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


contents The Trinidad and Tobago Business Guide 2009-2010 Trinidad and Tobago could be a major world tourism destination. _ “Work to be done”, page 44 Foreword Given the present global situation, in this edition of The Trinidad and Tobago Business Guide we have chosen to look at the national economy and the financial sector in some detail. We also examine the state of the energy industry, which will remain crucial to the economy for a good while yet. Beyond that, we focus on a few specific sectors of special interest. Agriculture, because it is the one sector which has been in steady decline, and because a turnaround there is increasingly urgent. Tourism, because it sustains Tobago, and is also needed to take up some of the slack from the temporary slowdown of the energy sector. Information technology, because it is the cutting edge of the government’s development vision. Shipping and port development, because of their special importance to the country’s energy exports. We also examine the environment, because of our strong belief that national development does not consist only of industrialisation and modernisation, but includes every aspect of our surroundings. A balance must always be found between the demands of industrialisation and the well-being of the land and water that sustain it and us. At the end of the book, you will find links for further information and advice about Trinidad and Tobago, and the trade and investment opportunities it represents. Trinidad and Tobago in 2009 04 07 The Caribbean context: The challenge of change David Jessop The domestic context: Tighten those belts TTBG Feedback welcome The editor and staff of The Trinidad and Tobago Business Guide welcome feedback, critical or otherwise. We want this publication to be useful, practical and objective, or the endeavour has no point. If you think we have got something wrong, or included what should have been omitted, or omitted what should have been included, do please tell us, by phone or fax, e-mail or snail-mail. Our thanks in advance to all those readers who take the time to send suggestions, comments or corrections, and thus help us to evolve and progress. 2 TTBG 09/10

12 14 A test case: How did Trinidad and Tobago react to a serious financial threat? TTBG Trinidad and Tobago: Open for business TTBG 19 Tobago: New horizons Camille McEachnie The economy and the financial sector 25 28 35 The economy: Recession unlikely in Trinidad and Tobago Jwala Rambarran The financial sector: Trinidad and Tobago and global finance Jwala Rambarran Financial markets: A year to remember Nesha Debysingh 38 An international financial centre: Gateway to Latin America Jwala Rambarran The energy sector 40 Good news and bad news David Renwick The non-energy sector 48 60 65 69 73 Trinidad and Tobago has several of the features essential for an International Financial Centre. There is plenty more to do, but the government is pushing ahead towards this goal. _ “The Gateway to Latin America”, page 34 Tourism: Work to be done John Bell Information technology: Fast forward Mark Lyndersay Maritime services: Slowdown should not affect shipping Capt. Rawle Baddaloo Agriculture: Nowhere to go but up Wendy Lee Yuen The environment: A question of balance James Fuller Reference 06 FastFacts, Map 76 Links for further information Tables and Graphics Table 1: Gross domestic product 13 Table 2: Principal exports and imports 14 Table 3: Visible trade 17 Table 4: Foreign direct investment 17 Table 5: Direction of trade 17 Table 6: Tobago tourist arrivals 22 Table 7: Key indicators 25 Table 8: Public finance 27 Table 9: Inflation 27 Table 10: Current expenditure by sector 27 Table 11: Competitiveness 27 Table 12: Labour and employment 27 Figure 13: Performance of the TT composite index 2008 35 Figure 14: Performance of international markets 2008 36 Table 15: Non-associated natural gas 40 Table 16: Oil reserves 43 Table 17: Oil and condensate production 44 Table 18: Non-associated natural gas production 45 Table 19: Non-oil petrochemical production 45 Table 20: Production summary 47 Table 21: Tourist arrivals by category and accommodation 51 Table 22: Arrivals in the Caribbean: Trinidad and Tobago market share 51 Table 23: Arrivals in the Caribbean by source market 52 Table 24: Trinidad and Tobago arrivals 2002-2007 52 Figure 25: Stopover tourist arrivals by main market 2006 52 Figure 26: International tourist arrivals and receipts 2005 56 Figure 27: Cruise passengers to Trinidad and Tobago by nationality 2007 56 Table 28: Agricultural commodities production 2002-2007 70 Table 29: Agricultural production 2007 71 09/10 TTBG 3

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