The Trinidad & Tobago Business Guide (TTBG, 2009-10)

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18 TTBG 09/10
TOBAGO Stonehaven Bay from Fort Bennett in Black Rock (Below) Orville London, Chief Secretary, Tobago House of Assembly New horizons Tourism has been Tobago’s support for many decades. But as the island begins to diversify its economy, it is actively looking for new investment By Camille McEachnie Tobago is the smaller of the two main islands that form the Republic of Trinidad and Tobago. It is 116 square miles in area and lies about 20 miles northeast of Trinidad. The Tobago House of Assembly (THA) is responsible for managing the island, and receives an allocation from the national budget. Corporate and personal taxes are paid to the central government. For the fiscal year 2008- 2009, Tobago received a budgetary allocation of TT$2.65 billion, compared with TT$1.7 billion in 2007/2008. This figure was cut by $213 million in later budgetary adjustments. The economy Tobago’s economy is service-driven and dominated by leisure tourism and associated activity (see the tourism report elsewhere in this Guide). The island has won several World Travel Awards for its tourism product, including Top Eco-destination (2003-6) and Best Caribbean Destination (2004). In his budget statement for 2009, the THA’s Secretary of Finance and Enterprise Development, Dr Anselm London, was upbeat about Tobago’s progress. The island’s economy had grown by around 5.5 per cent in 2007, he said. It was “experiencing quite an economic boom” with “incomes rising substantially”. Spending on cars had risen by 67 per cent between 2003 and 2005, and there was “growth and expansion in domestic savings and investments”. However, headline inflation had risen from less than 5 per cent in February 2007 to 9.5 per cent a year later. Food price inflation had risen much faster, to 09/10 TTBG 19
Page 1 and 2: Trinidad and Tobago Business Guide
Page 3 and 4: an mep publication Published by Med
Page 5 and 6: 12 14 A test case: How did Trinidad
Page 7 and 8: Regional economies The one forecast
Page 9 and 10: The Domestic Context Tighten those
Page 11 and 12: a townhouse or apartment for under
Page 13 and 14: (This page) One Woodbrook Place und
Page 15 and 16: have over the judicial system throu
Page 17: The port of Port of Spain 09/10 TTB
Page 22 and 23: 20 TTBG 09/10 (This page) The three
Page 24 and 25: up the Atlantic coast to Charlottev
Page 26 and 27: THE ECONOMY 24 TTBG 09/10
Page 28 and 29: to announce cutbacks to address an
Page 30: THE FINANCIAL SECTOR Trinidad and T
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Page 38 and 39: Figure 14: Performance of internati
Page 40 and 41: TRINIDAD AND TOBAGO AS AN INTERNATI
Page 42 and 43: ENERGY Good news and bad news Oil a
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Page 46 and 47: new have the incentive to mount ext
Page 48 and 49: 46 TTBG 09/10 BP Trinidad and Tobag
Page 50 and 51: 48 TTBG 09/10 (This page) Masqerade
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Page 54 and 55: Table 23 Arrivals in the Caribbean
Page 56 and 57: 54 TTBG 09/10 (This page) The Bobos
Page 58 and 59: serious concern, and concrete plans
Page 60: direct air service out of appropria
Page 63 and 64: with the creation of GovNeTT, a net
Page 65 and 66: The Tamana InTech Park On a former
Page 67 and 68: MARITIME INDUSTRY Slowdown should n
Page 69 and 70: Security Maritime security has deve
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AGRICULTURE Nowhere to go but up Th
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more than the previous year. With n
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THE ENVIRONMENT A question of balan
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Compressed natural gas A major poin
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