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BUSINESS
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CONTENT 6.
MESSAGE FROM THE HONOURABLE MINISTER OF TRADE, INDUSTRY AND INVESTMENT
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THE BIG PICTURE - The diversification thrust - BY SONJA SINASSWEE
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THE BOTH OF THEM - These two sisters are equally captivating to eligible investors. Find out why T&T is the perfect destination - BY SONJA SINASSWEE
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MIXING IT UP - Government diversifies into food and beverage, printing and packaging, entertainment, yachting - BY NIK LASHLEY
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TRINIDAD AND TOBAGO OVERVIEW - Fast facts on who we are, what we do
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TOBAGO’S BUSINESS - Not just a weekend retreat - BY RICHARD THOMPSON / DIRECTOR IRP
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THE HINZ ADVENTURES - American couple finds their new home in T&T - BY SONJA SINASSWEE
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DOING E-BUSINESS, SEW SIMPLE - Through online services, Ministry speeds up business and trade - BY NORRIS BLANC
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INVESTORS LIKE IT FASTER - Breaking down barriers and fast tracking deals to drive investment - BY NIK LASHLEY
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SMART FOODS - Food and beverage industry gets wise about its jams, teas, rums and candies to cash in on export market - BY NIK LASHLEY
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THE PEOPLE SOLUTION - Orbits finds right talent for the right job - BY NORRIS BLANC
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HOW TO INVEST IN TRINIDAD AND TOBAGO - BY WADE GEORGE / PARTNER ERNST & YOUNG
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THE WORLD SETS UP SHOP ON OUR DOORSTEPS - Sixteen free zones attract local and foreign investment - BY SHEREEN ALI
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SETTING THE BAR FOR QUALITY - From tyres to textiles, there’s a standard for that - BY SHEREEN ALI
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GROWING STRONG - Small is the new big! With its robust financial services sector, T&T is on the path to becoming a new world power
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BRAND OLYMPIANS WIN RAVES - BY NIK LASHLEY
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THE BIG BANKING BOOST - BY KAY BALDEOSINGH
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EMPOWERING EXPORTERS - This hub connects exporter to importer and positions T&T as a highly desirable source for suppliers - BY DONNA CHIN LEE
INVEST TRINIDAD & TOBAGO ISSUE 1, 2013 EDITOR Neysha Soodeen
PHOTOGRAPHY Stephen Broadbridge, Senor Lopez, Gregory Scott
DESIGN & LAYOUT Daryl Nagil and Jason Waithe
PUBLISHED EVERY 6 MONTHS FOR THE MINISTRY OF TRADE, INDUSTRY AND INVESTMENT BY Toute Bagai Publishing Limited 26 Kelly Kenny Street, Woodbrook, Port of Spain, Trinidad. W.I. Tel (868) 622 0519 Fax (868) 628 6909 Email:
[email protected]
WRITERS Shereen Ali, Kay Baldeosingh, Norris Blanc, Donna Chin Lee, Nikola Lashley, Sonja Sinasswee, Richard Thompson
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MINISTRY OF TRADE, INDUSTRY AND INVESTMENT Yolande Agard-Simmons Manager, Corporate Communications Level 17, Nicholas Towers #63-65 Independence Square Port of Spain, Trinidad and Tobago W.I. Tel: 868.623.2931-4 ext. 2714 Mobile: 868.499.0770 Direct Line: 868.625.9947 Fax: 868.627.3913 Email:
[email protected] Website: www.tradeind.gov.tt
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MINISTER OF TRADE, INDUSTRY AND INVESTMENT MESSAGE In June 2012, the Ministry of Trade and Industry’s portfolio was expanded to include Investment, with the responsibility for driving the non-energy services and manufacturing sectors of the
To expedite the expanded role of the Ministry, and as a country to be seen as promoting investment, our priority mandate saw us re-focusing the role of our primary Investment
The Government of the Republic of Trinidad and Tobago is keenly aware that to attract serious
This aggressive national developmental programme is supported by our export promotion
Therefore, it is my sincere hope that through the pages of this inaugural issue of Invest Trinidad and Tobago
SENATOR THE HONOURABLE VASANT BHARATH Minister of Trade, Industry and Investment Minister in the Ministry of Finance and the Economy
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Now online, the TTFZ Website, ttfzco.com provides detailed information on all aspects of the Trinidad and Tobago Free Zones Programme
Benefits of the Free Zones Programme to Investors : i. Total exemption from customs duties on capital goods, spare parts, raw materials, etc., for use in the construction and equipping of the premises and in connection with the approved activity ii. No Import or Export licensing requirements iii. No Land and Building Taxes iv. No Fees for Work Permits
The Trinidad and Tobago Free Zones Company Limited (TTFZ) facilitates foreign and local investors in setting up approved enterprises in the manufacturing, international trading and services sectors, dedicated to exports - “Over $100 million US dollars in revenues generated annually by approved enterprises in the Trinidad and Tobago Free Zones!”
v. No property ownership restrictions vi. No income, corporation or withholding taxes or levies on sales or profits of approved Free Zone Enterprises vii. No VAT on goods supplied to a Free Zone viii. No foreign currency restrictions or capital gains taxes ix. Availability of a highly skilled and productive work force x. Expeditious, efficient customs procedures
TTFZ’s Contact Info: “Think you qualify?” contact us at … Tel: 625-4749 / 623-8363 Fax: 625-4755 Email:
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THE BIG PICTURE
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popular Project Runway in 2011, all eyes turned to the Caribbean as
Anya’s victory spread like tank tops and hot shorts during summer,
inspired young and emerging talent to pursue their passion, with hundreds enrolling at the Trinidad-based Caribbean Academy of
focus on building capacity along the fashion value chain in order to more effectively access and serve local, regional and international
Trinbagonians have a wealth of talent and creativity that is globally
Creative Industries Company to coordinate the strategic and business of the creative sub-sectors with the formation of CreativeTT sets the
CreativeTT is now responsible for the strategic and business
and cultural product in a sustainable manner, with a mandate ‘to stimulate and facilitate the business and export development of the
of CreativeTT:
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markets access to T&T’s products (as well as piquing interest and said, “Through the work of Fashion TT, the Ministry of Trade, Industry the economy of T&T, and develops the country’s position as a major and accounting, regulation and legislation, and consumption trends Fashion is part of the creative industries sector, which Government has The development of T&T’s maritime industry is essential for the economy’s imports and exports account for 80% of the trade among CARICOM information and communication technology, maritime/yachting, sport
The Ministry plays a vital role in driving the Government’s economic
The food and beverage industry is the largest in the non-energy manufacturing industries, contributing $4,124 million to the T&T’s the nation recorded a 48% increase in food and beverage exports—
the development and implementation of a strategic plan to direct this sector’s long-run competitive advantage and to expand the market for T&T to become the premier destination for yacht repairs, maintenance, safety awareness and development programmes to assist companies
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BOTH OF THEM
T&T has emerged as a major player in the multilateral trading system
Trinidad and Tobago is the total package, offering stable yet exciting companies pay only 25% of taxable income in tax, and companies punch that is attractive in any language, which is why investors from independent judiciary and investor protection policies provide important T&T is an ideal investment location, in part, because of its stable macroeconomic performance, and proximity and trade ties with its
the lucrative energy sectors, there is growing interest among investors in the non-oil sectors of the economy, in areas such as desalination plants, the entertainment industry, the food and beverage industry,
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rating and gross national savings earning scores higher than 70% of
regional markets through a number of bilateral trade agreements (See page 34 for more details.) T&T also has bilateral investment treaties with countries around the Forum’s Global Competitiveness Report 2013 - 2014, the country got good scores for its investment climate in important areas: basic legal rights, low trade barriers, macroeconomics, and technological
from the Economic Partnership Agreements which are forms of trade
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partnership covering economic relations between the European Union
here, T&T is a prime option for investors wanting to extend their reach
Whether you’re considering its strategic location or its stable yet
Change in Rank 71
66
101 Getting Electricity
11
11
Registering Property
176
177
Up 1
Getting Credit
23
23
No Change
Protecting Investors
25
24
Paying Taxes
No Change
86 75
84
Enforcing Contracts
170
171
Up 1
Resolving Insolvency
135
136
Up 1
This data is compiled by Doing Business, which provides objective measures of business regulations and their enforcement. It shows Trinidad and Tobago’s ranking across 185 world economies.
1. Agribusiness
incentives and solid infrastructure at the Tamana Intech Park, a Government-initiated, light eco-industrial park dedicated to high-value
Fortunately, both islands are rich in arable land, and have warm Ministry of Food Production, has produced a comprehensive guide
4. Downstream Energy T&T is a minor oil producer on the global market, but a major player
investment in cocoa and honey, staples like rice and sweet potato,
2. Creative Industries
5. Tourism Hotels and attractions are the mainstay of this sector, but global trends
In animation, there is an opportunity for investors to partner with the
3. Data Centres and BPO This information provided by invesTT, which is responsible for leading punches above it is weight here, with some of the lowest rates across
activities in targeting, attracting and securing local, regional and international direct investment to T&T’s targeted growth sectors.
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MIXING IT UP and packaging, entertainment, yachting
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aimed at attracting substantial international investment as well as with domestic and international businesses to promote, support and
maintaining a reinforced commitment to the development of the local
advise on the trade and high-value investment opportunities that of MTII is its commitment to local entrepreneurship, to offer support include Fiscal Incentives such as income tax waivers on dividends FOOD AND BEVERAGE The thriving food and beverage sector in Trinidad and Tobago supports some 11,000 jobs and represents the largest non-energy
The country is an important food and beverage trade partner
Trinidad and Tobago produces diverse agricultural products, such as food supply, the Government is supporting and developing this crucial
PRINTING AND PACKAGING Trinidad and Tobago’s printing and packaging sector has undergone Whilst the export market valued at TT$103 billion has grown by 45% instituted an import substitution strategy aimed at replacing foreign Notably, food retailing ranges from small community shops known
printing and packaging industry is considered the leader throughout
historically, produce markets selling local fruits and vegetables have also gained a foothold within the food and beverage sector, from hand-made chocolates using local cocoa to specialist bakeries and In recent years, the industry has excelled and major developments involve direct export opportunities through niche market contacts In spite of the global economic crisis, the fast food and quick service restaurant industry consisting of international franchises and domestic
in productivity have resulted in operational improvements and
businesses has remained strong because of convenience and value
Government of Trinidad and Tobago continues to develop strategies
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Commercial: Printers of bill books, stationery, call cards, annual Whilst the industry globally is facing some challenges, superb investment opportunities still exist in education, training and equipment Labels and packaging materials: Flexographic and rotogravure venture partnerships between Government, the local industry and Producers of paper-based items: Corrugated boxes, paper boxes
foreign investors ensures the industry continues to offer competitive
Additional areas for joint ventures are as follows: Plastic packaging manufacturers: Flexible bags/sacks, wrappers,
Printing and Publishing Contracts for labelling
vanishing, embossing, slitting/welding, printing, sheet extrusion and
Recovered/Recycled plastic packaging materials Packaging and design
Rigid packaging manufacturers: Producers of bottles and containers, which include injection, blow, rotational, compression
CREATIVE INDUSTRIES The Ministry of Arts and Multiculturalism is a central partner when it comes to developing and promoting Trinidad and Tobago as the
Trinidad and Tobago’s printing and packaging sector is a catalyst for opportunity as the country continues to strengthen innovation and
investment, Trinidad and Tobago encourages the growth and innovation Ministry is also responsible for policy development and implementation
an industry commitment to green packaging— recyclable materials
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and Tobago as a preferred location, injecting TT$35 million into the the Carnival season and attracts over 40,000 visitors to the island unique advantages of a rich array of landscapes in close proximity
Trinidad and Tobago’s music and entertainment industry is considered While the designer fashion segment forms a small part of the overall creative industries, the fashion sector employs an estimated 11,000
are in the areas of textile design, Carnival costume design, bespoke
A number of organisations and agencies play a large role in developing
tailoring for men and women, high-end fashion merchandise, resort wear collections, accessories design and the manufacture of handbags,
Industry and Investment and the Copyright Organisation of Trinidad
There are currently a number of Government initiatives and committees
A key factor in maintaining the growth of the creative industries
committed to the support and development of the industry so that it
and promote the industry and its investment opportunities, on a regional
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YACHTING Trinidad and Tobago is at the forefront of one of the Caribbean’s most
The Customs and Excise Act provides investors full exemption from
Working in unison with the Ministry of Trade, Industry and Investment, Over the years, the Chaguaramas peninsula in North Trinidad has grown
MARITIME companies, including 11 marinas/ boatyard facilities with the capacity Trinidad and Tobago is a dynamic and competitive player both in The island of Tobago located slightly north of Trinidad is a sector with
a favourable geographical location, away from the hurricane belt,
leisure and tourism attributes, and appeals broadly to the pleasure
strategically located between key trade routes connecting North and
crafts market and those short-stay visitors who are passing through and The domestic commercial maritime industry evolved as an offshoot The yachting sector is well established and is seen as an important
from the rapidly expanding energy sector, which required a strong marine presence to support offshore exploration activity and the transportation of goods and services between their land and sea
The industry is characterised by a number of key support services and skilled professionals—suppliers, maintenance, boat construction, There are approximately 325 companies operating in the industry, As for competitive location, Trinidad and Tobago is the one of the has been further buoyed by the expansion of manufacturing activities the Caribbean, with a highly skilled workforce, and is recognised for energy products drive the country’s economy, the Government has
Trinidad and Tobago has also evolved as a trans-shipment sub-hub to facilitate trade between the smaller islands and countries in mainland
There are many incentives for prospective investors seeking business
Whilst the consequences of the global economic crisis have presented challenges to the global maritime industry, Trinidad and Tobago has
participate in one of the fastest growing and most diverse economies
remained on a sound footing through clear strategies, effective In order for the continued growth of the sector to remain strong, the
Repair of yachts and pleasure craft and other services including port and harbour services, docking, berthing and mooring and conservancy
drawing on each other’s experiences, ideas and solutions, we have a greater opportunity for a more effective, up- to-date and innovative
provided that the yachts and pleasure crafts are owned by persons
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TRINIDAD AND TOBAGO OVERVIEW Fast facts on who we are, what we do
Retail (City Centres) English
Monday to Friday,
Population Retail (Shopping Centres) Location
Total Area
Business Dress Code
Capital Political System Climate The islands are warm all year round with daytime temperatures two main seasons, a dry season from January to May, and a rainy body in Tobago is the Tobago House of Assembly and its seat is in the
Monday to Friday,
Economy Banks (in City Centres)
After over 140 years of success in oil and gas, Trinidad and Tobago
Monday to Thursday,
has a well-established economy with gas-based production exceeding
international upstream and downstream energy companies operating
Banks (in Shopping Centres) to diversify the economy with a focus on non-energy sectors such as Maritime, Clean Technology, ICT, Creative Industries, Agribusiness, to be the manufacturing hub of the region and is currently the largest Monday to Friday,
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Trinidad and Tobago’s economic policies have consistently favoured trade liberalisation and foreign investment, and the country plays host
Financial System
institutions, mutual funds including a unit trust corporation, a secondary
Trinidad and Tobago is a member of the International Monetary Fund,
four hour emergency services are available at several Government
Legal System
Education
Primary, secondary and more recently tertiary-level education at courts is to the Privy Council in England, but consideration is being given to replacing the Privy Council with the Caribbean Court of Justice, which was inaugurated in April 2005, with its headquarters learning, vocational/technical training and technology-based tertiary-
Trinidad and Tobago’s health system consists of Government-funded
Electricity Trinidad and Tobago has a reliable supply of electricity with rates still
trained in gynaecology, paediatrics, radiology, physiotherapy, cardiology, gastrology, urology, and orthopaedics work both in private practice and
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Water
Roads Trinidad and Tobago has an extensive transportation network of paved
when a high number of vehicles head into or out of the capital city and
Telecommunications Trinidad and Tobago has a modern telecommunications infrastructure
Airports The Piarco International Airport is located about 45 minutes from
a rapidly growing telecommunications operator in the Caribbean,
The International Access Code for Trinidad and Tobago is 1, followed by
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Approximate Non-Stop Flying Times to Trinidad and Tobago
Caracas
countries do not require visas for entry, except Australia, New Zealand,
55 mins Potential visitors should seek advice from their travel agents or the
Houston
5 hrs 30 mins
Miami
3 hrs 30 mins
Toronto
5 hrs 50 mins
Sporting Activities
Seaports Post/Courier Services Regular mail, express mail and courier delivery are reliable and available are two fast ferries (T&T Express and T&T Spirit) and one conventional ferry (Warrior Spirit)
Culture The festivals, music, customs, cuisine, religions and races of Trinidad
Immigration, Work Permits and Visas Visitors to Trinidad and Tobago must possess valid passports and
originate locally with the indigenous Caribs and Arawaks, and abroad
ECS Real Estate Limited Hilton International Hotel, Upper Arcade Lady Young Road, Port-of-Spain Tel: (868) 623-4623, 624-2268, 221-3444 Fax: (868) 624-2268 E-mail:
[email protected] www.ecsrealestate.com
Car Rental of several European interests clamouring for colonial rights to the
If you would like to travel on your own, renting a car might be by far the easiest and safest way to get around both Trinidad and Tobago,
bursting with vivid colour, exquisite costumes and pulsating steelpan
Ground Transport Maxi-taxis These 12-25 seat minibuses operate with similar set routes (like route
Airport Transfers Authorised taxis operate outside arrival halls at Piarco and ANR
Buses
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Places of Interest
Shopping Malls
Sea Bridge
Nightlife & Entertainment Trinidad is one of the more vibrant islands in the Caribbean with Warrior Spirit
are among the hottest, most diverse party and entertainment T&T Express and T&T Spirit
Arts & Culture Trinidad and Tobago has a rich theatre and stage history, from music concerts to theatre productions to folk performances to
Tour Operators
Kalloo’s (Trinidad): 622-9073 T&T Sightseeing Tours (Trinidad): 628-1051; www.trintours.com Nature Seekers (Trinidad): 668-7337; www.natureseekers.org Restaurants
Frankie’s Tours & Rentals (Tobago): 631-0369
The multi-ethnic culture of Trinidad and Tobago is evident in the
Sherman’s Auto Rentals & Ground Tours (Tobago):
been handed down through the generations but our incredible
Emergency Numbers
but not to be passed by are the cosy, little places on every other street, where some sweet-hand mama is cooking up a pot of INVEST TRINIDAD AND TOBAGO
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TOBAGO’S BUSINESS Not just a weekend retreat, Tobago is balancing tourism and industry
Thinking of Tobago as a business destination seems profoundly
wholesale garments, woodworking, furniture and assembly type
uncomfortable and the thought of working while in Tobago is not my manufacture of medical devices and/or consumer products, and decide what other source of income could be generated from a small
construction-based materials or recycling operations are also
facilities there will be available land for long-term lease agreements as well as the rental of factory buildings and soon to be constructed
In chatting with Neil Wilson, their honourably passionate chairman, I see clearly just why diversifying Tobago is a topic we should all take developed infrastructure that offers project management services and a number of eco-industrial parks on the island, we should take pride in what potential manufacturing and innovation this may lay immediately surrounded by a vibrant commercial and administrative Proudly, he emphasises “that two of this country’s major state utility Tobago Electricity Commission and the National Gas Company of areas such as agro-processing, food and beverage manufacture, use of This may include producers of soft furnishings, upholstery products,
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The Park is also home to the Caribbean’s largest solar street lighting
Tourism Organisation:
The criteria for all applicants include projects that: China became the number one source market in the world in
underpinning theory behind an eco-industrial park is to create a cluster of manufacturers who through energy giant, is streamlining its operations off the northeast coast of Obtain the necessary development approvals from the various
However, in June of this year Centrica commenced appraisal drilling to be part of the tourism growth which is occurring globally and we
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of Tobago are being drilled using the semi-submersible rig, Ocean natural gas, as are many other Caribbean islands, for manufacturing as well as CNC applications, so it’s in everyone’s interest to get this
Trinidad and Tobago may be sisters but each has her own unique
want Tobago to stay the way it has always been—majestic, safe and should start looking at what training is required to better service the challenge but resilience helps to make us who we are—kind, joyful,
What we do now affects everyone that follows and making the most of new opportunities of creative investments is a certain way of ensuring
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“Finding the right combination in tourism and industry is the challenge but resilience helps to make us who we are—kind,
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THE HINZ ADVENTURES their new home in T&T
thought we lived so close to it that we could always go whenever we
Corey and Glen met six years ago in Houston where they both worked
Glen explains, “We had discussed the opportunity of becoming expats
An opportunity arose with his employer Worley Parsons, the Australian multinational provider of technical, project and operational services to “I always describe Trinidad as ‘the Manhattan of the Caribbean’ and on here, lots of volunteer opportunities, clubs to join and events to
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“We were immediately blown away by all the colour of the island, and have scuba-dived, surfed, and snorkelled and have enjoyed
The couple has also used their time here to explore other islands in normally do a couple different grocery runs a week to get everything
It seems when land becomes too taxing, the couple hits the sky,
lots of watersports—kayaking, sailing and scuba diving, running and
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DOING E-BUSINESS, SEW SIMPLE Through online services, Ministry speeds up business and trade
It once took four weeks for an investor to get an import/export
Over a two-year period, beginning in 2010, the MTII team examined in detail the critical paths of every process that involved the interaction of Government authorities with the trading and operational
Through its online services, the Ministry of Trade, Industry and
sought to identify and eliminate every time-consuming, unnecessary
Investment is reducing delay, removing obstacles and improving
Colossal in scale, the project involved the scanning, collation and storage of literally millions of individual company and Government of numerous pieces of antiquated legislation, and the implementation of state-of-the-art ICT architecture across multiple Government of outdated bureaucratic practices, with the aim of improving the In February 2012, TTBizlink went live.
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VISIT US: TTBIZLINK.GOV.TT OR CALL OUR DESK: 800-4SEW/4739 EMAIL US:
[email protected]
SEW No.
(TTBizLink)
STATUS OF
Government Department/Administrator
MODULE
Module e-Company
(Average Processing time)
Processing time reduced from
Registration
2012
7 days to 3 days Processing time reduced from
e-Work Permit
March 2012
e-Import/Export Ministry of Trade, Industry and Investment (Trade Permits &
Processing time reduced from February 2012
4 weeks to 1 day
Processing time reduced from Origin
e-Fiscal
February 2012
Ministry of Trade, Industry and Investment (Investment
Incentives
Processing time reduced from February 2012
Ministry of Trade, Industry and Investment (Investment Concessions
1 day to 30 mins
6 weeks to 11days
Processing time reduced from February 2012
6 weeks to 12 days
are well advanced towards allowing e-payments for Government to register a business locally has plummeted, owing to key legislative World Bank Ease of
Also in the works are changes to the Customs laws to facilitate faster
Doing Business Survey 2013 notes that the time required to start a business in Trinidad and Tobago has fallen from a total of 43 days down to automate the construction permitting process, making it much improving services related to vessel arrivals and departures, and register
the government is prohibited, by law, from accepting payments
This, however, will soon be a thing of the past, as legislative changes
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iGov.. youGov.. weGov! In 2009, a Memorandum of Understanding was signed half the population was without a telephone connection, quickly
between the Governments of Trinidad and Tobago and Singapore which allowed access to that country’s highly
are world leaders in e-government and have the world record for
Singapore is home to the world’s busiest seaport, and one of the busiest airports, and handles vast amounts of Authority (IDA), working with international ICT developers Crimson Logic, developed a platform known as Tradenet to
young, dynamic and ambitious people, and the signs are clear that
manage it all.
this space!
iGovTT, the central agency for ICT projects for the T&T Government, began work in 2010 with the MTII, the IDA and Crimson Logic to develop the local equivalent to Tradenet. The result is TTBizlink.
user experiences with TTBizlink
Work continues with the IDA and Crimson Logic to expand
visit www.ttbizlink.gov.tt, and click the “Testimonials’’ tab.)
the range of services available through TTBizlink.
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INVESTORS LIKE IT FASTER “invesTT is the blueprint for a comprehensive, synchronised approach to investment promotion and servicing, a strategy
PHOTO: SENOR LOPEZ
TTIFC, the International Financial Centre, responsible for bringing a compelling case for her vision to create a streamlined approach really look at our investment levels over time you’ll see it has number of agencies managing direct foreign investment, we had the NEC, which is the National Energy Corporation managing Her view is that the key to promoting Trinidad and Tobago as an Company managing tourism and two years ago we formed the
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attractive investment destination is the ability to respond quickly
to investment opportunities, and to remove the obstacles in the Gibbon-Thompson, “and we want now to create a solid umbrella “This Government said look, we’re not closing these deals fast enough, so let’s have a single point of entry and contact in And from there, through invesTT we would then allocate and
One industry identified for diversification close to invesTT, that is gaining traction is the financial services sector, an industry proving
invesTT is the blueprint for a comprehensive, synchronised approach to investment promotion and servicing, a strategy of interaction with the country which we are making easier to
also have potential investors interested in ICT, specifically a tier three data centre, not currently available in Trinidad or the region
a need for the allocation of gas for a calcium chloride plant, that is a Cabinet decision, and the Government says yes because it’s with subsidised rent on a piece of land for a large manufacturing facility that requires access to utilities—this is one of the jobs of
Gibbon-Thompson’s overarching plan for invesTT seeks to open the idea that the goal with investment promotion is about removing
Central to the new and improved role of invesTT are the human points of contacts available at all levels to assist and support “We are not China where people have to do business with us, or work to create a one-stop shop for investors: “We have introduced what we call ‘point people’ in each of the key agencies and we
Tobago, and yes, we have a lot to offer, but no one should ever
will go directly to them on behalf of investors because we have a much more direct connection, because we’re local and have the Major investments via invesTT this year have included multi-million done quickly, so in effect we have become a one-stop-shop for
dollar deals from a major European maritime services company, as well as the signing of an agreement with Pearl Atlantic who are
This fast-track service is also available to local companies who
parent company of Courts, the furniture chain, is looking at followon investments related to regional distribution and warehousing
invesTT has also created a special dispensation for projects that don’t meet the criteria but are deemed strategic in value to the
The most recent phase of invesTT’s strategic mandate is vital brand for Trinidad and Tobago that is world class, it is hoped, will increase Trinidad and Tobago’s competitiveness throughout the
“We’ve had very different looks and feels to promote Trinidad
THE ATRIUM Don Miguel Road Extension El Socorro | Trinidad & Tobago TEL: 1 868 675 1989 FAX: 1 868 675 9125 www.investt.co.tt www.eteck.co.tt
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SMART FOODS Food and beverage industry gets wise about its jams, teas, rums and candies to cash in on export market
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The Ministry of Trade, Industry and Investment’s latest push to strengthen the food and beverage industry is giving local businesses
working closely with those companies to ensure they are fully ready at overseeing the development of the domestic food and beverage Crucial to the future growth of the food and beverage industry is Made up of a diverse group of professionals with varying skills and backgrounds, the Committee members, from the private and public sectors, as well as academia, all add value to the Committee’s mission,
breaking into new export markets can be challenging, as companies
which is to drive the Government’s thrust for sustainable economic
are faced with often complex tax regulations and identifying credible
The management of this development mandate falls to exporTT One of the Ministry’s biggest projects this year was the participation
and beverage industry as a business cluster to be developed under
The high-calibre show offered continued exposure to brands such as
Agriculture is the primary, then there is the processing component, and then, at the end of the value chain is the printing and packaging of the
a range of bespoke luxury teas, showcased an Angostura tea blend
A major objective for the Committee is offering seminars based on of the key focus areas is building awareness among business owners
business planning so that smaller businesses and start-ups are
about food safety standards when manufacturing or processing food, While they may not be able to meet a large demand for their products Through a series of free-of-charge seminars held throughout the year, usually well attended and over subscribed, business owners
opportunity to gain experience and market intelligence, and to see
are trained and have access to advice about food hygiene and Trade shows provide smaller companies with the ideal opportunity to see how other companies operate on an international scale, and to be exposed to various industry trends, from product packaging to
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THE PEOPLE SOLUTION right job to help your organisation achieve excellence
“No matter if your company is a new start-up or mature and established, we have the skills and experience to guide you on
result of this emphasis is a highly literate and aspirational workforce, many with decades of experience among them, much of it gained in well-
of whom have eagerly leaped at the expanding opportunities available
and advisory services includes accounting and tax, HR, corporate of sound advice, or you’ve simply outgrown your existing in-house
your ideal partner in identifying and recruiting the key personnel your
administrative resources, or, you’re an international organisation
Regardless of what your business does, its success depends heavily
objective is to satisfy your corporate personnel needs, in the present
their exposure and their expectations all bring different skill sets and where local CEO’s and HR professionals had the opportunity to other natural resources, Trinidad and Tobago is also very well endowed
exchange ideas, discuss actual experiences and review trends on
with another rapidly growing resource—its well-educated, diversely of 2013, we are planning to host another seminar on Corporate HR portfolio, our service also includes further support for your budget has allocated increased resources to our educational
management in the ongoing development and effective growth of
accelerate and deepen the growth of our national e-skills base took a
From psychometric assessment to compensation surveys and advice,
major leap forward with the decision two years ago to begin distribution
staff outsourcing to policy development and compliance, no matter if your company is a new start-up or mature and established, we have
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General HR correspondence For more details on our services, please visit our website,
HR Outsourcing
www.orbitsolutions.com, and click the “Our Services” tab.
For those short-term projects or companies that have maximised
ORBIT's range of Solutions! Recruitment Candidate screening
Surveys
Interview support
From time to time clients may need to review their existing compensation against market, or wish to determine from an objective source how
Psychometric Assessment 5th Edition of the 16 PF Personality Assessment Questionnaire
our clients with the means of gathering this information through the
The assessment is done online, allowing for quick turnaround time HR Advisory Services Compliance with good employee relations practices and laws of T&T Review and/or development of HR Policies and Procedures letters, retrenchment HR Administration This includes outsourcing of the administration of the following: Employee leave
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43
HOW TO INVEST IN TRINIDAD AND TOBAGO
The year 2013 marks the 23rd anniversary of the repeal of the Aliens This action signalled a decisive shift in Government’s attitude towards
pursue a number of legislative and administrative reforms, including
Tax Registrations Generally, companies are required to be registered for corporation tax, Establishing a Business level of their business activity, they may also have to register for value replaced the outdated Companies Ordinance which had been in effect for of processing has improved dramatically and has declined from two
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Taxation Overview The tax system has been the focus of major reform aimed at corporation tax for most companies operating in T&T is 25% (two petrochemical sector are taxed at the rate of 35% while companies engaged in the production of petroleum are subject to tax under a
The other principal taxes impacting on businesses in T&T include the following:
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45
corporation tax, business levy on the sale of goods and the export VAT, at a rate of 15%, is due on the supply of goods and certain however, it would be entitled to recover all of the VAT it has
An ad valorem stamp duty is imposed, at varying rates, on certain
Tax Incentives
are not limited to hotels but include ancillary facilities such as be granted corporation tax holidays of up to seven years as well
Manufacturing companies are entitled to an initial allowance on the capital expenditure incurred in acquiring plant & machinery
interest received in respect of loans used for approved projects
The rate of the initial allowance has been repeatedly increased Immigration Matters A work permit is required where a non-resident person intends to Companies engaged in manufacturing may also seek approval In addition to work permits, nationals of certain countries are required companies include relief from customs duties and VAT on the importation of plant and machinery as well as total or partial relief
The Trinidad and Tobago Free Zones Act also provides a range
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approved by a special committee made up of representatives of various
Business Environment and Infrastructure
A well developed road network including several major highways
The operating environment in T&T is very conducive to investment and includes the following features:
road expansion programme is in progress that is intended to this regard, work is currently underway on the extension of the
commercial banks (including the local operations of international which will greatly ease congestion in the south-western peninsula
A modern communications network with ready access to land-line and this has resulted in ever increasing numbers of university and
opportunities for improvement include the proper administration of
investments in the non-energy and downstream energy
Two international airports with a number of airlines offering direct
WADE GEORGE CARIBBEAN MANAGING PARTNER | TAX SERVICES ERNST & YOUNG SERVICES LIMITED 5/7 SWEET BRIAR ROAD, ST CLAIR, TRINIDAD DIRECT: +1 868 628 5185 | MOBILE: +1 868 788 0670 FAX: +1 868 622 0918 WEBSITE: WWW.EY.COM EMAIL:
[email protected]
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THE WORLD SETS UP SHOP ON OUR DOORSTEPS electronics, car parts, lubricants and pharmaceuticals
The Free Zones Programme includes international traders who import trade in pharmaceuticals, trade in plastic resins, electronics, car
full container loads of products from other countries into Trinidad and
What these diverse products and services all have in common is that they are made for export-driven industries, and fall under the Free
Good quality jobs, new skill sets, new investment and access to which is administered by the Trinidad and Tobago Free Zones Company
There are currently 16 approved Free Zone enterprises in Trinidad,
such as developed land and buildings, paid for by the private sector,
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“Good quality jobs, new skill sets, new investment and Zone Programme, administered by the Trinidad and Tobago
products from their factories around the world into their Free Zone in Trinidad and Tobago, and exports containers of mixed products to 26 Today the TTFZ facilitates, approves and monitors all Free Zone projects, and plays a strong supporting role in encouraging diverse Except for the oil and gas sector, any business involved in manufacturing or international trading for products or services Traditionally, non-energy manufacturing projects based in our The Free Zones Programme has expanded this to include extraregional exports, international traders in regional distribution, and
and the hope that a Free Zones Programme could provide more
TRINIDAD & TOBAGO FREE ZONES COMPANY LIMITED
Albion Court, 2nd Floor West, 61 Dundonald Street, Port of Spain, Trinidad, West Indies Telephone: (868) 625-4749 / 623-8363 | Fax: (868) 625-4755 Email:
[email protected] | Website: TTFZCO.COM
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SETTING THE BAR FOR QUALITY From tyres to textiles, there’s a standard for that
“Without standards, there is no benchmark for quality,
Excellent products and processes which are well designed and
In the quest to diversify trade in non-energy areas, quality standards
which perform reliably can add huge value to the lives of individuals
at the national, regional and international level are key steps to developing innovative as well as routine services and products that
From the tourist’s unique experience at a bed and breakfast lodge, to a construction company’s method of installing electrical wiring in
that provides visitors with such comfortable accommodations and
built structures, to a consumer’s choice to buy locally made clothes producing a well-made pair of shoes or children’s toy that anyone in
International standards help prevent trade barriers and open up providing laboratory services for testing, providing accreditation to laboratories, inspecting measuring devices, and providing quality In this way our country can compete with bigger businesses for trade
standards in agriculture, construction, electrical, tourism, quality there is no benchmark for quality, and no basis to compare similar National Plumbing Code and a National Accessibility Code for the level, standards help to streamline production and reduce production Whether it is locally made garments, prepackaged pet food, anchor bolts for construction projects or systems for occupational safety in the workplace, there is a standard for that—which the Trinidad and Using standards can offer powerful business and marketing tools
build our own competence, as well as earn international attention
performance and manage the risks they face while operating in to demonstrate to clients and customers the quality of what they knowledge they need to improve operations—and therefore grow
better ways of working, better cost control and a speedier adaptation
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1-2 Century Drive, Trincity Industrial Estate Macoya , Trinidad and Tobago , W.I Tel: (868) 662-8827 | Fax: (868) 663-4335 Email:
[email protected] | Website: www.ttbs.org.tt
Main TTBS service areas are: t
Standards development and enforcement.
t
Inspection (National Compulsory Standards exist for tyres, textile products, footwear, appliances, safety products and construction goods).
t (e.g. ISO 9001: 2008; ISO 14001: 2004; Q&EMS
t the company Trinidad and Tobago Laboratory Accreditation Service (TTLABS).
t of measuring devices, pre-packaged goods and calibration of measuring instruments).
t
Information services. INVEST TRINIDAD AND TOBAGO
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GROWING STRONG the path to becoming a new world power
“Today, the nation’s economic performance is bolstered by its
is a “profound shift in global dynamics driven by the fast-rising new
2008, Trinidad and Tobago is focused on transforming itself, building In fact, in 2012, the IMF reported that the national economy was poised to turn the corner and the country would see nominal billion [representing] 13 months of import cover, at the end of 2011, At the same time, its strategic location makes it the preferred hub for
of 2012, and the encouraging projections for sustained growth by the end of 2013, this nation maintains its status as a Caribbean leader
proposition to facilitate their expansion and growth throughout the
The lessons learned in the petrochemical arena have been applied to
Indeed, Trinidad and Tobago has been a global leader for over a us synonymous with industrialisation and manufacturing, with our large reserves of petroleum and natural gas, and well-developed
In 2012, Trinidad and Tobago’s Minister of Finance and the Economy
Tobago has earned a reputation as an excellent investment site for international businesses, and has one of the highest growth rates
by providing companies with facilitation, support and key linkages to the country’s exceptional resources and talent, and making it easier services sector, which after years of consistent growth, is the second
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the vision of the TTIFC is to make Trinidad and Tobago the premier
Investing in human capital Government accepts that the development of the country’s human capital is a critical factor to enhance growth and global
TTIFC CEO Varun Maharaj underscores that the agency has a strong product, as Trinidad and Tobago offers a “wealth of experience along This pool of knowledge workers has the desired characteristics to and proactive government support—factors that are turning Trinidad
support a thriving local and foreign investment thrust, as it offers a moderate cost structure with average annual salaries ranging from
speaking at the signing of a Memorandum of Understanding between his bank and the Trinidad and Tobago International Financial Centre
Trinidad and Tobago has moved ahead of other similarly transitioning economies in the arenas of education, ICT and other infrastructure, and generating an enabling environment for investment (ranked 25th Tobago was 15th in the ranking of gross national savings and 28th in
economic strengths, Trinidad and Tobago is developing a robust and
oriented to excellence and service, and the establishment of the hub in Trinidad and Tobago is a fantastic opportunity to support the
Robust regulatory framework Government placed a focus on developing the right mix of facilitating Free Zones Act and its amendments to exempt investors from licensing, establishment of the Financial Intelligence Unit among other additions to the legal and regulatory ecosystem has meant that Trinidad and Tobago
Trinidad and Tobago International Financial Centre 15th Floor, Tower D, International Waterfront Centre, 1 Wrightson Road, P.O. Box 735, P.O.S., Trinidad and Tobago Tel: 1 (868) 627 3081 | Fax: 1 (868) 624 0794 Email:
[email protected] | Web: www.ttifc.co.tt
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BRAND OLYMPIANS WIN RAVES From chocolate to beer, brand ambassadors showcase T&T as great place for investment
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The Government is backing local brands in a bid to drive inward
the years, bringing home gold medals at many of the international
of Trade, Industry and Investment is working closely with small and large companies to extend into new export markets, making
largest non-alcoholic drinks manufactures in the English - speaking
local goods and services available to international markets and 60 countries worldwide, the company has triumphed in positioning ideally placed to fully leverage the growing demand, regionally and These brand names have become synonymous with Trinidad and
world’s largest investment banks have their regional headquarters
Government has embarked on a number of exciting and innovative
materials, the latest technology and the most up-to-date, automated
networking opportunities, vital in promoting what Trinidad and
The vision and mission statement states, “Our philosophy of The aim of working with local businesses and entrepreneurs is to
spirituality in the workplace allows our employees to perceive work
strengthen business models, improve manufacturing and distribution
as part of a spiritual journey and an opportunity to serve the wider
processes, resulting in better quality goods at a consistently high demonstrating integrity and respect to fellow team members and Trinidad and Tobago has several brand ambassadors from within the local food and beverage market—successful brands representing
Recycling efforts being undertaken by the company include reusing discarded packaging materials, as well as collecting wasted water art of rum blending, and today, from the state-of-the-art distillery,
from the bottle - making process into special pipelines and reusing
Notably, this Trinidad and Tobago company is also the Royal Warrant
While much attention has been given to brands with large-scale
holder to the Queen of England for its Angostura® aromatic bitters,
manufacturing operations, smaller local brands, producing exclusive
and has created a brand legacy with its iconic Angostura bitters that
luxury, gourmet products, such as Tobago Estate Chocolates, established his brand only seven years ago and this chocolatier is INVEST TRINIDAD AND TOBAGO
55
helping to rejuvenate cocoa farming, once the darling of Trinidad and
The brand has stood the test of time and has grown from strength their aim to become the most sought-after Caribbean beer in the
The farm also doubles as a heritage park where visitors to the island can participate in, and learn more about the intriguing custom and Whilst other important sectors, including maritime and yachting, Tobago Estate Chocolates produce all their specialty products using the world famous Trinitario—a hybrid cocoa bean cultivated
being supported by Government through brand development and promotion, it is the food and beverage industry that is facing new working with a number of local companies to help them maintain
When it comes to building a reputation that endures, the wellMinister of Trade, Industry and Investment, outlined his commitment decade, Carib grew in popularity and became the main brewer and In Trinidad and Tobago, the food and beverage industry represents the largest non-energy manufacturing sector and remains an integral producing some of the world’s favourite brands under licence for
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THE BIG BANKING BOOST
providing customers with rates and fees that are below the market With a new attitude, new marketing campaign targeting new clients,
providing medium-term loans to enterprises associated with the manufacturing and export sectors for capital goods and building
reputation of the purchaser and the strength of the subject
Clear Vision
export thrust as the country pursues its stated goal of sustainable
Mandate Revisited
discounting facility based on the strength of the buyer after a satisfactory
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at relaxing our security requirements in favour of customer stability, Only very high-risk transactions would require different treatment,
and compete head-on with international competitors while providing
New Marketing Focus on reaching: into the import market from China, as well as in the development and
campaign that will ensure that existing and potential exporters in these build stronger ties to the relevant industry associations, including the
New Export Incentive offers exporters interest rate reductions linked to certain levels of annual export growth as follows:
1% plus for growth in excess of 50%
New Capital Your Export Financing Partner beginning in 2013 with TT$60 million, and with subsequent annual buyers in export markets and providing capital term loans for new more worthwhile export business with a larger funding base through
He explained: “The infusions would reduce our average cost of funds
established manufacturers to take up the challenge and expand to
which would be passed on to customers in terms of lower borrowing Working with the Government, exporTT, and other agencies and and partner with exporters in the non-hydrocarbon sector to stimulate
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EXIMBANK Products and Services Pre Shipment Financing:
Term Loan Financing: One- to seven-year loans to assist with upgrading/new plant, equipment, warehousing to improve the
Post Shipment Financing: of the invoice value of the export shipment, which the client then
Export Credit Insurance: Protects exporter against payment default
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EXIMBANK Quick Facts
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Enroll Now Call us today or visit our website for more info.
633-4777
www.isps.edu.tt
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EMPOWERING EXPORTERS This hub connects exporter to importer and positions T&T as a
enable a consistent and quality pipeline of goods for export real economic wealth for a country—direct foreign investment
Growing exports is the mandate of exporTT which acts as a critical sectors: The organisation focuses on goods and services in the non-energy
Identify sectors and individual supplier-companies for export Prepare and equip companies to develop their capacity to 64
INVEST TRINIDAD AND TOBAGO
Rather, we strive to facilitate a consistent pipeline of goods and
While efforts continue to augment exports to CARICOM countries
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OTHER KEY ASPECTS OF CAPACITY DEVELOPMENT INCLUDE:
COMPLIANCE of transaction and has reduced turnaround and response time on key business processes, including company registration and work
These programmes are aimed at developing best practices or website, which enables rapid dissemination and sharing of exportrelated information on training programmes, capacity development events, research, and business processes, all accelerating the
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While exporTT has a big mandate, the export potential for T&T is MARKET DATA “T&T is a highly desirable supply source for buyers…goods and services are highly differentiated, unique, offering products that data analysis services, and analyst training to develop a company’s Country Guides to provide detailed insight into a company’s
TRAINING
Current areas focus on the fundamentals of exporting, including
151B Charlotte Street, Port of Spain Tel: (868) 623-5507 | Fax: (868) 625-8126 Email:
[email protected]
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Non-Energy Exports (Merchandise): Regional Markets REGION
TT$
Caricom EU
US$
Percentage
513,271,347
56
334,855,356
6 4
Central America
35,337,733
5,521,521
1
North America
22
Far East
127,114,133
2
Middle East
684,256
0
Oceania
1
Wider Caribbean
78,155,870
Other
418,183,020
12,211,855
1 7
Total
100
Top 10 Non-Energy Sector Exports to the World PRODUCT
EXPORT VALUE (TTD)
Machinery & Mechanical Appliances, Electrical Equipment, Parts Thereof, Reproducers, and Parts & Accessories of such articles
400,411,365 384,650,114 358,688,677
Parts & Accessories of such articles Preparations of Vegetables, Fruit, Nuts or Other Parts of Plants
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