Trinidad and Tobago Manufacturers' Association

100% 

T&T 

Jan-Feb 2011 

ried rue 

55th 

AGM 

TTMA’s 55th 

Annual General 

Meeting 

THE 

MANUFACTURER 

PUBLISHED QUARTERLY 

BY THE TRINIDAD & TOBAGO MANUFACTURERS’ ASSOCIATION 

Jamaica 

Open&readyfor growth 

AYear of Collaboration 

DOMINICHADEED 

TTMA’SNEW PRESIDENT 

Recycling 

Alook at the local 

recycling business 

Excellence 

TTMAmembers awarded 

forexcellence 

Volume 32 April 2011 

Value 

Anew national value 

proposition

Vision 

Statement 

To be the voice for 

business enterprise 

articulating policy, 

providing quality 

service and 

contributing to 

sustainable 

economic growth 

and success 

Board 

of Directors 

Mr. Dominic Hadeed 

Dr.Trevor Townsend 

Mr. Richard Lewis 

Mr. Charles Ross 

Mr. Allan De Boehmler 

Mr. Amjad Ali 

Mr.Paul Quesnel 

Mr.Wayne Yip Choy 

Mr. Andrew Aleong 

Mr. Craig La Croix 

Mr. Nicholas Lok Jack 

Mr. Dave Ramkisoon 

Mrs. Natasha Mustpha-Scott 

(Chief Executive Officer) 

TheDeskof 

the 

I wish to welcome you all to the latest 

issue of the “Manufacturer” which 

has been redesigned with a more 

modern and contemporary look, and 

complements the many changes and 

revisions that are taking place within 

the TTMA Secretariat. In addition to 

the six new members of the Board of 

Directors, appointed at TTMA's 55th 

Annual General Meeting held on the 

29th March, 2011, the TTMA is 

working to establish a new direction 

and vision for the association, and will 

communicate these to you in the 

months ahead. I thereby encourage 

you to give your support and 

feedback to the Association 

wherever you can, as we begin this 

new chapter under my leadership 

together. 

While 2011's economic forecast 

projects a year of recovery, there is 

still much work to be done to increase 

this country's competitiveness and 

restore confidence to the business 

community, and this can only be 

accomplished with constant 

collaboration. The TTMA's mission 

for the year ahead will focus on 

working together with other 

associations, stakeholders and 

NGOs, government, and other 

business support organizations, both 

Do You Need to Contact us? 

Trinidad & Tobago 

Manufacturers’ Association 

2nd Floor, TTMA Building, 

#42 Tenth Avenue, Barataria 

P.O. Box 971, Port of Spain 

Tel: (868) 675.TTMA (8862) 

locally and regionally, to ensure that 

we pool our strengths and efforts 

together for the greater good of our 

national community. 

In this regard, the TTMA was 

pleased to host the Hon. Karl 

Samuda, Minister of Industry, 

Investment and Commerce of 

Jamaica on March 29th, 2011 at our 

AGM Business Breakfast Meeting, 

and is confident that the 

opportunities for greater regional 

integration and collaboration which 

were presented at this event will 

materialize in the future. The Hon. 

Stephen Cadiz, Minister of Trade and 

Industry who gave a special address, 

also highlighted the government's 

commitment to work together for 

greater trade and business between 

T&T and Jamaica, and the need to 

establish greater communications to 

facilitate the trade process. 

The annual Tr ade and 

Investment Convention (TIC) which 

takes place from June 15th-18th this 

year has partnered with the 

Caribbean Investment Forum (CIF) 

which runs from June 13th- 14th, to 

form the Trinidad and Tobago 

Investment week. These two events, 

another successful example of a 

collaborative effort, will be critical to 

President 

strengthening trade and 

investment between the 

Caribbean and the Americas and 

will link over 35 countries to forge 

new business opportunities and 

increase trade within the region. 

Almost immediately following the 

Trade and Investment week, there 

will be a Trade mission to 

Guatemala from June 21st-24th, 

and I encourage our members to 

capitalize on these opportunities. 

The Association is encouraged by 

the current strength of its business 

partnerships and the possibility of 

stronger ones in the future, and 

will maximize our efforts to ensure 

that our members are prepared 

and in the proper business- 

oriented framework to take 

advantage of new opportunities. 

Fax: (868) 675.9000 

Email: membership@ttma.com; info@ttma.com 

website: www.ttma.com The Trinidad and Tobago Manufacturers’ Association 

Secretariat located in Barataria 

I wish to thank you all for the 

honour entrusted in me to serve 

you as President, and I have already 

begun to convey the message that 

the TTMA supports initiatives that 

enhance business transactions and 

competitiveness, reduces the cost 

of doing business, and reduces 

bureaucracy and inefficiency.Ilook 

forward to a very dynamic and 

invigorated year with your 

encouragement and support.

TTMA’s 55th Annual 

General Meeting 

Dare to Dream 

Immediately following his election 

as president of the Association, Mr. 

Hadeed began to work, delivering 

his inaugural address at TTMA's 

Business Breakfast Meeting 

featuring the Hon. Karl Samuda, 

Minister of Industry, Investment 

and Commerce, Jamaica. 

The Business Breakfast 

Meeting which was attended by 

200 people comprising 

businesspersons, members of the 

diplomatic corps, TTMA members, 

stakeholders, specially invited 

guests and members of the media, 

provided the ideal opportunity for 

Mr. Hadeed to set the agenda of the 

TTMA for the next year, and 

establish its role in the local 

business community. 

His address which focused on 

the concept of dreaming to dare 

and not merely daring to dream, 

linked the ideals of achievement, 

prosperity, success, and 

productivity to good ideas, and 

sealed his intention to break away 

from the conventional stalemate 

that “supports bureaucracy and 

stifles productivity.” 

“I am and you are, currently in 

the company of people who are 

experts at the business of seeking 

consistent productivity. And we 

must now work towards becoming 

Mr. Dominic Hadeed, president of the TTMA delivers the inaugural address at TTMA's Business Breakfast Meeting 

better than that, and seek 

constant collaboration,” he said 

referring to the topic of regional 

integration and private sector 

partnership. 

“We need to overcome the 

conventional pattern of self- 

interest. We need to focus on 

what is good and common among 

us. Let us not focus on our 

differences. That is my dream and 

my challenge as President of the 

TTMA. I cannot do it alone. Let 

us move forward together.” 

To highlight the need for a 

stronger collaborative system 

among CARICOM states, Mr. 

Hadeed referred to an old joke 

that left a very poignant message 

with him, the story of Caribbean 

crabs versus North American 

crabs that were both kept in a 

barrel. The North American crabs 

he relayed, had to be kept covered 

as they would unite with the strong 

helping the weak so that all 

eventually e scaped. The 

Caribbean crabs on the other 

hand, would intentionally pull back 

other crabs that attempted to get 

ahead and escape. 

“The message that haunts me 

is that it is the biggest and best of 

the North American crabs escape 

first, but it is the biggest and juiciest 

of the Caribbean crabs that are 

eaten first,” he said 

“We are presently living 

through some very interesting 

times; the world is undergoing 

some very rapid changes, which 

presents us with a unique 

ISSUE 

00 

55th 

AGM 

Statement 

On Tuesday 29th March, 2011 the 

Board of Directors and other members 

of the Trinidad and Tobago 

Manufacturers' Association (TTMA) 

elected Mr. Dominic Hadeed as the 

43rd president of the Association at its 

55th Annual General Meeting held at 

the Trinidad Hilton and Conference 

Center in St. Ann's. 

THE MANUFACTURER PAGE 3 

Mr. Hadeed will serve as president of 

the Association for the term 2011-2012 

after two successive terms under the 

leadership of Mr. Greig Laughlin from 

2009-2011. The AGM also saw the 

election of six members to the Board of 

Directors who will spearhead the 

works of the TTMA Secretariat for the 

upcoming year. The TTMA recognizes 

the work and efforts of its outgoing 

directors for the term 2010-2011- Mrs. 

Gisele Marfleet -Vice President, Mr. 

Satnarine Bachew, Mr. Langston Roach 

and Mr. Anthony Aboud, and welcomes 

the members of the new executive


opportunity. This time around it is 

not going to be the small and the 

weak that get eaten first by the big 

and strong. It will be the big and 

juicy that gets eaten by the 

collaborative small.” 

Mr. Hadeed's message that 

“knowledge should be shared” 

was also clear as he extended an 

offer to the Jamaican contingent to 

a ssist them with t he 

implementation of the private 

sector's version of the Beverage 

Container Bill which the TTMA has 

been attempting to pass for almost 

ten years. 

The Beverage Container Bill if 

passed, will not only allow for the 

successful removal of beverage 

containers from the nation's drains 

and waterways, but it will also 

create opportunities for the 

recycling of other materials such as 

tires, batteries, and appliances. In 

addition to the primary benefits to 

TTMA enhances trade andregionalcooperation 

between Trinidadand Tobago andJamaica 

On Monday 28th March, 2011, one day before 

its AGM and Business Breakfast Meeting 

featuring the Hon. Karl Samuda, Minister of 

Industry, Investment and Commerce, Jamaica, 

the Trinidad and Tobago Manufacturers' 

Association (TTMA) met with the Hon. 

Minister and his trade delegation to reiterate its 

support of Jamaican manufacturers and to 

further dialogue on the way forward with trade 

between the two islands. 

TTMA's meeting with the Jamaican Trade 

Mission including Mr. Omar Azan, president of 

the Jamaica Manufacturers' Association (JMA), 

Mr. Vitus Evans, president of the Jamaica 

Exporters' Association (JEA), Mr. Francis 

Kennedy, vice president of the Jamaica 

Chamber of Commerce (JCC) and other 

Meeting of presidents- Mr. Dominic Hadeed, newly elected president of the TTMA greets Mr. Greig Laughlin, 

Immediate Past President of the Association 

the environment, the Beverage 

Container Bill will also create new 

companies and new products, 

sustainable jobs and new tax 

revenue from profits earned. The 

TTMA continues to wait for the 

necessary legislation for the 

enactment of the bill and the 

expected advantages to the social 

and economic landscape. 

The Business Breakfast 

meeting also provided the ideal 

opportunity for Mr. Hadeed to lay 

out his expectations for what he 

wants to achieve during his term, 

with the assistance and guidance 

from the newly elected directors, 

who will serve of their time and 

talents during the next year. 

“Each member of this new 

board brings a specific, unique and 

needed talent to the TTMA, with 

the intention of repositioning the 

Association, towards what we all 

officials in trade, formed a vital component of 

the group's visit to Trinidad, as they sought 

answers to several lingering problems that 

impede regional trade. The Jamaican Mission 

expressed their willingness to form closer ties 

and have better communication between 

government agencies like the Bureau of 

Standards of Jamaica, the Bureau of Standards of 

Trinidad and Tobago, and eventually the Bureau 

of Standards in the rest of region, to ensure that 

barriers to trade do not exist. 

The TTMA agrees that stronger 

communication and ties must be forged among 

regional counterparts, and openly discussed 

several concerns raised by TTMA members 

who met earlier in March to discuss trade issues 

with Jamaica in preparation for Minister 

believe, should be a year of 

introspection, with a goal of 

transforming the TTMA into a 

more effective, focused, and 

respected organization.” 

“This new TTMA board 

would like to engage the other 

NGO's within Trinidad and Tobago 

and the Caribbean, in an effort to 

work together within the areas of 

common interests and towards 

common goals. For it is only by 

pooling our strengths and coming 

together, can we avoid the 

duplication of our efforts, and 

ensure that we are all heading in 

the same direction at the same 

time. It is only by recognizing each 

others' strengths and being able to 

work together that we can as a 

small country, and asasmall region 

within a large world, Ever hope to 

really stand out and be noticed.” 

Samuda's visit. The TTMA looks forward to 

continuing talks with our regional counterparts 

which began on: 

The creation of equal opportunities, 

The removal of barriers to interregional trade 

The ability to partner with each other towards 

mutually beneficial goals 

The opportunity to collaborate with one 

another for assistance on individual needs and 

issues 

The diversification of our respective economies 

And the willingness of our Caribbean leaders, to 

assist us with these goals by removing 

governmental bureaucracy which hampers the 

productivity of our Caribbean people.

Jamaicaisopenand 

ready for growth 

Jamaica's Minister of Industry, Investment and Commerce 

signals trade and investment 

The Hon. Karl Samuda, Minister of Industry, Investment and Commerce delivers the feature address 

at TTMA's Business Breakfast Meeting 

The TTMA's Business Breakfast 

Meeting which was held on 

Tuesday 29th March, 2011 at the 

Hilton Trinidad and Conference 

Center, St. Ann's wasaresounding 

success, as the Association 

partnered with the West Indian 

To bacco Company Limited 

(WITCO), to host the day's 

featured speaker, Jamaica's 

Minister of Industry, Investment 

and Commerce the Hon. Karl 

Samuda. 

Speaking on the topic, “The 

state of Intraregional Trade and the 

Caribbean Community Single 

Market”, Minister Samuda 

welcomed Trinidad and Tobago 

companies to invest in Jamaica 

whenever they desire to do so, and 

called for greater cooperation and 

coexistence between the two 

countries. 

“Aswe progress, we cannot do it 

alone, Jamaica is a full and 

committed member of 

CARICOM, we are ready for 

growth through trade and 

investment...we see Trinidad and 

Tobago within the CARICOM 

community as avital partner in 

this exciting journey of ours,” he 

said. 

Echoing the sentiments 

shared by Mr. Hadeed in his 

inaugural address, Samuda 

emphasized the need to 

collaborate where necessary for 

the greater good of all CARICOM 

states and assist each other to rise 

above the global economic 

challenges that we collectively 

face. 

“It [regional integration] cannot 

work in an atmosphere of 

distrust; it cannot work in an 

atmosphere of unreasonable 

competition among our members. 

It must not be sibling rivalry; it 

must be a family determined to 

work together and hold each 

other's hand wherever there are 

deficiencies, step in and help. 

When you help someone who is 

not as efficient as you are today to 

become efficient, to become 

prosperous you become more 

prosperous,”hesaid. The Hon. Minister's trip to 

Trinidad and Tobago at the 

invitation of the TTMA, his very 

first visit to the country was 

embraced by the Hon. Minister 

Samuda, who capitalized on the 

opportunities available through 

the attendance of over 200 

businesspersons at the AGM, by 

bringing a ten member trade 

delegation. The Hon. Minister also 

sought to establish a relationship 

with his Trinidadian counterpart, 

the Hon. Stephen Cadiz, Minister 

of Trade and Industry, and various 

government agencies such as the 

Bureau of Standards, Customs, 

Chemistry, and Food and Drugs 

Division, to discuss standards and 

quality issues and any other factors 

impacting on the access of 

Jamaican products to the local 

market. 

“We need to collaborate, 

coordinate and communicate, we 


constantly need to be in touch 

with each other, and that is why I 

welcome the relationship that is 

now emerging between (Trade 

and Industry Minister Stephen) 

Cadiz and our ministry so that 

together we can establish a level of 

communication that would grant 

us profit,”hesaid. “This is a time that demands a 

positive outlook, we need to 

encourage the productive sector 

to feel that it is good to 

manufacture, it is good to make 

things, it is not good enough to 

simply buy things that are 

imported from outside of our 

region, we must seek the answer 

to be competitive so we can 

create the jobs by manufacturing 

t hings here that can be 

competitive on the world's stage, 

that is the challenge that we face, 

we can't achieve that if we are 

divided, we must be united, we 

must be prepared to share 

strategies.” 

The government of Jamaica 

has extended an invitation to 

Trinidadian manufacturers to 

l everage their extensive 

experience and track record by 

expanding their operations in 

Jamaica, and the TTMA agrees 

that opportunities abound to build 

even greater investments in a


strong Jamaican market and 

customer base of nearly three 

million citizens. 

The creation of new jobs in 

Jamaica will help build a prosperous 

economy to the benefit of the entire 

region, and investors are welcomed 

from both inside and outside of the 

region to invest in the country. The 

TTMA believes that we must forge a 

positive pathway forward and 

together build and foster a new era 

of trust, friendship and infinite 

business possibilities. 

The TTMA wishes to provide you 

with the following list of Jamaica's 

geographical and infrastructural 

advantages: 

One of the world's best ports with 

major capacity and easy access to 

the US market 

A major highway network linking all 

key economic centres across the 

country 

A leading call centre destination at 

the Montego Bay Free Zone and 

Naggo Head; offer several 

advantages 

The Largest English speaking 

workforce-with expanding training 

capabilities 

Low attrition rate. 

Competitive wage levels. 

Cultural affinity with American and 

European clients. 

World class telecommunications 

infrastructure and competitive 

telephony rates 

100% tax holiday on profits in 

perpetuity for service companies 

that export 85% or more of their 

services 

Duty Free Exemptions on: 

Capital Goods 

Consumer Goods 

Raw material, components 

or articles for use in an 

approved activity 

Articles imported for 

The Hon. Stephen Cadiz, Minister of Trade and Industry who also addressed the gathers, shares a word with 

Her Excellency Sharon Saunder's- High Commissioner for Jamaica to the Republic of Trinidad and Tobago 

construction, alteration, 

reconstruction, extension or 

repair of premises in the Free 

Zone Office equipment 

No restriction on the repatriation 

of foreign currency 

Free Zone companies can 

operate foreign currency 

accounts and there is a single 

entity free zone status for 

qualified companies outside 

of the zone 

Jamaica'sMinisterof Industry, 

Investment and Commerce 

impressed with T&T's 

modernizedmanufacturing sector 

On March 29th, 2011 following the completion of TTMA's Business Breakfast 

Meeting, the TTMA hosted the Hon. Karl Samuda, Minister of Industry, Investment of 

Jamaica and members of the Jamaican public and private sectors to a tour of factories 

in the East-West corridor of Trinidad. 

Representatives of the Jamaica Manufacturers' Association (JMA), the Jamaica 

Exporters' Association (JEA), and the Jamaica Chamber of Commerce (JCC), as well 

as representatives of the Ministry of Foreign Affairs and Foreign Trade, the Ministry of 

Agriculture, and Jamaica Promotions Corporation (JAMPRO), were treated to an 

inside look of the technologies that helped set the stage for Trinidad and Tobago's 

world-class competitiveness in the Caribbean region. 

The tours of Blue Waters Products Limited, Associated Brands Industries Limited, 

Trinidad Distillers Limited (Angostura) and TYE Manufacturing Company Limited 

were guided by TTMA's Directors who serve on the Executive Board of these 

companies and were available to provide in depth answers to the questions posed by 

the Jamaican delegation. 

Factory Tour Photos

Greening Corner 

A look at the Recycling Business in Trinidad and Tobago 

Recycling benefits both the 

economy and the environment. 

The process of converting waste 

into valuable raw materials results 

in job creation, competitive 

manufacturing industries and 

growth in the local economy. 

Simultaneously, the environment is 

protected; in other words both 

profitability and sustainability goals 

are fulfilled. The Trinidad and 

Tobago Manufacturers' Association 

(TTMA) is pleased that Trinidad 

and Tobago is on a 'solid' path with 

regard to the recycling business, as 

more companies enter this field. 

The foreseeable benefits include 

low energy costs, the protection of 

the environment, more socially 

responsible citizens, increased use 

of green technology and much 

more. This article presents some 

local companies that have gone 

green, and are in the business of 

recycling. 

Carib 

Glassworks 

Limited 

Carib Glassworks Limited (CGL); a 

member of the Ansa Mc Al Group 

of companies has been in the 

recycling business from since 1948; 

more specifically, the recycling of 

glass. An exemplar in glass 

packaging, the company promotes 

the importance of overall recycling 

and encourages the public to 

recycle used glass or cullet by 

disposing them in recycle bins. The 

outcome according to Carib 

Glassworks Limited includes a 

REFRENCES / CONTACTS: 

clean environment, low energy 

costs, preservation of natural 

resources, reduced energy 

consumption and reduced waste to 

landfills and dumps. 

In addition, Carib Glassworks 

Limited has embarked on public 

campaigns that encourage 

communities, businesses and 

individuals to develop recycling 

projects or programmes. The 

purpose of these public campaigns 

is to indicate the importance of 

recycling, the benefits of the 

programme and addressing the 

environment's needs. For 

example, in 2009, Carib 

Glassworks Limited removed five 

thousand, two hundred and sixty 

five (5,265) tons of glass from 

landfills, drains, coasts and 

communities and from this amount; 

three thousand nine hundred and 

sixty nine (3,969) tons were 

averted from reaching landfills and 

dumpsites. 

The Trinidad and Tobago 

Manufacturers' Association 

( TTMA) e ncourages 

manufacturers to see the benefits 

of recycling. There is no doubt that 

therecycling b usiness is 

performing substantially well with 

the added value that the 

environment is protected. In most 

recent times, companies have 

demonstrated innovative ways in 

the recycling business such as using 

waste cooking oil asatype of fuel 

The EcoImpact 

Company Limited 

The EcoImpact Company Limited 

was founded by Troy Hadeed in 

December 2009, with the intent to 

provide tangible solutions and 

expertise in reducing harmful 

environmental impacts and 

increasing environmental 

awareness. The target audience 

for their services includes 

individuals, business entities and 

Government organizations. 

Presently, the company focuses on 

open collection, recycling and 

processing of waste cooking 

(vegetable) oil for use in the 

alternative fuel sector along with 

other uses. The company has 

developed asufficient system of 

collecting waste vegetable oil on a 

standardized, contractual basis, 

free of charge to the consumer. 

...Outlook for local Manufacturers 

and re-used office supplies. 

However, an en abling 

environment is required to ensure 

sustainability of businesses. Akey 

component of the enabling 

environment is the legislation 

framework for nationwide 

recycling and energy conservation 

which has yet to be enacted. 

TTMA hopes that with this article, 

there will be more support for 

ratification and implementation of 

legislation. 

Ansal McAl Group of Companies, Annual Report 2009, 

Ansal McAl Group of Companies, available at http://www.ansamcal.com/ 

Beyond Business Limited: Ms. Hema Singh-Black; Contacts: 639-0393; 785-8348; email - beyondbusinessltd@gmail.com 

EcoImpact Limited: Troy Hadeed; 

email - ecoimpact@live.com 

THE MANUFACTURER VOLUME 32 APRIL 2011 PG3 


Beyond 

Business 

Limited 

Founded in June 2010, Beyond Business 

Limited is considered to be a champion in 

sustainable business; and the company's 

initiatives have demonstrated its willingness 

to be a responsible, green business. For 

example, Beyond Business Limited carefully 

selects suppliers that are committed to 

offering products which are 

environmentally sound and socially 

oriented for their company. The 

sustainability-centred philosophy of the 

company is in keeping with an increasing 

international trend among global 

companies that sustainability issues should 

be completely integrated into the strategic 

direction and operations of any company. 

Another example of Beyond Business 

Limited's mission to be environmentally 

responsible is the company's usage of office 

stationery items such as 100% recycled 

paper, 100% recycled fibres, sustainable 

wood, recycled newspapers and other 

recycled materials. 

Another illustration of its 

commitment to green sustainable business 

is its 'World Aware Programme' that entails 

visits to businesses to host sessions on 

responsible utilization of office resources. 

The programme draws attention to the 

impacts of the global issues, problems and 

“true costs” related to the acquisition and 

utilization of basic office resources which 

includes deforestation, felling of trees, loss 

of habitat for both plants and animals and 

many more harmful impacts. Further, the 

programme allows for the development of 

a network among organizations as 

knowledge, skills, expertise, ideas, talents 

and personal experiences are exchanged.


2TTMA membersrecognized 

00 

for excellenceat 9the 

the Year Awards 

SANTAINERS 

OVERALLWINNEROFEXPORTEROF THE YEAR 

The Honourable Kamla Persad- Bissessar, Prime Minister of the Republic of Trinidad & Tobago (right) presents the 

award for Exporter of the Year to Miss Joanne Jackson, Director, Marketing &Administration, Santainers Limited. 

RESIN CONVERTERS LIMITED 

PRIMEMINISTER'SAWARD FORPERSISTENCY 

Christian Quesnel, Managing Director of Resin Converters Limited, was just like 

many of the entrepreneurs of his generation-ambitious, committed, and 

hardworking, with an ability to spot an opportunity from a mile away.Mr. Quesnel 

saw the opportunities that were emerging in the plastics field and resin 

manufacturing for use in various industries, and in just under a decade of operation, 

Resin Converters Ltd is the recipient of Exporter of the Year: Persistency. 

Today Resin Converters is the largest manufacturer of plastics in the 

Caribbean, utilizing resin to supply plastics for use in various industries and is the 

leading company for bottles for the motor oil business. Resin's products (Pet 

Bottles, Plastic Bottles, and Plastic caps) are all made and individually tested under 

highly automated, sterile conditions, and have been exported to Jamaica, Barbados, 

St. Lucia and Guyana at cost competitive prices. 

According to Mr. Quesnel Resin's aim is to generate 35% of its revenue from 

the export market, and he sees the Prime Minister's Exporter of the Year Awards as 

an important tool to boost regional trade, especially given his desire to bring 

different projects to the market. 

Prime Minister's 

Exporterof 

On January 18th 2011, the Business Development Company (BDC) and RBTT 

Bank Ltd hosted the Prime Minister's Exporter of the Year Awards, which 

highlighted the efforts and contribution of the non-energy sector to the 

development and diversification of the T&T economy in 2009. 

Santainers Limited emerged as the overall winner on the night with the 

award for “Exporter of the Year”, a significant accomplishment on its own, but 

even more momentous given the fact that this was their first nomination ever for 

an Industry Leader Award. 

Santainers Limited manufacturers the Sanicup line of insulated containers for 

the food and beverage industry and has been investing in new equipment and 

upgrading their existing equipment over the past years, a contributing factor to 

their achievements in the export market. 

The TTMA extends its congratulations to Santainers Limited and all other 

winners for a job well done, and sees the Exporter of the Year Award as an 

incentive to the local manufacturing setor to remain resilient and innovative. 

“We are looking at developing and 

working with our clients to bring various 

products to the market using our 

package as part of their selling effort 

whether it be in the form of recycled 

material or whether it be in the form of 

design.” 

Mr. Christian Quesnel, Managing Director 

“The company has positioned itself; of Resin Converters Limited 

we're into various technologies that we're advancing. We're attempting to 

eliminate any quality problems and we're spending a tonne of money on identifying 

problems and correcting them, and trying to offer our customers zero tolerance 

with rejects, and I might add it's almost impossible to do but that's our goal,” he 

said. 

“We are in an expansion and retooling mode. We do not accept failure or 

defeat and we have a very good management team who deliver like professionals 

and make us stand out from the competition. We are going to innovate and make 

investments in a multi-layering system,”hesaid.

SPANCAST CARIBBEAN LIMITED 

PRIMEMINISTER'SAWARD CHEMICALS AND NON-METALLICMINERALSAND ENTERPRISE 

Spancast Caribbean, winners of the 

Chemicals and Non-Metallic Minerals 

and Enterprise (New Market) 

categories at the Prime Minister's 

Exporter of the Year Awards has built a 

legacy upon providing precast 

architectural and structural products in 

a fully computerized batching plant, for 

clients throughout the region. 

Spancast has invested years of 

research and millions of dollars in 

creating the world's finest precast, 

prestressed plank production systems, 

and their in-house Drafting and 

Engineering Department offers design / 

build resources and expertise to help 

construct beautiful buildings on time 

and within budget. Spancast also 

provides other services such as 

CAPTAIN'S CHOICE 

PRIMEMINISTER'SAWARD FOREXPORT AGRICULTURE 

Captain's Choice Limited is an example 

of the returns that can be gained 

through solid investments in one's 

business enterprise, despite the 

challenges of the economic, social and 

even political climates. An investment 

of US$2 Million in equipment in the 

running of Captain Choice's semi- 

automated conveyor system in 2009 

has made them one of the most 

e fficient and best equipped 

organizations in the Caribbean for the 

provision of fish fillet and chicken 

products for US franchise holders of 

KFC, Burger King and Popeye's. 

According to Richard Tywang, 

Managing Director of Captain's 

Choice, investments in the machinery 

and equipment has ensured a 

mechanized process at the factory with 

a complete breading line, and formular 

specific production. This has resulted 

application advice, layout options, 

preliminary engineering, budget 

pricing, and value engineering. 

David J. Williams, Managing 

Director of Spancast Caribbean Ltd is 

proud of the organization's 

achievements and because the 

company has been operating in survival 

mode since the economic downfall 

which occurred in 2008/2009, the 

awards have served asamuch needed 

impetus to face the challenges ahead. 

“It gave us a little boost in a period of 

really difficult business performance. 

We were pleasantly surprised, of 

course it goes back to 2009 so we had 

to rack our brains as to what did we do 

in 2009 and of course it came back to 

us, we had a reasonably good job in 

in complete quality assurance which has 

allowed them to surpass the hygienic 

and safety standards required by the 

franchise holders. 

“This is the future of the business, 

anybody can go and sell fish or chicken 

but to take it a step further now you 

narrow the concept and you bring 

better food safety handling and 

standards to institutions that would use 

these products, you will have more 

control and you have a responsible 

party who will guarantee the safety.” 

“Captain Choice's boat was really 

for longevity in the industry of seafood, 

primarily to make a business continuous 

because raw seafood is just a 

commodity, but when you transform it 

into something, a consumable item 

where you give them a finished job that 

is tasty, that is healthy, that takes away 

all the stress at the end of the day, then 

Aruba. Other than that we've always 

been an exporter and in past years we 

did as much as 90% exports. It's nice to 

earn foreign currency; it's nice to be 

known up the islands,”he said. 

And Spancast Caribbean is 

certainly known up the islands, in fact 

the Spancast “stamp of great quality” 

can be found in Trinidad, Tobago, 

Barbados, Curacao, Grenada, St. Lucia, 

St. Maarten, Antigua, Aruba and the 

United States Virgin Islands (USVI). 

According to Mr. Williams, some 

jobs in other Caribbean countries may 

take some time to be completed such 

asaSt. Lucian project which took a year 

to finish and others in St. Kitts and 

Grenada, but the organization has 

realized that symmetry must be made 

you provide a value added 

product.The focus is on the long term 

market- the long term is what we're 

after,” he said. 

Captain Choice's specialized value 

added products for franchise 

companies has been exported to other 

Caribbean islands under the highest 

standards, and although the 

organization's journey in export only 

began in 2009 after years of planning 

and research and development, they 

have achieved notable feats. 

“We're persistent in where we 

want to go in our markets, we're 

persistent in keeping our standards to 

where it needs to be, we're persistent 

in research and development, and we 

do a lot of research and development 

with new products.” 

“Standard is the most important 

thing for us looking at alternative 


Mr David Willams, Managing Director, Spancast Caribbean 

Limited, poses with Spancast Staff, with their Prime 

Minister’s Exporter of the Year Awards for Chemicals & 

Non -metallic Minerals & Enterprise. 

between the regional and local markets. 

“In the years subsequent to that large 

export that we had in 2009 we had to be 

very aware that being a total exporter is 

not really good for the industry.We have 

to balance what we sell locally and what 

we export because we see it as two 

different markets. We need the local 

market of course so that we maintain 

our presence, that's very important.” 

products, because right now we focus 

on the franchise companies and where 

they have franchisee operators we 

have to meet a certain standard. We 

have very good international ratings in 

terms of product handling, product 

quality and our factory standard. For 

the Burger King Corporation we're at 

the top level where hygiene and food 

safety is concerned,” he said. 

Mr. Richard Tywang, Managing Director of Captain’s 

Choice holds the Prime Minister’s Award for Export 

Agriculture


Re-Thinking 

Trinidad and Tobago: 

Towards a New National Value Proposition 

by Professor Miguel Carrillo, Ph D. Executive Director and Professor of Strategy, Arthur Lok Jack Graduate School of Business 

These are interesting times for Trinidad and Tobago. We are one of the 

most cash-rich economies in the CARICOM, with vast natural resources 

and a very well trained work force. Even though our growth rate, at 

approximately 2%, seems limiting, the fundamentals of our economy are 

solid. The fiscal and financial policies will most likely deliver some stability, 

at least in the short term. Despite the economic position, Trinidad & 

Tobago faces real and significant challenges that must be addressed in 

order to enhance the competitiveness of the country for the next decade. 

In his presentation at the Distinguished Leadership and Innovation 

Conference, Professor Michael Porter presented a clear, simple and 

sobering analysis of the Trinidad and Tobago situation and outlined a path 

to competitiveness. We share some of his conclusions with respect to the 

current situation and possible future for this country. 

Our position at 2011 

We have a growth crisis. Most CARICOM countries are expected to grow 

between 2% and 2.8%. The prospects of having better growth rates in 

the short term are not strong. 

Lack of diversification and dependence on global commodity markets for 

natural resources exposes us to high levels of volatility, and threatens our 

ability to control our economic future. In other words, our prosperity as a 

country is quite unpredictable. 

Our prosperity has been based in our ability to commercialize our natural 

resources and not from increasing our productivity by optimising the value 

chain across several clusters. 

In a small economy and in a small geographic market, a critical growth 

engine is exports. Our current export composition is too narrow, and 

overly concentrated in goods with limited added value. 

The mindset of our young professional is mainly focused on becoming an 

employee, to have a good job, a nice office, and a secured source of 

income. 

Professor Porter's conclusions are supported by our analysis of the 

findings of the Global Entrepreneurial Monitor study on entrepreneurial 

activity in Trinidad & Tobago conducted by the Lok Jack GSB. The five 

most significant conclusions are: 

We do not have enough entrepreneurial activity. We are in 48th position 

out of 59 countries on the indicator of entrepreneurial activity defined as 

new firms existing for less than 3.5 years. 

Of this reduced entrepreneurial activity, about 2/3 is aimed towards 

internal commerce and basic trading of existing products or basic services. 

Approximately 87% of the entrepreneurial activity in Trinidad & Tobago 

is not innovation driven. In other words, most of our entrepreneurial 

activity offers limited and narrow value propositions. Our focus is to offer 

products and services that are allegedly better but not different or 

original. We are playing the game of “sameness” and disregarding the 

game of “uniqueness”. 

The above combination has led Trinidad & Tobago to be one of the three 

least innovative countries, out of the 59 surveyed in the Global 

Entrepreneurship Monitor study in terms of new ventures. 

This finding converges with the World Economic Forum Global 

Competitiveness Report ( 2009-2010) in which Trinidad & Tobago is 

ranked 94th of 139 countries in terms of capacity for innovation. 

The international orientation of new ventures launched in Trinidad & 

Tobago in the last 3.5 years is very limited. Less than 8% of new firms have 

more than 25% of foreign customers.

A possible future by 2021 

President Obama once stated that things are never as bad as they look, or 

as good as they look. Our current position is a great opportunity for a new 

generation of leaders in the public and private sector. What a great 

platform to start! Many things to do, and many challenges ahead. 

Businesses, organizations, and nations need strategy. The strategy is 

crafted by re-thinking our national value proposition. 

The worst error in strategy is to compete with rivals along the same 

dimensions. Competing to be the best is really about competing to be 

unique. The key challenge for Trinidad & Tobago is to start with a CLEAR 

end in mind. Strategy is about three things: focus, choice, and actions. 

Without a clear end in mind, we cannot have focus, or actions. Strategy is 

about big bets. It is now time to advance the development of a NEW 

NATIONAL VALUE PROPOSITION for Trinidad and Tobago. The way 

we fill the space in the sentence that follows is critical. We want to be the 

capital of……….. of the world. Organic Food? Eco-Tourism? Port 

Management? Alternative Music and Rhythms? Apparel and Fashion for 

Entertainment? Food and Beverages? Yacht Maintenance? 

What would be our BIG BET? Anational value proposition defines 

answers by exploring these questions: 

a) What is the distinctive competitive position we should seek, given 

Trinidad & Tobago’s current location, legacy, resources, capabilities, 

current and potential strengths? 

b) What types of activities and clusters should we develop? 

c) What are the roles of neighbors, the region, and the broader 

world? 

We have to identify how we can leverage our history to propel us to a 

different and new future. We need to tell a new story to the world. Hence, 

we cannot have a National System of Innovation without a National Value 

Proposition. Our National Value Proposition has to be very attractive, not 

just to our local market, or to the Caribbean, but to the world. A critical 

dimension of this new value proposition is its capacity to create value 

abroad. 

Our country, and indeed the Caribbean is quite small to be overly 

attractive to investors outside the energy sector. FDI will tend to be 

limited. We have to combine our capacity to be an outpost of 

opportunities, and to spot and create opportunities to do business abroad. 

We are a small country. How can we leverage our resources and turn 

smallness into greatness? How can we exploit the density and intensity of 

our cultural diversity? Shall we become the capital of 'sun and sand tourism 

of the Americas', or the capital of 'Manufacturing prototypes of the world'? 

In the latter case, the world comes to us to produce small batches of new 

products that are aimed at creating new markets, supported by flexible 

manufacturing, as is currently happening at the city of Hangzhou in China. 

Hangzhou's big bet? To become the exhibition capital of the world, 

specialising in three things: a) manufacturing small batches of product 

samples, b) organising exhibitions of goods, materials, and products for 

many sectors, and c) turning wholesale purchases into a great consumer 

experience. Diageo, one of the largest producers of spirits in the world, is 

currently outsourcing the creation and development of new alcoholic 

beverages to Demerara Distillers in Guyana. A Singaporean firm is building 

a US$733 million offshore terminal in the city of Basra in Iraq that will 

double exports by early 2012. 

What can Trinidad & Tobago entrepreneurs do for and in Haiti? All 

these firms have turned a local value proposition into a global one. Very 

few local firms are ACTIVELY exploring and seizing opportunities beyond 

the Caribbean. These few firms will most likely become the growth and 

innovation champions for Trinidad and Tobago, but we need more of them! 

In short, Trinidad and Tobago needs to take two fundamental 

decisions: What to do and with what intensity.Wedo not need more plans; 

we need a confirmed position on the way forward and an action agenda 

that drives change. 


In next articles, we will propose new roles for government and 

labour, and explore how anational value proposition can be linked to an 

innovation system at a supra-national, national, and business level.


ASIA 

ADeveloping Story 

In this issue we shift our focus to 

the emerging nations of Asia. This 

region is expected to provide the 

most returns to international fixed 

income investors this year. Asia in 

particular is led by growth in larger 

economies such as China and India, 

the region's BRIC members. 

However, smaller nations such as 

Indonesia, Korea and Taiwan have 

also been recording significant 

expansion in the coming regions. 

Above Par Growth 

Since the financial crisis, Asia has 

seen a remarkably strong export- 

led recovery. But by 3Q 2010, the 

extremely accommodative policy 

tightened and exports fell as a 

result. Despite the deceleration, 

Asia ex-Japan still managed to 

outperform all other regions with 

2010 projected to grow 9.30%. 

2011 growth is expected to slow to 

8.40%, consistent with the overall 

global growth slowdown. (Figure 

1). 

Of the Asian nations, China 

and India are expected to be the 

major powerhouses with growth 

projected at 9.60% and 8.40% 

respectively. The Association of 

Southeast Nations (ASEAN-5) 

nations – Indonesia, Malaysia, the 

Philippines, Singapore and Thailand 

– are expected to grow by 5.50% 

this year. In comparison, 

emerging economies' growth is 

forecast at 6.50% over the same 

period. 

Risks 

The positive Asian activity 

confirms the region's role as the 

main driver of global demand. 

However, the activity has brought 

on severe inflationary pressures 

that have been a growing source 

of discomfort for consumers, 

businesses and policymakers 

around the world. With little 

spare capacity in the region, 

inflation has become an increasing 

concern for Asian central banks. 

China's January trade data 

highlighted a rebound in Asian 

activity. Exports rose by 26.9% 

while imports were 59.4% 

higher, both much stronger than 

economists' forecasts. Other 

Asian economies have also shown 

signs of resurgent strength. 

Stronger exports, particularly of 

capital goods, are likely to boost 

activity, but domestic demand is 

expected to be firm, finding 

support from public investment. 

Healthy exports also underpinned 

the stronger-than-expected 

reading for Q4 GDP growth in 

Taiwan, Singapore and Korea. 

Asian Credit Outlook 

Despite inflation concerns, the 

region's strong fundamental 

outlook is extremely supportive 

for the credit market as it provides 

a good backdrop for spread 

tightening throughout this year. 

Returns for EM Asia are expected 

to be lower than in 2010, but are 

still expected to continue 

outperforming US and European 

credit. The risk premium applied 

to Asian credit (versus similarly 

rated US/European paper) is 

expected to continue to shrink, 

which will be the main driver of 

outperformance. 

Corporates in the region 

have remained conservative, with 

investment-grade companies 

showing no inclination to 

aggressively add leverage. Within 

high yield also, most corporates 

ended 2010 on a stronger note 

than where they started, as 

measured by liquidity, credit 

m etrics and operating 

performance. These are definite 

positives for the region asawhole. 

High Grade vs. High Yield 

In terms of credit quality, analysts 

prefer EM high yield over high 

grade bonds since it is the only 

category that can offer yield pick- 

up. Against a very favorable 

fundamental EM backdrop, high- 

yield valuation is quite attractive by 

historical standards. Asian high- 

yielders (sovereigns and 

corporates combined) are 

expected to post total returns of 

8-9%, with Asian high-yield 

corporates projected to return 

10-12%. 

Of course, sacrificing quality 

brings into the forefront the 

probability of default. For Asian 

high-yield corporate bonds, 

defaults are likely to be isolated 

making it futile to apply a default 

rate forecast. 

For high-grade bonds the 

forecast is less optimistic as low 

yields are likely to temper the 

outlook for high-grade and 

sovereign total returns. On an 

excess-return basis Asian high- 

grades could generate 250-300bp. 

The forecast for Asian sovereigns 

is even less upbeat as aresult of 

current valuations. Excess returns 

for sovereign credit are lower at 

175-200bp.

Sector 

Reccomendations 

From a sector perspective, the 

recommendation is to shift out of 

defensive sectors and move into 

cyclical sectors, such as retail and 

energy. The retail sector is poised 

to benefit from an uptick in 

consumer spending while the 

energy sector is likely to benefit 

from attractive valuations and a 

higher oil price. 

Conclusions 

Despite an investor's intuitive 

desire to seek out investment/high- 

grade bonds, analysts are 

recommending high-yielders in the 

Asian space as corporates have the 

potential for further spread 

tightening to the end of the year. 

We recommend investing in the 

short to medium term of about 5to 

7 years to maturity to mitigate any 

capital depreciation from interest 

rates rising. But more importantly, 

despite improving financial and 

credit metrics, proper due 

diligence is recommended when 

investing in high-yield bonds. The 

advice of a qualified financial 

advisor is recommended before an 

investment decision is made. 

Bourse Securities Limited -90 

Independence Square, Port of Spain, 

Trinidad, -Tel: (868) 623-0415 - 

Fax: 624-6953 

This report is for informational 

purposes only and does not 

constitute an offer or solicitation to 

buy or sell any mutual funds or 

securities discussed herein. The 

information and any data contained 

herein have been obtained from 

financial data provided to us by the 

issuers of the subject mutual funds or 

securities. Investors wishing to 

purchase any of the mutual funds or 

securities mentioned should consult 

an investment advisor. Projections 

and estimates are those of Bourse 

Securities based on current available 

information. E-Mail us at 

askus@boursefinancial.com 

phone 623-0415/0416 /9360 

or 


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2010-2011 

Global Economic Review 

According to the recently released 

2011 Global Economic Prospects 

report from the World Bank, global 

GDP (Gross Domestic Product) 

growth, which reached 3.9 per 

cent last year, will decline slightly to 

3.3 per cent in 2011 and 3.6 per 

cent in 2012, with developing 

Economic Performance of the Caricom Countries 

The Central Bank of Barbados 

stated that the Barbados economy 

experienced a 0.4 per cent 

decrease for the first nine months 

of 2010 while in Jamaica, real GDP 

declined by 0.9 per cent in the third 

quarter of 2010. Further, the 

Eastern Caribbean Currency 

Union experienced a decline of 3.2 

Macro-Economic Performance of Trinidad and Tobago 

In 2010, the Central Bank of 

Trinidad and Tobago reported that 

the Trinidad and Tobago economy 

recovered slowly. The Central 

Bank estimated GDP at 0.1 per 

cent compared to 2009, where it 

fell at 3.5%. The slow recovery in 

2010 was attributed to the 4.7 per 

cent increase in the output of the 

energy sector; however the non- 

energy sector fell by 1.4 per cent. 

economies outperforming 

developed ones. In terms of 

developed countries, the 

economy of the United States 

experienced growth in both the 

third and fourth quarters of 2010 

by 2.6 per cent and 3.2 per cent 

respectively. However, the United 

per cent in 2010 after facing a 

decrease in economic activity of 

7.3 per cent in 2009. This however 

was not the case with Guyana 

which experienced growth by 2.8 

per cent in the first half of 2010. 

The Caribbean Centre for Money 

and Finance stated in their 2010 

annual report that both domestic 

In addition, the Central Statistical 

Office of Trinidad and Tobago 

estimated that the average 

unemployment rate in 2010 was 7 

per cent compared to 2009's 

unemployment rate of 5.3 per 

cent (refer to table 1). 

Other indicators include headline 

inflation which rose to 13.4 per 

cent by December 2010. This was 

the result of high food prices 

Table 1. 

Summary of Economic Indicators 

Real Sector Activity 

Real GDP 

Energy 

Non-Energy 

Headline Inflation (end of period) 

Unemployment rate 

(average) 

2 

Fiscal Operations 

Central Government 

Fiscal Balance 

3 

Public Sector debt 

1 

2007 

4.8 

1.7 

7.6 

7.6 

5.6 

Kingdom contracted by 0.5 per 

cent in the fourth quarter 

following growth in both the 

second and third quarters by 1.1 

per cent and 0.7 per cent 

respectively. 

and imported food prices exerted 

inflationary pressure in the 

Caribbean. The document 

reports that in the fourth quarter, 

the inflation rates increased in 

most islands ranging from 1.78 per 

cent for Aruba to 13 per cent for 

Trinidad and Tobago and Jamaica. 

In terms of economic outlook, the 

which increased by 29.5 per cent. 

Further, the Central Bank 

Economic Bulletin 2011 revealed 

that “core inflation increased to 

4.7 per cent in the twelve months 

to December 2010 from 2.2 per 

cent a year earlier.” Further, the 

Central Bank, in its aim to fuel 

economic growth, reduced the 

repo rate from 5 per cent in July 

2010 to 3.75 per cent by the end 

1. Annual percentages changes, unless otherwise stated. 2 On a fiscal year basis (October – September) and includes budget figures for 2010/11. ( In percent of GDP unless otherwise stated.) 

3 Represent balances at the end of the fiscal year and excludes OMOs, treasury notes and debt management bills 

1.8 

29.2 

region will face challenges even 

though there were improvements 

in worker's remittances and 

income from the tourism sector in 

2010. Other outlook prospects 

include weak inflation and widening 

of current account deficits. 

of December encouraging 

commercial banks to reduce their 

average prime lending rate from 

9.5 per cent to 8.38 per cent. In 

terms of economic outlook, the 

Central Bank indicated that the 

economy is expected to expand by 

two per cent. 

ANNUAL ANNUAL FORECAST 

2008 2009 

2010 2011 

2.4 

-0.2 

4.2 

14.5 

4.6 

7.5 

25.0 

-3.5 

2.6 

-7.2 

1.3 

5.3 

-4.9 

33.0 

0.1 

3.0 

-1.9 

13.4 

7.0 

-0.2 

36.1 

2.3 

3.2 

1.9 

7.0 

7.5 

-5.2 

37.7 

Source: Central Bank of T&T, Ministry of Finance, CSO, IMF

Manufacturing Sector of Trinidad and Tobago 

The Caribbean Centre for Money 

and Finance Annual 2010 Report 

indicated that the manufacturing 

sector showed growth for the first 

time in the second quarter of 2010 

as the sector expanded by 281 per 

cent. In terms of the sector's 

contribution to GDP, it was 

estimated at 5.5%. Further, within 

the manufacturing sector, the food 

and beverage sector has the largest 

slice (37%) followed by Chemicals, 

Non–metallic Minerals accounting 

for 23% and Assembly Type and 

Related Industries which 

accounted for 21%. 

The Central Bank of Trinidad 

and Tobago provided latest 

statistics on the Manufacturing 

sector's contribution to the labour 

force. Even though the 

manufacturing sector contracted 

by 0.2 per cent in the second 

quarter of 2010, it was less than in 

the first quarter of 2010 which was 

estimated at -1.8 per cent. 

Table 2. 

Global Competitiveness Index for T&T 

GCI 2010-2011 

GCI 2009-2010 

Selected Indicators 

Basic Requirements 

1st Pillar: Institutions 

2nd Pillar: Infrastructure 

3rd Pillar: Macro – Economic Environment 

4th Pillar: Health and Primary Education 

Efficiency Enhancers 

Innovation and Sophistication 

For the period 2006 to June 

2010, the Trinidad and Tobago 

economy recorded surpluses in 

terms of its balance of trade; the 

highest was recorded in 2008 with 

a total of TT$56,709.7, while the 

lowest was recorded in 2009 with a 

total of $TT13,772.3. Other trade 

statistics indicated that in 2010, 

Trinidad and Tobago imported 

goods mainly from the Mineral 

fuels category as this accounted 

for 33 per cent followed by 

Machinery and Transport 

equipment and Manufactured 

goods which accounted for 28 per 

cent and 19 per cent respectively. 

On the domestic exports side, 

Trinidad and Tobago exported 

mainly mineral fuels (79 per cent) 

followed by Chemicals (9.8 per 

cent) and Manufactured Goods 

(5.2 per cent). 

The top five Import markets 

in 2009 included United States 

accounting for 31.3 per cent, 

followed by Colombia, Russian 

Federation, Gabon and China 

which all accounted for 10.1 per 

cent, 8.0 per cent, 7.1 per cent and 

5.06 per cent each respectively. 

However, the top five export 

markets include United States 

(62.5 per cent), CARICOM (15.8 

per cent) Spain (6.3 per cent), 

United Kingdom (4.8 per cent) 

and the Rest of the World (1.8 per 

cent). 

E ven though the 

Manufacturing Sector showed 

slow recovery in 2010, it is 

imperative that the 

competitiveness of Trinidad and 

Tobago's manufacturers remain 

buoyant as this will ensure 

sustainability of the sector. Some 

indicators that reflect the 

competitiveness of a country 

include the Global Competiveness 

Index and the Index of Economic 

Freedom. T he Global 

Competitiveness index indicated 

that Trinidad ranks 84 out of 139 

countries with a score of 4.0 for the 

period 2010 to 2011 as compared 

to the last period 2009-2010, the 

country ranked 86 out of the 139 

countries with a score of 3.9. This 

indicates a slight improvement of 

the country's competitiveness 

however; there is room for more 

d evleopment. The Wo rld 

Economic Forum indicated on 

their report that Trinidad and 

Tobago faces many challenges in 

the business environment such as 

crime and theft which was rated 

the highest (18.3 per cent) 

followed by poor work ethic (17.6 

per cent) and corruption (11.7 per 

cent). 

RANK 

(out of 139) 

84 

86 

55 

68 

45 

70 

61 

77 

78 

The Index of Economic 

Freedom for Trinidad and Tobago is 

66.5, positioning the economy as 

52nd in the 2011 Index. Its score is 

0.8 points higher than the previous 

year, reflecting progress in fiscal 

freedom, monetary freedom, and 

government expenditure. Further, 

it was revealed that Trinidad and 

Tobago is ranked 11th out of 29 

countries in the South and 

Caribbean region, and its overall 

score is higher than the world and 

regional averages. A key index of 

the Economic Freedom is the 

Business Freedom Index which 

addresses the freedom to establish 

and conduct business. Trinidad and 

Tobago scored 58.4 falling by 0.6 

from last year. In general, the 

freedom to conduct abusiness is 

restricted by the country's 

regulatory environment. The 

regulatory system fell short in 

transparency and clarity, and the 

irregularity of en forcing 

regulations. 

Therefore, official statistics 

indicates that the manufacturing 

sector progressed in 2010 

however the sector faces many 

problems that hinders the 

development of the sector. In 

terms of its economic outlook, the 

manufacturing sector is expected 

to grow in 2011. This will be driven 

by international commodity prices 

and a revival of trade with Caricom 

States. 


SCORE (1-7) 

4.0 

3.9 

4.7 

3.9 

4.5 

4.6 

5.8 

4.0 

3.4 

Source: Global Competitiveness Report 2010 - 2011

Trinidad and Tobago Manufacturers' Association

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