Fish will continue to innovate in order to gain
additional economic spaces for business and Fish-processing, Aviation Services, the and optimise competitive advantages
expansion. A new Industrial Park in Point Creative Industries, Financial Services and which will ultimately support the recovery
Fortin was recently completed and the ICT with emphasis on Software Design and and growth of the Trinidad and Tobago
Tamana Intech Park will be operationalised Applications. With respect to the Maritime economy.
by September 2016, with 21 lots to be Industry for instance, we will lead efforts
completed and available for investment in further developing Ship Repair and Dry
Minister of Trade and Industry,

Paula Gopee-Scoon

Why Choose
Trinidad & Tobago
Photo: Marcus G. Productions
Why Choose T&T
America, its two international airports and Outsourcing (BPO) firms to set up locally
the new and improved road network make is one way of accomplishing this and the
the islands accessible. In addition to its advantages to operating such firms in T&T
accessibility, many corporate executives are many low operating costs, reliable
have opted to visit T&T (which has been and modern infrastructure and government
the host for several notable conferences) and institutional support are just some of
due to low business costs. the advantages.
Attractive incentives and benefits are When it comes down to its exports,
also being offered by the T&T government from 2014 to 2015, its manufacturing
in a bid to attract investment for the sector exports to CARICOM countries
development of the tourism industry. In increased by 30.5%. T&T has the largest
Tobago, over TT$12M has been pumped manufacturing output within the
Bavina Sookdeo into improving tourism with special Caribbean.
emphasis being placed on beach facilities And while T&T is known throughout
P
upgrades and restoration of historical sites. CARICOM for its quality produce, it is
lunging oil prices many thought More projects are underway to encourage now spreading its agricultural wings
this meant disaster for Trinidad investment in boutique hotels, villas, internationally. Its Scorpion Moruga pepper
and Tobago, a country that guest houses, restaurants, sport bars and is the hottest naturally growing pepper
is heavily dependent on the entertainment. Discussions are being held in the world, rated by the New Mexico
energy sector. However, Trinidadians and on Designated Development Areas (DDAs) State Universitys Chile Pepper Institute in
Tobagonians remain resilient and continue where foreign investors will not need a February 2012 this is just one example of
to explore all sectors in order to maintain licence to develop the areas. the countrys international reach.
the countrys global competitiveness. According to the Tourism Development Within the Maritime industries too,
Many experts are saying that the fall in oil Company Limited, 2015 year-end data a billion dollar opportunity exists for
prices is indicative that now is the ideal showed an increase of 6.6 percent in visitor investors through the establishment of dry
time to invest in Trinidad and Tobago as arrivals to the destination over 2014. The docking facilities in the country. InvestTT
the nation stands on the brink of a new average number of visitor arrivals per which focuses on the countrys key non-
era. month was 36,600. This is expected to energy sectors noted, Currently there
Although President and CEO of the increase since many wish to enjoy the 400 exists just one major dry dock in operation
countrys Energy Chamber, Dr Thackwray species of birds, flora, beautiful beaches, servicing small to medium-sized ships.
Dax Driver, believes the sector will survive festivals sumptuous dishes and all that T&T With only one dry dock, the capacity for
and continue to attract investment, all has to offer. additional repairs, even in this size range,
sectors are now being carefully looked at Innovation is key to this twin-island is limited. Thus, consortium, equity or
to help spur diversification new policies state with its universities and scholars joint-venture partners are being sought
and large sums of money are being promoting green living. The University of for a proposed project in Trinidad which
pumped into various sectors in attempt Trinidad and Tobago (UTT) has introduced would allow the country to capture some
to encourage investment and ensure the an electric bus and the nations first and of the growing demand for large ship
stability of Trinidad and Tobago. only fully-functional 100 percent solar repairs along the eastern seaboard of the
Business Tourism is one area that powered house. Solar manufacturers can Americas.
holds great promise in boosting the keep their eyes on T&T thanks to such Great potential is seen in the Cruising,
economy. According to a World Travel introductions. Sport, Agriculture, Tourism and Creative
and Tourism Council (WTTC) assessment, With more than 7000 tertiary and industries there is much to be done
approximately US$3.6 billion is spent vocational graduates being bred from the within these industries and therefore, a lot
worldwide and T&T ranks third in the educational system annually, investors are of opportunities for investment.
region. The country boasts of conveniently quite impressed with the capacity and So whether you plan to invest in the
located conference centres and has efficiency of its people. The government is country or go on that highly anticipated
attracted many tourists and investors also committed to creating a new industry business trip, you are guaranteed to
through the years. A gateway location to providing Finance and Accounting and spend your time on both islands as if you
growing markets in Latin America and a Banking, Financial Services and Insurance were on that long awaited vacation. The
nearshore hub at 3.5 hours from North services. Attracting Business Process opportunities in T&T are endless.

The Perfect Time to Invest in T&T
T
heres a remarkable story to be some 795 million people in the world do
told about Trinidad and Tobago. not have enough food to lead a healthy,
Since it became an independent active life. Thats about one in nine people
nation in 1962, the country has on earth. Food insecurity is a serious
moved from a cocoa and sugar plantation global concern as prices continue to rise
economy to housing one of the largest while production levels decline. In the
natural gas industrial processing facilities midst of these concerns, however, Trinidad
in the Western Hemisphere. It also and Tobagos agriculture industry is
became the worlds largest exporter of thriving with opportunities to promote the
ammonia and the second largest exporter improvement of food security across the
of methanol (Ministry of Energy and region. The local food and beverage sector
Energy Industries). This is a significant offers significant investment opportunities,
achievement for a Caribbean country, particularly for manufacturers who utilise
which also nobly weathered the fallout unique regional agro-products to develop
from a global economic crisis in 2008. goods.
Plunging oil prices in 2016 indicate to For example, Trinidad and Tobagos
the best visionaries that now is the ideal Scorpion Moruga pepper is the hottest
time to seek out investment opportunities naturally growing pepper in the world,
in Trinidad and Tobago. Studies have rated by the New Mexico State Universitys
shown that during recessions, progressive Chile Pepper Institute in February
companies develop new markets and invest 2012. Pepper production for export is a
to enlarge their asset bases. According potentially lucrative opportunity for local
to business expert Warren Buffet, the farmers to enjoy a sustainable income.
best time to accumulate wealth is during Companies such as Caroni Green Limited
a recession. So, instead of applying (CGI) are already seeing the earning
a retrenchment approach to business potential of investment in peppers. CGI
strategy during a recession, why not has exported just over US$100,000 worth
consider an investment approach? Look of hot peppers to the United States in the
for an opportunity to help you survive the last quarter of 2015 and their farm model
recession, get ahead during a slow-growth has been cited by regional organisations
recovery, and be ready to win when good as being worthy of replication in other
times return. Caribbean countries.
Some of the benefits of investing during Another opportunity exists for
contractionary times are: Access to human partnership with SIMPLEX which features
resources, motivated Governments and an integrated farming system called the
increased creativity borne from necessity. EcoPolyTunnelTM (EPTTM) that provides
The opportunities available include those an innovative solution to address farming in
in the agribusiness, manufacturing, creative remote locations. This type of investment
and maritime sectors. is ideal for large farms seeking the latest
technology to increase crop yields and
Agribusiness larger exporting companies seeking to
According to the Food and Agriculture diversify or extend supply chains. The
Organization of the United Nations (2015), key benefits of partnering with SIMPLEX

Photo: Stephen Broadbridge
are increased crop production and R&D Tobago and operates under a public/ the market in 2014. The report also states
opportunities to try new crops like bio- private partnership model. Valued at that the global industry is on a new cycle
crops and pharma-crops. US$1.0Bn, the objective of the project is to of investment after rapid price declines in
connect power and telecommunications previous years. Market growth is expected
Energy/Downstream Manufacturing: between Trinidad and Tobago, Guyana in emerging markets which will increase
Unlike the rest of the Caribbean, and Suriname via a submarine cable from production capacities and at the same
Trinidad and Tobago has a well- Trinidad to Guyana and an overland/ time herald a wave of innovative solar
established, energy-based economy. The submarine connection from Guyana to solutions.
availability of the countrys hydrocarbon Suriname. Hence the proposition for a Silicon
resources, and in particular its natural gas, Another major billion dollar investment Industrial Cluster in Trinidad and Tobago
lends to a current ranking as the most cost downstream energy project is the based on the results of an independently
effective investment environment in the establishment of a Silicon Industrial conducted feasibility study. Trinidad was
Caribbean and Central American region, Cluster in Trinidad and Tobago. A report ranked most cost competitive against any
according to fDi Intelligence, a specialised entitled Global Market Outlook for global source of glass currently imported
unit of the Financial Times Group. Given Solar Power 2015-2019 published by into Latin America, the Caribbean and
this scenario, an opportunity exists for SolarPower Europe states that the global the United States. The study also shows
a group of investors to participate in solar photovoltaic (PV) sector reached a Trinidad and Tobago to be in the top
an innovative project called the Power cumulative capacity of 178 GW in 2014 and quartile for low cost silicon processing
Interconnection Project, which is designed is expected to reach 540 GW by 2019/20. and is potentially a launch pad for the
by the ENMAN Group of Trinidad and Silicon-based PV continued to dominate exporting of low cost and high quality PV

The Government panels across the Americas. Solar investors
participating in this manufacturing project
transshipment of bulk goods.
The Government of the Republic of
of the Republic will benefit from low costs of doing

business while accessing wider markets
Trinidad and Tobago offers incentives
to both local and foreign investors in all
of Trinidad and across the region. industries. For example, incentives for
the creative industries include duty free
Tobago offers Creative Industries
Human creativity is the ultimate
concessions for filmmakers on machinery,
equipment and production material.
incentives to economic resource, Florida, Richard
(2002), The Rise of the Creative Class. And
The Trinidad and Tobago Film Company
conducts a competitive production
both local and How Its Transforming Work, Leisure and
Everyday Life, Basic Books.
rebate programme for investors and
provides cash rebates of up to 55% for
foreign investors Globally, the creative industries have
become increasingly important to
expenditure on local labour and 35% on
other local expenditures. A variety of
in all industries. economic well-being especially during
contractionary times. Trinidad and
rebates are also available for agribusiness
projects. For manufacturing and other
Tobagos creative industry is bursting at industries the range of applicable fiscal
its seams with investment opportunities in and other incentives include exemptions
film, music and fashion. There are a wealth from customs duties, VAT and duty-free
of opportunities available for investment treatment of raw materials, machinery and
including: equipment.
On-location filming shoots for four InvesTT Trinidad and Tobago is qualified
television series and a Bollywood style to link interested parties to such viable
movie investment opportunities through its
Sound and music equipment facilities facilitation services. The company has
Carnival entertainment centres forged for itself a solid track record for
Sound Stages attracting investment and has won the
Dubbing and subtitling facilities attention of international rating agencies:
An Industrial Park dedicated to Made Ranked within the top 20% of Investment
in TT apparel and Carnival costume Promotion Agencies in the world by the
production World Bank 2013;
Joint venture relationship/partnership Winner of UNCTADs Investment
with animation studio Full Circle Promotion Award for Excellence
Animation Limited in Promoting FDI for Sustainable
Development 2014;
Maritime Industries Winner of Site Selection Magazines Best
A billion dollar opportunity exists to Invest Top Agencies Award 2015 (Latin
for investors interested in the maritime America and the Caribbean).
industries via the establishment of dry Its Investor Sourcing and Investor
docking facilities in Trinidad and Tobago. Services teams provide investors with
Currently, there exists just one major pertinent and customised information to
dry dock in operation servicing small make a decision on investing in Trinidad
to medium-sized ships. With only one and Tobago. InvesTT has assisted in the
dry dock, the capacity for additional establishment of foreign companies
repairs, even in this size range, is limited. in various industries such as logistics,
Thus, consortium, equity or joint-venture telecommunications, maritime and creative
partners are being sought for a proposed industries. It has also been a key factor in
project in Trinidad which would allow the the re-investment by local companies in
country to capture some of the growing retail and maritime.
demand for large ship repairs along the InvesTT focuses on the countrys key
eastern seaboard of the Americas. non-energy sectors: Aviation Services,
Shipping companies are also encouraged Creative Industries, Fishing and Fish
to invest in the establishment of an Processing, Maritime Services, Software
Offshore Bulk Transshipment Port which Design and Applications.
would promote Trinidad and Tobago as
a preferred destination along the eastern
coast of the Americas for safe and strategic www.investt.co.tt

T R I N I DA D A N D TO B AG O B U S I N E SS B U ZZ
Avoid Costly Mistakes

Optimize Your IT Resources
D
o you know how to reduce
your software spend? Do you
have control over your software
deployments? Do you know the
current state of your software compliance?
Many organizations incur unnecessary
costs due to a lack of knowledge around
their software portfolio. Software Asset
Management (SAM) can help.
Unaware of the conditions of their
technology tools especially the intangible
ones, like software makes effective
management of the software portfolio very
difficult for many organizations. These
same organizations attempt to innovate as
quickly as technology evolves. Often times,
their ambitious endeavor to offer their
customers the latest cutting edge solution
leads to troubling mistakes. The questions
below will help you analyze the current
state of your software portfolio and avoid
those costly mistakes:
Are you sure you know what Software
Asset Management is?
Many organizations believe SAM is
only about license compliance. While
Edgar Prez, SoftwareONEs SAM leader for the Caribbean, introduced the Software Asset
discovering your current state of
Management methodology during Microsofts M4 event in Trinidad & Tobago.
compliance is a crucial component, a solid
SAM methodology will provide much more
What are the main benefits of SAM?
to an organizations stability than merely
- Roadmapping the transition of your
a one-time audit defense. An optimized
legacy software.
SAM practice is defined as all of the
- Adopting step-by-step asset
infrastructure and processes necessary
management processes.
for the effective management, control,
- Mitigating vendor audits through
and protection of the software assets
proactive techniques.
throughout all stages of the software
- Optimizing your IT resources to ensure
lifecycle.
efficient investments.
Why/when do companies need to - Re-allocating over-licensed applications
perform a SAM evaluation? and under-utilized licenses.
When you want to control costs -> - Analyzing the risk of deployed software
Can we avoid or reduce software spend? products against your total software We at SoftwareONE combine our
When you want to optimize licensing -> spend. commercial, technology and compliance
How can we re-model our licensing to Optimizing the use of your IT resources expertise into a balanced service offering.
benefit us? always leads to more intelligent
When you want to build a foundation to investments: Implementing the proper
enable IT growth -> SAM tools and processes helps businesses creating a roadmap that verifies any future
What available technology can we obtain insight into their software technology needs. Edgar Prez, SAM
leverage, and which mission-critical infrastructure. Determining what software Leader at SoftwareONE West Indies.
applications need to be upgraded to you own and how you use it maximizes
support our evolving infrastructure? that investment, which forms the basis for www.softwareone.com

Photo: Jason Sookermany
Tobago on
the Cusp of
Economic
Transformation
W
hile Tobago is known as a haven for
many tourists, many Trinidadians too,
flock to the beautiful sister isle to
enjoy the beauty that it has to offer.
With the downturn in the energy sector thanks to
the drastic drop in the price of oil, diversification is
now necessary and what better industry to look to
than the Tourism industry? Tobago has found itself
on the cusp of Trinidad and Tobagos economic
transformation. The old saying adversity breeds
opportunity rings true. Tobago has been thrown
into the spotlight as this sector is now being seen
as the driver of economic diversification for the
country. Due to this, many would agree that there
is no better time to invest in the beautiful island of
Tobago like the present!
Spearheading development on the island is
The Tobago House of Assembly (THA) and it
recognises that Tourism is to Tobago what the oil
and manufacturing industries are to Trinidad. The
THA knows and understands the importance of the
sector to the survival of the residents since a high
percentage of the islands population is employed in
the sector which contributes about 39% to Tobagos
GDP.
As with any tourist destination, it is important
to maintain global competitiveness. In addition to
constantly seeking new airlift to the destination
and increasing cruise arrivals, over TT$12M has
been invested in improving the islands tourism
product particularly in beach facilities upgrades and
restoration of historical sites.

Tobago Hotel and Tourism (C.E.C.) is necessary for hotels with more
Association, Christopher than 30 rooms.
James, is critical to the FRIENDSHIP ESTATE: State owned.
tourism sector since there Environmental Impact Assessment (E.I.A.)
is a need for approximately is required.
1500 more high-end rooms Crown Point, known as Tobagos St.
on the island. According to James for its mix of tourism, residential
the Tourism Division, the and commercial development, was recently
islands capacity currently added to the DDAs. Foreign investors
stands at over 4000 rooms will not be required to own a licence to
inclusive of large and develop the DDAs.
small hotels, apartments Recent back-to-back visits by Gordon
and bed and breakfast Butch Stewart, founder and chairman of
establishments. the Sandals and Beaches all-inclusive chain
The Comprehensive of resorts, will no doubt encourage keener
Economic Development interest by investors.
Plan (CEDP 2.0) that has The potential for the industry does not
the diversification of the end here. A few properties including the
Tobago economy as a core Goldsborough Estate and Studley Park
tenet also identifies several Estate on the eastern end of the island
key areas for investment have been approved for Agriculture and
and business opportunities Commercial development.
within the tourism sector. With these measures being put in place
These include: Investment to stimulate growth on the island, the
in Boutique hotels and opportunities for spin-off industries are
villas, Guest Houses, endless. And as sports and entertainment
Restaurants, Sport Bars and tourism continues to grow through
Entertainment. anticipated annual events like Tobago
The THA, in an effort Dragon Boat Festival, Tobago International
to address some of the Cycling Classic, Tobago Jazz Experience,
challenges and shortfalls Tobago Blue Food Festival, and the Tobago
in the accommodation Heritage Festival, business opportunities
sector and to boost foreign also abound for service providers of
investment in the Tourism tents, tables, stages, lighting and general
Blue Waters Inn Photo: Aujourdhui Studio industry, has considered supplies and infrastructure.
engaging in Public/Private Christopher James cited several
While there is a current shortage of quality Partnership arrangements services that are lacking on the island
hotel rooms on the island that is being with possible investors. The Public/Private but noted that the development and
addressed so investment and specifically, Partnership concept is being used by the sustainability of these businesses depend
new hotel development, continues to be various divisions of the THA as a key tool on a strengthened tourism product solar
of high priority for the Division of Tourism to finance major development projects and power panels and water heaters, organic
and Transportation. the Division of Tourism & Transportation farming - both agriculture and live stock,
In the absence of real foreign investment is no exception as it seeks to attract fish farming and processing, recycling,
activity on the island, the THA, through investment to the sector. food processing, warehousing, Dutyfree
the Tourism Division has acquired the As a result, discussions on the issue of retail, wider range of restaurants and
Sanctuary Resort Limited (Grafton Estate) Designated Development Areas (DDAS) activities for visitors and professional
which is currently being renovated to to facilitate development in the tourism entertainment services are among a few
4-star status with 56 guestrooms and the sector are ongoing. Several areas have mentioned. There is no doubt though
Manta Lodge (Speyside) which is being been identified as designated areas for that these will be fast in coming since
upgraded to a 3-star property with 22 development by the Town and Country diversification is now necessary and
guestrooms. It is expected that these Planning Department of the Tobago House the tourism sector is indeed being
properties, when completed, will lead the of Assembly. These include: strengthened.
way in establishing standards in service COURLAND ESTATE: State owned. Final
delivery for other properties to follow. approval granted for resort development. www.tha.gov.tt
This, according to President of the A Certificate of Environmental Clearance

Trinidad and Tobago
Fast Becoming
Where the World Meets
The country also offers a choice of sway to the unique sound of the steel pan
accommodation and conference centres. under the open sky while sipping on corn
There are larger venues such as the Hyatt soup.
Regency Trinidad, the Radisson Hotel According to a World Travel and
Trinidad and the Trinidad Hilton and Tourism Council (WTTC) assessment,
Conference Centre, along with smaller approximately US$3.6 billion is spent
venues such as Cara Suites in the south worldwide on business tourism, and T&Ts
and The Banquet and Conference Centre, slice of this attractive pie ranks third
Movietowne and Courtyard by Marriott in in the region. The Trinidad and Tobago
Port-of-Spain and Tobago. Convention Bureau (TTCB) was established
The Shaw Park Complex in Tobago, in 2009 to facilitate rapid growth within
with a 5,000-seat main hall, was recently the MICE sector. Among their initiatives
Roslyn Carrington opened. Locations such as the Pigeon were their first North American Road
Point Heritage Park, the Magdalena Grand Show, with stops in New York, Washington
Hotel and Blue Waters Inn are also popular. D.C. and Atlanta. Trinidad and Tobago was
Most centres offer packages that take the also represented at IMEX America, the
stress of planning and catering off the largest tradeshow in North America for
W
hands of the organiser. incentive travel, meetings and events.
hen it comes to the Two international airports and a complex The TTCB has become the first point
Meetings, Incentives, road network make it easy and reasonably of contact with many international
Conferences and inexpensive for delegates to come to the conference organisers, and offers
Exhibitions (MICE) sector, country, and to move between locations. complimentary services like site
Trinidad and Tobago enjoys a unique There are frequent flights and ferries inspections, conference publicity, airport
position among southern Caribbean between Trinidad and Tobago. pickup, welcome packages for delegates
territories. While many other locations Because of the countrys high standard and coordination of tours.
offer just a few of the most desirable of living and sophisticated lifestyle, the Recent major events held in this country
criteria that determine the location of an business traveller will find easy access to include International Conference and
international conference, Trinidad and the services required, including banking, Panorama (ICP), hosted by Pan Trinbago;
Tobago hits target after target, because a reliable cellular phone network, and the Caribbean Medical Providers Practising
of its economic position, accessibility, temporary office services such as printing, Abroad (CMPPA) Conference, as well as
wide range of accommodation options Internet, faxing and typing. conferences on energy, manufacturing,
and rich and diverse culture. Convention delegates and their families finance, health and wellness, education,
Trinidad and Tobago enjoys its position expect to explore their destination and arts and culture and the environment.
as an energy powerhouse, with a strong soak up some of the culture of their host With international organisers being
economic base in oil and natural gas country, and Trinidad and Tobago has offered knowledgeable advice and
and related downstream products. more than enough to offer. Its rich and planning services by experienced
Diversification efforts have led to nuanced heritage results in an array of providers, comfortable accommodation,
increasing attention being paid to sectors cuisines that are as varied as its cultural good food and an enjoyable business
such as finance, manufacturing, service, offerings: visitors can indulge in spicy tourism experience, its no wonder that
sports, culture and entertainment and East Indian cuisine while enjoying Indian Trinidad and Tobago is fast becoming
tourism. classical or tassa drum performances, or known as Where the World Meets.

Pigeon Point Heritage Park, Tobago
T
he acclaimed and award winning Pigeon Point Heritage
Park is widely known for its clear, calm waters and all
the amenities that you can possibly ask for to enjoy a full
day at the beach; including excellent food, cocktails and
drinks, even shopping!
The park however has a lot more going on than just a beach
excursion. A series of upgrades and projects over the last year has
resulted in a facility that really is More than just a beach .
Accommodation - The Bungalow offers the only overnight
accommodation at the park. This cosy unit offers 3 bedrooms,
full kitchen, living and dining areas. All rooms are air-conditioned.
Direct TV, Wi-Fi and BBQ pit included.
Conferences & Seminars perhaps the most exciting addition
to the amenities at Pigeon Point is the hosting of Conferences,
Meetings, Corporate Dinners / Functions and other such corporate event is a success and easy to co-ordinate. For those with smaller
or social events at the Heritage Pavilion. With approximately requirements, a private Meeting Room caters to such needs with
6,000 sq. ft. of function space, users have the added choice of appropriate break-out space.
having their meetings open air or air conditioned. The setting Whether your next trip to Tobago is for business or pleasure, be
and view of the calm Caribbean Sea are unrivalled from this sure to take time to visit the Pigeon Point Heritage Park!
spectacularly designed, beach front facility. A variety of catering
and recreational options are found within the park to ensure your www.pigeonpoint.tt

Conferencing and Event Facilities, Trinidad and Tobago
Corporate T&T driving the economy
towards new & exciting frontiers
studies were subsequently undertaken, By 1976, these projects would launch

and demonstrated that the cost of Trinidad and Tobago in the export world
building a similar port for San Fernando of natural gas derivatives and build the
would have been high. The private sector framework for this countrys world-
group then determined that instead of renowned Natural Gas economy, which still
pursuing the idea of a comparable sea attracts investment today. As mentioned
port, they would build an industrial port earlier, 80% of all exports today come from
I
which would facilitate exports. Because the energy sector and it is estimated that
southern Trinidad had the largest deposits exports of natural gas and its derivatives,
ntroduction
of on-land and shallow-water acreage account for roughly 60% of energy sector
Trinidad and Tobago is a middle-
for hydrocarbons, the group sought to revenue.
income, energy-rich country with
expand the energy sector, using natural However, it all started from the efforts
relatively strong institutions and
gas as feedstock for the development of of a relatively small, but determined,
political stability. As the most industrialised
the downstream industry for export. More private sector group and the vision of the
economy in the English-speaking
importantly, it was believed that it would countrys leaders at that time.
Caribbean, growth is driven by export
generate unprecedented economic growth
revenue of hydrocarbons. This accounts
and wealth from the resources within the The non-energy sector: Initiative in
for about 45% of GDP, 80% of exports
southern region. the Food and Beverage subsector. The
and over 90% of foreign exchange. 1
Support from the colonial government private sector has also taken the lead
Indeed, much of this has been made
was, however, lukewarm. Thus, by the in expanding the Trinidad and Tobago
possible by private foreign investors
1950s, the cement plant in Claxton Bay economy outside of the parameters of
from the hydrocarbon sector. But there
and Federation Chemicals an ammonia the energy sector. Two key non-energy
have been cases of business people from
plant in Savonetta depended on private sectors which have demonstrated forward-
Trinidad and Tobagos private sector
initiative. The companies built their own thinking and proactive approaches are the
who responded proactively to adversity,
ports in order to take advantage of the manufacturing and services sectors. Both
leaving an indelible footprint on the
development of the downstream energy of these have demonstrated solid growth,
nations economic landscape. Two such
sector. Federation Chemicals was built extending themselves beyond the borders
cases from the energy and non-energy
to service the markets of the then West of Trinidad and Tobago.
sectors will be discussed in this article
Indies Federation, with ammonia as an The manufacturing and services sectors,
the latter being culled from the Food and
agricultural input. When the West Indies according to Review of the Economy 2015,
Beverage sub-sector. To demonstrate the
Federation fell through in 1958, exports have contributed TT$7,633.2 million and
significant role private initiative can play
switched to the United States with the TT$52,795.2 million respectively.
in driving development, the first example
first plant producing 250,000 tonnes and Within the services sector, the strongest
is presented in an historical context, while
earning US$25.00 per tonne for annual contributors to Gross Domestic Product
the second highlights an exemplar of the
revenues of US$6.25 million from 1959 (GDP) were Distribution & Restaurants and
new wave of entrepreneurship.
into the 1960s. Undoubtedly, there was Finance, Insurance & Real Estate which
potential for growth, but the existing ports added some TT$15,740.4 million and
Energy sector: Port development and
just did not have the capacity to traffic TT$13,015.1 million respectively. The sector
natural gas-based exports
additional volumes efficiently. grew at a rate of 2.5% of GDP for 2015 as
In 1939 when Port-of-Spain upgraded
By 1965, the Government of the newly opposed to 0.7% of GDP for the previous
its sea port with a deeper harbour,
independent Trinidad and Tobago took year.
allowing cargo ships to dock, it eventually
notice of the full potential of the private In the manufacturing arena, the private
gave rise to a new drive by the private
sector-led growth of the new downstream sector has shown its tenacity, registering
sector community in south Trinidad. In an
energy sector. Additional resources from growth in the exports of goods to
effort to rebound from the lost revenue
the Government sought to broaden the CARICOM by some 30.5 percent to
that resulted when the shipments were
scope of the development. From there, $1,255.5 million over the period according
split between Port-of-Spain and San
two ideas were formalized - the Point Lisas to Review of the Economy 2015. Statistics
Fernando, Robert Montano, a prominent
Industrial Port Development Corporation from the same publication outlined that
businessman, set about organising the
and the Point Lisas Industrial Estate. manufacturing, grew by 1.3% in real
private sector of the southland. Feasibility

terms in calendar 2015. This figure is a SM Jaleel has successfully penetrated Africa. Although there are currently no
significant turnaround from the downturn markets in the wider Caribbean region, the trade agreements between Trinidad and
recorded in the two preceding years; 1.0 United States, Canada, United Kingdom, Tobago and South Africa, SM Jaleel has
percent in 2013 and 4.0 percent in 2014. Latin America, Europe and Asia. In most successfully extended its operations to this
The biggest manufacturing subsectors of these cases, the company initiated distant territory.
are Food, Beverages, and Tobacco; it business in those territories ahead of any The two examples presented here
accounted for 6.8% growth in terms of policy that government may have created Montano and his private sector group and
GDP earning capacity, as opposed to a to make trade more accessible for local SM Jaleel provide fitting demonstrations
decline of 4.2% for 2014. business. As a soft drink manufacturer, of the private sectors initiative and
Notwithstanding government facilitation SM Jaleel has long been at the vanguard endurance in Trinidad and Tobago. Not
through bilateral agreements, trade of business. In the 1980s, it was the first surprisingly, corporate T&T today continues
missions, or domestic policies aimed at company in the world, in collaboration with to drive the economy towards new and
boosting competitiveness, the private Reynolds Metals Company, to introduce exciting frontiers.
sector has been instrumental in growing fruit juices in aluminum cans through the
the economy based on the above use of nitrogen technology. This eliminated www.chamber.org.tt
data. One outstanding example of this the need for artificial preservatives in the
proactivity is SM Jaleel & Company product.
Limited. Established in 1924, this Pushing the proverbial envelope
company is one of the oldest and largest even further in 2009, the company 1 Moya, Ramiro, Mohammed, Anne-Marie, Sookram,
Sandra, Productive Development Policies in Trinidad
manufacturers in the English-speaking launched production of one of its and Tobago, Inter-American Development Bank: IDB
Caribbean. signature products, Chubby, in South WP-115, 2010.

Where To in Latin America
Markets To Look At between $300 to $1000 USD and take

Trade agreements (between up to six months along with other
governments) are one way in which procedural requirements). As with many
countries strive to overcome international other Latin American countries, Costa
and domestic regulations, sanitation Rica also enacted distribution restrictions
measures, tariffs and other measures, which were reformed in 2007. However,
which can hinder or prohibit trade. The a greater issue looms: transportation.
negotiated conditions make it easier for Smaller volumes of cargo would attract
local exporters to get their goods and a higher cost and given the low volume
T
services into the corresponding territory of trade there are limited direct shipping
he economic challenges under a more predictable arrangement. lines. These challenges can be overcome
that Trinidad and Tobago is Therefore, a great place to start in Latin by improving supply side constraints and
faced with currently have America would be countries where we access to information.
undoubtedly led to renewed have existing agreements. Here, we will With a population of over 4.7M people,
calls for action regarding diversification. focus on two: Costa Rica and Panama.1 Costa Rica has been classified as an upper
These challenges, stemming largely The Central American countries are middle-income country with a GDP growth
from depressed oil and gas prices, projected to grow by 4.1% on average in rate of approximately 3.5% and a GDP
have led both the public and private 2016 according to the IDB, with Panamas of 49.55 billion (2014). Steady economic
sectors to focus with renewed vigour on growth estimated at 6%.2 expansion over the past 25 years means
diversification in product/services terms. that Costa Rica remains a prime Central
While a wider product/service offering is Costa Rica American market within which T&T can
a sine qua non of a steady economy, we In 2004, CARICOM signed a free trade enhance trade and investment.
have not paid sufficient attention to the agreement with Costa Rica, which was
diversification of export markets. This is ratified in T&T in 2005. Through the Panama
to say that although product and service agreement, 95% of products are traded In October 2013, T&T signed a partial
diversification is a medium to long term duty-free between the countries. While scope agreement with Panama, one of
goal, diversifying our export markets can there has been a slow uptake of these the fastest growing economies in Latin
be achievable in the short to medium term opportunities by the private sector, it is America, which gave T&T access to that
in some respects. interesting to note that T&Ts exports to market for over 230 products.5 With
Take, for example, the largely untapped Costa Rica were valued at $40 million in shipping lines from Panama to the
Latin American market, with strong 2004 (including petroleum products, rum Caribbean, goods can be transported to
global links, close proximity to Trinidad and beverages).3 In 2014, exports totalled market in approximately four days. The
and Tobago, and resilient economies. over 68M giving T&T a trade surplus of Colon Free Zone, the second largest in
While a number of trade agreements 8.7M USD. While this may seem sizeable, the world, can be used as a distribution
between CARICOM as a group and it is noteworthy to add that Costa Rica point for T&T goods to enter other Latin
Trinidad and Tobago individually with the accounted for only 0.4% of T&Ts total American markets an added opportunity.
Latin Americans have been negotiated exports and 0.97% of total imports. There Due to its open economy, Panama has
and signed, our market presence is still is the possibility for increased trade. few market access problems and the
wanting. Speaking at AMCHAM T&Ts The Agreement, although it contains appointment of an agent or distributor
Doing Business in Latin America event comprehensive provisions on trade in is common along with identifying a local
in September 2015, Trade Minister Paula goods, contained a built-in agenda for partner.
Gopee-Scoon noted that while there are trade in services. Developing provisions in Panama has a population of over 3.8M
over 200 exporters to North America, the area of services were in fact raised in people and a GDP of approximately
there are less than 15 domestic firms June 2015 when the parties held their first 46.21 billion (2014). Its economy is
exporting to Latin America. Here, we look Joint Council4 meeting, which signalled supported by the services provided to the
briefly at two markets in Latin America their efforts at working together to Panama Canal and the countrys banking
with great potential, the conditions that improve trade and eliminate barriers. system. The country has experienced an
make them favourable for exports from However, challenges to trading with expansion in infrastructural development
Trinidad and Tobago, and how AMCHAM Costa Rica have mainly been classified and the 2015/2016 fiscal plans propose
T&T can help you take advantage of these as administrative burdens. (For example, an expansion of the education system
opportunities. product registration, which can cost to create a bilingual and competitive

workforce to support the services industry. Other Markets Photo: (Front Row L-R): Nicole Galt
These are great signals for the buoyancy In addition to countries where trade Trinidad Systems Limited; Nicholas
of the economy, along with Panamas agreements with T&T/CARICOM have been Galt, Chairman AACCLA; Her Excellency
attractiveness as an FDI destination. negotiated, a number of other territories Pamela A. White, US Ambassador
to Haiti; Ravi Suryadevara, President
Like any other market, there are remain attractive areas for T&T exporters
AMCHAM T&T; Sandra Honor, Special
barriers to trade including the cost of to pursue market access activities.
Representative and Head of the United
transportation; burdensome regulations These include countries like Argentina, Nations Stabilization Mission in Haiti
and documentation (particularly for food, Peru and Colombia. Especially at a time (MINUSTAH)
beverages and chemicals) which adequate when government revenues are down, (Second Row L-R): Christian Tom Yew,
preparation and strong business links can impacting the national landscape, a strong, Energy Dynamics Limited; Nirad Tewarie,
combat. What is certain is that greater export-led private sector, less reliant on CEO AMCHAM T&T; Roger Lee Pack,
trade with Panama can enable T&T to government contracts locally, would be a House of Paper; Shaun Rampersad,
deepen its economic penetration and better support to the economy. Let us look Ramps Logistics Limited
investment opportunities in Central/Latin to Latin America, where AMCHAM T&T can (Back Row) Vincent Ramlochan,
ExporTT; Deonarine Goodoosingh, Trinrico
America. be a strong business connection.
Steel & Wire Products Limited.
1Trinidad and Tobago has signed a number of agreements 3Imports from Costa Rica over the same period amounted
as part of the CARICOM grouping with countries like to $70 million and included commodities such as
Venezuela, Colombia, Costa Rica, Dominican Republic pharmaceuticals, detergents and lumber.
as well as a number of bi-lateral agreements (at various 4A Joint Council was established under the agreement
stages completed; ratified, currently being negotiated) to deal with the review and operationalization of the
with Panama, Guatemala and El Salvador. Moreover, agreement and to work together to reduce trade barriers.
Bilateral Investment Treaties have also been negotiated. 5The agreement also provided for reduced tariffs on 248
2http://www.estrategiaynegocios.net/ products from Panama into T&T and contains a built-in
lasclavesdeldia/934017-330/panam%C3%A1-y- agenda for services.
rep%C3%BAblica-dominicana-locomotoras-del-
crecimiento-en-la-regi%C3%B3n

Photo: Edison Boodoosingh
Finance and
Wealth Management

T&Ts Energy Sector Will Survive
I
nternational Energy companies signal that there is activity in the sector in
continue to see Trinidad and Tobago as Trinidad and Tobago. Clearly, the sector is
an investment destination despite damp in a very difficult situation as there is the
conditions in the global energy sector. problem of oil prices and low production.
This country has over 100 years experience The CEO also spoke about the growing
in the energy sector and has seen sky high unemployment rate in the energy sector
oil prices as well as downturns through in T&T as companies have been shedding
economic recessions, war, natural disasters, staff because of the difficult situation. He
through eras where OPEC has been weak said with prices being much lower since
and other times strong in defending the 2014, some energy companies have been
cartels interest. And this era of low oil going through an adjustment process with
prices is no different. costs. The energy companies look at their
Raphael John-Lall Dr Thackwray Dax Driver, President and suppliers, the efficiency of their operations,
CEO of the Energy Chamber of Trinidad they examine their capital expenditure
and Tobago, believes despite difficult times programme and there have been major
in the local and global energy sector, T&Ts cuts in all those areas. Very importantly, he
energy sector will survive and will continue said these companies are looking at their
to attract much needed investment. He human resource costs and will rationalise
spoke about the Trinidad and Tobago and reduce such costs. Unfortunately,
Energy Conference and Trade Show which that will sometimes lead to job cuts and
took place at the Hyatt Regency Hotel we have seen some of that in the energy
in the capital city, Port-of-Spain, from sector. There has been a move to reduce
February 6 to 8. He called the conference the expatriate job count because expatriate
a successful one. We had participation, staff comes with additional costs (in
notwithstanding the fact that the Energy addition to salaries) like housing, school
sector is in a very difficult situation at fees and flights. Also, where Trinidad and
the moment. The major mood at the Tobago staff is working outside of the
conference was people were looking for the country, they are trying to bring that staff
positives, he said. back, he said.
Driver noted what has really stood out Driver also referred to the recent
for Trinidad and Tobago is continued closure of the multinational steel giant
investment for the energy sector especially ArcelorMittals operations in Trinidad. He
in the upstream sector. The investment said while it is not directly an energy sector
has continued despite the low price company, it is closely associated with
environment and that is a positive feel. the sector because its major competitive
Of course no one is underestimating the advantage has been the price of gas and
trouble that we are in as we are in a very the price of electricity in Trinidad. This
difficult position. The fact that investment is reflective of the downturn in the steel
is still coming in is a positive. He referred prices with similar roots to the energy
to BPs investment with the Juniper project, sector, he said.
there is also EOG Resources investing in the The CEO of the Chamber said in the
Sercan project, and there is BHP investing long term it is important for Trinidad and
Photo courtesy: Shipping Solutions
& Services Limited (SSSL) in the Angostura Phase 111 Project. With Tobago to continue attracting capital
Photo: Video Aerial Ground Solutions all these things happening, it sends the investment into the countrys upstream

Photo: Trinidad and Tobago Energy with a focus on gas. He spoke about He added that the growth of the oil
Conference 2016 the challenges in the shortfalls in gas industry in regional countries like Guyana
(L-R) Professor Jeffrey Sachs - Director of production and the only way to solve that will help the energy services companies in
Earth Institute Columbia University, is to invest in gas production. We need Trinidad and Tobago. Last year, US based
Sen. the Hon. Paula Gopee Scoon -
to attract the investment dollars into new energy giant, Exxon Mobil announced
Minister of Trade and Industry,
gas production, this is what the focus of that a massive offshore column of oil was
The Hon. Nicole Olivierre - Minister of
Energy and Energy Industries, Mr. Norman the industry and the Government has to found. It may hold 700 million barrels of
Christie -Regional President, BPTT, be. We also need to do all the things to oil or more. Driver said it looks like there
Dr. the Hon. Keith Rowley Prime Minister ensure that investors feel confident to put is a major oil find from Exxon and it is
of the Republic of Trinidad and Tobago, the capital into this country, especially in drilling appraisal wells at the moment
Mr. Vincent Pereira Chairman, Energy an environment where they are cutting and looking for what could be a major oil
Chamber of Trinidad and Tobago and capital around the world. We have to make discovery there. If that happens, that will
President BHP Billiton Trinidad and Tobago, sure that one of the places they do not cut transform Guyana and create opportunities
The Hon. Colm Imbert, Minister of Finance, investment money is in Trinidad. for T&Ts service companies. There will be
The Hon. Stuart Young- Minister in the
Driver does not want to speculate about opportunities for T&Ts energy companies
Office of the Attorney General and Legal
the price of oil and where it will eventually to service the growing energy sector in
Affairs and Dr. Thackwray Driver President
and CEO, Energy Chamber of Trinidad and stabilise. However, he said most of the Guyana. Actually at the moment, a lot
Tobago at the ribbon-cutting to formally industry predicts that oil prices will be of the energy services already come
open the Tradeshow at the Trinidad and trending back up but slowly. But we are out of Trinidad and Tobago. He added
Tobago Energy Conference 2016. not expecting prices to get back up to that if there is oil production in Guyana,
Photo courtesy: The Energy Chamber of their pre-2014 levels anytime soon. There this means more revenue and greater
Trinidad and Tobago. has been a structural change in the global economic growth which will provide more
oil and gas industry. Those structural avenues for Trinidad and Tobagos energy
changes are not going away in the short sector.
term, he said.

TTEITI Promoting Transparency
of our Energy Revenues
put aside their vested interests and, in signal to the investment community that
the countrys interest, agree on the key our country wants to attract the right
tenets of resource revenue transparency. type of investor. Participating companies
This successful move towards collective build trust with fence-line communities
governance has been acknowledged and give assurance to their stakeholders
internationally. And, in January 2015, while civil society is armed with important
Trinidad and Tobago earned EITI data to strengthen their demands for
Compliant Country status having passed sustainable development. The initiative,
a rigorous examination of its fulfilment of therefore, bolsters a participatory
all the EITI Standard requirements. These democracy and underscores that the
requirements centre on how well a country countrys energy resources belong to the
can demonstrate tripartite cooperation in people of the country. The EITI Report
Sherwin Long EITI implementation and encourage public provides important information on our
Head, Trinidad and Tobago debate on the extractive sectors in addition energy resource revenues that can serve
EITI Secretariat to providing detailed reconciliation of taxes as the cornerstone of any debate or call
A
paid by companies to government. for action. Our commitment to resource
t a time when declining oil In the interest of the Government, revenue transparency must remain
and gas prices and reduced participating in the initiative promotes steadfast.
production are negatively an anti-corruption agenda and sends a www.tteiti.org.tt
impacting Trinidad and
Tobagos energy sector, keeping an eye on
trends in revenue earned from the sector
The EITI Report 2013 Highlights
is of paramount importance to citizens,
business leaders and Government policy The EITI Report 2013 details payments by the Government and company.
makers. Here is where the Extractive directly or indirectly made to Timing differences between the
Industries Transparency Initiative (EITI) Government by 51 participating oil and date of payments at the end of one
plays an important role. The initiative, the gas companies involved in upstream fiscal year and the date of clearing
global gold standard for resource revenue and associated activities. It compares the Ministry of Energy and Energy
transparency, is geared towards increasing them with the corresponding revenues Industries bank account at the start of
transparency and accountability within a reported as received by Government the next fiscal year.
countrys extractive sectors by reconciling agencies. It includes an analysis and Local insurance premium tax on
payments made by extractive companies reconciliation of material payments and foreign policies
to the Government and the Governments receipts. The Report is assembled by an Payments not related to exploration
declared corresponding receipts. The independent Administrator, represented and production which the companies
resulting independently verified data for the third consecutive year by the do not report but which the
is published in an annual report. Apart local/UK alliance of BDO Trinity Limited Government includes in reporting the
from specific tax payments, the report as the lead consultant, supported by total of payments received.
also highlights important contextual Hart Nurse Limited. Due to an absence of adequate
information on the sector including The Report shows that, after information, unidentified receipts
Heritage and Stabilisation Fund balances, reconciliation, Government reported differences totalled TT$32 million i.e.
total oil and gas production, dividend receiving TT$21,186 billion (previous 1.5% of total receipts.
payments by state-owned energy year TT$20.925 billion) in revenue The latest EITI Report gives a
enterprises and how much we spend on from the countrys major oil and gas snapshot of the countrys greenhouse
the fuel subsidy. companies. There was a difference gas (GHG) emissions reduction strategy
The TTEITI Steering Committee between Government receipts and and highlights projects that oil and gas
oversees the EITI process in the country energy companies reported payments of companies are implementing to reduce
and the committee, made up of an TT$195 million accounted for by: emissions. In the report the Steering
equal number of representatives of Foreign exchange differences which Committee included vital data on
Government, companies and civil society, arise when payments are carried out sectoral (GHG) emissions, gas reserves
helps prove that diverse groups with in US$ and different exchange rates and even unreconciled payments by
competing interests can sit at the table, are used to report the amounts in TT$ mining sector companies.

The P3 Imperatives
Creating Value
public infrastructure needs, and the lack of Build or Design Bid Build model with
fiscal resources to satisfy all of these needs the Government paying upfront for the
through public procurement only, it is constructed asset and taking on the
imperative to consider P3 arrangements as brunt of the project risks pre and post
an alternative mechanism to deliver more completion. Due in part to a maintenance
public projects and achieve better value approach, skewed to restiveness, we
for money. The value for money concept is generally see the quality of the asset
fundamental to PPP projects and leverages deteriorating after handover.
the resources of the second P, the private The citizenry suffers when public
sector, which is expected to bring the infrastructure is inadequate, untimely or of
best of business to bear on public sector a poor standard and when value for money
projects: innovation, risk management, is not achieved and quality expectations
Zack Nadur Kristin Forsyth discipline, and a culture of delivering on are not met. According to the World Bank,
Partner in the Senior Manager in time, on budget and to specification. when designed well and implemented in a
Transaction the Transaction An EY 2014 global survey showed that in balanced regulatory environment, PPPs can
Advisory Services, Advisory Services, traditional public sector procurement over bring greater efficiency and sustainability
Ernst & Young Ernst & Young 70% of projects are over budget and late on to the provision of such public services
Services Ltd. Services Ltd. delivery; whereas, with PPP procurement as water, sanitation, energy, transport,
A
this percentage is significantly reduced to telecommunications, health care and
chieving continued economic around 20% leading to greater efficiency. education.
and social development is a P3 provides opportunities to deliver The Government has taken some initial
key factor in improving the more of T&Ts infrastructure needs in a steps towards making P3 implementation
standard of living and welfare more transparent, efficient and effective a reality in T&T. A P3 Unit and a National
for all of the citizens of Trinidad and manner within existing constraints. P3 Policy have been put in place with
Tobago. To achieve sustainable long- Given the deteriorating fiscal conditions, a P3 Ministerial Committee established
term development, substantial and it is imperative that the private sector to oversee the development and
timely investments in local infrastructure be engaged to play a pivotal role in implementation of projects. The P3 Unit has
are required; especially in the face of bridging the infrastructure gap. With already screened and prioritised potential
contraction in the energy sector and quality infrastructure being a key pillar of projects. GORTT, with the technical support
uncertainty in the global economy. The social and economic development, the of the Inter-American Development Bank
Public-Private Partnership (PPP or P3) Government has identified a number of (IADB) and a consortium of consultants
modality of procurement presents itself public sector projects to be undertaken (including EY), has already explored the
as a viable option to bridge the current with public monies. Some of these feasibility of two pilot P3 projects in the
financing gap without compromising the infrastructure projects as articulated in education and healthcare sector, which are
countrys infrastructural needs. the Public Sector Investment Programme earmarked to proceed to the next phase.
A P3 is a long term contractual (PSIP) 2016 and the State Enterprises The Minister of Finance and the Economy,
arrangement between a Public Sector Investment Programme (SEIP) 2016 are: Colm Imbert, in his 2016 Budgetary speech
Entity and a Private Sector Entity under Construction of new highways and road indicated that funds would be set aside to
which the Private Sector Entity provides infrastructure facilitate the roll out of the infrastructure
or contributes to the provision of a Upgrading/construction of Fishing Facili- framework to promote the growth and
public asset and/or service and bears ties in several areas development of P3s aimed at assisting
the significant risk and management Construction of various new health care primarily in the technical and operational
responsibility. Through this contractual facilities aspects of these partnerships. The
arrangement, the Private Sector Entity Construction of new and upgraded CNG momentum must continue to be built upon
receives a revenue stream in the form fuel stations given the imperative to advance the P3
of agreed service payments from Reconstruction/Rehabilitation of Ramps/ agenda, particularly at this juncture in T&Ts
government budget allocations, user Runways at Piarco International Airport development with the deteriorating fiscal
charges, or a combination of the two - the Construction of 16 Fire Stations conditions on one hand and the demand for
common, defining characteristic is that Construction of 11 new Police Stations improved public services on the other.
payment is contingent on performance. Traditionally, the PSIP and SEIP projects
Given the urgency and scale of T&Ts have been procured via the Design www.ey.com/TT/en

Photo: Marcus G Productions
Photo: Video Aerial Ground Solutions
Building
the Right
Environment
for Growth
Kay Baldeosingh-Arjune
B
uoyed by oil and gas revenues post-2008
international financial crisis - and buffered
by a well-funded Heritage & Stabilisation
Fund (HSF) as well as institutional and
household savings following plunging oil prices
in 2014-2015 - energy-based Trinidad and Tobago
has weathered these economic shocks better
than many other countries in the developed and
developing world. But it is now struggling to
reignite a dynamic growth momentum that would
propel the country out of its current still economic
waters.
In this interview, Business Trinidad and Tobago
asked President of the Bankers Association of
Trinidad & Tobago (BATT) Darryl White, who is also
the Managing Director of RBC Bank, a subsidiary
of the Royal Bank of Canada and one of the
largest banks in the country: Does Trinidad and
Tobago have the right environment in place to help
businesses grow and to achieve economic growth?
God is a Trini
The reality of T&T, the banker explained, is that:
When the winds are in our sails we do fantastically
well because we are a small number of people
sitting on a considerable amount of resource.
When the winds die down, we dont do well. So it
is no surprise that we continually go through that
boom/bust cycle along with the rest of the world.

Building The Right Environment For Growth
Breaking this cycle is difficult because educated human resources, particularly Spain and solving the access problem to
of the Trini philosophy that: When things at the middle to top management strata Chaguaramas.
are good, God is a Trini. When things are which is very strong and productive. So
Innovation
bad - God is still a Trini and things will get while there are problems, as in other
T&T needs to become creative and
better. So, in good times, the adjustments countries, with an under supply of workers
innovative in removing obstacles to
we should make such as removing the fuel at the lower or transient levels, if an
growth as well as in producing goods
subsidy or reducing specific transfers, we investor wants management skills at a
and services, White stressed. Weve seen
dont make because we cant justify it; and certain level, you are absolutely going to
innovative thinking at the macro level
when times are bad its even tougher to get that, he said.
in the development of the countrys
make those adjustments, White noted. To the extent that an investor can get
energy sector, but we need to bring that
technology to help with productivity, he
innovativeness down to the SME (small
Subsidies will also be in a strong position, White said,
and medium sized enterprises) level, he
To an extent, subsidies can nurture adding that: Our technology platforms
said, adding: If you have enough SMEs
things and make you more competitive are also pretty strong in terms of getting
hiring a certain number of people you will
but we need to focus our scarce financial businesses connected to the rest of the
have economic prosperity. Noting that
resources in subsidising the right areas, world and has already helped make T&T
there were a number of local examples of
White said. He sees great potential for attractive as a call centre and exporter
innovativeness in the food and beverage
growth in Tourism, Agriculture, Shipping, of financial services. He would like to see
sector, he believes there is great potential
Trade with South America, and exporting T&T reach the stage where access to the
in building on the countrys rich culinary
Energy Services. Internet is considered a right of a citizen.
delights and resources. Two ideas he
I absolutely believe that we have With respect to financial capital, White
would like to see bear fruit: packaging and
more than enough happening in Trinidad believes T&Ts high level of savings has
exporting doubles (popular Trinidadian
to develop tourism he stressed. In helped save the country thus far. We have
street food) and high yielding, quick
agriculture, there is so much opportunity three levels of savings that have helped
growing coconut trees to take advantage
through import substitution to drive buffer us from the economic shocks and
of this highly demanded, health trending
development in this sector, that we have revenue shortfalls in the last few years, he
product.
to try and feed ourselves just a little more, explained. At the level of the State: the
Building a culture of innovation has to be
he said. government has access to some US$5
done in schools as well as at the business
T&Ts location is another untapped billion in the HSF, access to international
level where you help enterprises, whatever
opportunity. I think we sit in a space borrowing capacity given T&Ts relatively
their size, get to the next level, White said.
where we are a gate-way for a resource low level of borrowing, and room for
He sees the need to build a highway that
belt which is South America How does local borrowing. At the institutional level
links creativity to execution and that finds
T&T connect to Guyana, to Suriname - there are substantial savings in the
and funds ideas, builds out prototypes and
and all those resources there? How does insurance, pension and mutual funds that
brings them to fruition. Yes, a lot of cars
Trinidad connect in terms of goods and are looking for places to invest. Finally, at
will run off the road but a few will reach
services to the rest of the Caribbean the household level, there is some US$3
the end of the highway, he said.
that dont have the power resource billion in T&T banks. This means we have
that we have? Thats where the obvious a significant amount of savings so we Economic Outlook
opportunities are. How do we capitalise on have a fair amount of buffer, he said. Concerning the outlook for Trinidad and
that? Relatedly, White would like to see The question is - how do we move those Tobago in 2016/2017, the BATT President
T&T become bilingual. That would make savings into productive investments? sees the outlook as benign although it
us absolutely more competitive. I believe Other positives are T&Ts strong and will get slightly worse before it gets better.
we have missed opportunities to develop stable banking sector with international There are investment opportunities but its
these sectors, he said. Hopefully, this time, networks that can connect businesses and going to be difficult to encourage people
well put some more attention to them and bring world class solutions, as well as a fair to invest as businesses opt to play it safe,
maybe necessity will drive that, he said. enough sized local market for both labour he noted. But there will be opportunities
and for products that are locally produced. and he sees strong businesses taking the
Strong Pillars of Growth - Education, Were not a huge market but we are a opportunity to consume smaller ones,
Technology Platform, Financial good access point to other marketsThose people look to exit from markets they
Capital are things that are pretty encouraging, the cannot serve effectively, and people who
Do we have the right environment to banker said. are very strong in selecting small spaces/
achieve growth in these and other sectors? There are other pillars that White niches taking up those opportunities. He
White believes we have three important believes should and could be stronger: believes the country could survive and be
pillars that are strong and well-established: Innovation, Public Institutions - with quite comfortable at oil prices of around
Education, Technology Platform and respect to greater efficiency and US$50-60.
Financial Capital. transparency, and Physical Infrastructure
Trinidad and Tobago has a rich pool of www.batt.org.tt
- such as relocating the Port of Port-of-

A Compassionate and
Committed Beacon
W
elcome to Beaconan insurance company Though technology puts Beacon at its customers fingertips,
considered by many to be an emerging giant they have also proven to be an active and conscious corporate
in the industry. Beacons operations are citizen as Beacon remains dedicated to its regional community
headquartered in Trinidad, with a significant engagement programmes. One of its most significant projects
regional presence that spans Tobago, Barbados, Dominica, yet was the Beacon Sober Zone, an initiative formed with local
Grenada, St. Kitts & Nevis, St. Lucia, and St. Vincent. The NGO, Arrive Alive, to engage and educate the public at various
confidence placed in the stability of Beacon by its reinsurers and events on the importance of safe driving habits through the
the companys continued strength and adherence to the highest administration of Breathalyzer tests and sharing of safe driving
standards of underwriting, led to Beacon being awarded a CariA- tips.
rating by the Caribbeans first financial rating agency, CariCRIS. As Beacon continues to grow, the company is unrelenting in
Beacon remains steadfast in its commitment to delight its its mission to provide our customers and employees with a life
customers by providing a diverse range of products and services, transforming experience that will help them achieve their goals
reputable claims service and focus on building meaningful and recover from setbacks through the compassionate delivery of
relationships. Through its superior technology platforms, Beacon our services. The pursuit of this goal has defined who Beacon is
takes its service to customers where and when it is convenient to and what its customers and communities can continue to expect
them. In 2014, they launched the Beacon Buddy mobile app, an in many years to come.
easy-to-use interface that allows customers to access their policy
information and make payments on-the-go. Another industry
milestone was the launch of Beacons online motor insurance www.beacon.co.tt
product UChoose, which enables customers to build a motor
policy that suits their specific needs and budget.

A Wealth Mindset
T
he Power of Focus your detriment, often to a crisis situation. Dont wait for a crisis
Do you wear spectacles? Ever had those go foggy on situation to force you to act. Dont wait for a life-changing event
you? Its quite a bother isnt it? Did you ever misplace to force you to change your life. Take baby steps starting today.
them and felt like a fish out of water as you experienced
a humorous irony of life? - You need your glasses to search for The Danger of Safety
your glasses. A lack of focus is one of the key reasons we fail to The Danger of Safetyquite an oxymoron isnt it? I have
progress in almost any endeavour, successful wealth management learnt and observed and continue to learn and observe just
definitely being one of those. Its almost as if money hitting a bank how dangerous playing it safe can be. Many people are of the
account injects a short-term high in the minds of people; there misconception that if they play it safe and if they take no risk with
is a temporary lapse in memory, planning goes out the window their funds, they would have nothing to worry about. This could
and we indulge in our senses. Spend first and check balances not be further from the truth.
aftera bad habit. We lose focus easily when there is a temporary What high blood pressure is to our health, inflation is to our
reprieve. financesthe silent killer!
In the Art of War Sun Tzu says, The more you sweat in peace, What makes cash valuable is its buying power. When that
the less you bleed in war. Just as you have a Health Plan, you buying power falls, we lose money. A 7% fall in value of 1 dollar
must have a Wealth Plan. means 1 dollar is now 93 cents. The dollar therefore ceases to
Focus on the important things and dont lose sight. exist. The physical dollar is there, but you realise how that can be
an illusion. The silent nature of inflation makes its impact deadly.
The Magic of Compounding If our money was displayed to us like a battery meter on our cell
As it applies to investing, compounding essentially is interest phones, then we could probably see the fall in value, and take
earned on interest earned on interest earned, right up until the appropriate action, but unfortunately it isnt.
end of your investment horizon. The exponential effect of this At Guardian Asset Management we can help you to focus on
seems magical over time. Whats very important to note though, the right things and put things in perspective to ensure that your
is that the compounded benefit over time is lost if we do not take wealth grows. Contact us at 1 (868) 632 6000.
the right action. Wrongful actions and habits or inaction can also
compoundon the down side! Good habits and actions compound
uphill, to your benefit. Bad habits and actions compound to myguardiangroup.com

Opportunity Driven
Prosperity Focused
Photo: Maria Nunes
Regional Reach
exports to the CARICOM region have become open for investors. Offshore
grown. Thus, CARICOM has become one of finance and information services are
T&Ts major exporting partners. important foreign exchange earners and
Under the Caribbean Single Market, due to the same time zone as the eastern
companies that wish to export into the Unites States, Financial Centers and a
CARICOM region can benefit from the free highly educated workforce, Barbados will
movement of goods among all CARICOM continue to be export earners for local
Member States. In other words, there manufacturers. The potential markets
are no import duties placed on goods of include construction, food and beverage,
CARICOM origin compared to the import renewable energy technologies and hotel
duty regime for third-country goods. The and restaurant sectors.
import duty regime ranges from 40% of Trinidad and Tobago exporters can also
Joy Francis agricultural products to 25% of finished look towards the Dominican Republic
Team Lead - Trade Unit, goods and 0-5% for inputs. Further, tariffs (DR) market. The DR with a population
Trinidad and Tobago Manufacturers and quantitative restrictions on CARICOM of 10 million people and a GDP per capita
Association (TTMA) goods have been removed and there are of US$10, 060 (EST. 2013) can generate
initiatives detailed in the Revised Treaty of economic and export opportunities for T&T
T
Chaguaramas to support a regime for the exporters. Trinidad and Tobago exporters
rinidad and Tobago (T&T) has free circulation of capital, free movement can benefit from the CARICOM-Dominican
the largest manufacturing output of services in the Single Market, and Republic Trade Agreement, which
within the Caribbean region. In for the harmonisation of rules on non- facilitates the preferential treatment of
2015, the sector was estimated tariff barriers. This is why CARICOM is a goods and also enables other benefits such
to grow by 1.3% with a projected output breeding ground for exports. as aiding investment and trade promotions
at TT$7, 633.2 million. The following Jamaica, for example, is seen as one between the parties. Some sectors that
industries mainly drive the sector: Food, of Trinidad and Tobagos largest trading can be targeted for T&T exports include
Beverages and Tobacco Industry, the partners in CARICOM. With a population food products, petroleum, chemicals and
Chemicals and Nonmetallic Mineral of 2.8 million people and $15 billion pharmaceuticals.
Industry and the Assembly type and GDP, Jamaicas proximity and historical Haiti is also another potential market for
Related Industries. These sub-sectors connections have encouraged Trinidad Trinidad and Tobago exporters. Haiti has
account for more than approximately and Tobago exporters to enter the the lowest import tariffs in the Caribbean
two-thirds of the manufacturing sectors Jamaican market and there are trading and imports more than 70 percent of
output. Further, from 2014 to 2015, (T&T) possibilities for potential exporters. As market goods. Even though it is not part
exports from the manufacturing sector to such, more than 10% of the Trinidad & of the CSME and therefore, there is no
CARICOM countries increased by 30.5% Tobago Manufacturers Associations duty-free access, the vast majority of
and this has become an annual trend (TTMA) membership trade with Jamaica the population requires basic goods. T&T
where goods are exported primarily to gives impetus to showcase the trading exports can take advantage of this. Apart
the CARICOM market. This is why there prospects in this CARICOM country from the vast opportunities in the trade
is a need to place more emphasis on the for exports. Based on trade statistics, of goods and services, T&T investors can
opportunities and the markets identified potential sectors that can be targeted look forward to investment opportunities
in CARICOM for local exporters. for exports include Food and Beverage, in tourism and hospitality, business, and
The Caribbean, which is often seen as Pharmaceuticals, Chemicals, Energy transportation services, construction,
a tourist destination and known for its Production, and Telecommunications. and manufacturing sectors particularly
diversity with different ethnic groups, Forbes (2015) reported, Barbados for agricultural products. Some targeted
provides potential market opportunities enjoys one of the highest per capita sectors for T&T exports include Food and
to meet a wide range of different incomes in the Eastern Caribbean. Beverage, Telecommunications Services
consumer tastes and lifestyle. The 15 Against this background, Trinidad and and Equipment and Building Materials.
Member States referred to as CARICOM Tobago continues to trade favourably Foreign Investment is a major economic
occupy approximately a total land space with Barbados in that more than 15% of driver for many Caribbean economies and
of 462,472 kilometers and an estimated TTMAs membership exports to Barbados. therefore, the business climate of these
population of generally 15 million people. Therefore, the country has been a major economies is usually open to foreign
Further, in the last decade, statistics importer of T&T goods. Additionally, investors. Caribbean governments are very
from the Central Statistical Office (CSO) due its stable political environment, the receptive to foreign investments, especially
have revealed that Trinidad and Tobagos investment climate of Barbados has those designed to make a contribution

5-Column Still for rum production. Photos courtesy: Angostura Limited
to the regions economic development. varying incentives to investors,

For example, in the OECS Business Focus including liberal tax holidays,
Magazine, it was stated, The Government duty-free import of equipment and
of St. Kitts and Nevis strongly encourages materials and export incentives.
foreign direct investment. St. Kitts and In some countries, the OECS
Nevis foreign direct investment policy is Commission revealed in the
to attract FDI priority sectors identified OECS Business Focus Magazine
under the countrys national diversification that Government treats foreign
strategy. These sectors include Financial investors and local investors
Services, Tourism, Agriculture, Information equally with respect to acquisition,
Technology, and Light Manufacturing. establishment, operation, management
Trinidad and Tobago investors have and there are even instances where foreign FDI growth in 2012, mainly attributable
identified the CARICOM region as being investors may hold 100% of an investment. to expanding investments in Business
geographically located between two In the Dominican Republic, the Process Outsourcing (BPO) and Tourism.
continents; acting as a gateway to North Latin American Trade and Investment Investment opportunities are also available
and South America as well as to Europe. Association reported that there is an in sectors such as Agribusiness, Mining,
The other Member States are rich in extensive network of industrial free zone Energy and Manufacturing, as well as
natural resources, for example, bauxite in parks which houses more than 600 sectors such as Medical Tourism and the
Jamaica, gold in Guyana and Suriname, international companies, all of which Animation arts.
and vast forest resources and arable lands operate under a tax-free regime and The Caribbean region continues to be a
in Guyana. Suriname and Belize are key special customs treatment. For example, growing market for Trinidad and Tobago
potential sectors for investment. the Santo Domingo Cyberpark specialises exporters. As CARICOM expands, Trinidad
There have been improvements in the in Information Technology open to and Tobago exporters have a greater
infrastructural support of the region such international investors that focuses on opportunity to expand with the region.
as road developments, improvements in software development, computer design, Understanding the trading dynamics of the
air and sea transport and electricity and and manufactured technology products. region, the different market structures and
telecommunications sufficient to support JAMPRO reported, Jamaicas economy the consumer preferences of the country
foreign businesses. T&T investors can also has accommodated over US$6 billion in are key to being a successful exporter.
enjoy these developments. foreign direct investments (FDI) over the
Further, several Member States offer past 10 years and experienced a 66% of www.ttma.com

TIC2015 Photo: Maria Nunes

TIC2016
Creating Pathways to
Expand Your Business
T
he Annual Trade and Investment Convention (TIC2016) will
be held on July 69th, 2016 at the Centre of Excellence,
Macoya, Trinidad and Tobago. TIC2016, hosted by the
Trinidad and Tobago Manufacturers Association (TTMA)
will mark the 17th year of its existence.
The theme of this years Convention Creating Pathways
for Business will focus on creating new avenues for business
opportunities between Trinidad and Tobago and the rest of the
world.
TIC is considered to be one of the largest business to business
fora of its kind in the region/hemisphere and is specifically geared
toward creating business, trade and investment prospects for
local businesses. In light of the decline in energy prices, the
diversification of the economy is now absolutely necessary for the
country to continue to prosper. TIC2016 serves as a catalyst to do
this by offering trade and investment opportunities to the local
manufacturing sector by using the show as a platform to create
a vast network and linkages to regional and international buyers
and businesses. When our local businesses are offered services of
value, such as the business to business (B2B) meetings between
exhibitors and buyers, company matchmaking between local and
foreign companies and business education seminars; they are thus
given the opportunity to truly flourish CEO of the TTMA, Dr. Ramesh
Ramdeen explains.
At the TIC2016 Launch in November, 2015, the President of
the TTMA, Dr. Rolph Balgobin expressed that after oil and gas,
manufacturing is a substantial and proven earner and defender of
foreign exchange reserves in the T&Ts economy. The Ministry of
Trade and Industry (MIT) has been involved with TIC since inception
and Paula Gopee-Scoon, Minister of Trade and Industry and the
feature speaker at the TIC2016s Launch, highlighted the well-
established relationship between the TTMA and the MIT over the last
16 years.
The TTMA has had several meetings with local Chambers of
Industry and Commerce and Business Associations with the hope
of strengthening relationships amongst business stakeholders
especially given the economic climate. It is TTMAs hope that these
various business stakeholders in T&Ts economy can come together
at TIC2016 and use the convention as a valuable networking tool to
expand their businesses.
Further, this year at the TIC show there will be an international
Business Forum where international speakers will be in attendance.
When confirmed, the international speakers will be made known to
the attendees whom we expect to be owners and CEOs of business.
To gain access to TIC and its services, you can register at www.
tic-tt.com. Registration as a Buyer at TIC is free. B2B meetings and
Seminars take place from the 6th-8th July, 2016 from 10am-6pm at
the Centre of Excellence and you can contact TTMAs offices at 675-
TTMA for more information on how to set up a business meeting or
attend or host a seminar. On Saturday 9th July, 2016 the convention
will be open to the public. The TTMA encourages exhibitors to take
advantage of the early bird discounts on booths and looks forward
to another successful Trade and Investment Convention.
www.tic-tt.com

Franchising as an
Investment Opportunity
games, kid-friendly food such as pizza, extra support is not free.
sandwiches and chicken products as well In light of these constraints, as an
as menu items to appeal to adults such as investor, there is still much due diligence
a salad bar and a coffee/dessert bar. Its to be done. Of primary importance is the
a place Where a Kid can Be A Kid and potential fit between the offering of the
provides an environment where kids can franchisor and the local market does this
run and be free in the safety of a secure, product/service appeal to local tastes?
indoor facility. Our Kid Check process To what extent will the franchisor allow
ensures that families that come together changes to the offering to adapt to the
leave together by stamping families on local environment? What is the local
the way in, and checking for matching competition for this product/service? Can
numbers on the way out. Birthday parties I as an investor cost effectively access the
Kristine Thompson are also a key feature of the offering. resources I need to roll out this product/
Director, Chuck E Cheeses When we started the business, we service locally? In our experience, we firmly
Trinidad and Tobago were directed to use the franchisors believed that there was a gap in the market
M
architects, who have designed hundreds for wholesome family entertainment, which
any of us dream of starting an of the brands restaurants globally, for our offering has been able to successfully
entrepreneurial venture, but the interior layout. While the final layout address. We have in many ways adapted
worry about the risk of betting they produced seemed straightforward, the concept to our local culture Chuck E.,
the farm or, at least, putting our there was quite a bit of science involved, was dressed in a traditional sailor costume
hard-earned savings at risk. all designed to maximise revenue and for Carnival, with an hourly road show
For my business partner and I, optimise the guest experience. dance, choreographed to Mighty Trinis All
franchising offers a palatable solution The training team (whose expenses we Aboard.
because it mitigated the risks associated covered and who prepared our team to Real estate has been a challenge,
with starting a new venture. The franchisor open the store and operate) ensured that, particularly in light of the 14,000 sq. ft.
typically has been operating a successful apart from setting the exacting operating footprints and the need for ample parking.
business model for a prolonged period standards, the foundation was set for the This called for creativity in sourcing and
of time and has had the opportunity service culture we wanted to create. We structuring real estate deals, all of which so
to redesign or tweak it to respond to are very proud of this service standard and far, involved Greenfield site development.
market needs. Much of the testing and continue to invest in it. The space just wasnt available to simply
market research has already been done. The brand and the mascot were occupy as it is in the United States and this
The franchisor is, therefore, able to socialised to our market, before our launch. translated into delays in delivering on our
offer a complete package of product Many local families have experienced development schedule.
specifications, facilities design and layout, Chuck E. Cheeses in travels abroad, or While many warned us about the woes
documented operating procedures and have seen the iconic mouse. The power of the local labour market, we have found
service standards that would otherwise and value of this brand are derived from that a new management model based
cost the investor both time and money years of marketing spend, and the brand on respect for the individual has yielded
to figure out. The franchisor has invested has a cache that would be expensive and phenomenal results, and we have created
significant sums internationally in brand difficult to create from scratch. a motivated, cohesive workforce, which is
building and advertising, which in our The downside, of course, is that this critical to delivering on a superior guest
digital age, spills into your markets, comes at a cost. Franchise fees are experience. Service is everything.
creating brand awareness for a product or typically 5-7% of revenues, and are taken The net result was that the Chaguanas
service before it is even available in your off the top line, so the franchisee is paying restaurant was the best performing
market. This creates pent-up demand, whether you are making money or not. international store in the first few months
which is extremely helpful in a local brand Franchisees are also required to contribute of operation. The brand was launched
launch. to an overall marketing and operational largely through cost-effective social media,
By way of illustration, I can share support fund. It is important to note, and we look forward to our next location,
our experiences launching the Chuck that contractual arrangements under a opening soon in the C3 Centre in San
E. Cheeses brand in Trinidad. Chuck franchise agreement as relates to breaches Fernando.
E. Cheeses is a family entertainment and termination are typically heavily
restaurant featuring arcade and skill skewed in favour of the franchisor, and www.chuckecheese.com.tt

Selling the Vision
by Bavina Sookdeo
While many
B
y now every Trinidadian and produce being sold in Tabaquite only but
Tobagonian fully understands it has found itself at regional markets such
are looking what the word diversification

means. After the announcement
as St Lucia and St Vincent. Badal noted
that Trinidad and Tobago exports a lot
for new and by former Central Bank Governor, Jwala

Rambarran, that the country is in recession,
of pumpkin and chadon beni (Scientific
name: Eryngium foetidum) to the European
innovative ways diversification has been a major topic of

discussion. While many are looking for
market. Therefore, there is great potential
for export.
to diversify, one new and innovative ways to diversify, one

farmer states that Trinidad and Tobago can
Even locally, the industry has great
potential for growth. There is a high
farmer states turn to a sector that has endured for many

years the Agriculture sector.
demand for certain crops like cabbage.
Badal wholesales his produce to
that Trinidad Andy Fabien Badal, who comes from a

family of farmers, lives in the rural village of
restaurants, supermarkets such as Xtra
Foods and PriceSmart, caterers and retail
and Tobago Tabaquite. In the fifties, his father started

planting on state lands close to a river in
vendors who sell at the local markets. And
while prices fluctuate and fertilisers are
can turn to a Tabaquite. The area has expanded across
the river and is now being cultivated by
expensive, Badal noted that they always
have to plant a little more to supply
sector that has more than 50 farmers. This is our survival
explained Badal, And this is how we
demand which is a good thing.
He specialises in planting cabbage,
endured for have survived for a very long time. Now
called Tabaq, farmers cultivate crops on
tomatoes and cucumbers. What is the
demand like for such produce? In any
many years approximately 45 acres of land on either
side of the river and Badal insists that this
one day I may sell 80 boxes of cabbage
(approximately 4000 pounds), 120 boxes
the Agriculture industry is one that holds tremendous
potential.
of tomatoes (approximately 4,800 pounds)
and almost 100 bags of cucumbers
sector. While his father started along with five
other farmers, there are now approximately
(approximately 4000 pounds).
The farmer added that the concept many
30 farmers cultivating Tabaq and each Trinidadians and Tobagonians have that
farmer employs others. A Tabaquite farming is something that is done by those
Vegetable Farmers Association has also who did not succeed at school is rapidly
been formed and now has 65 members. changing. Farmers now have to get this
With their main crops being tomatoes, business down to a science and our country
cabbage, cauliflower, sweet peppers, needs to become self sufficient. What
cucumbers, pumpkins and beans, Tabaq better way to do it than by farming? he
produce is known throughout the asked. This sector, insisted the farmer, is
Caribbean as high quality and healthy. rapidly growing with new and innovative
When our cabbage went to Barbados, ways of farming and practices being
the people there said they never thought developed all the time. Badal said that this
Trinidad had such beautiful garden sector has supported many families in years
stated Badal. He boasts of crops that are gone by and should continue to do so for
healthy, brightly coloured and stated that a long time to come, since the potential for
he has never had a problem with residue growth and export is evident and since our
on his produce. Yes, no longer is Tabaqs country is known for its quality produce.
Photo: Christopher Anderson

Trinidad and Tobago gives the
Green-light to Renewable Energy
Cherisse Moe
T
he terms Going Green and
Renewable Energy are all the
rage these days as countries
around the world move
towards creating a more sustainable
and eco-friendly environment for its
citizens.
Trinidad and Tobago is no exception
and has been taking considerable
strides to get there albeit there is a
long way to go.
Last year, the government, for the
first time, set a specific and ambitious
target of increasing energy supply from
renewables to 10 percent by 2021 and
reducing carbon emissions by 15 percent
by 2030.
Government also gave its
commitment to the Paris Agreement
under the United Nations Framework
Convention on Climate Change
(UNFCCC) held in Paris in December. It
said the time has come to diversify the
economy away from its dependence
on oil and gas, reduce the effects of
harmful greenhouse gas emissions and
achieve its renewable energy objectives.
The University of Trinidad and Tobago
(UTT) has risen to the challenge and is
moving at an accelerated pace to do its
part to make that happen. Director of
the Energy Institute, UTT, Rampersad
Motilal, says the university has given the
green-light to three alternative energy
Wind turbines located at UTT, Point Lisas Campus. Photo: Edison Boodoosingh

pilot projects to get the ball rolling on appliances are powered by solar energy Because the energy comes directly from
making renewable energy technologies the the television, air conditioners, electrical the wind its not going to run out. Oil and
norm rather than the exception. stove, fans, lighting, you name it. gas are non-renewable assets and it will
One such initiative is the electric Students from primary and secondary run out eventually and even if it doesnt,
bus - the first of its kind in the country. schools as well as members of the public at some point it may become uneconomic
Manufactured in China and purchased have been visiting the UTT in droves to for us to produce. The Stone Age didnt
jointly with the European Union through witness first-hand the smooth operation of become unprofitable because of the lack
the Ministry of Planning and Development, the solar house as the university continues of stone but because something else came
the bus boasts of a seating capacity of 52. its drive to sensitise the public on the along and replaced it. Likewise, oil and gas
Motilal says plans are to purchase more, importance of alternative energy resources. wont be the prime fuel source forever.
which can revolutionise the transport The only way to make a dent in any He added, Over the last few years,
industry by significantly reducing diesel one of the targets set by the Government natural gas production has reduced
and petrol vehicles emitting harmful carbon is to go towards renewable energy. The significantly so the move towards the wind
dioxide and paving the road for a cleaner framework and targets are there and the and solar energy is timely. Its clean energy
and safer environment. UTT is demonstrating that, he said. and the source is almost inexhaustible. This
This bus is fully air-conditioned and very But the green initiatives do not stop downturn in oil and gas production is a
comfortable with proper facilities for the there. The UTT has also installed two very clear signal to all and sundry that we
differently-abled. But more importantly, this wind turbines at its Point Lisas Campus cant be putting all our eggs in the oil and
bus demonstrates that it is indeed possible to illustrate that wind energy is another gas basket.
to go the route of renewable energy in smart option. Wind turbines work by As a significant producer of greenhouse
Trinidad and Tobago. Unlike buses which converting the kinetic energy in the wind gases, Trinidad and Tobago is taking
use compressed natural gas (CNG), which into mechanical power. This mechanical necessary steps to overcome these
give off that greenhouse effect, the electric power can then be used for specific tasks challenges and utilise the readily available
bus has zero emissions with absolutely no or a generator can convert this mechanical forces of nature to supply its energy needs.
greenhouse gases. power into electricity. But the concept And while the country cannot take for
The energy expert notes that the bus, of using the wind to produce electricity granted the major role oil and gas has and
which currently transports university isnt exactly new. In fact, we have been continues to play in its development, times
students to and from the universitys harnessing the winds energy for hundreds are changing. The green age is here and
campuses, takes only five hours to be fully of years in the form of windmills used for Trinidad and Tobago is on board.
charged and can travel an impressive 500 pumping water or grinding grain on farms
kilometers, more than adequate for the around the world. https://u.tt/
normal daily run. He says the UTT soon
hopes to purchase smaller electric buses
in the near future as it leaves the world of
non-renewable energy behind.
The bus is fantastic. Its a proven Risk. Reinsurance. Human Resources.
technology and a standard part of fleets
around the world. These buses can
eventually phase out the older Public
Transport Services Corporation (PTSC)
vehicles as Trinidad and Tobago embarks
on this journey towards renewable energy.
Meanwhile, situated at the Point Lisas
Campus of the UTT is the nations first
and only fully-functional 100 percent solar
powered house. This groundbreaking
project was completed last year and Motilal Insurance Broking / Risk Consulting
believes it is a step in the right direction.
Some of its energy-saving elements, he 1 Murray Street | Woodbrook| Port of Spain
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Innovate & Create in Tobago
by E-IDCOT
140 acres of
W
hile many see Tobago as 64MW. The natural gas receiving facility was
the ideal vacation spot, the completed in 2010 and fibre-optic cables that
land at Cove island is slowly establishing

itself as an eco-friendly
will afford instantaneous communications
and information trading worldwide have
(the Cove Eco business and investment hub through

the establishment by the Tobago House
been deployed.
E-IDCOT insists that The traditional
Industrial and of Assembly of a company to stimulate

enterprise development on the island.
agro-industry is ripe for development.
Tobago has its own special brands and the
Business Park), The Eco Industrial Development

Company of Tobago (E-IDCOT) was
company pointed out that Production
facilities for any or all of these products
was allocated established in 2009 as a wholly-owned,

private limited liability company, with the
would find a home at Cove.
E-IDCOTs CEO, Bernard Mitchell,
to establish an mission to transform and diversify the

Tobago economy. Consequently, 140 acres
indicated that he anticipates data
processing companies, call centres, on-line
eco-friendly, of land at Cove (the Cove Eco Industrial

and Business Park), was allocated to
marketers, designers, recording artistes
and creators of many innovative and new
state-of-the- establish an eco-friendly, state-of-the-art
estate that would attract investors.
products should find a home at Cove.
Creators of furniture, ceramics, art and
art estate that The first eco-park in the Caribbean, the
Cove is located on the southern coast
craft can all be housed at Cove, spurring
industry, innovation and entrepreneurship.
would attract of the island just 10 minutes from the
international airport at Crown Point and
It is expected that international
companies too will exploit the
investors. approximately 15 minutes to the seaport in
Scarborough.
opportunities of an eco-friendly park with
a compatible business sector and ready
So what makes the Cove unique? E-IDCOT supply of human resource.
officials explained, The street-lighting The Cove has been planned to
system is solar-powered and water is stored accommodate existing and enterprising
and recycled. The commercial electricity new businesses with a variety of different
generating plant, commissioned in 2009 and flexible spaces.
can power the island with its capacity of Among these are:
An administrative centre which houses
the Coves management team, offices
and conference facilities
A business incubator complex for
assisting start-up companies
Factory shell buildings which comprise of
working and storage areas with office cores
An innovation centre which provides an
administrative meeting and lab/research
block
Availability of professional services to
assists businesses with planning and
operations.
The Cove will be a model Caribbean eco-
industrial park from its flagship design to
its day-to-day practices.
www.e-idcot.co.tt

The Trinidad and Tobago
Advantage
Technology in T&T
Partnerships Key to Prosperity
already signalled its intention to develop stand to benefit tremendously from the
its ICT sector as part of the countrys drive application of technology.
to improve its competitiveness and secure
a place in the global economy. Work in Progress
There are four key objectives in the To some extent, these benefits are
countrys ICT development agenda: already being experienced. The local ICT
1. Catalyst for Improved Business sector has experienced progressive growth
Efficiency: A developed ICT sector in contribution to GDP since 2006. ICT
will prove a significant driving currently contributes an estimated 3.5% to
force for improved efficiency in the the Trinidad and Tobago economy in areas
business sector. Easier management of such as software and web development,
information makes for more efficient multimedia design, data processing, ICT
Bevil Wooding operations, which results in lower consulting and training. The country boasts
Internet Strategist, Packet Clearing operating costs, greater productivity, of a local Internet exchange point (IXP); a
House; Chief Knowledge Office, and improved competitiveness. dedicated national ICT agency, iGovTT; and
Congress WBN 2. Increased Access to Government tt-connect, a service that allows citizens
Services: A robust ICT sector to access Government and state agency
facilitates increased connectivity and programmes and services online.
T
provides the foundation for increased The country is investing heavily in the
rinidad and Tobago has long held
access to government services with development of relevant human-resource
a special reputation as one of
the public as well as regional and skills. Due to education assistance
the Caribbeans most vibrant and
international stakeholders. Trinidad programmes like the Government
progressive economies. The twin-
and Tobago has invested heavily in Assistance for Tuition Expenses (GATE)
island republics investments in education,
the telecommunications sector and Programme, Trinidad and Tobago currently
energy, telecommunications and
in building out its domestic Internet boasts of a local labour force equipped
manufacturing capacity have transformed
infrastructure. with over 6,000 engineering and ICT
it into a regional powerhouse. Recently,
3. Accelerated Diversification of the graduates. A further 400-plus graduates in
however, global energy prices have been
Economy: Development of the local ICT-related fields are churned out annually
in decline. Yet, in the face of falling oil
ICT sector facilitated development of from the countrys tertiary-level education
and gas revenues, the country stands well
other sectors. The Trinidad and Tobago institutions.
poised to diversify its economy and foster
government has prioritised development These government initiatives are
a new era of local innovation.
of non-oil sectors, particularly ICT, supported by significant private sector
services, food and agro-industry, textile, investment. It is also aided by entities such
ICT - Enabling Development
tourism and leisure, among others. as the Council for Competitiveness and
The essential elements for Trinidad and
4. Greater Opportunities for Citizens: Innovation, the National Entrepreneurship
Tobagos success are already in place. The
Citizens themselves have much to Development Company Limited (NEDCO)
country boasts of a skilled, creative and
gain from a developed ICT sector. and an eBusinesss Roundtable which draw
highly educated workforce; a long history
Greater access to essential services on expertise from the private sector, civil
of public-private partnerships; and, crucial
such as health and education can all society and academia.
to securing its place in todays technology-
be delivered more effectively when the
enabled global economy, a modern and
extensive information and communications
right technology is applied. For example, Quickening the Development Pace
education can be made more accessible Still, there is opportunity for
technology (ICT) infrastructure.
to the public through distance learning improvement. In spite of its robust
ICT, is a critical enabler of modern
and online tuition. Electronic health infrastructure, high literacy, Internet
economies. ICT provides important
records can be made securely available and device penetration rates and sound
benefits, including improved productivity,
to allow citizens better, more efficient economic capacity, the country lags some
lower operating costs and greater service
health-care. Protective services, tourism, distance behind the global leaders in ICT.
delivery options. Trinidad and Tobago has
agriculture and other sectors also Trinidad and Tobagos Network Readiness

Index 2014-2015 is 70 out of 148 countries.
The countrys Global Competitiveness
more rapidly to better facilitate business
creation, intellectual property protection ICT provides
Index 20152016 ranking stood at only 89
out of 140 countries. These ratings are an
and electronic transactions.
This will require a more deliberate and important
indication that development in Trinidad
and Tobago can and should be taking
coordinated approach to development.
The test for Trinidad and Tobago will be benefits, including
place at a faster rate to keep pace with
global developments.
its ability to optimally use local resources
and innovative technology to realise its
improved
The good news is successive
governments have made steady
national development agenda. The country
is currently a net consumer of technology.
productivity,
investments in education, improved
business facilitation and policy reform.
The future demands that it develops
capacity to become a producer of
lower operating
The country also continues to strengthen
its regulatory environment and focus on
technology to be able to service local
as well as global needs. The future also
costs and greater
fostering ICT-enabled innovation. Its a
matter of time before these initiatives bear
requires the public and private sectors to
work in concert to support development
service delivery
fruit in the form of social and economic
benefits.
of new local industries that can meet local
as well as global needs. This will require
options.
more than technology innovation or policy
Facing the Future change. It will necessitate leadership and
The ICT sector is like an ecosystem in fundamental shift in how the country
which policy, infrastructure, applications, perceives itself and its place in the world.
financing and human resource lie in No doubt, Trinidad and Tobago will have
delicate balance. In this ecosystem it its challenges in achieving its development
takes a collective effort to achieve that goals. However, it can face the future
balance. Greater effort and investment is confident that it has the strength,
needed to create an enabling environment ingenuity, capacity and collective will of its
that can better encourage and sustain people, to transform those challenges into
local enterprise. For this, the legislative opportunities for growth, development and
and policy environment has to evolve ultimate success.

Empowering
Exporters
Ryan De Souza
Team Lead Policy & Research,
TTCSI
T
he word services covers a wide range of
intangible and heterogeneous products
and activities that are difficult to
encapsulate within a simple definition.
The World Trade Organisation (WTO) uses 12
broad headings to capture what is termed as
the Services Sectoral Classification List. The list
covers Business, Communication, Construction
and Related Engineering, Distribution, Education,
Environment, Financial, Health and Related Social,
Tourism and Travel Related Services, Recreational,
Cultural and Sporting, Transport, and other services
not included elsewhere.
Services currently represent more than two-
thirds of World Gross Domestic Product (GDP).
The share of value added services in GDP tends
to rise significantly with the countries level of
income, standing at 73% on average in high-income
countries, against 54% and 47% respectively in the
middle and low income countries. Even in the latter
group, the production of services is generally a
core economic activity, whose contribution to GDP
is above that of both industry and agriculture. In
Trinidad and Tobago, services contribution to GDP
in 2015 was estimated at approximately 84.9%, while
industry and agriculture stood at 14.6% and 0.5%
respectively.
Late last year, the former Governor of the Central
Bank, Jwala Rambarran, declared that the country
was officially in a recession. With volatile oil prices,
our energy-dependent economy suffered four
consecutive quarters of negative growth with calls
once again being heard about the need to diversify.

The majority of This can only happen through services and
according to the Central Banks Review of
Following the entry into force of GATS,
there has been an increasing demand
SME operators the Economy 2015, there was a 2.5 percent

increase of real growth in services. The
for detailed, relevant and internationally
comparable statistical information on the
in the country positive growth is a reflection of improved

performances in five service subsectors
international supply of services. Trade
negotiators require statistics, possibly by
operate within with the strongest growth being in finance,

insurance, and real estate services.
mode of supply, as a guide to negotiating
specific commitments and to monitor their
the services It is clear that services should play a

major role towards economic recovery
economic impact for each type of service.
Among others, statistics are necessary
sector and it is for the country. Trinidad and Tobago is a

party to the WTO and as such is held to
to evaluate market access opportunities,
compare liberalisation commitments,
imperative to its rules and regulations which affect trade

in goods and services. One of the most
assess the extent of liberalisation reached
in specific sectors/markets and provide
assist them to important achievements of the Uruguay

Round of trade negotiations (1986-1993)
statistical background for the settlement
of disputes.
become more is to bring international trade in services
under common multilateral rules. Entering
The majority of SME operators in the
country operate within the services sector
competitive into force on 1 January 1995, the WTO
General Agreement on Trade in Services
and it is imperative to assist them to
become more competitive internationally.
internationally. (GATS) is the first set of multilaterally
negotiated and legally enforceable rules
To do this, information must be made
available to educate and inform them
covering international trade in commercial of trade flows, market trends, and
services (i.e. excluding government international opportunities. The Trinidad
services). and Tobago Coalition of Services Industries

Empowering Exporters
(TTCSI), as the voice of the services sector, matchmaking and B2B opportunities for will gain the valuable skills necessary to
operates with a clearly defined mandate exporters. successfully engage in the international
which is to contribute effectively to the A project of this scope requires the input marketplace.
creation of a more competitive and diverse of stakeholders throughout the country Globalisation continues to strip away
services sector. Our activities and projects and consultations are currently underway geographical hindrances to trade and
are intended to strengthen the institutional to determine how best to compile, analyse, specifically as it relates to services. No one
capacity of service sector operators with and disseminate the information to help country is too small to export. Empowering
the overall goal of increasing services operators within the sector make informed exporters by giving them the tools
exports. decisions based on the information necessary to make the most of the market
Recognising the advantages to gain by derived. opportunities internationally is a core
having up-to-date statistical information Another key initiative of the TTCSI component of our future. Strong service
on the international supply of services, aimed at empowering exporters is its providers positively result in increased
the TTCSI is in the process of establishing SERVICES Go Global (SGG) programme. competitiveness, exports, and foreign
a Service Sector Registry. The Registry SGG is the only export readiness training exchange indicators of growth in any
is intended to be a database able to programme for service exporters and economy, ideally ours.
process, store and disseminate statistics would-be exporters in the world. The
of trade in services for local service sector programme follows a logical, sequenced
organisations. This database will be held approach to exporting - a Roadmap - that
within the remit of TTCSI and will assist the takes the exporters through four stages
government by collecting data on trade and 12 modules of export preparation.
in services in addition to assisting private With the completion of each module, www.ttcsi.org
and other public sector institutions to fill elements of the service providers export
the dearth of services data within the local plan are developed. Service providers who
industry. The registry will also be used as a undertake the course will complete the
resource for business decisions and to find essential elements of their export plan and

BPO...Creating and Adding Value
resources can be invested in the processes institutes or provide access to tertiary

which make it more competitive while education and the pursuit of professional
managing its supply chain more efficiently designations. Trinidad and Tobago has
and cost-effectively. Public sector entities created adequate access to training and
also take advantage of BPO services professional qualifications.
as they focus on their core mandate
and procure services to support these Strategic Considerations for BPO
mandates. Firms
BPO firms come with their uniqueness in
Time Constraints terms of how they formulate their business
In this globalised world, companies strategies. Whilst a lot of the operational
are setting up businesses in new markets planning is driven by the external demand,
Vijay Parabdeen on a daily basis. There are several risks there is a constant need to innovate and
Client Services Director that come with entering new markets offer new services or how the existing
Aegis Business Solutions Limited and businesses that enter these markets services are packaged. BPO essentially
simply do not have the time to build all the leases human resources. Hence, the assets,
functions necessary to support a thriving though not valued and placed on the
B
business. Thus, some services can be companys balance sheet, are the team
usiness Process Outsourcing defined in terms of needs and placed in members available for outsourcing. As
(BPO) is when a business places the hands of a BPO provider that is able to these team members progress through the
part of its business process in deliver with little or no lead time. natural career path, retaining this valuable
the hands of an external service asset becomes more challenging. Another
provider. BPO services can be delineated Benefits of BPO to the Economy consideration is the balance between
into two main categories Back One benefit is increasing the recruiting for external outsourcing
Office (Accounting, Payroll, Corporate employment potential created by engagements (i.e. where persons are
Secretarial) or Front Office (most often attracting foreign investment. Employment sent out to client premises to fill short-
called centres). is created in the industry within which term demands for services) and internally
The three main and interrelated benefits the firm operates as well as the particular outsourced engagements (this is where
when businesses outsource are: service being procured via BPO. firms send their documents and data to
Flexibility In theory, growth in BPO firms should the BPO firm for processing). In external
Core focus also improve the knowledge/human capital engagements, there is a need to recruit
Time constraints within a particular economy. persons able to deliver high levels of client
service with limited supervision from the
Flexibility How Can a BPO Create its Own BPOs supervisory team. The internal
BPO gives organisations flexibility Niche? engagement is different and has team
as they can procure specialist services For any industry to grow, it must be
members working on several engagements
without needing to create the institutional adequately profitable, commensurate
at any one point in time. Both types of
framework for those services. The capacity with the associated risks. Thus, there must
engagement, however, demand strong
questions organisations ask themselves be an attractive demand and a supply of
capacity management skills.
about overheads are then removed from resources to meet the demand. On the
BPO creates or adds value from many
their strategic decision making. Instead, demand side, attracting foreign investment
perspectives. I have confidence that
firms need only to manage the relationship is an imperative. The particular tools and
market forces and the dictates of business
with their BPO service provider to ensure philosophies are outside the scope of
efficiency will see this industry thrive. It
that their growth demands can be met by this article. However, foreign investment
allows businesses to specialise in areas
the provider. is not enough. A mindset needs to be
of core service delivery and institutional
created whereby local firms both private
strength. Such a model promotes
Core Focus and public recognise the benefits of
organisational flexibility and frees up both
Closely related to flexibility is the core procuring BPO services and contributing
capacity and resources.
focus that BPO enables in an organisation. to a growing market for such services.
If a company is in the business of With regards to the supply side, the www.aegistt.com
manufacturing and exporting, its internal local economy must have robust training

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A New Business Process
Outsourcing (BPO) Industry
of relevant incentives and policy creation. and other concierge services relating
This can take the form of industry-specific to developing a companys outsourcing
infrastructure such as Special Economic model.
Zones (SEZ) which are aimed at Special Economic Zones
providing specific benefits in a designated One of the incentives, which the
operational environment. Government offers to encourage the
3. Reliable and modern infrastructure growth of the outsourcing industry, is
This is the physical medium, which allows certain exemption to companies that
outsourcing companies to run sustainable export at least 50% of its services.
business operations. It includes core Such entities are allowed to register
components such as Internet connectivity, under the Free Zones Act, as a virtual
availability of leased line providers and free zone, enjoying benefits such as
Varun Maharaj transportation facilities. 100% exemption in perpetuity from:
Chief Executive Officer, Corporation, Income, Capital Gains,
T&Ts resources and support for
Trinidad and Tobago IFC Withholding, Land and building and
outsourcing
Value Added taxes.
T
When the key factors, described above,
3. Reliable and modern infrastructure
he Government of Trinidad for operating an outsourcing industry are
Currently, the country boasts of excellent
& Tobago (T&T) began a considered with regard to the T&T market,
network readiness with sufficient
diversification thrust in the there are numerous advantages and
bandwidth (up to 2000 GBPS) available
last decade, to minimise its matches to be found.
through the optical fibre and wireless
reliance on the oil and gas sector. One 1. Low operating costs
radio networks.
of the objectives is to create a brand With its inexpensive yet reliable
The TTIFC offers a pilot programme
new industry providing Finance and supply of electricity, Trinidad is the
for first movers whereby an incubation
Accounting (F&A) and Banking, Financial 8th lowest energy cost location in the
space is offered for up to nine
Services and Insurance (BFSI) services. world (US$0.05 per kilowatt), and the
months for a company starting up its
The approach adopted to accomplish cheapest in the Caribbean. It also boasts
outsourcing operations. This Plug and
this is to attract Business Process of the lowest utility overheads in the
Play facility is available in prime real
Outsourcing (BPO) firms to establish region.
estate in the nations capital city.
a presence, hiring locals to service the The English-speaking local talent pool
With a well-developed air transport
needs of their foreign clients as well as is an attractive one for outsourcing
infrastructure, the country sits a mere
any local clients they win. The country firms. The country has a large number
3.75 hours from Miami, five hours from
is supportive of companies seeking to of accounting professionals due to the
New York and 5.5 hours from Toronto.
centralise core processes at a Trinidadian the ACCA programme which has a high
hub and is committed to facilitating the concentration of graduates.
Conclusion
establishment of Shared Service Centres Notwithstanding the high skill of the
The initial inroads made by this nascent
(SSC) in this regard. educated workforce, the average annual
industry are very positive. The country was
base BPO salaries would range from
ranked for the first time in January 2016
Key Considerations For An US$14,000-18,000 in T&T, compared to
in the top 50 in a Global BPO location
Outsourcing Industry US$42,000-US$56,000 annually in the
index [1]. RBC and Scotia Bank already
The following are all factors, which USA.
enjoy SSCs located in Trinidad, servicing
directly contribute to the feasibility of a 2. Government and Institutional support
their local and regional branches. Both
location as an outsourcing destination: The Government of Trinidad & Tobago
organisations employ on average, 450
1. Low operating costs established the Trinidad & Tobago IFC
employees, each with a combined annual
To be considered competitive, a country (TTIFC), to provide outsourced clients
contribution to GDP of some TT$300MM.
must be capable of offering relatively with end to end business facilitation
As a result, the local BPO industry has
inexpensive costs in areas such as salaries, services and operational support in
already attracted several global companies
real estate, electricity and utilities and setting up BPO or SSCs. These services
that offer outsourcing services, as well
government taxes, when compared to the include: Assisting with feasibility studies
as those simply seeking to establish a
same costs in the client/buyers market. of a companys outsourcing option,
presence in the region.
2. Government, and institutional support recruitment assistance from the talent
A locations potential can be further pool of trained F&A BPO professionals, www.ttifc.co.tt
realised through state support in the areas facilitating BPO Training Programmes
[1] Trinidad was ranked No.42 out of 55 in the A.T. Kearney Global Location Services Index

New Opportunities
In Tourism
Photo: Marcus G Productions

Cruise Industry
Great Potential for Trinidad & Tobago
by Bavina Sookdeo
There is great
W
ith the drastic drop in the all tapping into the cruise industry.
price of oil, the dreadful Indeed, it is evident that the business is
opportunity announcement came that

Trinidad and Tobago a
growing here. According to the Tourism
Development Company (TDC), in the
for investment country dependent on its energy sector

is now in recession. While many may
2014-2015 cruise season, ship passengers
to Trinidad and Tobago increased by 2%
in the Cruise see such an announcement as a negative

thing, it has not stopped its people from
following previous years of consistent
negative growth. According to BREA
business since finding ways to diversify and truly tap into

the many avenues that will sustain the
(Business Research and Economic
Advisors) the estimated per passenger
not only the countrys competitiveness and ultimately

its survival.
spend in Tobago was US$74.18 and in
Trinidad US$42.58. This suggests cruise
numbers are We are ranked as the third most

competitive tourism economy in the
expenditures in Tobago at US$2.3million
and Trinidad at US$668,450.
growing but the Caribbean according to the 2015 Travel

and Tourism Competitiveness Report.
Where exactly does the potential for
the industry lie in Trinidad and Tobago?
complexity as Within that industry is one in particular,

said to have great potential the Cruise
Carvalho stated boldly that it lies in the
uniqueness of our islands and it is for
well. industry. According to Charles Carvalho,
CEO of Carvalhos Agencies, The industry
this reason that Trinidad and Tobago was
recently added to the Carnival Cruise Line
has grown tremendously and this country itinerary. The Carnival created a new
has a lot of potential. Carvalho who initiative to sail to unique destinations
started his business in the eighties with a and Tobago picked up on it and met the
capital investment of $850 now handles requirements he said. The usual for a
almost 99 percent of the cruises in Trinidad tourist experience is snorkelling and beach,
and Tobago. beach, beach but what we have here is
The industry is the largest growing in truly unique we have so much of nature
the world today said the business man, and so many activities to offer said the
The following table (courtesy
TDC) shows Cruise Tourism and everyone with a waterfront is tapping cruise expert.
Arrivals, by Calendar Year for into this industry. Everywhere I have been Some of the places the tourists coming
2010 to 2014. in the world China, Japan, India they are in on cruises visit in Trinidad are the
Caroni Bird Sanctuary, ASA Wright Nature
Centre, Mount Saint Benedict and Lopinot.
They also experience the scenic drive to
Maracas, cultural shows, local cuisine and
steel-pan. In Tobago, tourists visit the
Argyle Waterfall, Fort King George, cocoa
estates, Plymouth, the rainforest, get an
island tour and very soon the Great Race
experience will be included.
Investors in similar business throughout
the Caribbean tell me if they had what we
have here they would be so happy all
they can provide is sun, sea and sand but
we provide so much more said Carvalho.
He noted that a lot more European tourists
visit our shores and they truly enjoy the
experience here.
Sources: Cruise statistics are provided by the Port Authority of Trinidad and
Tobago and THA, Division of Tourism and Transportation, Tobago.

Photo: Stephen Jay Photography
Proof that Trinidad and Tobago is insists that it has not. This season, there ships are getting bigger. When we look
truly unique with its amicable people will be close to 100 cruise ship calls at the patterns of new ships, we see that
and attractive sites is the 2007 Florida/ between Trinidad and Tobago with the companies are ordering larger ships,
Caribbean Cruise Association Conference frequency being between two to three therefore, the number of people coming
which was hosted at Hyatt (Trinidad). ships per week for the year. on a ship will be greater but the number
Every conference I have been to since Samuel Henry, Transportation of ships coming in will decrease. Henry
then, the talk is always that the conference Coordinator, Division of Transport, Tobago, added, There is great opportunity for
in Trinidad was the best that was ever said that for last season (October 2014 investment in the Cruise business since
put out. There is a lot of potential for this to May 2015), Tobago saw 56,000 cruise not only the numbers are growing but
industry in Trinidad Carvalho reiterated. visitors which was a 216 percent increase the complexity as well. There are a lot of
The cruise industry has allowed smaller from the previous season. For last season opportunities too for the private sector to
Caribbean islands close to us (with limited there were 45 cruise calls a 125 percent get involved in the island tours.
resources) to become really advanced in increase from the previous season. This Based on such statistics and Carvalhos
the industry. He insisted that we need to season said Henry, We will see close to many years of experience in the industry,
grasp this golden opportunity to invest and 90,000 cruise visitors and 54 cruise calls. there is no doubt that the Cruise industry
develop this industry with more efficient The Transportation Coordinator pointed of Trinidad and Tobago holds great
and effective laws. out that while there is an increase in the potential thanks to the uniqueness of the
One may wonder if crime has impacted number of cruise visitors, the number islands.
on the cruise industry. The cruise expert is greater than cruise calls since cruise

Right Time for Tourism in
Trinidad and Tobago
T
rinidad and Tobago has developed on specific niches, which provide the
a reputation as the Caribbeans destination with a competitive advantage.
economic capital due to the These niches include culture and heritage,
success of the energy industry eco and soft adventure, and meetings and
and associated off-shoot industries, conferences.
including financial support services, Trinidad and Tobagos appeal as a
banking, technology and manufacturing. destination is credited to the variety
The countrys economic vitality as well of immersive experiences available to
as the governments investor-friendly visitors. As a result of the countrys cultural
policies over the years have inspired the diversity and history, several cultural
confidence of international investors and and religious festivals including Carnival,
attracted investments in both the energy Tobago Heritage Festival, Christmas, Divali
and non-energy sectors. With energy and Hosay, allow visitors to participate
and its related industries earning the in national celebrations. This cultural
bulk of the nations revenue for decades, diversity is also evident in the destinations
the country has not fully tapped into the cuisine, which is influenced by the fusions
potential of the tourism industry. However, of African, East Indian, Chinese, Middle
with the volatility of the global economic Eastern and European heritage. From street
environment, and continued low oil price food to fine dining, Trinidad and Tobagos
projections by energy pandits into the cuisine is as diverse as it is delicious.
medium term, sustainable tourism has
emerged as a viable industry rife with Eco Tourism and Soft Adventure
opportunities for growth and development Due to its proximity to the South
and making significant contributions to American mainland, Trinidad and Tobago
gross domestic product (GDP). also boasts of unmatched biodiversity in
In fact, 2015 year-end data showed an the Caribbean region, with a wide variety
increase of 6.6 percent in visitor arrivals of flora, wildlife, and terrain, from plains to
to the destination over 2014. The average wetlands and rainforests. Approximately
number of visitor arrivals per month was 400 species of birds await discovery by
36,600, with February 2015 experiencing enthusiastic birders and the destination
the greatest number of visitors (48,000) is one of the largest nesting sites for
and September having the lowest (29,100). thousands of majestic leatherback turtles
With continued investments in the annually. The dozens of secluded beaches,
development and marketing of desirable rivers, gorges and waterfalls tucked
tourism products, the upward trend of among numerous hiking trails in the
visitor arrivals is expected to continue into lush forests of the Northern, Central and
2016 and beyond. Southern mountain ranges provide great of
Trinidad and Tobago is much more adventure for explorers.
than your typical Caribbean destination. Currently, projects are underway to
Idyllic, year-round tropical weather, upgrade and improve the visitor amenities
sandy beaches and clear, blue skies at a number of sites and attractions
merely skim the surface of the Caribbean including the Maracas, Vessigny and
facade. Recognising the importance of Manzanilla beach facilities. Sustainability is
distinguishing the destinations brand a key consideration of these projects with
from the regions mass-tourism-focused emphasis on reducing the carbon footprint
Photo: Ryan Jagessar - destinations, the attention of Trinidad of all sites through the use of solar power,
Carnival Central and Tobagos tourism marketing is based energy efficient equipment and recycled

Right Time for Tourism in Trinidad and Tobago
material. Also underway is a project to The categories of tourism projects
develop 1000 kilometres of existing eco- eligible for incentives are:
trails throughout the rainforests of Trinidad Tourism Accommodation Facilities
and Tobago over a five-year period. These including hotels, resort developments,
rehabilitated trails follow ancient pathways camp sites and retreats.
that were once traversed by Trinidad and Tourism Ancillary Facilities including
Tobagos First Peoples. In addition to a transportation services, golf courses,
walk through the islands history, the trails marinas, dive operations, cruise
project will also offer locals and visitors activities, recreational spaces, cultural
an extensive range of eco-adventure and centres, sailing charters and water
leisure experiences. sports.
Tourism Infrastructure including
Meetings and Conferences communications, roads and irrigation,
Trinidad and Tobagos strategic heliports, sea ports and airports and
location, direct airlift from South and public utilities.
North America and Europe, great year- Other Tourism Projects including
round weather, world class meeting convention centres, shopping facilities,
facilities and accommodations backed by historical landmarks and heritage sites.
international hotel brands as well as the
dedicated support of the Trinidad and Trinidad and Tobago has the right
Tobago Convention Bureau, make planning blend of natural and human resources to
meetings, conferences and exhibitions a successfully become a major player in the
breeze for meeting planners. Some of the global tourism industry. The government,
by offering attractive incentives and
major conferences and events scheduled through the Tourism Development
benefits to investors in approved tourism
to take place in Trinidad in 2016 are: Company is enabling an environment that
projects. These include tax exemptions
Commonwealth Electoral Network is attractive for investors to sustainably
for up to seven years, free repatriation
Conference (June 23 24) exploit the potential of the islands by
of capital and dividends for non-resident
Trade and Investment Convention (July developing products and services that
investors, allowances for the purchase
6 9) would make Trinidad and Tobago a
of approved equipment and waived or
Crime Stoppers Annual International preferred tourist destination in the key
reduced customs duties and taxes on
Conference (Oct 1 5) travel niches identified.
vehicles and building materials and articles
Caribbean Shipping Association AGM
for tourism projects to be used exclusively www.tdc.co.tt
(Oct 16 19)
in connection with construction and
equipping of approved tourism projects.
Opportunities for Investment
Ranked as the third most competitive
tourism economy in the Caribbean
according to the 2015 Travel and Tourism
Competitiveness Report, the potential of
Trinidad and Tobagos tourism industry
is enormous. Both the small and large
investor would find viable opportunities
for new business, private partnerships and
public-private partnerships in the sector,
supported by a stable political climate.
The destination also boasts of outstanding
transportation and telecommunications
infrastructure, skilled and professional
labour, competitively priced utilities,
limited restrictions on the movement of
capital, profits and dividends and minimal
export and import restrictions.
The government has indicated its
commitment to attracting investment for
the development of the tourism industry

Relocating to Trinidad
Like Coming Home
by Roslyn Carrington
F
iona Greensides is originally from Scotland. She has a
BSc in Radiography from Robert Gordons University,
Aberdeen, and a PGC (MRI Imaging) from Bradford
University. She lives in south Trinidad with her husband,
Paul Greensides, and works as Senior Radiographer CT/MRI at
Southern Medical Clinic.
Her decision to relocate to Trinidad was not so much a new
adventure as it was a return to her childhood home: in 1975 her
missionary father moved here with his young family, and was
posted to the Princes Town Baptist Church.
In 2007, Fiona and Paul came for a holiday, got married here
and decided they would one day like to settle in Trinidad. In 2011,
she contacted the Society of Radiographers TT and asked about
job opportunities and started to work in Trinidad by September
2011.
One would think that the onus would have been on Fiona
to persuade her husband to live here, but actually he was the
instigator. One day, while we were swimming in the rain at
Mayaro, he jokingly asked me, How soon can we come over here
for good? I was stunned but elated.
Leaving her home was hard but fortunately, the nitty-gritty of
relocating was made easier as she reached out to the contacts her
family had made in her childhood. She remembers the day they
unpacked the container they had shipped with their belongings.
By the time I got home the apartment was full of boxes,
suitcases, tables, camping equipmentyou name it. It was then
that we felt that we were finally home, and it felt great.
As with most Europeans, her greatest source of culture shock is
poor timekeeping, which sees patients and even workers arriving
late for appointments. Second on her list is probably inconsiderate
driving. Being white and female also doesnt escape comment, but
though she doesnt consider being called white girl offensive, it
does take some getting used to when patients defer to the male
in the room, even if he is the attendant supporting her. She is also the government ministries. If you go with specific questions you
often questioned by patients about how they can relocate to the get good information.
UK! Culturally, Trinidad and the UK are very different. Keep an open
Having made the decision to apply for residency, Fiona has mind and dont worry about some things being said and how they
begun sending down deep roots. She is part of the Princes Town are saidworry about it after, with a cold beer or glass of wine.
Baptist Church Sports Committee, a member of an adventurous Trinidad is a very friendly place, and the locals like to party. They
womens athletics group called Yes She Can, takes Latin/ will offer drinks and or food if they meet you on the beach or at a
Ballroom classes, does swim training, attends a gym, is a licensed fete. It is a sharing culture, but you do have to be careful. If locals
Zumba instructor and helps out in the Kallicharan Mas Camp warn you of certain things, its best to listen, as they know their
making costumes. Paul has his own hobbies and takes care of fellow countrymen better, so take heed.
things at home. But the best thing about relocating is that I feel I have come
Her advice to those wishing to relocate here includes doing back home. I am happy and settled and have no desire to go
research. Come on holiday, not just once but several times. Visit anywhere else.

The Role of the
Creative Industries in the
Diversification Thrust
Trinidad and Tobago to generate national administered, the MTI is simultaneously
wealth. It is actively strengthening the undertaking strategic planning and
legislative and regulatory framework foresight initiatives to determine the
through the development of policies economic potential of the Film, Fashion
geared toward the creation of an enabling and Music subsectors as well as identify
environment where the industry can thrive. the gaps that prevent these subsectors
In an effort to fulfill its mandate, from realising this potential. Once these
CreativeTT and its subsidiaries FilmTT, gaps have been identified, informed
T
FashionTT and MusicTT have undertaken a national policy decisions regarding the
he Creative Industries today series of projects geared toward building industry can be made.
include some of the biggest capacity and transforming business entities The Ministry is currently analysing
and most powerful businesses into commercially viable enterprises in the incentives which are provided by other
in the world and is becoming an industry. One such project is the hosting governments in an effort to develop its
increasingly significant part of the global of a Music Intellectual Property Valuation Creative Industries to determine which of
economy. Workshop undertaken by MusicTT, in these incentives can be applied locally.
In this new global economy based collaboration with the Intellectual Property During the course of this analysis, it has
on innovation, progressive leaders Office (IPO). This Workshop will explore been observed that many countries have
acknowledge that creativity now drives the methods used in the valuation of local content rules in the broadcasting
global competitiveness. As a result, those intellectual property for music. It will sector to protect and promote local
countries that can foster an environment in enable artistes to assess the value of their programming.
which creativity can thrive will be able to songs and to increase their leveraging There is increasing evidence that
efficiently drive economic success. power when approaching investors and local content legislation provides the
The Government of the Republic of record executives in potential international opportunity for increased revenue
Trinidad and Tobago recognises this new deals. collection by local copyright and related
economic paradigm. This is evidenced in To provide local designers with rights management organisations. At
the National Policy Framework in respect manufacturing facilities, FashionTT is present, the greater part of this revenue
of attaining sustainable growth and currently collaborating with the University collected from broadcasters is exported to
diversification of the economy. This policy of Trinidad and Tobago (UTT) to establish owners and creators of foreign content. A
has identified a number of industries with a local Fashion Production Cooperative. change in this paradigm will subsequently
the necessary attributes for successful Local designers who have relied on lead to an increase in royalty distribution
penetration of international markets. outsourcing to international locations will to local composers, film producers,
One of these industries is the Creative have an opportunity for their orders to be publishers, artistes, musicians, and
Industries. produced locally. The aim is to increase producers. As a result, options regarding
This industry within T&T comprises employment, revenue generation and local content regulations that can be
a great number of subsections such as exports and for this facility to become self- financially rewarding for the industry is
Dance, Theatre, Visual Arts, Preforming sustainable. being examined.
Arts, Film, Fashion, and Music. The Ministry Another initiative is the Production It is acknowledged that the rapid
of Trade and Industry (MTI) has been Expenditure Rebate Programme which changes taking place in the global energy
charged with the development of the Film, provides a cash rebate to local and foreign markets mandate that the Ministry adopts
Fashion and Music subsectors in an effort film producers on production expenditure a more strategic approach if it is to
to increase their financial contribution to incurred whilst filming in T&T. It is expected develop the Creative Industries as a major
the economy. to contribute to increased foreign source of revenue in the near future. The
The Ministry has mandated the Trinidad exchange earnings as a result of increased initiatives outlined above are intended to
and Tobago Creative Industries Company spending by foreign crews. Increased achieve this purpose.
(CreativeTT) to stimulate and facilitate recruitment of local personnel translates
the business and export development of into further sustainable employment.
www.creativett.co.tt
the Film, Fashion and Music Industries in Whilst these projects are being

Photo: Gary Jordan
T&Ts Sports Tourism:
Ready, Set, Go!
T
rinidad and Tobago, through the there is a strong sporting legacy and
previous and current incarnations some experience of hosting international
of the Ministry of Sport, have sporting events such as the Caribbean
made a firm commitment to Premier League, two junior football World
exploiting the virtues of a tropical Cups (men and women), a senior cricket
training ground that is the geography and World Cup, the only UCI (Union Cycliste
topography of the twin islands. Long past Internationale) approved race in the
a simple idea, the Sports Tourism project Caribbean and the T&T Marathon. There is
is now ready to be executed, following the the variety of sport; golf, mountain biking,
establishment of three world class facilities tennis are but a few of the sports quickly
that join the impressive stadia that already gaining in popularity. So how does T&T
dot the landscape of a relatively small T&T. create the attraction to its sporting shores?
Sheldon Waithe There are few nations with a population Firstly, there is exposure. Nothing says
of just over one million people that can sporting excellence is readily available like
boast of at least five proper football success on the international stage. Witness
stadiums, six cricket grounds, two tennis the plethora of athletes from the United
centres, an Olympic level indoor velodrome Kingdom and the USA that suddenly went
and an aqua sports centre. While that to train in Jamaica following the Caribbean
augurs well for the training and progression isles athletes victories in the 2008 and
of the local athletes, it begs the question 2012 Olympics. T&T enjoyed its most
as to how to generate revenue from the successful Olympic Games in London and
investment made to construct these with elite athlete funding programmes in
facilities. Minister of Sport, Daryl Smith, place, should create the same exposure in
highlighted that tourism generated from Rio 2016. The window of opportunity has
participation or viewing a sport event was to be created by immediate support for the
a priority, especially as the nation seeks to cause; a T&T marketing presence in Brazil
diversify an economy heavily reliant on the should be in place to make the world realise
energy sector for so long. Upon assuming and be enticed by sport as the primary
office, Smith said, Our Government is motivation for travel to the country. The
cognizant that mega and small scale sports winter season alone offers scope for an
tourism have the potential to contribute to elongated stay by nations affected by cold
the social and economic development of weather preventing training. That has to
our country. be the long term view, but as the Minister
Our Caribbean neighbours may have stated there is the desire for small scale
gained a head start in leisure tourism, sports tourism and reaching out to our
but T&T stands perfectly poised to take immediate neighbours in the Caribbean
competitive advantage of its existing and South America who do not have
BagoSports International infrastructure and tap into the fastest the facilities has to be the first step to
Beach Soccer Tournament growing sector in the holiday market. gain the experience and more importantly
Photo: Allan V. Crane Allied to the aforementioned facilities, the knowledge, to create a sound

T&T Sports Tourism: Ready, Set, Go!
Rainbow Warriors Triathalon Photo: Allan V. Crane
process derived from the trickle down would really like to start with is an actual or elevation of our own athletes. We are
industries and revenue streams (transport, definition for sport tourism and how that going to be very big on consultation. We
accommodation, leisure activities outside definition can form the basis of a policy. are not going to make an egotistical type
of sport). The decisions that we make would have of movement. If required, SporTT will
There are an estimated 12 million trips to be made on the events that we support enlist from outside its own organisation
annually derived from sports tourism, and we should start with our winners to ensure that the best expertise creates
many of those are for training camps first; products (athletes) that are already likewise outcomes.
and the increasing market of amateur within the market that need that boost, in The recent completion of the tennis,
events. Given its size, there are limitations terms of potentially bringing people to the cycling and swimming centres now means
to T&Ts ability to host large events and destination. that T&T have several jewels in the sports
that certainly eliminates mega events Phillips also recognises that while it crown to offer to the global tourism
such as the Olympics, Commonwealth has been on the national agenda for market. There may be a sense of urgency
and Pan Am Games. However, large some time, sports tourism is very much to sprint towards immediate results, but
amateur mass participation events offer in its infancy awaiting development and given the worldwide competition its
the best option. The State board that that progress has to be made on reliable best to continue to build a solid base,
deals with the execution of these plans, sources. Remember, sport tourism incorporating all the stakeholders, as
the SporTT Company, has recognised may be marketing an event, facilities in SporTT is attempting to do. Carefully
this. Its Chairman, Michael Phillips, has a geographical location and expertise laid plans will entice the private sector, a
wide experience of sports promotion whether it be health, coaching and all crucial element for success. The race is not
and participation events and has his those different things that may cause for the swift but for those willing to endure
goals set on developing the foundation somebody to have movement from one and create the vision. Its an exciting time
before mounting the podium. We have location to the next and spend money. as T&Ts sports tourism faces the starters
heard sport tourism as a term being What we are looking for is that generation pistol.
presented in many speeches, but what I of income and that upward propulsion

Business Trinidad and Tobago
Fast Facts Guide
B U S I N E SS T R I N I DA D A N D TO B AG O FAST FAC TS G U I D E
Stock Market Review 2015

Major Developments in 2015 Advances and Declines
In January 2015, the Sagicor Group National Flour Mills (NFM) was the top
approved a recommendation from the performer for 2015, increasing a noteworthy
Management to prepare a plan to relocate 134.78% or TTD1.55 to close the year at
its Registered Office from Barbados to TTD2.70. The second best performing stock
another jurisdiction. was National Commercial Bank of Jamaica
In February, The Board of Trinidad Cement (NCBJ), which recorded a substantial 82.61%
(TCL) passed a resolution to raise a improvement or TTD0.95 to end the year at
maximum of TTD362 million in new capital TTD2.10. The next best performing stock was
through a rights issue of 124,882,568 new TCL, up 59.60% or TTD1.49 to close 2015 at
shares at a price of TTD2.90 a share. TTD3.99.
In March, Ghanas Securities and Exchange Table 1
Commission (SEC) fined Republic Bank for Top 5 Advances 2015 Change Closing Price 2015
Ravi Kurjah breaching that countrys takeover code. (TTD) (TTD) Change %
Senior Analyst, Research & Analytics, NFM 1.55 2.70 134.78
In April, Jamaica Money Market Brokers NCBJ 0.95 2.10 82.61
First Citizens Investment Services Limited (JMMB) delisted and JMMB Group TCL 1.49 3.99 59.60
JMMBGL 0.12 0.55 27.91
Limited (JMMBGL) was listed. GKC 0.40 4.05 10.96
I
In May, CIBC sold its stake in Butterfield, Source: Trinidad and Tobago Stock Exchange, First Citizens Research
n 2015, the Trinidad and Tobago Stock Bermudas oldest bank. & Analytics
Exchange recorded mixed results In June, GraceKennedy Limited divested One Caribbean Media Limited (OCM) was
across all sectors. The Composite Index shares in Subsidiary Hardware & Lumber. the worst performing stock for 2015, falling
advanced by 11.39 points or a marginal In August, Sagicor entered into an 12.00% to TTD22.00, Massy Holdings Limited
0.99% over 2014 levels to close at 1,162.30. agreement to acquire a convention hotel in (MASSY) followed, down 9.96% or TTD6.80 to
Conversely, the All T&T index declined by Orlando, Florida, which is affiliated with a close at TTD61.45. The third worst performing
34.69 points or 1.75% when compared to major hotel franchise. stock for 2015 was Republic Financial
2014, to close at 1,948.50, as seen in Figure The T&T National Gas Ltd (TTNGL) traded Holdings Limited (RFHL) with a decrease of
1. However, the Cross Listed index advanced TTD200,000,000 worth of shares in just 6.52% or TTD7.81 to TTD11.93.
by 7.79 points or a significant 18.67% over one week after the launch of its Initial Table 2
2014 values to close at 49.51. The best Public Offering (IPO) on October 19.
Top 5 Declines 2015 Change Closing Price 2015
performing sector in 2015 was Manufacturing In December, Republic Bank announced the (TTD) (TTD) Change %
formation of its holding company, Republic OCM -3.00 22.00 -12.00
II, which rose 45.81%, largely due to Trinidad MASSY -6.80 61.45 -9.96
Cement Limiteds (TCL) share price growth. Financial Holdings Limited (RFHL). RFHL -7.81 111.93 -6.52
NEL -1.05 16.37 -6.03
Also, the Manufacturing I sector index grew Trading Activity FIRST -2.06 35.00 -5.56
3.48%, driven by National Flour Mills (NFM) Market activity in 2015 declined 14.63% Source: Trinidad and Tobago Stock Exchange, First Citizens Research
& Analytics
performance. Unlike 2014s positive results, when compared to the previous year. A
the performance of the Conglomerates total of 78,163,210 shares crossed the floor The Trinidad and Tobago Stock Exchange
sector retreated in 2015, falling 2.51%, in 2015 compared to 91,559,129 shares in The TTSE was established under the
attributed mainly to Massy Holdings Limited 2014. Overall market activity resulted from provisions of the Securities Industry Act
(MASSY). trading in 38 stocks of which 20 advanced, 1981, which was later repealed and replaced
13 declined and 5 traded by the Securities Industry Act 1995. There
firm. CLICO Investment Fund are currently 29 first tier stocks listed on
was the volume leader with the Trinidad and Tobago stock exchange,
15,324,908 units, 19.61% of one-second tier, two TTD preference shares,
total market volume traded one USD preference share and five mutual
or TTD346,367,512,87 in fund shares. Locally there are six (6) licensed
traded value, followed by stockbrokers operating within Trinidad and
Trinidad Cement Limited Tobago, including First Citizens Brokerage
with 13,801,014 (17.66%) or and Advisory Services. Before investing in
TTD40,612,595 and Trinidad the stock market, consult a stockbroker, who
and Tobago NGL Limited acts as a liaison between the investor and the
with 12,329,132 units (15.77%) stock exchange.
or TTD296,227,512 in traded
value. www.firstcitizenstt.com
DISCLAIMER
This report has been prepared by First Citizens Investment Services Limited, a subsidiary of First Citizens Bank Limited. It is provided for informational purposes only and without any obligation, whether contractual or
otherwise. All information contained herein has been obtained from sources that First Citizens Investment Services believes to be accurate and reliable. All opinions and estimates constitute the authors judgment as at
the date of the report. First Citizens Investment Services does not warrant the accuracy, timeliness, completeness of the information given or the assessments made. Opinions expressed may change without notice. This
report does not constitute an offer or solicitation to buy or sell any securities discussed herein. The securities discussed in this report may not be suitable to all investors, therefore Investors wishing to purchase any of
the securities mentioned should consult an investment adviser.

OFFICIAL NAME CURRENCY banking system features LINX, which enables

Republic of Trinidad and Tobago Trinidad and Tobago dollar tied to the US$ and clients to access accounts from any ABM
floating at: regardless of agency in the country. LINX can
LOCATION
US$1 = TT$6.60 also be used to make purchases at retail outlets
The southern end of the Caribbean archipelago:
Notes: $1, $5, $10, $20, $50 and $100 throughout the country. ABMs also offer
Latitude 10.5 North / Longitude 60.5 West
Coins: 1, 5, 10, 25 and 50 access to advance cash withdrawals for VISA,
TIME ZONE For daily Foreign Exchange Rates: MasterCard and VISA Plus clients.
Summer: EST equivalent to GMT 5 hours www.central-bank.org.tt/
TRAVELLERS CHEQUES AND CREDIT CARDS
Winter: EST + 1 hour, GMT 4 hours.
BUSINESS DRESS CODE Accepted in most establishments. Customs & Excise
No daylight saving time in T&T
Trinidad is more formal with lightweight suits Division accepts cash only. Other Government
CLIMATE worn, but in Tobago jackets are optional except agencies may accept cash or LINX only.
Mean temperatures of 85 degrees Fahrenheit on formal occasions. Outfits with sleeves must
DUTY FREE SHOPPING
with 60% humidity in the dry season of January be worn to conduct business in Government
Available at the Cruise Ship Complex, Piarco
to May, and 90 degrees with 75% humidity June offices.
and A.N.R Robinson International Airports
to December. Nighttime temperatures can drop
BUSINESS HOURS Apadocas at Crews Inn for boats leaving the
to around 70 degrees in the cooler months.
Generally 0800 to 1600 Monday to Friday, retail country, and selected downtown Port-of-Spain
CAPITAL CITY outlets 0800 to 1600 except at Malls where stores.
Port-of-Spain, Trinidad, seat of the national opening time is 1000 and closing is 1900.
TAXATION
democratic government.
MAJOR BANKS TAX RATE
Scarborough, Tobago, seat of the local
The major banks have their main corporate Departure Tax TT$200 is included in the
government body, the Tobago House of
offices in Port-of-Spain with branches in cost of the airline ticket
Assembly (THA).
strategic locations throughout Trinidad and (local currency only).
POPULATION Tobago. They maintain international links Citizens over the age of 60
Estimated population 1.3 million of which through their affiliates in North America and years old are exempted
55,000 reside in Tobago. Europe. Hotel Tax 10% service charge
THE GOVERNMENT Bank of Baroda (Trinidad only) Hotel Room Tax 10% service charge
Trinidad and Tobagos government is a CIBC FirstCaribbean International Bank Value Added Tax 12.5% on consumer goods
parliamentary democracy. The head of state is (Trinidad only) (VAT) and services
the President, who is elected by an Electoral Citi (Trinidad only) Income Tax 25%
College of members of the Senate and House of First Citizens Trinidad & Tobago Corporation 25% on Chargeable Profits
Representatives for a five-year term. Executive IBL (Intercommercial Bank Ltd, Trinidad Income Tax 15% on Long-term Insurance
power, however, is vested in the Prime Minister only) Business
and Government following elections every five RBC Royal Bank Insurance 6%
years. Citizens of Trinidad and Tobago must be Republic Bank Premium Tax
18 years or older to be eligible to vote. The next Scotiabank Withholding Varies
general election is constitutionally due in 2020. Banking hours are 0800 to 1400 Monday to Taxes
Thursday, 0800 to 1200 and 1500 to 1700
LEGAL SYSTEM TELEPHONE
Friday. Mall branches: usually 1000 1700.
The legal system is based on common law 1 (868) + seven digit number
All banks have Automatic Banking Machines
and statutes. The judicial system comprises (ABMs) and major shopping malls contain ELECTRICITY
Magistrates Courts and the Supreme Court, either full service branches or ABMs. The ABM 115 volts / 230 volts (+/- 6%) and 60Hz
which comprises the High Court and the Court
of Appeal. There is a separate Industrial Court Summary Economic Indicators
that deals with most labour matters. The Judicial
and Legal Service Commission appoints judges 2009 2010 2011 2012 2013 2014 2015p
to the Supreme Court. Final appeal is to the DOMESTIC ECONOMY
Privy Council in England, but consideration is Real Sector Activity
being given to replacing the Privy Council with Real GDP Growth (%) (2000 = 100)1 -4.4 3.3 -0.3 1.3 2.3 -1.0 -2.1
the Caribbean Court of Justice, inaugurated in Energy Sector -1.8 2.4 -3.9 -2.8 1.3 -2.4 -4.6
April 2005 with headquarters in Port-of-Spain. Non-Energy Sector -4.9 3.2 3.2 2.3 2.6 0.1 -0.6
www.ag.gov.tt/, www.legalaffairs.gov.tt/, Agriculture -32.4 32.1 0.3 -12.6 -0.1 2.9 -3.2
www.moj.gov.tt Manufacturing 1.9 1.5 -0.3 0.9 -1.0 -4.0 -1.6
Construction -7.1 -28.4 -8.8 -2.0 6.4 2.9 -1.5
ETHNIC PROFILE Financial Services -4.5 8.1 5.3 3.0 8.9 -1.2 1.9
35.4% East Indian descent Inflation Rate (%)
34.2% African descent Period Average 7.0 10.5 5.1 9.3 5.2 5.7 4.7
22.8% Mixed descent End of Period 1.3 13.4 5.3 7.2 5.6 8.5 1.5
1.4% Other (European, Arab and Chinese) Unemployment Rate (% average) 5.3 5.9 4.9 5.0 3.7 3.3 3.4*
OFFICIAL LANGUAGE Sources: Central Bank of Trinidad and Tobago and Central Statistical Office.
English * For the period January-September 2015.
1 Real GDP growth rates for 2015 are derived from the Central Banks Index of Quarterly Gross Domestic Product (the QGDP Index),
(Spanish is being promoted as Trinidad and which is based on indicators of economic activity rather than on value added. Real GDP growth for the period 2009 to 2014 are
sourced from the Central Statistical Office (CSO), the official source of GDP statistics.
Tobagos first foreign language)

ROAD SYSTEMS 37 & 39) and Tobago Channel (Channel 5 (4744). Roxborough Hyperbaric Facility (RHF),
Driving is on the left side of the road. Tobago only). Local television programming the Dive Chamber, is the only recompression
via cable television: ieTV (Channel 1 Flow & 116 chamber available at the Roxborough Medical
DOMESTIC FERRY SERVICE
Blink), Cable News Channel CNC3 (Channel Clinic in Tobago. For more information about
Trinidad and Tobago offers an inter-island fast
3 Flow & 104 Blink), Government Information the facility you can call 660-5155.
ferry service between Port-of-Spain in Trinidad
Services Ltd (Channel 4 Flow & 103 Blink),
and Scarborough in Tobago. EMERGENCY SERVICE TELEPHONE NOS:
CCN TV-6 (Channel 5 Flow & 100 Blink), CTV
The T&T Express and T&T Spirit and Ambulance/ Trinidad 811
(Channel 6), Gayelle Television (Channel 7
conventional, slower ferry the Warrior Spirit Emergency Relief
Flow & 106 Blink), Islamic Broadcast Network
- transport passengers and cargo. Tickets can Tobago Emergency Relief 211
- IBN (Channel 8), ACTS (Channel 9 Flow & 112
be purchased on the same day or in advance Coast Guard: 634-4440
Blink) The Parliament Channel (Channel 11),
at various Travel Agencies and Internet Cafs Crime Stoppers 800-TIPS
WINTV (Channel 12 Flow & 110 Blink), WI Sport
in Trinidad or Tobago. Photo identification is (8477)
(Channel 14), Synergy TV (Channel 15 Flow,
required. Fire 990
108 Blink), and Tobago Channel (Channel 5
Adult passengers on the Fast Ferry service Police/Rapid Response 999; 911
Tobago only). There are about 36 radio stations
TT$50 one way and TT$100 round trip The Office of 800-ODPM
operating on the FM band and two on the AM
Children (3-12 years): TT$25 one way and Disaster Preparedness (6376)
band (530 AM and 730 AM).
TT$50 round trip and Management 640-1285;
All children under the age of 3 and senior EMERGENCY SERVICES (ODPM): 640 8905
citizens of T&T 60 years & over travel free. Port-of-Spain General Hospital 623-2951, San Trinidad: 640-8653;
Private cars cost TT$150 one way and Fernando General Hospital 652-3581 and the 640-6493
TT$250 round trip. new Scarborough General Hospital 660-4SGH Tobago: 660-7489
For more information: https://ttitferry.com.
WATER TAXI SERVICE

The Water Taxi sails from San Fernando to Port- AIRPORTS
Piarco International Airport (POS) - 17 miles (27 km) from Port-of-Spain.
of-Spain and back ($15 one-way) from Monday
A.N.R Robinson International Airport (TAB) - 7 miles (10km) from Scarborough.
to Friday. The Water Taxi Service is closed on
Saturdays, Sundays and Public Holidays. Tickets AIRLINES
can be purchased at the Water Taxi Terminals Piarco International Airport is serviced with scheduled flights:
located at Lady Hailes Avenue in San Fernando AIRLINES IATA CODE DESTINATION TELEPHONE CONTACT
or the Cruise Ship Complex in Port-of-Spain. American Airlines AA Miami (MIA) 1-868-627-7013 / 821-6000
Free parking is available at both ports. Minors British Airways BA Barbados (BGI) 1-868-669-6556 / 1-800-247-9297
1 year & under and senior citizens of T&T 65 St Lucia (UVF) 1-800-247-9297
years & over travel free. PTSCs Bus Shuttle London Gatwick (LGW) 1-800-247-9297
Service is available for Water Taxi passengers Caribbean Airlines BW The Caribbean, 1-868-625-7200
on arrival in Port-of-Spain. (National Carrier) North America
For the sailing schedule and other information, Copa Airlines CM Panama (PTY) 1-868-669-5949 / 800-271-2672
visit: www.nidco.co.tt or www.facebook.com/ Conviasa Airlines VO Margarita (PMV) 1-868-627-8172 / 1-868-627-8078
watertaxiservice or call 624-5593. Customer LIAT (Regional Carrier) LI The Caribbean 1-868-669-2982 / 1-868-627-6274
Care Hotline: 800-4WTS (4987). Surinam Airways PY Surinam (PBM), 1-868-627-0102 / 1-868- 627-4747
N.B. Personal photo identification is needed Curacao (CUR)
United Airlines UA Houston (IAH), 1-868-669-8782 / 1-800-864-8331
when travelling between isles and water taxi
Newark (EWR)
services and when purchasing tickets for the
West Jet Airlines WS Toronto (YYZ) 1-403-444-2586
ferry, water taxi and airline service.
Jet Blue Airways B6 New York (JFK),
MEDIA Fort Lauderdale (FLL) 1-800-538-2583 (Reservations)
Daily Press includes: Trinidad Express, Trinidad Hollywood/Los Angeles (LA) 1-800-669-6556 (Baggage)
Guardian and Newsday. in addition to charter operators such as:
Bi-weekly: TnT Mirror.
AIRLINES IATA CODE DESTINATION TELEPHONE CONTACT
Weeklies: Tobago News, Catholic News, Bomb,
Miami Country Airlines LL Punta Cana (PUJ) 1-868-669-4688
Blast, Metro, Showtime, The Weekend Heat,
Sun Country Airlines SY New York (JFK) 1-868-669-4688
Sunday Punch and Newspaper Direct Trinidad
and Tobago. A.N.R Robinson International Airport, formerly known as the Crown Point International
Monthly: Trinidad and Tobago Review, Easterly Airport, also sees scheduled flights from:
and Westerly. AIRLINES IATA CODE DESTINATION TELEPHONE CONTACT
Local television stations: CCN TV-6 (Channels British Airways BA London Gatwick (LGW) 1-868-639-0588 / 1-868-639-0595
6 & 18 in Trinidad and Channel 19 in Tobago), Caribbean Airlines BW The Caribbean 1-868-660-7200
CTV (Channels 9 and 13), Cable News Channel North America
CNC3 (Channels 12 & 14), TV4 Government Condor Airlines DE Frankfurt (FRA) 1-868-639-0484 / 1-868-639-9744
Information Services Ltd (Channels 4 &16),
For more information on scheduled dates and times log on to www.tntairports.com. The
The Parliament Channel (channel 11), Gayelle
domestic airbridge is operated by Caribbean Airlines based in Trinidad, flying regular daily
Television (Channels 23 & 27), Advance flights between 6 a.m. and 10 p.m. to Tobago. The domestic fare for an adult is TT$150 single
Community Television Station Acts25 (Channel and TT$300 round trip. Internet bookings are available at www.caribbean-airlines.com.
25), Synergy TV (Channel 33), WINTV (Channels

T R I N I DA D CO N TAC T I N F O R M AT I O N
Association of Real Estate Agents Chaguanas Chamber of Industry & Ministry of Finance
(AREA) Commerce (CCIC) Level 8, Eric Williams Finance Building
Suite A4, Kencita Court 17-18 Biljah Road Port-of-Spain
76 Picton Street, Newtown IDC Industrial Estate, Chaguanas Tel: (868) 627-9700 ext. 2805-9
Port-of-Spain Tele: (868) 671-2242 (CCIC) Fax: (868) 627-5882
Tel: (868) 628-9048 Fax: (868) 628-9049 Fax (868) 671-2242 comm.finance@gov.tt
area-tt.assoc@gmail.com gccic@chaguanaschamber.org www.finance.gov.tt
www.areatt.com www.chaguanaschamber.org
Ministry of Agriculture, Land and
Association of Trinidad and Tobago Employers Consultative Association of Fisheries
Insurance Companies (ATTIC) Trinidad and Tobago (ECA) Head Office: Ministry Food Production
8 Stanmore Avenue, Port-of-Spain #17 Samaroo Road St. Clair Circle, St Clair
Tel: (868) 624-2817, 625-2940 Aranguez Roundabout North Tel: (868) 622-1221
Fax: (868) 625-5132 Aranguez Fax: (868) 622-8202
mail@attic.org.tt Tel: 868-675-9388/0273/5873 www.agriculture.gov.tt
www.attic.org.tt Fax: 868-675-4866
info@ecatt.org Ministry of Foreign and CARICOM Affairs
Bankers Association of Trinidad and www.ecatt.org Level 10-14, Tower C
Tobago Waterfront Complex
c/o Institute of Banking and Finance of Ernst & Young Services Ltd 1A Wrightson Road, Port-of-Spain
Trinidad and Tobago 5-7 Sweet Briar Road, St Clair Tel: (868) 623-6894
16 Gray Street, St. Clair Port-of-Spain Fax: (868) 624-4220
Port-of-Spain Tel: (868) 628-1105 Fax: (868) 622-0918 website@foreign.gov.tt
PO Box 1259 www.ey.com/TT/en www.foreign.gov.tt
Tel: (868) 622-0282; 628-2944
Fax: (868) 628-9718 Evolving Tecknologies and Enterprise Ministry of National Security
secretariat@batt.org.tt Development Company Ltd (eTecK) Temple Court
www.batt.org.tt Flagship Complex 31-33 Abercromby Street
9-15 e TecK Blvd. Port-o-Spain
Caribbean Association of Industry and Tamana InTech Park Tel:(868) 623-2441-5 Fax: (868) 627-8044
Commerce (CAIC) Wallerfield info@mns.gov.tt
P.O. Box 6541 Tel: (868) 224-1989 Sales: (868) 224-1974 www.nationalsecurity.gov.tt
TT Post, Maraval Fax: (868) 224-1980
Trinidad & Tobago info@eteck.co.tt Ministry of Planning & Development
Tel: (868) 622-8936 www.eteck.co.tt Level 14, Eric Williams Financial Complex
caic.admin@gmail.com Independence Square,
www.carib-commerce.org exporTT Ltd Port-of-Spain
Head Office: 151B Charlotte Street, Tel: (868) 627-9700
CARIRI Centre for Enterprise Port-of-Spain www.planning.gov.tt
Development Tel: (868) 623-5507; 624-3932
Headquarters Address: Fax: (868) 625-8126; 624-3919 Ministry of Sport and Youth Affairs
University of the West Indies info@exportt.co.tt 12 Abercromby Street, Port-of-Spain
St Augustine Campus www.exportt.co.tt Tel: 625-5622-4
Tel: (868) 299-0210 Fax: (868) 662-7177 www.sport.gov.tt
Trincity West Industrial Estate, Macoya InvesTT
Phone: (868) 285-5050 The Atrium Ministry of Trade and Industry
Email: mail@cariri.com Don Miguel Road Extension Level 9, 11-17, Nicholas Towers
www.cariri.com El Socorro 63-65 Independence Square
Tel: (868) 225-4688 Fax: (868) 225-5820 Port-of-Spain
Central Bank of Trinidad & Tobago info@investt.co.tt Tel: (868) 623-2931-4
Eric Williams Financial Plaza, www.investt.co.tt Fax: (868) 627-8488; 627-0002
Independence Square mti-info@gov.tt
P.O. Box 1250, Port-of-Spain Ministry of Energy and Energy Industries www.tradeind.gov.tt
Tel: (868) 625-2601/4921/4835/0121 Levels 15 & 22-26, Energy Tower
Fax: (868) 627-4023 International Waterfront Centre Ministry of Works & Transport
info@central-bank.org.tt #1 Wrightson Road, Port-of-Spain Main Administrative Building
www.central-bank.org.tt Tel: (868) 626-6334, (868) 623-6708, or Corner Richmond and London Streets
(868) 62-MOEEI Fax: (868) 625-0306 Port-of-Spain
info@energy.gov.tt Tel: (868) 625-1225 Fax: (868) 625-8070
www.energy.gov.tt www.mowt.gov.tt

T R I N I DA D CO N TAC T I N F O R M AT I O N
National Infrastructure Development The Energy Chamber of Trinidad & Tobago Trinidad and Tobago Coalition of Services
Company Ltd (NIDCO) Suite B2.03 Industries Ltd (TTCSI)
#3 Melbourne Street Atlantic Plaza, Atlantic Avenue 45 Cornelio Street
Port-of-Spain Point Lisas, Couva Woodbrook, Port-of-Spain
Tel:(868) 627-9474 Fax: (868) 623-0310 Tel: (868) 6-ENERGY, 679-6623, 679-1398 Tel: (868) 622-9229 Fax: (868) 622-8985
communications@nidco.co.tt Fax: (868) 679-4242 info@ttcsi.org
www.nidco.co.tt execoffice@energy.tt www.ttcsi.org
www.energy.tt
Office of Disaster Preparedness & Trinidad & Tobago Convention Bureau
Management (ODPM) The National Information and Level 1, Maritime Centre
4A Orange Grove Road Communication Technology Company Ltd No. 29 Tenth Avenue, Barataria
Trincity, Tacarigua (iGovTT) Tel: (868) 675-7034-7 Fax: (868) 675-7338
Customer Emergency Call Centre: 511 Level 1-3, Lord Harris Court conventionbureau@tdc.co.tt
Tel: (868) 640-1285/8905/8653/6493 #52 Pembroke Street www.gotrinidadandtobago.com
Fax: (868) 640-8988 Port-of-Spain
info@nema.gov.tt; publicinfo.odpm@ Tel: (868) 627-5600 Fax: (868) 624-8001 Trinidad & Tobago Creative Industries
gmail.com igovtt@gov.tt Company Limited
www.odpm.gov.tt www.igovtt.tt 47 Long Circular Road, St James
Port-of-Spain
Port Authority of Trinidad and Tobago The Trinidad Hotels, Restaurants and Tel: (868) 622-1455, 628-1156, 628-1028
Administrative Building Tourism Association (THRTA) info@creativett.co.tt
1 Dock Road c/o Trinidad and Tobago Hospitality and www.creative.co.tt
Port-of-Spain Tourism Institute
Tel: (868) 623-2901-5 Airway Road, Chaguaramas Trinidad & Tobago Extractive Industries
Fax: (868) 627-4945 Tel: (868) 634-1174/5 Fax: (868) 634-1176 Transparency Initiative
www.patnt.com info@tnthotels.com Secretariat
www.tnthotels.com 15th Floor, International Watefront Centre
Port of Point Lisas # 1 Wrightson Road
PLIPDECO House, Orinoco Drive Tourism Development Company Ltd (TDC) Port-of-Spain
Point Lisas Industrial Estate, Level 1, Maritime Centre Tel: (868) 623-6708 ext 2787
Couva No. 29 Tenth Avenue, Barataria Fax: (868) 625-0829
Tel: (868) 636-2201 Tel: (868) 675-7034-7 secretariat@tteiti.org.tt
Cargo Handling: (868) 636-2202, 4388, Piarco International Airport Office: www.tteiti.org.tt
2137, 4006 (868) 669-5196, 669-6044, 800-4TNT
Port Marine: (868) 636-7678, 2132 Fax Nos: Public Affairs (868) 638 7962 Trinidad & Tobago International Financial
Fax: (868) 636-4008, 679-2907 Legal and Corporate Services Centre (TTIFC)
plipdeco@plipdeco.com (868) 638-3560 15th Floor, Tower D
www.plipdeco.com Tourism (868) 675 7432 International Waterfront Centre
Marketing (868) 675 7338 1 Wrightson Road
Shipping Association of Trinidad & Piarco: (868) 669-6045 P.O. Box 735,
Tobago info@tdc.co.tt Port of Spain
15 Scott Bushe Street, Port-of-Spain www.tdc.co.tt Tel: (868) 627 3081 Fax: (868) 624 0794
Tel: (868) 625-2388 or (868) 623-3355 info@ttifc.co.tt
Fax: (868) 623-8570 Trinidad and Tobago Bureau of Standards www.ttifc.co.tt
om@shipping.co.tt (TTBS)
www.shipping.co.tt 1-2 Century Drive Trinidad and Tobago Manufacturers
Trincity Industrial Estate Association (TTMA)
Sports Company of Trinidad and Tobago Macoya 42 Tenth Avenue, Barataria
111-117 Henry Street, Port-of-Spain Tel: (868) 662-8827 Fax: (868) 663-4335 Tel: (868) 675-8862
Tel: (868) 623-1954 OR (868) 623-2448 ttbs@ttbs.org.tt Fax: (868) 675-9000
Fax: (868) 624-7184 www.ttbs.org.tt info@ttma.com
Email: sportt@sportt-tt.com www.ttma.com
www.sportt-tt.com Trinidad and Tobago Chamber of Industry
and Commerce (TTCIC) Trinidad and Tobago Stock Exchange Ltd
The American Chamber of Commerce of Chamber Building, Columbus Circle, 10th Floor, Nicholas Tower
Trinidad and Tobago (AmCham) Westmoorings or 63-65 Independence Square
62A Maraval Road, Newtown P.O. Box 499, Port-of-Spain Port-of-Spain
Port-of-Spain Tel: (868) 637-6965-6 Tel: (868) 625-5107, (868) 625-5109
Tel: (868) 622-4466; 622-0340 Fax: (868) 637-7425 Fax: (868) 623-0089
Fax: (868) 628-9428 chamber@chamber.org.tt ttstockx@tstt.net.tt
inbox@amchamtt.com www.chamber.org.tt www.stockex.co.tt
www.amchamtt.com

TO B AG O CO N TAC T I N F O R M AT I O N
Chamber of Industry and Commerce, Customer Emergency Call Center: 211

List of Advertisers
Tobago Chapter Tel: (868) 631-CERT (2378) or 660-7489
2nd Floor ANSA McAL Building temaeoc@gmail.com
Milford Road, P.O. Box 47 www.tema365.com
Scarborough, Tobago
Tel: (868) 639-2669 Tobago Hotel & Tourism Association Trinidad and Tobago Business Buzz
Fax: (868) 639-3014 Apt. 1 Lambeau Credit Union Bldg. Aegis Business Solutions Limited.............. 73
office@tobagochamber.com Auchenskeoch Road, Carnbee Beacon...............................................................45
www.chamber.org.tt PO Box 295
Guardian Group....................................... 46, 47
Scarborough
Cruise Ship Complex Tobago Movietowne....................................... 54, 55, 56
Scarborough Tel: (868) 639-9543 Pigeon Point Heritage Park.........................28
Tel: (868) 635-0934 Fax: (868) 639-9543 SoftwareONE............................................ 22, 23
tobagohoteltourismassoc@gmail.com TIC2016 - Trinidad and Tobago
Eco-Industrial Development Company of www.tobagohoteltourism.com Manufacturers Association.......................53
Tobago (E-IDCOT) Ltd
First Floor, Isaac T. McLeod Building Tobago House of Assembly (THA)
Advertisers
Sislyn Thomas-Craig Road Division of Finance and Enterprise
Cove Eco-Industrial and Business Park Development Angostura Limited............................................ 1
Canoe Bay Road, Lowlands Victor E. Bruce Financial Complex AON Energy Caribbean Limited.................61
Tobago 14-16 Wilson Road BAG Consulting (Trinidad and
Tel: (868) 635-COVE (2683), 660-COVE Scarborough Tobago) Ltd....................................................71
(2683) Tel: (868) 635-1203, 635-2989 or Bhagwansinghs................................................ 5
Fax: (868) 631-COVE (2683), 635-2214 635-1254 Blue Waters Inn...............................................29
info@e-idcot.co.tt Fax: (868) 639-4927
Cara Suites Hotel & Conference
www.e-idcot.co.tt secretary@fed.tha.gov.tt
Centre..............................................................29
www.tha.gov.tt
Environment Tobago (NGO) EXIMBANK ...................................................... 70
11 Cuyler Street or P O Box 503 Tobago House of Assembly (THA) Hyatt Regency Trinidad....... 29, Back Cover
Scarborough Division of Tourism and Transportation Made-in-TNT.com........................................... 70
Tobago 12 Sangsters Hill Magdalena Grand Beach &
Tel: (868) 660-7462 Scarborough Golf Resort.....................................................29
Fax: (868) 660-7467 Tobago
Massy Technologies Applied Imaging......63
www.environmenttobago.net Tel: (868) 639-2125 or 639-4636
Fax: (868) 639-3566 Radisson Trinidad...........................................29
Evolving Tecknologies and Enterprise contact@visittobago.gov.tt Renew Star Serpentine Limited.................89
Development Company Ltd (eTecK) www.tha.gov.tt; www.visittobago.gov.tt Republic Bank Limited.................................... 3
Unit 2, Sangsters Hill (Tobago) RBC Royal Bank...............................................21
Scarborough Tobago House of Assembly (THA)
Southern Sales & Service
Tel: (868) 639-6275 Office of the Chief Secretary
Company Limited..........Inside Front Cover
Fax: (868) 639-6275 Administrative Complex
info@eteck.co.tt Calder Hall The Banquet & Conference Centre...........29
www.eteck.co.tt Tobago Trinidad & Tobago IFC.................................. 75
Tel: (868) 639-2696 Trinidad & Tobago Securities Exchange
exporTT Ltd Fax: (868) 639-5374 Commission...................................................63
E-Teck Mall, Sangsters Hill chiefsecretary@tha.gov.tt
Scarborough www.tha.gov.tt
Tobago
Tel: (868) 639-4067 or 639-2549 Tourist Information Offices
Fax: (868) 639-4340 Crown Point International Airport
info@exportt.co.tt Tel: (868) 639-0509
www.exportt.co.tt
Tobago Emergency Management Agency

(TEMA)
Office of the Chief Secretary
Bacolet Street, Fairfield Complex
Scarborough
Tobago
Emergency Contact: (868) 660-7489
www.tema365.com
96
96 Business
Business Trinidad
Trinidad and
and Tobago
Tobago

BTT Pub2016

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B U S I N E SS T R I N I DA D A N D TO B AG O 2 0 1 6 - 2 0 1 7

Richard Lewis Chairman, Prestige Business Publications Ltd

Kristine Thompson Director, Chuck E. Cheeses Trinidad & Tobago

Trevor Liebert CEO, iGovTT

Yolande Agard-Simmons Manager, Corporate Communications, Ministry of Trade and Industry

Kara Enightoola Business Facilitator, Ministry of Trade and Industry

Patricia Lewis Director, Prestige Business Publications Ltd

Marie Gurley Director, Prestige Business Publications Ltd

Bavina Sookdeo Editor, Business Trinidad & Tobago

Dixie-Ann Dickson Contributor

Soraya Gonsalves Prestige Business Publications Ltd

2 Business Trinidad and Tobago

4 Business Trinidad and Tobago

Miguel at Tobago Jazz Experience 2015 Photo: Edison Boodoosingh

Photo: Nicholas Bhajan

6 Business Trinidad and Tobago

Tobago International Cycling Classic Photo: Allan V. Crane

June 2016 July 2016 September 2016

8 Business Trinidad and Tobago

Panorama Photo: Maria Nunes

October 2016 November 2016 January 2017

Business Trinidad and Tobago 9

Opportunity Driven Prosperity Focused

57 Franchising as an Investment Opportunity

58 Selling the Vision

60 Trinidad and Tobago gives the Green-light

30 Corporate T&T driving the economy

10 Business Trinidad and Tobago

Business Trinidad and Tobago 11

Minister of Trade and Industry,

Business Trinidad and Tobago 13

16 Business Trinidad and Tobago

18 Business Trinidad and Tobago

Business Trinidad and Tobago 19

of the Republic will benefit from low costs of doing

20 Business Trinidad and Tobago

Avoid Costly Mistakes

22 Business Trinidad and Tobago

Business Trinidad and Tobago 25

26 Business Trinidad and Tobago

Business Trinidad and Tobago 27

Pigeon Point Heritage Park, Tobago

28 Business Trinidad and Tobago

studies were subsequently undertaken, By 1976, these projects would launch

30 Business Trinidad and Tobago

Business Trinidad and Tobago 31

Markets To Look At between $300 to $1000 USD and take

32 Business Trinidad and Tobago

Business Trinidad and Tobago 33

Business Trinidad and Tobago 35

36 Business Trinidad and Tobago

38 Business Trinidad and Tobago

Business Trinidad and Tobago 39

40 Business Trinidad and Tobago

Business Trinidad and Tobago 43

44 Business Trinidad and Tobago

Business Trinidad and Tobago 45

Business Trinidad and Tobago 47

50 Business Trinidad and Tobago

to the regions economic development. varying incentives to investors,

Business Trinidad and Tobago 51

TIC2015 Photo: Maria Nunes

Business Trinidad and Tobago 53