Trinidad and Tobago 2012 - invesTT

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INTRODUCING Trinidad and Tobago labourers and in the 1850’s the Portuguese came from the island of Madeira as well. Many Syrians and Lebanese also came to Trinidad as traders, the last wave having arrived by 1934. This unique immigration pattern largely created the cosmopolitan society that Trinidad and Tobago is today. The direction of the Trinidad and Tobago economy began to change in the 1850’s with the discovery of oil in Trinidad, and the commercialisation of the petroleum industry during the early 20th century. Trinidad and Tobago achieved full independence in 1962 and joined the British Commonwealth. Political System Trinidad and Tobago is an independent Republic that preserves the Westminster tradition of Parliamentary democracy upon which the constitution is based. General elections are held every five years. The head of state is the President, who is elected by an Electoral College of members of the Senate and House of Representatives for a five-year term. Executive power, however, is vested in the Prime Minister and Government following elections. The Prime Minister and appointed Cabinet Ministers serve as the political heads of the Ministries. The administrative heads are the Permanent Secretaries. The island of Tobago, through the local Government body, Tobago House of Assembly, enjoys a certain degree of autonomy, and its separate history, culture, and identity are recognised. Its seat is in the capital city, Scarborough. The country has remained a member of the Commonwealth, and has retained the Judicial Committee of the Privy Council in London as its highest court of appeal for criminal matters. Local government is conducted by nine (9) regional corporations and five (5) municipalities. The Senate and the House of Representatives The Senate is the appointed Upper House of the bicameral Parliament of Trinidad and Tobago, which is based at the Red House. The Senate comprises of Government Senators appointed on the advice of the Prime Minister, Opposition Senators appointed on the advice of the Leader of the Opposition and Independent Senators appointed by the President to represent other sectors of civil society. The Presiding Officer, the President of the Senate, is elected from the Government benches. The House of Representatives is the elected Lower House. Members are elected to represent single-seat constituencies. The Parliament is elected with a five-year life-span, but may be dissolved earlier by the President at any time if so advised by the Prime Minister. The Role of the President and Prime Minister The President of Trinidad and Tobago is the country’s Head of State and Commander in Chief of the country’s armed forces. The President replaced the British monarchy as the 8
A GUIDE TO INVESTING IN TRINIDAD AND TOBAGO (2012) Section 3 Head of State when Trinidad and Tobago became a Republic on August 1, 1976. (The event is celebrated on September 24 since this is the date Parliament first met under the new Constitution). Under the 1976 Constitution, the office of President is a ceremonial post, with executive power remaining with the Cabinet, headed by a Prime Minister. The President appoints as Prime Minister the leader of the largest party in the House of Representatives, and also appoints members of the Senate on the recommendation of the Prime Minister and the Leader of the Opposition. The current President of Trinidad and Tobago is Professor Emeritus, His Excellency, George Maxwell Richards. (2012) The Prime Minister is the presiding member of Cabinet, which is the body, comprised of the heads of Ministries, that governs the country. The Prime Minister can select and dismiss other members of the cabinet, and allocate posts to members within the Government. As well as being Head of Government, a Prime Minister may have other roles or titles or portfolios. The current Prime Minister is The Honourable, Mrs. Kamla Persad-Bissesar. (2012) Economic System The Trinidad and Tobago economy is the most diversified in the English speaking Caribbean. The island is quite advanced in industrialisation and is seen today as the industrial and commercial capital of the Caribbean. A large segment of 9
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Appendix H A GUIDE TO INVESTING IN
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