CONTACT Magazine (Vol.19 No.1 – March 2019)

Vol.19 No.1 – March 2019
The Voice of Business in Trinidad & Tobago
Aldwyn Wayne of WiPay
BOLD
ROANNA MARAJ of SHUPHUB
NEW
JEAN-MARC AIMey OF SUN TIXX
ECONOMY
Future of oil & gas | Business environment for growth
Resilient manufacturing | Attracting investment

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Vol.19 No.1 – March 2019
Contents
Editor’s note 7
Natalie Dookie introduces this issue of CONTACT
The future of fossil fuels 8
Energy strategist Anthony Paul explores the future of oil
and gas, taking us from challenges to opportunities
The economic outlook 44
Prospects for Trinidad and Tobago, the Caribbean,
and the global economy in the year ahead
Energy update 46
The state of the energy sector in figures
Special CONTACT Survey:
Blueprint for a bold new economy
Welcome to new members 48
The Chamber extends a warm greeting to members
who have recently joined
An inconvenient truth 14
In an economy lacking growth, Hayden Blades suggests
how we can create an enabling business environment for
long-term sustainable development and prosperity
Selling our services 18
The Trinidad and Tobago Coalition of Services Industries
has a road map for going global. Learn about their new
national exporters’ services registry and internationalisation
initiatives
Where are all the tourists? 23
The T&T tourism success story is still waiting to happen.
John Bell looks at the Sandals saga and lessons to be learnt.
How can we save the sector?
Manufacturing the future 26
According to the Trinidad & Tobago Manufacturers’
Association, there is still much to be done in order
to create a more resilient sector geared for success
Empowering our artists 28
Keith Nurse and Alicia Shepherd make the case for greater
investment in the creative/cultural sector
Towards a renaissance of agriculture 32
How prepared is our agriculture sector for climate change?
Steve Maximay guides us on how to re-align the sector
The challenge of renewable energy 36
Dr Zaffar Khan and Atiyyah A. Khan discuss the challenge
of maximising renewable energy and increasing energy
efficiency in T&T
Attracting the investor 40
InvesTT tells Joel Henry about its success stories and how
it is engaging with the diaspora
On the cover:
Aldwyn Wayne, Chief Executive
Officer, WiPay (Trinidad and Tobago)
Limited; Roanna Maraj, Managing
Director, Keystone Designs Limited/
ShupHub; and Jean-Marc Aimey,
Chief Executive Officer, Sun Tixx
Caribbean Limited
(Photos by: Dos Imagery)
4 March 2019 chamber.org.tt

The voice of business in Trinidad & Tobago
Published by
The Trinidad and Tobago Chamber
of Industry and Commerce
Columbus Circle, Westmoorings, Port of Spain, Trinidad and Tobago
PO Box 499, Port of Spain • Tel: (868) 637-6966 • Fax: (868) 622-4475
Email: chamber@chamber.org.tt • Website: www.chamber.org.tt
Tobago Division:
ANSA McAL Building, Milford Road, Scarborough, Tobago
Tel: (868) 639-2669 • Fax: (868) 639-2669
Email: tobagochamber@chamber.org.tt
Produced for the Chamber by
MEP Publishers (Media & Editorial Projects Ltd)
6 Prospect Avenue, Maraval, Port of Spain, Trinidad and Tobago
Tel: 622-3821 • Fax: 628-0639
Email: info@meppublishers.com • Website: www.meppublishers.com
Editor
Online editor
General manager
Page layout & design
Advertising
Production
Editorial assistant
Natalie Dookie
Caroline Taylor
Halcyon Salazar
Kriston Chen
Evelyn Chung, Tracy Farrag,
Mark-Jason Ramesar
Jacqueline Smith
Shelly-Ann Inniss
DISCLAIMER
Opinions expressed in Contact are those of the authors, and
not necessarily of the Trinidad and Tobago Chamber of Industry
and Commerce or its partners or associates.
COURTESY CHRISTINA MORELLO / PEXELS.COM
CONTACT is published quarterly by the Trinidad and Tobago Chamber of
Industry and Commerce (TTCIC). It is available online at www.chamber.org.tt/
media/the-contact-business-magazine. ©2019 TTCIC. All rights reserved. No part
of this magazine may be reproduced in any form without the written permission
of the publisher.
chamber.org.tt

COURTESY INVESTT
6 March 2019 chamber.org.tt

Editor’s Note
Editor’s note
In this issue of CONTACT, we have
assembled a team of experts to build
a Blueprint for a Bold New Economy
Trinidad and Tobago’s energy sector is expected to have contributed 36.1%
to GDP in 2018, in stark contrast to the highs of 50% and more in past
decades. Economic growth in 2018 is projected to reach 1.9%. In the face of
these sobering statistics, coupled with volatile global oil prices and depleting
resources, there is a lot of uncertainty regarding our future.
Economic diversification of the energy and non-energy sectors must
therefore become a priority, especially as the process can take decades before
it brings real change to the bottom line.
Does Trinidad and Tobago have enough time to transform its economy
before oil and gas run out, and what path should it take? In this issue of
CONTACT, we have assembled a team of experts to build a Blueprint for a
Bold New Economy.
We begin by examining how to maximise our remaining resources and
enhance the energy services sector for export. Next, we develop a business
environment geared for economic growth.
We look at how to further champion the services sector, already a strong
contributor to GDP, and include a detailed review of the challenges and solutions
for tourism.
Manufacturing has many cross-sector linkages, and making it more resilient
is critical to our future. And what about new sectors – does the creative
industry present an opportunity?
How will we achieve food security and counter the effects of climate
change? We tackle these issues alongside improving energy efficiency and
exploring renewable energy. Investment will be needed in all of these sectors –
InvesTT tells us how to attract this.
We look forward to your feedback on this packed issue: let us know if
you agree with what our experts say.
Natalie Dookie, Editor
On the cover
Technology is already transforming every sector of our economy, and it will play a key
role in diversification efforts, creating new industries and opportunities for solutionoriented
entrepreneurs. On the cover, we feature three finalists in the Trinidad and
Tobago Chamber of Industry and Commerce’s Business Technology Award 2018.
WiPay has removed a significant barrier for online payments, offering great benefits for
small- and medium-sized enterprises. Its free platform can be integrated into any merchant’s
website to facilitate credit card payments. In 2016, WiPay also introduced its Top-Up Service,
a form of digital cash, which offers financial inclusion for the unbanked or under-banked. It
is now the number one online payment platform in the Caribbean.
ShupHub.com is an e-commerce platform that brings together vendors and customers. Prior
to its launch, there were hardly any portals available locally for vendors to distribute their
goods and services online. Entrepreneurs will no longer need brick and mortar stores as
this online platform allows them to market products throughout the Caribbean – this year,
Shuphub’s service will be available in every Caricom territory.
Sun Tixx provides a technology-driven service which manages the generation, distribution
and sale of tickets for events. It uses secure ticketing and access control technology, making
it easier for patrons to collect tickets and for event hosts to collect payments. Sun Tixx
has expanded into St Lucia, St Vincent, Grenada and Barbados, becoming the largest ticket
distribution network provider in the Caribbean.
chamber.org.tt
March 2019 7

Energy
COURTESY PIXABAY.COM
8 March 2019 chamber.org.tt

Energy
The future
of fossil fuels
Trinidad and Tobago’s energy industry is more than a century old,
and the country depends heavily on it for revenue. It will still have
its place in the future economy, especially if its current constraints
are addressed
by Anthony Paul
Principal Energy & Strategy Consultant,
Association of Caribbean Energy Specialists Limited
None of these factors suggests
that the global life of oil and gas
will be over in the next 50 years
At government’s stated
sustainable production levels
of 4.2 billion cubic feet per
day, new reserves may be able
to support existing plants for
decades to come
To paraphrase Mark Twain: “The rumours of the death of oil are greatly
exaggerated.”
Outlooks for the global energy mix over the next 20 to 30 years, from
major international oil and gas companies like BP, Equinor (formerly Statoil),
ExxonMobil, Shell and Total, as well as consultancies, research institutions and
the International Energy Agency, all point to a future where energy demand
grows, and the greatest increase in market share is taken by renewables.
Interestingly, in that same timeframe, while the share of oil and gas
declines, actual demand for both is predicted to grow under current global
policy scenarios, with gas replacing oil as an energy source to reduce harmful
effects on the environment.
As technology advances rapidly on many fronts, it makes renewables more
efficient and competitive, and the discovery and production of more oil and gas
easier; it also reduces the impact of fossil fuels on the environment.
These factors point to a dynamic range of scenarios, none of which suggests
that the global life of oil and gas will be over in the next 50 years. There is still
enough time to invest and benefit.
Maximising our remaining resources
But what about Trinidad and Tobago? How long does our industry have again?
The Ministry of Energy and Energy Industries uses its annual Scott-Ryder
audit to better understand the energy industry’s growth. This approach is an
unnecessary public expenditure, as exploration companies are required to do
the same, and the ministry has the authority to dictate how this is done so that
it meets their requirements.
Further, the approach taken grossly understates the potential of our already
discovered fields and geological basins, dissuading investment in exploration
and indigenous research and development. The reserves audit has limited scope,
relative to the potential of the basins.
chamber.org.tt
March 2019 9

Blueprint for a Bold New Economy
Oil and gas exploration and production opportunities
10
1. North Coast Marine Area: gas fields, deep water
2. Northern Gulf of Paria / Northern Basin:
small oil & gas fields, sub-anhydrite imaging
3. Southern Gulf of Paria:
enhanced imaging, deep drilling/older horizons, heavy oil, enhanced
recovery, deeper and older (incl. cretaceous) prospects, stratigraphic plays
4. Offshore South Coast:
small gas & oil, enhanced imaging, cretaceous shelf edge
5. Southern Basin:
deeper and older (cretaceous) prospects, stripper fields, oil sands,
enhanced recovery, 3D seismic for new projects, field extensions,
stratigraphic plays
6. Central Range Thrust Belt
7. East Coast Shelf:
deep drilling, small & medium sized gas fields,
JV/farm-ins, enhanced recovery, shallow gas
imaging challenges, possible participation in
Venezuelan border fields, infrastructure-led E&P
8. East Coast Slope:
deep water, underexplored, adjacent to existing production
& infrastructure (EC Slope)
9. Ultra Deep Water, East Coast:
oil - structural & stratigraphic traps (reservoir
modelling & petroleum system research needed),
natural gas/small field challenge, gas hydrates
10. Tobago Trough:
deep water, underexplored, continuation
of C. Range/Angostura trend
2
3
1
4
6
5
7
8
9
Source: Association of Caribbean Energy Specialists Limited
Fig. 1: Across multiple geological basins, Trinidad and Tobago still has a wide range of oil and gas exploration development and production opportunities.
That said, in October 2018 the ministry announced that,
according to the most recent audit, for the first time since
2004 reserves had grown, with 154% replacement of
reserves produced in 2017.
This was welcome news, but Trinidad and Tobago
still needs to take urgent steps to maximise its remaining
energy resources, alongside investing capital to fund
economic diversification.
Aside from new exploration in deepwater acreage,
Figure 1 shows other areas where oil and gas can be found
including onshore, the Gulf of Paria, and shallow water off
the north, east, and south coasts.
The use of new technologies, field depletion policies
consistent with national interests and industry best
practice, suitable investors and/or commercial models,
can enable production from small fields, lower pressured
reservoirs, tight reservoirs, deeper older formations and
trapping types, and heavy oil.
In addition, by applying the phenomenon known as
“creaming curve”, whereby oil and gas basins typically
contain as much reserves in multiple small fields as
they do in the few large ones, basin development would
translate into over 50tcf in smaller pools, given currently
producing fields.
In a mature gas market like ours, small fields can be
commercialised as their development is not burdened by
the need to invest in pipelines and other infrastructure,
or to guarantee the long-term supply needed to satisfy
financing requirements for new plants.
Given that our gas processing plants have mostly been
paid off and are still relatively very efficient, they can
compete with new plants in global markets, even with
higher prices.
Because our resources are mostly onshore and in
shallow waters, they can provide opportunities for local
investors, contractors and suppliers to participate, and for
the government to give incentives for investment that can
be translated into benefits to the economy via increased
local revenue flows, taxes and employment.
Indigenous supplies aside, development and exploration
opportunities on the Venezuelan side of our borders
can provide potential inputs for refining at Pointe-à-Pierre
and Point Lisas, at costs lower than most other options
– though geopolitics and uncertainty over the refinery
present immediate challenges.
Implementing these initiatives can bring tens of
trillions of cubic feet to market. At the government’s stated
sustainable production levels of 4.2 billion cubic feet per
day of gas, new reserves may be able to support existing
plants for decades to come.
Positive developments taking place in Guyana and
Suriname also present opportunities for the local sector to
provide assistance in developing indigenous capabilities
in services, skills enhancement, infrastructure and natural
gas industries.
Enhancing energy services for export
How do we maximise our remaining resources, while ensuring
the growth and development of domestic firms?
As local reserves become depleted, the energy services
sector will take on even greater importance. Enhancing
competitiveness and investing in capacity development of
10 March 2019 chamber.org.tt

Energy
fabrication
engineering &
construction
UPSTREAM ACTIVITIES
subsurface
services
logistics-boats rigs/wells maintenance
$ upstream spend
job creation
potential
cyclical nature
CHARACTERISTICS
gas/oil price
sensitivity
value-added skill
content
innovation
potential
technology
potential
knowledge
transferability
non-energy
transferability
jv attractiveness
High sustainability sectors High impact sectors High Moderate Low
Fig. 2: Multiple areas have been identified for local content to support diversification. (Source: Association of Caribbean Energy Specialists Limited)
local firms will be fundamental to improving their export
capability.
Although we have a robust local content policy and
supporting regulations, foreign individuals and companies
are often brought in to do work for which locals are fully
capable and qualified. Other work that can and should be
done here is sent overseas, thus facilitating revenue leakage,
transfer pricing, and tax avoidance.
The Trinidad and Tobago Local Content Policy of 2004
identified areas in the oil and gas sector that had significant
projected demand and could support the competitiveness
of local companies, encouraging them to export their
services, while contributing to diversification efforts.
Work that can and should be done
here is sent overseas, facilitating
revenue leakage, transfer pricing,
and tax avoidance
Areas such as big data management, seismic processing,
design engineering and fabrication were identified as
opportunities, and were pursued to the extent that several
international firms set up operations locally, some serving
foreign-based clients while partnering with locals.
Unfortunately, this initiative found itself on a collision
course with the decision to engage Chinese contractors at
the expense of local industry. The oil and gas local content
policy was quarantined as a consequence, and the affected
companies folded up.
Policy decisions favouring mega-projects and foreign
investment, preventing access to natural gas and gas-derived
products, resulted in the door being shut on locals
wanting to invest downstream in small plants to convert
methanol and syngas by manufacturing, and small-scale
LNG for export to regional markets.
Figure 2 demonstrates how investment in high
sustainability and high impact energy services can
contribute to job creation and knowledge transfer.
Improving administration and tax collection
Aside from the direct impact on the economy and business,
the energy sector traditionally provided the biggest share
of government revenue and foreign exchange, until recent
times. As highlighted at the Ministry of Energy and Energy
Industries March 2018 “Spotlight on Energy”, failures in
government taxation policy and tax collection resulted in
over TT$120 billion of uncollected taxes.
This tax avoidance was facilitated by weak regulatory
capacity and governance systems. Recent assurances by
the government that they are going after this, supported by
bold, if long overdue, measures to institute a transparent
and consistent royalty regime, will result in much more
foreign exchange being available to the domestic economy.
While these developments are encouraging, they do
not do nearly enough to address the core issue that has
plagued the industry and led to its slide. A woefully underresourced
and opaque Ministry of Energy and Energy
Industries, lacking in self-confidence, denuded of authority
and perpetually avoiding the legal strictures in place to
chamber.org.tt
March 2019 11

Blueprint for a Bold New Economy
Fig. 3: Recommended measures to increase activities, production and revenue in the T&T oil and gas sector.
➤ Good governance
• Clear, consistently applied policies
• Enhanced institutional capacity
i. Technical
ii. Commercial (incl. negotiating)
iii. Technology
iv. Funding
• Transparency & accountability, as prescribed by the
Petroleum Act & Regulations
• Enlightened tax regime – close loopholes
• Industry standard procurement processes
- Simple, predictable, transparent
- Easy analysis and decision-making
- Quick response
➤ Clear exploration & depletion strategies
• Resource management
• Contract/licence management
• Improved data availability
➤ Indigenous R&D
(T&T Ministry of Energy & Energy Industries has an R&D
Fund in excess of TT$100 Million, that has not been used!)
➤ Clear and consistently applied national priorities
• Well defined expectations
➤ Local Content & value addition
• Access to product for value addition
➤ Clear and transparent investor selection
& partnering strategies
➤ Rule of law
Source: Association of Caribbean Energy Specialists Limited
ensure it conducts its role in a transparent manner, must
be fixed.
With 100% excess power generating capacity fired by
natural gas, the road to renewables is a policy minefield.
Unless we are willing to think differently, make bold
decisions and act decisively, we shall lose that battle. Ideas
like selling electricity to industries in eastern Venezuela, or
limiting CNG to just fleet vehicles and focusing instead on
electric and hybrid vehicles for most other forms of private
transport, should be explored.
The way forward
Implementation of the key measures in Figure 3 will
ensure that Trinidad and Tobago’s oil and gas sector gets
back onto a healthy growth path, and will provide the
stimulus to diversifying the rest of the economy which we
so desperately need.
The Petrotrin situation brought the
sector into the sharp glare of public
scrutiny as nothing else has done for
a long time
Ongoing negotiations for contract extensions locally
will allow government to leverage beneficiary clauses in
existing agreements, such as the return of all assets to the
state at the end of a contract’s life.
We can also learn from Azerbaijan, where BP,
ExxonMobil and partners recently paid US$3.2 billion
into the Sovereign Wealth Fund in order to be allowed to
continue exploiting producing fields.
Service companies are required to be licensed and
registered, and to pay taxes in Trinidad and Tobago. That
is not happening reliably, so billions of dollars in profits
have been untaxed. We need a stronger rule of law which
enforces these regulations more effectively.
In Azerbaijan, BP, ExxonMobil and
partners recently paid US$3.2 billion
into the Sovereign Wealth Fund, in
order to be allowed to continue
exploiting producing fields
The Petrotrin situation brought the energy sector into the
sharp glare of public scrutiny as nothing else has done for
a long time. Decision-making without public consultation,
when dealing with state assets, involves risk, if any lessons
are to be learnt here.
For further reading
Oil to Gas and Beyond – A Review of the Trinidad and Tobago Model and
Analysis of Future Challenges. Editors Trevor M. Boopsingh and Gregory Mc-
Guire. University Press of America, 2014. See Chapter 7 (“Future Hydrocarbon
Resources”) and Chapter 13 (“Taking Trinidad & Tobago Forward & Abroad –
The Technical Challenges”).
12 March 2019 chamber.org.tt

KEVIN SAMMY

Blueprint for a Bold New Economy
An inconvenient truth
Trinidad and Tobago’s commodity-based economy is heavily
reliant on global market prices, and continually caught in a
cycle of boom and bust. What structural adjustment is needed
to avoid future volatility?
by Hayden Blades
President, Business Insight Limited
In Trinidad and Tobago, clarity regarding national objectives which define
the way forward in a rapidly evolving global economic environment has all
but escaped political and public discourse.
Sensible macro-economic management in small open economies such as
ours must achieve the following outcomes for long-term survival:
• sustainable growth
• general price stability
• socially acceptable income distribution patterns
• investor and consumer confidence.
Trinidad and Tobago is a small,
open, resource-rich economy with
a narrow productive base
The economy is subject to the extremes
of a boom-bust-recovery-boom cycle
In the absence of adequate economic
growth, it is inevitable that unemployment
will rise in Trinidad and Tobago
Trinidad and Tobago is a small, open and resource-rich economy. Its narrow
productive base is dominated by global market prices and the domestic output
of its key export commodities – oil, gas and petrochemicals. This economic
structure lacks diversification, and has fostered income, employment and
inflation patterns that are closely correlated with the global market prices of
carbon-based commodities.
The economy has suffered from generally declining output levels in its
dominant energy sector, further exacerbating the volatility of key economic
aggregates such as real GDP growth, international reserves, public debt and
sustainable employment levels. It is an economy subject to the extremes of a
boom-bust-recovery-boom business cycle.
Current economic assessment
The inconvenient truth is that Trinidad and Tobago has not been proactive in
structurally adjusting its energy-dependent economy to minimise volatility after
more than 56 years of independence.
Furthermore, the fiscal space does not easily accommodate necessary and
sufficient public sector investment. Technological, knowledge-based industries,
and arts, culture and entertainment industries, which all represent drivers of
youth employment, are still in their infancy.
An economy lacking growth
In the absence of adequate economic growth, it is inevitable that unemployment
will rise in Trinidad and Tobago, and this will be exacerbated if such conditions
are prolonged. A further complication is the absence of a strong growth impetus
from the energy sector; based on current output and price trends it is not
expected to provide the growth stimulus it did in the recent past.
With Trinidad and Tobago’s growth rate expected to creep to 2.13% by 2021
(see graphic), restoration of economic growth ought to be the most important
14 March 2019 chamber.org.tt

Business Environment
pillar of any future fiscal package, with the role of the non-energy sector taking
on even greater importance in stabilising and growing the economy. Currently,
government is intensely focused on recovery of output in the energy sector,
with some success, though the volatility of global market prices will create a
significant headwind in this regard.
Trinidad and Tobago: Growth rate of real gross domestic product (GDP)
from 2012-2022 (compared to the previous year)
2.7%
1.71%
1% 0.88%
1.56%
2.13%
1.24%
2012 2022
-1.75%
-1.19%
-2.6%
-6.08%
Source: ©Statista 2019 – The Statistics Portal
The intensity of government’s focus on the recovery of the energy sector
must be replicated across the non-energy sector. The creation of an enabling
environment that facilitates new and sustainable growth within the non-energy
sector is therefore critical if we are to avoid:
• persistent fiscal deficits and rising public debt
• persistent balance of payment deficits and a weakened TT dollar
• increasing rates of unemployment
• low investor and consumer confidence
• an economy perpetually confined to zero to low growth outcomes
• lost generations of young citizens.
Trinidad and Tobago’s economy comprises four critical sectors: energy,
services, manufacturing and agriculture. Of these, services and energy have
been the major contributors to Gross Domestic Product (GDP).
In 2008, Trinidad and Tobago had an estimated GDP (at constant 2000
prices) of TT$93,024.5 million, with the services and energy sector accounting
for 51% and 40.3% of GDP respectively. The manufacturing and agriculture
sectors contributed 8.4% and 0.5% to GDP. Since then, the economy has
contracted and there have been adverse changes to its GDP composition.
The creation of an enabling
environment that facilitates
new and sustainable growth
within the non-energy sector is
therefore critical
The way forward
Our services sector is robust and diverse, with each sub-sector contributing
significantly to GDP. Although labour-intensive and a small contributor, the
agriculture sector possesses significant opportunities for new growth and
employment creation. Stimulating rapid agricultural growth will provide the
opportunity to reduce our food import bill and create greater domestic price
stability.
Other sectors which hold prospects for new growth in new markets are
manufacturing and tourism. However, the key to attaining sustainability, price
stability, acceptable income distribution and market confidence will be the
services sector, which can then support employment creation and growth in
agriculture and manufacturing.
chamber.org.tt
March 2019 15

COURTESY FRANK MCKENNA / UNSPLASH.COM
While agriculture, manufacturing and services can provide new
platforms for economic growth and employment creation, this will
require implementation of the appropriate policy framework
FX-eating imports or FX-earning exports?
Based on these characteristics, several national strategic
issues come into focus:
• What aspects of the services sector are exportable? How
can these sub-sectors become more competitive, and do
we have access to key markets, traditional and nontraditional?
• How can the services sector be positioned to enhance
growth in agriculture and manufacturing?
• If sustainable job creation is predominantly located in
the services sector, then what type of services and service
providers should we develop?
• Can we wean the exportable components of the services
sector off state funding and thus create a cadre of competitive
service providers who will strategically seek out
export markets as part of well-crafted growth strategies?
• Are we getting value for money from the services sector,
both public and private, and is there a need to revisit
the way in which we organise the production of services
and manage service quality and consistency?
Implementation deficit
To avoid or minimise the implementation deficit, government
must explicitly address these new sources of economic
growth, even as we continue to diversify the energy sector
and create higher value-added exports.
This can be achieved through the establishment
of tripartite sector working committees, supported by
permanent secretaries. The output of these committees
should be a list of short- and medium-term development
strategies, to be adopted as government policy for execution
by ministries.
These working committees can include institutions such as:
• the Caribbean Industrial Research Institute (CARIRI)
• exportTT
• business stakeholders such as Chambers of Commerce
• Eximbank
• the Bankers’ Association of Trinidad & Tobago
• labour stakeholders
• the tertiary sector
• an industrial park operator
• the Ministry of Trade and Industry.
The creation of an enabling environment for growth
and development of the non-energy sector ought to be
prioritised as we seek to enhance competitiveness in
traditional and non-traditional export markets. This
enabling environment should address:
• development of appropriate labour force skills
• provision of funding for business growth and
development (predominantly exportable sectors)
• enhancing critical infrastructure
• provision of key business support services.
While agriculture, manufacturing and services
can provide new platforms for economic growth and
employment creation, this will require implementation
of the appropriate policy framework and a commitment
to enhancing compet-iveness, both on a national level
and at the level of the individual firm.
16 March 2019 chamber.org.tt

Services
COURTESY CHRISTINA MORELLO / PEXELS.COM
18 March 2019 chamber.org.tt

Services
Selling
our services
The services sector is turning in a strong performance, but is yet
to become a viable exporter. A national exporters’ services registry
and export training are just two of the initiatives TTCSI will launch
in 2019 to help grow the services economy
by Vashti G. Guyadeen
General Manager,
Trinidad and Tobago Coalition of Services Industries
This year’s World Economic Forum held in Switzerland in January focused
on the “Industrial Revolution 4.0”. This refers to the significant role that
automation and data analytics play in transforming manufacturing
processes.
IR 4.0 has not only impacted manufacturing. According to Professor
Klaus Schwab, Executive Chairman of the World Economic Forum, “the Fourth
Industrial Revolution, finally, will change not only what we do but also who
we are.
“It will affect our identity and all the issues associated with it: our sense
of privacy, our notions of ownership, our consumption patterns, the time we
devote to work and leisure, and how we develop our careers, cultivate our skills,
meet people, and nurture relationships.”
Without a doubt, IR 4.0 will also impact the services sector. The question
is, how prepared are Trinidad and Tobago services providers and industries for
these changes?
But despite the services sector showing
a strong performance locally, it is yet to
become a viable foreign exchange earner:
its export performance has been poor compared
with manufacturing and energy
Strong local performance
In Trinidad and Tobago, services’ contribution to GDP in 2017 was estimated
at 50.8%, while agriculture and industry stood at 0.4% and 48.8% respectively
(TTCSI, 2016). The services sector, unlike the hydrocarbon sector, has
experienced significant growth despite external shocks attributed to the recent
fall in global oil prices.
But despite a strong performance locally, the sector is yet to become a
viable foreign exchange earner: its export performance has been poor compared
with manufacturing and energy. While the sector has been earmarked to fasttrack
national diversification, it falls short in its ability to increase its trade and
earning power – a situation reflected in Trinidad and Tobago’s negative trade
balance (exports minus imports) in international trade in services.
For the period 2011 to 2016, there was a reported negative trade balance
in regard to international trade in services, with services accounting for only
28% of exports in 2011 (TTCSI, 2016). Clearly there are great opportunities to
accelerate growth in the services sector.
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March 2019 19

Blueprint for a Bold New Economy
We have a comparative advantage in
several sub-sectors including education
services; cultural and creative services;
professional services; and health services
Net importer of services
The European Union, in an assessment of the Economic Partnership Agreement
(EPA) with Cariforum, noted that international trade in services has assumed
a significant dimension in the sustainable development and economic growth
strategies of Cariforum states, and commitments in external trade arrangements
are critical in advancing the region’s prospects.
The data in Table 1 show that Trinidad and Tobago is a net importer of
services. However, in relative terms we are also a key exporter of services
compared with other Cariforum states.
Trinidad and Tobago’s primary services exports are travel, transport and
commercial services. We also have a comparative advantage in several subsectors
including education services; cultural and creative services; professional
services; and health services. It is imperative that support systems and the
enabling environment are developed to foster growth in these sectors
Table 1: Cariforum states – value of services exports and imports, 2016-2017
Country Value of services exports (million US$) Value of services imports (million US$)
Barbados (2016) 1,483 743
Dominican Republic (2017) 8,476 3,354
Guyana (2017) 134 453
Jamaica (2017) 3,432 2,242
Suriname (2017) 145 516
Trinidad and Tobago (2017) 1,076 2,500
The key ingredient in “going global” is
ensuring that service providers and
industries meet global standards and
certification
Source: World Trade Organisation
Championing the services sector
The Trinidad and Tobago Coalition of Services Industries (TTCSI) will embark
on a number of initiatives in 2019 to propel growth in the services economy.
Foremost on the agenda is data analytics. One of the key projects we have
undertaken, with the support of the Ministry of Trade and Industry, is the
development of a national exporters’ services registry. This will be invaluable in
measuring the sector and giving government and the TTCSI better information,
in order to provide knowledge-driven products which stimulate growth.
Secondly, the TTCSI will execute a robust training schedule this year,
including rollout of the Services Go Global (SGG) training programme. SGG
was developed by Caribbean Export over eight years ago specifically to optimise
the Cariforum region’s export of services. It aimed to develop the capacity of
service providers and industries to capitalise on opportunities under the EPA,
with a focus on export readiness.
Participants will be guided through a four-stage road map showing how
to propel their businesses onto the international stage. The TTCSI is the only
certified agency locally to offer this training. SGG will be conducted in four
sector clusters – creative and cultural industries including animation; tourism;
health and wellness; and energy services.
The key ingredient in “going global” is ensuring that service providers
and industries meet global standards and certification. This issue is also being
tackled by the TTCSI, and plans are in train to collaborate with the relevant
agencies to ensure that our member associations and their members are
equipped to trade regionally and globally.
20 March 2019 chamber.org.tt

Tourism
Where are
all the tourists?
Travel and tourism contribute less than 10% to Trinidad and Tobago’s GDP.
There were high expectations with the possibility of Sandals adding its
brand to the sector. But why do we need a big name?
by John Bell
Past Director General and CEO, Caribbean Hotel Association
and past President, International Hotel and Restaurant Association
LIDIAN NEELEMAN / SHUTTERSTOCK.COM
The best way to assess whether tourism has any real chance of success in
Trinidad and Tobago is to determine the condition of the industry today
in both islands. With that as a basis we can then project into the future.
There can be little doubt that tourism is presently not much more than a
basket case in Tobago, or that we have two quite separate island destinations
to address.
Current state of tourism
Are we presently in any position to consider tourism as a viable financial
opportunity? Let’s begin with Tobago.
• Arrivals in Tobago in 2005 were slightly over 90,000. Today they are well
under 20,000
• As a consequence of this precipitous collapse in traffic there has been
a decline in maintenance of the hotel stock, which has deteriorated
significantly
• In 2018 the efficiency and effectiveness of the seabridge has been
disastrous
• Airlift into Tobago out of the USA is virtually non-existent
• The condition of the ANR Robinson International Airport at Crown Point
is reminiscent of the mid-20th century in the Windward Islands.
chamber.org.tt
March 2019 23

CHRIS ANDERSON

Tourism
Now let’s review Trinidad:
• With meetings and conventions growing in Port of
Spain, there is a real prospect that conference tourism
can be further developed
• Adventure tourism is evolving slowly, but sadly with
limited support thus far from Tourism Trinidad Limited
• Sports tourism is also evolving slowly as a result of
the government’s stadium construction programme
• Golf in Trinidad remains dormant
• Apart from carnival, cultural tourism remains
undeveloped
• Despite their obvious value, and access to several
suitable bodies of water, watersports activity is sadly
depressed.
Restructuring the sector
In short, it seems there has been little or no planned
development in tourism on either island, leaving the
nature of the industry speculative at best. But this should
not deter us from thinking big about where tourism can
and should go.
Last year there was a welcome reorganisation of the
government’s administration of the tourism sector. After
several years of mismanagement, the Tourism Development
Company Limited (TDC) was closed down and replaced
by Tobago Tourism Agency Limited and Tourism Trinidad
Limited.
In Tobago at least, there was recognition that the private
sector was a major player in the game, with several
key appointments being made to the agency’s board.
In short it seems there has been little
or no planned development in tourism
on either island, leaving the nature of
the industry speculative at best
The Sandals saga
So what are the prospects for the future?
A great deal seemed to depend on Sandals, which
presented an exciting prospect for launching Tobago into
the “real” Caribbean tourism world.
There is no doubt that tourism, particularly in the
northern Caribbean, has evolved separately into something
quite different from what we know in Trinidad and Tobago.
Tobago has long been a success story waiting to
happen. The island is scenically beautiful. It has magnificent
beaches and a splendid reef. Previous attempts
at tourism development have resulted in two golf courses.
The real problem is the airport at Crown Point, which is
hopelessly inadequate.
Which brings us back to the contentious issue of
Sandals.
A great deal seemed to depend on
Sandals, which presented an exciting
prospect for launching Tobago into
the “real” Caribbean tourism world
Benefits of a big brand
The benefit of a 900-room state-of-the-art resort opening
in Tobago appeared to be enormous. Sandals offered a
valuable grown-up couples experience, while its twin
sister, Beaches, promised a full-blown family programme.
It seemed that Tobago might at last acquire a property
of the kind that Jamaica, Dominican Republic and The
Bahamas have long hosted.
And that was only the beginning. The overriding
value that Sandals would have been able to provide was
airlift access out of the United States.
Sandals had the potential to attract American Airlines
to Tobago out of its Miami hub. JetBlue would have been
able to provide access from New York and the tri-state
area. United Airlines might also have been attracted to
serve Tobago out of Washington DC, Newark, or Houston.
But the United States, with all its up-market worth
and two or even three new gateways, remains completely
closed to Tobago.
The projects and developments cited
above are still very much needed to
establish our tourism offering on the
global stage. With the right marketing
strategy, infrastructure and political
will, accomplishing all of them is still
entirely possible
The government was prepared to provide Sandals with
a location at Golden Grove, and the valuable asset that
goes with that. So there was a very real expectation that
the Sandals development would set off a chain reaction,
stimulating development in the rest of Tobago. The ANR
Robinson International Airport at Crown Point would have
become a real international port of entry.
However, Sandals pulled out of the Tobago deal.
But all is not lost. The projects and developments cited
above are still very much needed to establish Trinidad and
Tobago’s tourism offering on the global stage. With the
right marketing strategy, infrastructure, and political will,
accomplishing all of them is still entirely possible.
chamber.org.tt
March 2019 25

Blueprint for a Bold New Economy
Manufacturing the future
An improved trading environment is needed to
create a sustainable resilient manufacturing sector.
Tackling bureaucratic challenges, illicit trade and
an uncertain industrial relations climate are high
on the TTMA’s agenda
by The Trinidad and Tobago
Manufacturers’ Association
It is no secret that business conditions in the Trinidad
and Tobago economy are less than ideal. The Central
Bank reported in its last monetary policy announcement
(December 2018) that “primary economic indicators are
all down as growth has slackened and inflation remains
sluggish because of weak domestic demand”.
The manufacturing sector provides
the necessary foundation for an
economically, socially and environmentally
sustainable society
In an environment with slow economic growth, the
Trinidad and Tobago Manufacturers’ Association
(TTMA) believes there is an urgent need to explore new
opportunities in the manufacturing sector, which has the
potential to contribute to positive economic growth and
development.
The manufacturing sector goes far beyond the
employees, companies and investors directly involved
in industry. It affects everyone. Defined by the TTMA as
including all the non-energy sub-sectors, it provides the
necessary foundation for an economically, socially and
environmentally sustainable society. Manufacturing also
drives technological innovation – the key to research
and development – and the creation of new products and
manufacturing processes.
While the sector is critical to the local economy, it
faces many challenges, one of which is operating in a
dual economy that relies heavily on oil and gas revenues.
The inability of the manufacturing sector’s contribution to
Trinidad and Tobago’s GDP, to move beyond 9% for the
past ten years indicates stagnation. This is the result of
several factors, including poor policy infrastructure and
too many bureaucratic procedures that cause delays or
bottlenecks.
Bureaucratic agencies and procedures
Manufacturers are critical of the regulatory bodies
that support the trading environment, because of their
recurring inability to function efficiently and effectively.
A number of agencies play key roles in fostering an
enabling environment, but they are plagued by a lack
of human and financial resources, and lack of access to
technological advances, which can result in delays in
trading both locally and internationally.
Another concern of local producers is the growth
of illicit trade, which has a negative impact on local
manufacturing. Every year, more goods and brands are
affected, from consumer products – including electronics,
apparel and alcoholic beverages – to vehicle lubricants
and auto parts. This undermines legitimate manufacturers,
as illicit goods are cheaper on the local market. Most of the
illicit traders do not pay the correct duties, and if goods
are smuggled in, they do not pay any duties at all. In some
instances goods do not meet national standards, and in
others they do not even have free sale certificates in their
countries of origin.
Agencies are plagued by the lack of
human and financial resources, and lack
of access to technological advances,
which can result in delays in
trading both locally and internationally
Improving industrial relations
According to local producers, labour force issues are also
affecting the manufacturing sector. For example, when
job openings are not filled and the work force lacks the
skill sets that the market needs, manufacturers cannot
maintain or increase production levels to satisfy customer
demand. The fragile industrial climate of Trinidad and
Tobago along with the uncertain relations between
employers and employees, has had a negative impact on
the manufacturing sector and the overall economy.
Additionally, local companies face considerable
barriers to trade when exporting. The lack of market
intelligence, lengthy registration procedures, and onerous
labelling requirements, are some of the major concerns for
firms which aim to become net foreign exchange earners
and fully contribute to the local economy.
26 March 2019 chamber.org.tt

1968 / SHUTTERSTOCK.COM
Resilient manufacturing
In spite of these challenges, there are real opportunities
in the manufacturing sector. The food and beverage
sub-sector, for example, is dynamic and innovative. In
2018, a 5.6% increase in food, beverage and tobacco production
demonstrated its continued growth. There are also
opportunities in chemicals, printing and packaging, and
construction.
In order for these opportunities to advance, however,
a resilient, sustainable manufacturing environment needs
to be developed. Certain strategic initiatives are required:
• a globally competitive regulatory framework
• improved performance by government processes
• a supportive international trade position.
A resilient, sustainable manufacturing
environment needs to be developed
The bottom line
Every economic sector faces challenges, and the
manufacturing sector is no exception. The TTMA
believes that the way in which the challenges of the
manufacturing sector are addressed holds the key to
progress. The above recommendations can go a long
way in building a future sustainable economy and contributing
to economic growth.
Other key prerequisites for success include:
• the development of a science, technology
and innovation policy which promotes local
manufacturing
• promotion of innovative/technological
entrepreneurship
• adoption of an education and workforce policy
that develops superior talent
• furtherance of economic diversification strategies
• more collaboration between manufacturers and
universities.
chamber.org.tt March 2019
27

COURTESY THE LUSH KINGDOM

Creativity
Empowering
our artists
The creative sector was identified by Trinidad
and Tobago as a priority sector for growth in
2011. What has it achieved since then, and how
far does it still have to go to become a viable
contributor to GDP?
by Keith Nurse
Senior Fellow and WTO Chair
Sir Arthur Lewis Institute of Social and Economic Studies,
The University of the West Indies
Alicia Shepherd
Sir Arthur Lewis Institute of Social and Economic Studies,
The University of the West Indies
The Caribbean region is by no means short of globally recognisable artists;
and for decades now Trinidad and Tobago has stood out as one of the
region’s major artistic sources, with the likes of Michel-Jean Cazabon, Sir
Vidia S Naipaul, Sparrow, Geoffrey Holder, Boscoe Holder, Billy Ocean, Peter
Minshall, Heather Headley, Nicki Minaj, Meiling, Bunji Garlin, and Machel
Montano.
These artists have generated global reach beyond what the country’s
size would suggest. And in recent times, new digital, mobile and internet
technologies have offered creatives alternative business models and markets,
creating the space for new areas of employment such as animation and gaming.
In recognition of the industries’ vast
potential, Caribbean governments have
recently begun to carve out strategic
pathways to develop the industries with
the aim of diversifying their economies
Growth of the sector
By way of contributions to GDP, exports, employment and intellectual property
earnings, the cultural/creative industries, even amidst global economic setbacks,
continue to outperform most other sectors in Caribbean economies. In tandem
with other key stakeholders, and in recognition of the industries’ vast potential,
Caribbean governments have recently begun to carve out strategic pathways to
develop the industries with the aim of diversifying their economies.
The government of Trinidad and Tobago, for example, in 2010 highlighted
the creative industries as growth poles in its quest for “consensus building,
advanced social and economic prosperity and sustainability, and successful
diversification” (GORTT 2011).
Capturing carnival’s contribution
The country’s carnival activities, for instance, generate on average about 12%
of arrivals and visitor expenditures on an annual basis, a spectacular return
on investment considering its official events span a three-week period. Its
impact on other sectors such as media, retail, food and beverage, and ground
Striking design from the Lush
Kingdom fashion label
chamber.org.tt
March 2019 29

Blueprint for a Bold New Economy
transport are also quite significant. In 2017, the estimated
total visitor expenditure was measured at US$50 million.
The country’s carnival activities, for
instance, generate on average about 12%
of arrivals and visitor expenditures on an
annual basis
It can be argued that through their synergistic relationships
with other sectors in the local economy, the creative
industries rank among the top revenue earners in Trinidad
and Tobago. In 2006, the music industry was reported as
having earned US$28.2 million and employed some 5,500
people. In film, between 2007 and 2016, foreign filming
on the island contributed some TT$37 million.
Trade flows
According to the Minister of Planning and Development,
Camille Robinson-Regis, the internet technology sector,
which has significant influence in the creative industries,
has the potential to surpass its present contribution to GDP
of TT$5.5 billion (CreativeTT, Trinidad Guardian 2018).
Invariably, the spend in these and other creative industries
doesn’t capture the synergistic impact of intellectual
property branding and destination branding.
On closer examination of trade flows, however,
Trinidad and Tobago is found to have a substantial and
widening trade deficit in cultural goods. We import more
than we export. Trade in services (e.g. live performances,
tours, concerts, designers’ fees etc.) and earnings from
cultural, heritage and festival tourism are the significant
sources of export earnings; but unfortunately these are
the areas where there is limited reporting and data capture,
and so the sector is not adequately represented in national
accounts. Other challenges to business development
include the lack of access to fintech services and capital
from the local financial sector.
On closer examination of trade flows,
however, Trinidad and Tobago is found to
have a substantial and widening trade
deficit in cultural goods
Going forward, there is need for governmental
agencies to monitor and evaluate
existing policies and support mechanisms,
and to allocate greater capital investment
There has also been growth in the festivals sector (e.g.
the Bocas Literary Festival, the Trinidad and Tobago Film
Festival, Animae Caribe) and in the export expansion of
some sectors, particularly mas (carnival), fashion, music,
animation and film.
Export facilitation by way of entities such as
CreativeTT, exporTT, TTBizLink, the drafting of a
national cultural policy, and the Cariforum-EU Economic
Partnership Agreement (EPA) also create valuable space
for industry expansion.
Outlook
Going forward, there is need for governmental agencies
to monitor and evaluate existing policies and support
mechanisms, allocate greater capital investment, and
provide adequate and appropriate training programmes
for both business start-up and business expansion.
Another critical area is financial sector reform to
reflect the needs of this industry. Such approaches would
require the collaboration of key stakeholders, the mapping
of sectoral performance, digital innovation, and the
adoption of a managerial culture that prioritises improved
quality and global competitiveness.
References
“Businesses get $3.2 million for innovation”. Trinidad Guardian, May 4, 2018.
Accessed August 30, 2018. http://www/guardian.co.tt/business/2018-04-15/
businesses-get-32m-innovation
CreativeTT, accessed January 1, 2018. http://www.musictt.co.tt/ and http://
www.filmtt.co.tt/
Government of the Republic of Trinidad and Tobago, Ministry of Planning
and the Economy, Mid-Term Policy Framework 2011-2014, Innovation for
Lasting Prosperity. Accessed November 21, 2018. http://www.finance.gov.tt/
wp-content/uploads2013/11/medium-Term-Policy-Framework-2011-14.pdf
Recommendations and next steps
Nonetheless, strategies followed in previous years have
yielded positive outcomes.
The Copyright Music Organisation of Trinidad and
Tobago (COTT), for example, has been critical in areas of
revenue generation by securing royalty income for authors
and composers, and in the deepening of the institutional
structure of the sector. As the global cultural economy is
further aligned with digital trade, the role of COTT and
digital aggregators will become even more important.
30 March 2019 chamber.org.tt

Creativity
chamber.org.tt
March 2019 31

MARCI PARAVIA/SHUTTERSTOCK.COM
32 March 2019 chamber.org.tt

Agriculture and Food Security
Towards a renaissance
of agriculture
If there is one good thing to come from climate change, it will be a
radical rethink of agriculture and agro-processing and a shift towards
a “climate-smart” industry
by Steve Maximay
Managing Director, Science-Based Initiatives
You could be forgiven for for thinking you have heard this talk about
diversification before. Successive, but by no means successful,
governments have touted diversification efforts, which included
agriculture as part of a magical restructuring of the Trinidad and Tobago
economy.
Early efforts were concentrated on producing more food to offset the
ever-increasing import bill and to bolster exports. Prior to the volatile food
price crisis of 2008-2009, the Trinidad and Tobago government’s idea of food
security revolved around “months of cover”, where the amount of foreign
exchange held in the Central Bank was divided by the monthly food import
bill to determine how many months of imports were achievable.
Once worldwide food prices and food availability returned to less
cataclysmic levels by 2010, the prioritising of substantial local production
became less important.
A review of agricultural trade statistics, local production data, pronouncements
by officials, and the heralded benefits of diversification, is
insufficient to explain the lack of success to date. It will take more than an
urgent need, worthwhile individual efforts, fledgling agro-industrial enterprises,
and a declining oil and gas sector to propel agriculture to equitable stature
within the local economy.
At the core of diversification is change, which is dependent on the
production of a “positive vision of the future”, which in turn evolves when
dissatisfaction with the status quo exceeds the natural human resistance to
change. It is safe to conclude that, notwithstanding the work of the Vision
2020 agriculture sub-committee and other attempts at articulating a vision of
a modern agricultural sector, the outlook is still less than positive.
Notwithstanding the work of the Vision
2020 agriculture sub-committee and
other attempts at articulating a vision of
a modern agricultural sector, the outlook
is less than positive
Climate-smart agriculture
Previous attempts at diversification were ostensibly driven by economic
development, but the 2019 version must be circumscribed by climate concerns.
Diversification will not only be about change, but about climate change.
The United Nations Framework Convention on Climate Change (UNFCCC)
describes economic diversification as “the process of shifting an economy
away from a single income source toward multiple sources from a growing
range of sectors and markets”. Traditionally, it has been applied as a strategy
to encourage positive economic growth and development.
In the context of climate change adaptation, diversification takes on a new
relevance as a strategy to move away from vulnerable products, markets, and
chamber.org.tt
March 2019 33

CHRIS ANDERSON
Bold New Economy
Local produce at the Arima market
jobs towards income sources that are low-emission and more climate-resilient.
It is in that context that agriculture and agro-industry will continue to
attract the kind of propulsion needed to attain pride of place. Adapting to
climate change will necessitate the type of climate-smart agriculture that is
steadily being incorporated into local agricultural efforts.
The current dean of the Faculty of Food and Agriculture at The University
of the West Indies, St Augustine, Dr Wayne Ganpat, understands this. In 2018
the Faculty hosted a very successful international conference on “Climate
Change Impacts on Food and Nutrition Security”, showcasing the ongoing
efforts of UWI and other stakeholders.
There are significant, designated, international resources for industry
support to make local agriculture and agro-industry more climate-resilient.
On a positive note, the UNFCCC’s Green Climate Fund opened a regional office
in Grenada last year. Trinidad and Tobago has yet to meaningfully engage with
its team for project support.
The nascent local agriculture sector
will be predominantly a producer of
goods enhancing food security
Resource conservation
Pursuant to a positive vision of the future, local production efforts should
be concentrated in two symbiotic streams: intensive production for nutrition
security, and specialised/niche production for value-added export.
One challenge which Trinidad and Tobago faces is that it does not have the
land area to produce commodities for export, as Prime Minister Dr Keith Rowley
reminded us in 2018. There is not enough land for agriculture to compete
successfully on the global stage. Therefore the nascent local agriculture sector
will be predominantly a producer of goods enhancing food security, with a
significant trade in services.
The future agriculture sector will include intensified crop and livestock
production which will require rationalised use of land, water, energy, and other
inputs produced by using fossil fuels. Practitioners will increasingly need to
monitor resource conservation, safety, biodiversity support, and greenhouse
gas emissions.
The major production of carbohydrates will be via root crops that feed into
the processing industries. The preponderance of animal protein will be sourced
from small ruminants including neo-tropicals, pigs and poultry. Refitted grain
legume and vegetable production, using layered and vertical multi-crop systems,
34 March 2019 chamber.org.tt

Agriculture and Food Security
NHATTALLI/SHUTTERSTOCK.COM
will provide the protein and vitamin components of the
nutrition security project.
The devastating floods of 2018 and other
challenges including praedial larceny
and land availability will make businessas-usual
a very costly option
Skill-sets
There is an expanding reservoir of technical expertise
to service the climate-smart agriculture required for the
future. There are internationally recognised experts based
in Trinidad and Tobago. Prominent examples are: Erle
Rahaman-Noronha of Wa Samaki Ecosystems, Alpha Sennon of Whyfarm, and
Wendy Lee Yuen of El Carmen Estate.
Climate change impacts will provide the external stimuli needed for the
agriculture sector’s realignment. In addition, Trinidad and Tobago is likely to
move forward if there is an articulated, attainable vision for the sector. The
devastating floods of 2018 and other challenges including praedial larceny
and land availability will make business-as-usual a very costly option.
chamber.org.tt
March 2019 35

Blueprint for a Bold New Economy
The challenge of
renewable energy
Depleting oil and gas resources, and a 79% growth in Trinidad and Tobago’s
carbon footprint: these alone should provide enough impetus to resolve the
many problems associated with renewable energy and energy efficiency
by Dr Zaffar Khan
Programme Director
UWI-Arthur Lok Jack Global School of Business
Atiyyah A. Khan
Energy Consultant
Econsultants Limited
For fifteen years, Trinidad and Tobago has been adversely affected by
natural gas curtailment issues, despite recent increased production
resulting from attractive capital allowances in the oil and gas fiscal
regime.
In addition, the recently signed MOU with Venezuela for the supply of
natural gas has its risks and challenges, especially in terms of security of supply
and regional geopolitical considerations.
Fig. 1: Trinidad and Tobago’s high energy
consumption per capita in kilograms of oil
equivalent in comparison to other countries
Nations using the most energy
United Arab Emirates
Kuwait
Trinidad and Tobago
Canada
United States
Finland
Sweden
Belgium
Australia
Saudi Arabia
5,754
5,701
5,668
5,607
9,707
9,566
8,553
8,240
7,843
7,204
Source: Ugursal 2011; Wall Street Journal 2013
Trinidad and Tobago’s low electricity
cost of US$0.06/kWh in some cases is
at least ten times cheaper than other
Caribbean and Latin American countries
Trinidad and Tobago has the third highest energy consumption per capita in
kilograms of oil equivalent in the world (Figure 1), and currently uses natural
gas to generate most of its electricity. While natural gas is the cleanest of all
the fossil fuels, it emits atmospheric greenhouse gases. This, coupled with the
CO 2
emissions from the transport sector, has led to a 79% growth in our local
carbon footprint (Figure 2).
36 March 2019 chamber.org.tt

Renewable Energy
Fig. 2: Estimated levels of carbon emissions
(million metric tonnes) from Trinidad and
Tobago’s transport sector, 2002-08
2.4
2.31
2.13
2.15
2.0
1.97
1.76
1.6
1.67
Jan ‘04
Jan ‘06 Jan ‘08
Source: US Energy Information Administration 2013
It is therefore essential for Trinidad and Tobago to urgently increase its use of
renewable energy (RE) and develop its energy efficiency (EE) initiatives. These
will provide the following benefits:
• lower levels of energy consumption, resulting in lower energy bills for
residential, commercial and industrial consumers, which can improve
the reliability of the electricity generation, transmission and distribution
system
• reduced need for investment in new power generation infrastructure
• new employment opportunities, from research and development to manufacturing.
Fig. 3: Comparison between Trinidad and Tobago and
other developing nations in terms of trends between
GDP growth per capita and carbon intensity growth
42,000
3.5
2.10
25.0
22.5
15.0
Trinidad and Tobago
has increased its
carbon footprint by
79% because both its
GDP per capita and
its carbon intensity
have increased.
12.5
Trinidad
and Tobago
Developing
countries
16,800
12,600
8,400
4,200
0.70
0.35 2.5
Developing countries
have increased their
carbon footprint by
41.2% because its GDP
per capita has increased
faster than its carbon
intensity has decreased.
GDP per capita
PPP US$
CO 2
emissions refer to energyrelated
emissions. Emissions from
deforestation are not included.
Carbon intensity of growth
CO 2
emissions per unit of GDP
Kt CO 2
per million 2000 PPP US$)
Carbon footprint
CO 2
emissions per capita
(t CO 2
)
Source: United Nations Development Programme 2013
Barriers to RE and EE development
Despite its many benefits, the implementation of local RE and EE initiatives is
challenging. The sector is hampered by several barriers (Figure 3):
• high capital and transaction costs
• the low price of electricity and fuel as a result of energy subsidies
• inability to implement appropriate legislation and regulations
• limited government support via fiscal incentives
• lack of public awareness
• limited access to EE technologies and measures
Source: UN Advisory Group on Energy and Climate Change 2010
chamber.org.tt
March 2019 37

Blueprint for a Bold New Economy
These obstacles increase the financial risks associated with
RE and EE investments.
electricity” (Energy Chamber of Trinidad and Tobago 2013),
which is hostile to EE and must change.
Barriers
Fig. 4: Barriers to renewable energy and
energy efficiency in Trinidad and Tobago
Technical
Economic
Political
Social
Natural conditions
Technological constraints
Infrastructure
Price/cost
Financial aspects
Market failure/distortion
Policy
Institutional capacity
Regulatory
Consumer behaviour/awareness
Interaction networks
Cultural
Tackling the issues
These issues can be addressed through several measures:
policy, legislation and regulation; standards; and
mandated fiscal incentives and financing institutional
capacity strengthening.
The 1994 United Nations Framework Convention on
Climate Change (UNFCCC) and the 1997 Kyoto Protocol
were developed to enable member countries to reduce
their greenhouse gas (GHG) emissions and in turn decrease
atmospheric GHG concentrations. Trinidad and Tobago is
a ratified signatory under both of these mechanisms as
a non-Annex 1 country: it is not obligated to reduce its
emissions, but can do so on a voluntary basis.
A number of fiscal incentives (see sidebar) were
introduced in the 2010-11 and 2011-12 national budgets,
in an effort to promote alternative energy use and EE.
A number of these incentives required revisions to the
Customs Act, the Income Tax Act and the VAT Act (Energy
Chamber of Trinidad and Tobago 2011).
Psychological/moral
Subsidised fuel and electricity prices
Trinidad and Tobago’s low electricity cost of US$0.06/kWh
in some cases is at least ten times cheaper than other
Caribbean and Latin American countries (Figure 5). This
acts as an enormous disincentive to the development and
utilisation of RE and EE mechanisms locally, making it
uneconomical for RE and EE to penetrate the local energy
market.
Avg. domestic electricity tariff ($US/kWh)
0.7
0.4
Trinidad
Belize
St Lucia
Jamaica
0
Fig. 5: Comparison of electricity tariffs
among various Caribbean islands
Barbados
The Bahamas
St Vincent
Anguilla
Grenada
Curacao
Dominica
Cayman Islands
Antigua
Bermuda
Source: Shirley et al. 2013
Culture, education, and lack of awareness
Popular attitudes towards energy, and its resultant
wasteful use, have stemmed from its low cost. This, along
with lack of education, supports a culture of “wastage
and inefficient use of the natural gas that generates our
RE policy
In 2011, a draft RE policy was formulated, which
recommended the implementation of various initiatives
and fiscal incentives to promote the use of RE and increase
EE locally. The framework also set a target of producing
5% or 60MW of the country’s peak electricity supply from
RE sources.
Climate change policy
A draft climate change policy document was prepared
and discussed at public consultations before finalisation.
This covered GHG emission reduction via RE use
and EE measures.
Carbon emission reduction framework
The Ministry of Planning and Development, UNDP and
Factor CO 2
consultants will embark on the formulation of
a draft policy to address CO 2
emissions from our power
generation, industrial and transportation sectors.
The consultants will conduct policy reviews, design
business-as-usual (BAU) emission trajectories, recognise
low CO 2
opportunities, and devise low CO 2
scenarios for
possible implementation.
EE policy
The National Energy Corporation of Trinidad and Tobago
has been mandated by the government to produce a draft
EE policy targeting industrial plants within the Point Lisas
Industrial Estate.
The UWI-Arthur Lok Jack Global School of Business
offers an MBA in sustainable energy management, the
only one of its kind in the Caribbean. It allows students
to contribute to the successful “planning, execution and
monitoring” of energy projects and organisations. It
establishes a framework for the economic diversification
38 March 2019 chamber.org.tt

Renewable Energy
COURTESY A.P.P.A./UNSPLASH.COM
Trinidad & Tobago’s fiscal incentives for energy
efficiency and renewable energy
Solar energy incentives included:
• import duty reduced to 0% on regional imports of solar
water heaters (SWHs)
• 0% VAT rating on SWHs
• 25% tax allowance on the value of SWHs up to a maximum
of $10,000
• 150% wear and tear allowance on the cost of SWHs
• 150% wear and tear allowance on plant, machinery and
equipment used to manufacture SWHs and solar photovoltaics
(SPVs)
How long does it take to get serious about solar energy?
Wind energy incentives included:
and development of regional clusters, particularly in the
context of reduced dependence on oil and gas revenues
(ALJGSB 2012).
Recommendations to improve EE
There are plenty of low-hanging fruit which could
improve local EE in the power generation, residential,
petrochemical, transportation and manufacturing sectors
(Energy Chamber of Trinidad and Tobago 2013).
Popular attitudes toward energy, and its
resultant wasteful use, have stemmed from
its low costs
In the area of power generation, for example, we can:
• improve the efficiency of existing power generation
• improve operational efficiency
• enable open access to the grid by RE generators
• reduce emissions
• improve efficiency of LNG production
• implement energy-saving opportunities and standards.
In the area of residential buildings, we can:
• implement electricity quotas: design homes to be
more energy-efficient and to use less electricity
• improve the efficiency of existing households, reducing
electricity consumption.
Future initiatives for both RE and EE must address issues
related to feed-in tariffs, net metering, grid capacity,
and infrastructure, as well as safety considerations.
• import duty reduced to 0% on imports of wind turbines
and related equipment
• 0% VAT rating on wind turbines
• 150% wear and tear allowance on the cost of wind
turbines and supporting equipment
• wear and tear allowance of 150% on equipment used to
manufacture wind turbines
Energy efficiency incentives included:
• 150% tax allowance on the cost of commissioning
energy audits and the design and installation of energysaving
systems
• accelerated depreciation of 75% on acquisition of smart
energy-efficient systems
• 25% wear and tear allowance on plant, machinery and
equipment acquisition
• greater petroleum product exports
• lowered dependence on petroleum imports
• increased employment opportunities
• compliance with COP 21 ratifications
• crucial support for national development
• technological progress.
Future initiatives for RE and EE must
address issues related to feed-in tariffs,
net metering, grid capacity, infrastructure
issues, and safety considerations
The benefits
Implementing these recommendations will benefit Trinidad
and Tobago in many ways, by creating:
• increased energy security
• climate change mitigation
• conservation of domestic hydrocarbon supply
chamber.org.tt
March 2019 39

COURTESY INVESTT

InvesTT
Attracting
the investor
When it comes to inward investment, whether for export
or not, InvesTT is the key support agency to deal with
by Joel Henry
Writer/Freelance journalist
For those who understand the
needs of the economy, something
exciting is happening
Opportunities are abounding right
now and will continue over the next
two decades
In 2015, the US business process outsourcing giant iQor opened a contact
centre in Trinidad and Tobago. The investment brought in US$4 million
and created hundreds of jobs at its local headquarters in the Tamana InTech
Park. New investment, new industry, new employment and foreign exchange
– the deal was a major success for policymakers and facilitating agencies such
as InvesTT, and for the country itself.
But what’s better than a success story? A successful second act. In 2017
iQor re-invested, opening another contact centre (this time in Barataria) and
employing hundreds more. In total the company has invested well over US$7
million and employed up to 700 people.
The iQor investment is only one of many. News briefs on foreign
investment and the exploits of state agencies tend not to hold the public’s
attention, but for those who understand the needs of the economy, something
exciting is happening. Trinidad and Tobago, after much groundwork, is
becoming recognised as a fabulous destination for investment.
“There is a lot of interest in Trinidad and Tobago,” says Christopher Lewis,
president of InvesTT. “We closed eight investments for the fiscal year. Our
target was four.”
Lewis puts the value of the investments at US$180 million, which is
impressive, but their true worth goes well beyond that. Locked in dependency
on its energy sector for many years, the country has been seeking ways to
develop new industries and diversify the economy. It is the role of state
agencies such as InvesTT, created in 2012, to facilitate that process. Success
has been limited. But the times appear to be changing.
“Opportunities are abounding right now and will continue over the next
two decades,” says John Hadad, co-CEO of the HADCO Group. HADCO has
partnered with businessman Paul Gabriel on a multi-million-dollar ice cream
manufacturing venture, Creamery Novelties, which includes a TT$35 million
plant. “HADCO has opportunities coming at us every single day. I would
unequivocally recommend Trinidad and Tobago as an investment destination.”
The role of InvesTT
As analysts will point out, the country has been an attractive destination for
investment for some time. Among its standout features are its low energy cost,
a well-educated labour force, strategic location (near the US, Canada, Latin
America and Europe, and just outside the main hurricane belt), relatively strong
chamber.org.tt
March 2019 41

Blueprint for a Bold New Economy
industrial base and infrastructure, stable government, and
an enticing culture.
At heart, Trinidad and Tobago’s problem with
attracting foreign investment is that, outside the energy
sector, the country hasn’t been spending a great deal
of effort looking for it. This legacy manifests itself in
the bureaucratic hurdles to doing business. “Inefficient
government bureaucracy” is listed as one of the most
problematic elements of doing business in Trinidad and
Tobago in the World Economic Forum in the Global
Competitiveness Report.
The problem with attracting foreign
investment is that the country
hasn’t been spending a great deal
of effort looking for it
“From an investment point of view it is challenging,”
says Ashley Parasram, founder of Trinidad and Tobago
Fine Cocoa Company (TTFCC), a bean-to-bar chocolate
manufacturer headquartered in Piarco. “But I think people
are aware of the challenges and working to address them.”
Being the bridge between the investor and the many
offices of the state is one of InvesTT’s most important
functions. “That’s one of the main reasons investors come
to us,” says Christopher Lewis. “We help them navigate
InvesTT’s investment picks
Where does InvesTT see strong investment potential?
➤ Maritime services “Transshipment has been big for us,”
says Christopher Lewis. “One investment that we closed this
fiscal was with Transocean for a cold stacking (parking of
merchant vessels and oil rigs) concern.”
➤ Tourism “We have had major strides in tourism in Tobago,
and now we are trying to bring Trinidad on board.”
●
➤ High-value manufacturing “A study was conducted on
our behalf by PriceWaterhouseCoopers and investment briefs
were prepared on various sectors … LED manufacturing,
battery energy storage, aluminium recycling.”
●
➤ ICT/IT-enabled services “ICT is a strategic sector for us
because with the advances in technology we cannot afford
to be left behind. So we make a special emphasis on trying to
increase the ICT capacity of the country through the types of
investment we pursue.”
●
➤ What do investors want to do? “You never know where
potential investors will come from. They may be in a totally
different sector, and we will judge that on its merits.”
Flagship building, Tamana InTech Park
the bureaucratic path.”
InvesTT helped TTFCC in its pre-launch phase,
providing vital information on the market and procedures
for setting up business in Trinidad and Tobago; it
introduced them to key players in relevant agencies and
operated as their guide.
Engaging the diaspora
TTFCC is a particularly interesting venture because it was
founded by a member of the diaspora. Ashley Parasram
is a Trinidadian who has lived in the UK since childhood.
And although the chocolate manufacturer is a business
concern, he is also guided by the urge to resuscitate
the country’s cocoa industry and contribute to national
development.
“Attracting inward investment from the diaspora
and its networks is where I see the future to be. Those
networks are like gold sitting there,” he says, adding that,
despite the challenges of establishing a new business, “I
am definitely enjoying the fact that if I wanted to, I could
get to a beach very quickly.”
InvesTT and its sister agencies exporTT and CreativeTT
are very aware of the potential of the diaspora. In
February 2018, InvesTT launched “iloveTT”, an initiative
to engage the diaspora, beginning with an online survey
for citizens based outside the country.
Attracting inward investment from the
diaspora and its network is where I see the
future to be
“We have built up a database of about 600-plus diaspora
members,” says Lewis. “That’s InvesTT alone. By the time
we add exporTT and CreativeTT, we hope we will have
about 1,000 names.”
So far InvesTT has received over 382 responses to
its diaspora survey, 92% of which expressed interest in
receiving more information. Another 32% were interested
in trading with Trinidad and Tobago, and 23% in investing.
At the time of this writing, Lewis and his counterparts at
the other agencies were planning a webinar with diaspora
members for February 2019, following a successful event
in 2018 at which they were able to obtain qualitative
information on diaspora interests.
COURTESY INVESTT
42 March 2019 chamber.org.tt

InvesTT
Christopher Lewis
President, InvesTT
What an investor can expect
“Currently we have an investor interested in a BPO (business
process outsourcing project),” says InvesTT president
Christopher Lewis. “They reached out to us. We sent them
information relevant to the sector first, before they arrived
– salary range, locations of people seeking work in
the BPO field, commute times, rental costs for setting up
operations. If or when they come, we meet and greet them
at the airport, and facilitate their entry with Immigration.
We arrange transportation. We take them to two or three
potential sites, based on their requirements. Depending
on the length of their stay, we will introduce them to key
people – maybe in Town and Country Planning, the Ministry
of Trade and Industry, and so forth. And we will of
course follow up afterwards. There may be supplementary
information that they need.”
Lewis sees great potential in this initiative. “They know
Trinidad and Tobago, and generally they are predisposed
to assist. They are a skilled diaspora, skilled and well
connected.”
Potential
“Potential” is a word that comes up often in conversation,
both with InvesTT and investors themselves. There’s a
fresh energy and enthusiasm for the prospects of the nonenergy
sector.
The InvesTT president is quick to point out that securing
new investment takes time, often up to two or three
years. Some of the gains being realised today are the
result of efforts started years ago.
But he is confident that much more can be achieved.
“We are a small team but we are very impactful,” he says.
“Our people are talented and have good relationships with
the ministries and other agencies. We play a critical role.”
And they are selling a valuable product, world class.
chamber.org.tt
March 2019 43

State of the Nation
Economic outlook
Latin America and the Caribbean
The year 2019 is poised to be a better one for the Latin
American economy, after a tough 2018 characterised by a
chaotic election cycle, a decline in emerging market assets,
and a U-turn towards global protectionism.
Regional growth (excluding Venezuela) is projected
at 1.7% in 2019, 2.4% in 2020 and 2.5% in 2021. An
improved labour market, reduced political noise, and the
faded impact of the truckers’ strike in Brazil will chiefly
fuel the region’s acceleration. To a lesser extent, faster
economic growth in Chile and Peru will boost regional
growth. The acceleration of growth in 2019 will be
supported mainly by a rise in private consumption.
Investment growth will accelerate, but at a slower
pace in view of tight financing conditions and planned
reductions in public spending across a number of countries.
Decelerating global trade will also limit export growth
during the forecast period.
In the Caribbean, financing conditions have tightened
against the backdrop of rising US interest rates, dollar
appreciation, and weaker investor sentiment towards
emerging market and developing economies (EMDEs).
The region experienced a fall in equity prices and capital
inflows, particularly bond flows, through the third quarter
of 2018.
Growth among advanced economies
is predicted to drop to 2% in 2019
Current account deficits have widened in most commodityexporting
and commodity-importing economies. Several
Caribbean economies which were not significantly
damaged by hurricanes in 2017 registered narrowing
deficits or widening surpluses as a share of GDP in 2018
due to strong tourism inflows and rising oil prices (e.g.
The Bahamas, Belize, St Vincent and the Grenadines, and
Trinidad and Tobago).
Regional growth (excluding Venezuela) is
projected at 1.7% in 2019, 2.4% in 2020
and 2.5% in 2021
Table 1: Latin America and the Caribbean — real GDP growth at market prices (%)
Year-end
Projected
2017 2018 2019 2020
Latin America 0.8% 0.6% 1.7% 2.4%
Caribbean 3.4% 4.4% 4.0% 4.0%
The domestic landscape
In September 2018, the International Monetary Fund
(IMF) said it expected the Trinidad and Tobago economy
to slowly recover from a deep recession, underpinned by
a strong recovery in gas production.
On the other hand, weak activity in construction,
financial services and trade, along with foreign exchange
shortages and the slow pace of public investment, continue
to dampen non-energy sector growth.
The IMF forecast Trinidad and Tobago’s growth in
2018 at 1.0%, up from a contraction of 2.6% in 2017, and
2019 growth of 0.9% (see Table 2).
Table 2: Trinidad and Tobago growth (IMF forecast)
Real GDP
growth forecast
2017 2018 2019
IMF -2.6% 1.0% 0.9%
Global outlook
According to the World Bank, global economic growth is
projected to soften from 3.0% in 2018 (revised downwards
to 2.9% in 2019). International trade and manufacturing
activity have also softened, while trade tensions remain
elevated and some large emerging markets have
experienced substantial financial market pressures.
Table 3: Global growth rates
Economic growth rates 2018-2019 (%)
2018 2019
3.0 2.9
Growth among advanced economies is predicted to drop
to 2% in 2019. Slowing external demand, rising borrowing
costs, and persistent policy uncertainties are expected to
weigh on the outlook for emerging market and developing
economies.
Rest of the world
The IMF maintained its US growth forecast at 2.5% and
China at 6.2%; but lowered the euro-area outlook to 1.6%
from 1.9%, and boosted Japan’s outlook to 1.1% from
0.9%.
The Economist Intelligence Unit (EIU), however, revised
its forecast in light of the impasse over the Brexit
withdrawal agreement. With the possibility of a second
referendum, it is predicted that a “no deal” Brexit is a less
likely scenario.
The US-China trade war has begun to weigh on
Germany’s economy, with both exports and imports struggling
in November 2018. Industrial production contracted
in November, and as a result the 2019 real GDP forecast
for Germany has been revised downwards from 1.6% to
1.2%. The euro zone as a whole is expected to expand by
44 March 2019 chamber.org.tt

Economic Outlook
METAMORWORKS/SHUTTERSTOCK.COM
1.5% in 2019, down from 1.7% as previously forecast.
Fluctuations in global oil prices in 2018 have led to
the revision of our local oil price forecast. Prices of Brent
crude (from the North Sea between the UK and Norway)
are expected to ease from US$71.1/barrel in 2018 to
US$66/barrel in 2019 (the previous forecast was US$70/
barrel), owing to greater than expected supplies from Iran
and weaker demand growth. We expect oil prices to slump
further in 2020, to an average of US$60.5/barrel (from the
US$67.5/barrel previously forecast for 2020).
South Asia is set to remain relatively insulated from
some of these global uncertainties, and will retain its
top spot as the world’s fastest-growing region in 2019.
However, the deceleration in commodity exports will stall
economic growth at a weaker-than-expected 4.2% this
year in the South Asian region.
FDI
According to the United Nations Conference on Trade
and Development (UNCTAD), inflows of global foreign
direct investment (FDI) continued their decline in 2018,
following a 23% decrease in 2017 from the previous year,
with a 41% decrease estimated for the first half of 2018.
References
“Expectations for Latin America’s Economy in 2019: Economic Forecasts
from the World’s Leading Economists.” Focus Economics, 18 December
2018, www.focus-economics.com/blog/expectations-for-latin-americaseconomy-in-2019.
“Trinidad & Tobago Holds Rate, Slack Growth, Low Inflation.” Central Bank
News, 28 December 2018, www.centralbanknews.info/2018/12/trinidadtobago-holds-rate-slack-growth.html.
“Darkening Prospects: Global Economy to Slow to 2.9 Percent in 2019 as
Trade, Investment Weaken”. World Bank, January 2019. www.worldbank.
org/en/news/press-release/2019/01/08/darkening-prospects-globaleconomy-to-slow-to-29-percent-in-2019-as-trade-investment-weaken.
Country Forecast – Global Outlook. The Economist Intelligence Unit, 13
January 2019.
In September 2018 the International
Monetary Fund (IMF) said it expected the
Trinidad and Tobago economy to slowly
recover from a deep recession
Following tax reforms implemented by the US government,
the decline in global FDI in developed countries
was mainly due to large repatriations of foreign earnings
from affiliates of the US.
chamber.org.tt
March 2019 45

State of the Nation
Energy update
Local crude oil and natural gas production and usage
➤ Figure 1 shows that the top 3 oil
producers have remained unchanged
from Q3 2017 to Q3 2018. It is
important to note that, for the same
period, Trinidad and Tobago was
actually a net importer of crude oil,
as shown in Figure 2.
Fig. 1: Top oil producers (avg. bopd)
20,511
11,820
11,592
17,137
11,984
10,219
ILLUSTRATIONS (ICONS): THE NOUN PROJECT
Q3
2017
Trinmar
Petrotrin
Perenco
Q3
2018
Trinmar
Petrotrin
Perenco
Fig. 2: Imports vs exports of crude oil (bbls)
7,752,250
1,987,342
7,218,718
1,881,494
Q3
2017
Imports
Exports
Q3
2018
Imports
Exports
➤ As can be seen in Figure 1, when
comparing Q3 data from 2017
and 2018, between the top three
producers there was an average
decline in oil production of 10.43%.
Over the same time period there
was an average 8.28% increase in
natural gas output (Figure 4). Figure
3 also shows that the LNG sector
continues to be the major user of
natural gas locally, accounting for
almost 56% of total production.
Fig. 3: Natural gas utilisation by sector
Q3 2018 (avg. mmscf/d)
3,269
LNG
(1,817)
Ammonia
(547)
Methanol
(444)
Power
(257)
Refinery
(96)
Other
(109)
Fig. 4: Top local natural gas producers
Q3 (avg. mmscf/d)
1,993
Q3
2017 BPTT
1,974
Q3
2018 BPTT
513
Shell
531
Shell
527
EOG
474
EOG
Source: MEEI Consolidated Report 2017 & 2018
46 March 2019 chamber.org.tt

Energy Update
A comparison of Q3 2017 and Q3 2018 production
and export levels for energy and downstream products
Q3 2017
Q3 2018
Natural gas production (mmscf/d)
Crude oil condensate production (bopd)
80
➤ A comparison between Q3 2017
and Q3 2018 shows that monthly
natural gas production levels
improved, with the exception of
September 2018 where production
levels declined drastically
Thousands
4
40
➤ Downstream products on average
show decreases in production
levels in Q3 2018
3
July August September
0
July August September
➤ Crude oil production shows a
downward trend in Q3 2018
450
Ammonia production (mega tonnes)
500
Ammonia export (mega tonnes)
Thousands
400 250
350
July
August
September
0
July
August
September
Methanol production (mega tonnes)
Methanol exports (mega tonnes)
500
600
Thousands
300
300
0 0
July
August
September
July
August
September
Urea production (mega tonnes)
Urea exports (mega tonnes)
70
90
Thousands
40
50
0 0
July
August
September
July
August
September
Source: MEEI Consolidated Report 2017 & 2018
chamber.org.tt
March 2019 47

The Chamber and Its Members
Welcome,
new members!
The Chamber extends a very warm welcome
to companies and individuals who have become
members in recent months
MCS Software Limited
91 Cascade Road
Cascade
627-0114
kent@mcssoftware.biz
Dr John Gedeon
Maracas
St Joseph
764-8113
Jieovane Investments Limited
O’Meara South Main Road
Arima
725-2929
COURTESY SIMONE ANDREWS
HR Management made simple.
48 March 2019 chamber.org.tt

chamber.org.tt/CONTACT-MAGAZINE March 2019
49

FROM THE HOUSE OF ANGOSTURA
top ten BEST SELLING RUM
top TEN trending RUM
2019
as voted by the world’s best bars
2019
as voted by the world’s best bars