Contact Vol19 No2 June2019

Vol.19 No.2 – June 2019
The Voice of Business in Trinidad & Tobago
CSME
Are we getting it right?

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Vol.19 No.2 – June 2019
Contents
Editor’s note 7
Natalie Dookie introduces this issue of CONTACT
Special Section
CSME: Are we getting it right?
On the cover:
Mia Mottley, the Barbados Prime
Minister, has the lead responsibility
for the CSME (Caricom
Single Market and Economy).
Photo courtesy: Prime Minister’s
Office, Barbados
Small economies, big plans 8
The CSME (Caricom Single Market and Economy) was
launched with much optimism 30 years ago, but has
disappointed many. Colin Soo Ping Chow examines the
background
Can private sector energy help push
CSME forward? 14
Renatta Mohammed looks at how Barbados Prime Minister
Mia Mottley hopes to give CSME new energy
Companies welcome CSME movement 19
Karibbean Flavours and Guardian Life share their
CSME experiences with Sasha Murray
The voice of business: labour relations 22
CONTACT talks to three business leaders about the industrial
relations climate in Trinidad and Tobago and how it could be
improved
Are you ready for a natural disaster? 24
Trinidad and Tobago is vulnerable to cyclones, earthquakes
and floods, as well as other hazards. Ravindranath Goswami
explains why businesses and their leaders need to be
prepared
Business profile: Angela Lee Loy 30
Pat Ganase talks to one of Trinidad and Tobago’s most
distinguished business leaders about her career and
outlook, and about building her group of companies
The Chamber’s growth
and learning corner 35
Three business leaders tell CONTACT what they have
been reading as they seek continually to expand their horizons
Innovation in business:
meet the “agripreneurs” 36
Jeanette Awai meets young entrepreneurs building innovative
projects in the agriculture sector
Five top facts about the Caricom market 41
Test your knowledge about our regional market and its
members with Sasha Murray
Economic outlook 43
The Chamber’s experts review the current global and regional
situation and look ahead towards the rest of 2019
Energy update 46
How is our vital oil and gas sector doing? Here’s the recent data
Welcome to new members 48
The Chamber extends a warm greeting to members who have
recently joined
4 JUNE 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: (868) 622-3821 • Fax: (868) 628-0639
Email: info@meppublishers.com • Website: www.meppublishers.com
Editor
Online editor
General manager
Page layout & design
Advertising
Production
Editorial assistants
Natalie Dookie
Caroline Taylor
Halcyon Salazar
Kriston Chen
Evelyn Chung, Tracy Farrag,
Mark-Jason Ramesar
Jacqueline Smith
Shelly-Ann Inniss,
Kristine de Abreu
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 KARIBBEAN FLAVOURS
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

6 JUNE 2019 chamber.org.tt

Editor’s note
Editor’s note
So why are we still discussing and
not benefitting from full CSME
implementation in 2019? In this issue of
CONTACT, we explore these concerns and
more in CSME: Getting it right!
Even the world’s largest trading bloc wants the Caribbean to get to work
on advancing the Caricom Single Market and Economy (CSME). Having
invested several millions over the past decade, to support the development of
CSME and the implementation of the European Partnership Agreement, the
European Union (EU) wants to see action. The private sector and citizens in
the region want the same.
The EU is the world’s largest economy, with a GDP per head of
US$28,000 for its 500 million consumers. Its founding charter, the Treaty of
Rome, was signed in 1957 by six states. Today the EU comprises 28 member
states (including the UK pending Brexit). How has the CSME fared in comparison?
Established three decades ago in 1989, the CSME was a strategic project
intended to deepen regional integration and better respond to the challenges
and opportunities presented by globalisation. Not all 15 Caricom member
states are part of the CSME. Montserrat requires entrustment (approval) from
the United Kingdom. The Bahamas has stated its intention not to get on board.
Haiti is a partial participant, with full integration carded for 2020 (when it
will add another 11 million consumers to the market).
So why are we still discussing, and not benefitting from full CSME implementation
in 2019? Is it lack of political will? Not enough strong decisive
leadership in the region? In this issue of CONTACT, we explore these concerns
and more in CSME: Are we getting it right?
We examine whether small economies can realise big plans in the current
geopolitical and economic climate of the region. We look at the Barbados
Prime Minister's plans and priorities for CSME; and then consider the realworld
CSME experiences of Karibbean Flavours and Guardian Life.
In this issue of CONTACT, we also introduce several new features and
concepts, starting with our “Five Top Facts” about Caricom markets. You will
also hear from key business leaders on the labour relations climate in Trinidad
and Tobago, in “The Voice of Business”. We launch our new business profile
feature with “Angela Lee Loy: breaking business barriers”. Our second new
feature, “Innovation in business”, examines Caribbean Cure and Epilimnion
Aquaculture agri-businesses. As we prepare for the next rainy season, consider
if your business is ready for a natural disaster.
We close off our new content with “The Chamber’s Learning and Growth
Corner” – want to improve the way you do business? Check out what business
leaders are reading. Finally, the Chamber examines economic prospects for
the region, and delves more closely into the local energy sector’s performance.
It’s always a privilege to welcome new members of the Chamber and of
course, new readers to CONTACT. We look forward to your feedback on this
packed issue: let us know what you think of the new content.
Natalie Dookie, Editor
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JUNE 2019 7

COURTESY CARIBBEAN COMMUNITY

CSME: Are we getting it right?
Small economies, big plans
Established 30 years ago with lofty ideals, the intention of the Caricom
Single Market and Economy (CSME) was to provide more and better
opportunities for employment, trade and investment. What have we
achieved over the past three decades? How can we get CSME right, in
order to advance the region’s growth and development?
by Colin Soo Ping Chow
Executive Chairman, EY Caribbean
When the Caricom Single Market and Economy (CSME)
was established in 1989, the vision was clear: we would
create a single, regional economic zone, not unlike the
European Union (EU), which would be an attractive
destination for business and foreign investment. This
would be facilitated by the free movement of labour, and
supported by laws and regulations designed to grow intra-
Caribbean and extra-regional trade.
Thirty years have since passed, and we are nominally
closer to this goal.
several problems including potential defaults on foreign
loans as foreign exchange reserves declined precipitously.
To address these challenges, Barbados increased its debt,
maintained its fixed exchange rate, and continued its
expansionist policies.
Guyana, on the other hand, in trying to deal with
its own difficulties, adopted a strategy which involved
the nationalisation of major enterprises across a wide
spectrum. This strategy eventually failed, and the country’s
economy fell into recession.
The background
In the 1990s, immediately after the formation of the CSME,
four of the larger Caricom member states – Trinidad and
Tobago, Barbados, Jamaica and Guyana – simultaneously
encountered serious economic difficulties.
Dr Alvin Hilaire, then a
senior economist with the International
Monetary Fund, wrote
an article reviewing the countries’
strategies for economic stabilisation.
Trinidad and Tobago and
Jamaica both sought to address their difficulties with a
range of remedial actions including debt reprofiling, major
currency devaluations, public expenditure cuts, rationalisation
of state assets, and intervention in the financial services
sector. These measures came at a huge cost to their
respective economies.
Barbados’s major sectors – tourism, sugar and
manufacturing – were all declining, and the country faced
On reflection, one can argue that the
ambitions set out in the 1989 Grand
Anse Declaration (for the advancement
of the integration movement) were
always going to be difficult, though not
impossible, to achieve
Impact of economic challenges
On reflection, one can argue that the ambitions set out in
the 1989 Grand Anse Declaration (for the advancement
of the integration movement) were always going to be
difficult, though not impossible, to
achieve. Today, by and large, the
CSME objectives have not been
met.
While some commentators
can justifiably criticise Caribbean
governments for their lack of execution,
one view is that it would
have been incredibly difficult to achieve common market
status while the larger economies in the trade zone
were seriously afflicted by economic challenges. Out of
necessity, these governments became internally focused on
their individual economic priorities. It is arguable, then,
that the interests of the wider group of member states
would not have been aligned regionally – a pre-requisite
for achievement of the CSME goals.
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JUNE 2019 9

CSME: Are we getting it right?
Today, almost three decades since the
formation of the CSME, many Caricom
member countries are still experiencing
challenging economic circumstances
So what does the future hold
for small economies in a world
experiencing trade wars, Brexit, and
crisis in our neighbour Venezuela?
The return of sustainable growth in 2000 and beyond was then impeded by the
2009 global financial crisis. This affected most of the world’s more developed
countries, and ultimately led to long periods of economic decline in Caribbean
countries highly dependent on the offshore sector, and other countries vulnerable
to external shocks.
Today, almost three decades since the formation of the CSME, many Caricom
member countries are still experiencing challenging economic circumstances.
This has been exacerbated in no small measure by the external pressures exerted
by the EU and the Organisation of Economic Cooperation and Development in
their efforts to regulate the financial systems of these countries. These issues
and other internal pressures have resulted in the Caribbean states, with few
exceptions, being unable to attract adequate levels of foreign direct investment;
and economic growth is anemic at best.
The region's challenge
So what does the future hold for small economies in a world experiencing
trade wars, Brexit, and crisis in our neighbour Venezuela? How do small
nations realise big plans in a world fraught with major geopolitical events?
How will Caricom deal with these challenges, which have potentially disastrous
consequences for regional economies?
These are challenges that affect citizens in all our countries; they require
collaboration between businesses and governments in the region; they can only
be addressed by doing things differently – by innovating. No longer can the
Caribbean ignore the impact of these global trends and the potential debilitating
effects on our economies.
As 2020 approaches and we continue to look to the future, it is imperative
that our countries, despite lacking scale, develop bigger, bolder plans if we are
not to be left behind. There is a unique opportunity for regional governments
to work with the private sector to jump-start the realisation of the CSME vision.
First, we need to transform the public sector, the way we do business, and
put the needs of our citizens at the forefront.
Globally, transformation is driven by four mega-trends currently disrupting
the way we do business and how we compete:
• Technology: The rapid evolution of technology is enabling far-reaching
changes in society, and agile responses to these changes are being
demanded of business and government at a faster rate than ever before.
• Transparency: The demand for increased transparency in business and
government is transforming how we communicate to increase public and
private stakeholder engagement.
• Talent: The evolution of our talent needs will demand fundamental
changes in our education systems as governments and business seek to
develop a technologically-based workforce that can drive change and
competitiveness for business and government.
• Trade: The business and politics of global trade are being reshaped, and
government and business need to embrace new ways of helping, not
hindering, regional and international trade.
These four T’s, together with climate change and aging demographics, are
serious issues which governments in small, fragmented markets can face with
a collaborative effort across borders and across sectors.
10 JUNE 2019 chamber.org.tt

CSME: Are we getting it right?
Caricom and CSME member states, 2019
All 15 countries below are Caricom member states. These are the 12 full CSME member states: Antigua and Barbuda, Barbados, Belize,
Dominica, Grenada, Guyana, Jamaica, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, Suriname and Trinidad and Tobago.
Montserrat requires entrustment (approval) from the UK. Haiti is a partial CSME participant, with full integration carded for 2020.
The Bahamas is not a participant.
Key facts on CSME:
What is the CSME?
The CSME is a single large economic
space, created through the removal
of restrictions and resulting in the free
movement of:
• Goods
• Services
• Labour/Skills
• Capital
• Technology
6 million
MARKET
SIZE (Current)
+11 million
With Haiti in 2020
Key elements of CSME are:
1. Provision for the free movement
of goods, services and people
2. Provision for the free movement
of capital: through convertibility
of currencies (or a common currency)
and an integrated capital
market, such as a regional stock
exchange
3. A Common External Tariff and
free circulation of goods imported
from extra-regional sources
4. The establishment of a common
trade and economic policy
5. Right of establishment of
Caricom-owned businesses in any
member state without restrictions
6. Harmonisation of laws
Milestones
• The decision was taken in 1989
to establish the CSME in order to
deepen the integration movement.
• On 1 January, 2006, the Single
Market component of the CSME
came into being, initially involving
Barbados, Belize, Guyana, Jamaica,
Suriname, and Trinidad and Tobago.
The Caricom passport:
• Heads of Government agreed to the
issuance of a Caricom passport by
member states as a defining symbol
of regionalism.
• All twelve independent member
states participating in the CSME
now issue the Caricom passport.
Source: Natalie Dookie, Editor, CONTACT
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12 JUNE 2019 chamber.org.tt

CSME: Are we getting it right?
To realise the CSME vision, business
and government must collectively
embrace digital transformation as
an imperative, not an option
Colin Soo Ping Chow
Executive Chairman, EY Caribbean
The CSME will only accomplish
its ambitious goals if businesses,
governments and civil society are
prepared to collaborate, reinvent
themselves, and build a single
market and economy that is fit for
the transformative age. That’s how
we can get it right
Begin the journey now
To realise the CSME vision, business and government must collectively embrace
digital transformation as an imperative, not an option. This involves much more
than just acquiring new technology. It requires an overhaul of organisational
structures, governance, work processes, culture, and – most importantly –
mindset. Without this new mindset, real progress will remain difficult to achieve.
There is sufficient empirical evidence to support the proposition that
governments which effectively harness the power of digital transformation can
create better outcomes for citizens.
The benefits of public investment in technology can be seen in the example
of Estonia. One of the smallest countries in Europe, with a population of
1.3 million, Estonia only gained independence in 1991. Since then, it has
transformed itself, through innovation in the public sector and investment
in technology, from a country with little public infrastructure to a leader in
e-government.
It is estimated that 99% of all instances where Estonian citizens interact with
their government are through digital technology. E-government can provide
services more effectively and efficiently, find new solutions to policy challenges,
commercialise some public services, and develop new sources of revenue.
Like Estonia, CSME investment in digital transformation has the potential
to transform the entire region.
The bottom line
In summary, the Caribbean cannot continue to inch forward step by step and
still keep pace with today’s world. The CSME will only accomplish its ambitious
goals if businesses, governments and civil society are prepared to collaborate,
reinvent themselves, and build a single market and economy that is fit for the
transformative age. That’s how we can get it right.
The CSME set lofty goals in 1989, and the limited progress to date forces us
to ask some uncomfortable questions. Are we motivated to take the necessary
steps and actions to build a real common market, or are we still guarding our
individual castles? Can the Caribbean emerge stronger and more unified despite
differences in size, sectors, opportunities and challenges?
The answer is YES. But the goals of the CSME can no longer be set in
stone. They need to be supported by a dynamic organisational structure that is
autonomous, well-funded, and backed by governments which recognise that,
in a rapidly-evolving environment, the economic models of yesterday may not
be relevant tomorrow.
The fourth industrial revolution has arrived. The time to begin the journey
is now.
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JUNE 2019 13

CSME: Are we getting it right?
Can private sector energy
help to push CSME forward?
Barbados Prime Minister Mia Mottley has promised to unlock the growth
potential of the CSME. The business community has pointed to a disconnect
between intent and reality. How can the private sector help with the
advancement of CSME?
by Renatta Mohammed
Regional Business Development Consultant,
iSolutions Caribbean
Mia Mottley, Prime Minister of Barbados
with lead responsibility for the Caricom
Single Market and Economy (CSME), is
committed to resuscitating the regional integrated
development strategy – and in a historic move, has
invited the private sector and labour to help do so.
Caricom’s Secretary General and Heads of Government
have openly conceded that the CSME has
been sluggish in delivering on its original intent.
Mottley agrees and is acting with urgency.
“Our only way out is to turn this region into
an economic power of note within the Americas.
It cannot happen with individual countries trying
to put one plus one, one by one by one. But if we
come together, in the context of a strong single
economy and a strong single market, all of a sudden
it looks different,” she has stated. “That battle
towards dominance requires a Usain Bolt approach,
not a Carnival-like (chip) approach.”
Speaking at the 14th regional Investments
and Capital Markets Conference in Jamaica at the
start of 2019, Mottley reiterated that the decision
to include stakeholders such as labour, the media,
youth and the private sector, is intended to “unlock
growth within the region”.
“Our political leadership must facilitate and shepherd,
not control and stifle,” she declared in her
maiden address. “What is most needed, I am convinced,
is to give our people the scope to express
their natural inclination to get things to a conclusion
in ways that are productive and beneficial to
the region as a whole. Our people should not have
to jump through hoops to make this happen.”
COURTESY PMO BARBADOS
Prime Minister of Barbados Mia Mottley addresses the press after a special Caricom meeting on CSME
Unity is essential
But what’s in it for the individual markets, the private
sector and the people of the Caribbean? The
initial vision cites the main benefits as: “more and
better opportunities to produce and sell goods and
services and to attract investment; greater economies
of scale and increased competitiveness”. The
business community has publicly down-cried the
disjoint between intent and reality, but acknowledges
that the time is right to re-visit the CSME,
arguing that if we are to thrive within a changing
global economic climate, we must move collectively.
This climate has contributed to Mottley’s sense
of purpose.
The survival of small states such as ours, she has
said, depends on unity, “not just economically but
in the world of diplomacy”. More than ever, “we
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CSME: Are we getting it right?
BUSINESS
••
Access to a larger market of consumers
••
Strengthened competitiveness
••
Creation of regional companies
••
Harmonised standards of production
••
Increased economies of scale
COUNTRIES
THE BENEFITS OF FULL IMPLEMENTATION OF THE CSME
CITIZENS
CSME
••
Enhanced investment opportunities
••
Common voice in in
international trade negotiations
••
Increased inflows of new capital, entrepreneurs and technology
••
Added intra-regional cooperation on human and social development
••
Improved services sector
••
Wider choice of goods and services
••
Lower consumer prices
••
Increased opportunities to invest via
direct stock ownership or mutual
fund investments
• Greater employment, travel
and study opportunities
need to stay together”, using Caricom as the vehicle
to allow regional countries to take “principled
decisions”. To ensure that CSME remains a priority
among the various national goals within the region,
Mottley has moved to convene prime ministerial
sub-committee meetings on a quarterly basis with
annual stakeholder consultations; and, coming out
of the December 2018 meeting in Trinidad, the St
Anns Declaration was crafted.
This newest manifesto includes an amendment
to allow representatives of the private sector and
the Caribbean Congress of Labour to participate
in Caricom Heads of Government meetings, giving
both business and labour a voice at the head
table. It also welcomes Haiti’s commitment to full
integration carded for 2020, which will add another
11 million consumers to the
market. The St Anns Declaration
speaks to the challenges
of our times and reflects
Mottley’s leadership style of
openness and inclusion.
Frustration
But already there are hints of
frustration. After a March 2019 summit in St Kitts,
Mottley said she found it difficult to face the media
and inform the region “that the contingent rights,
the protocol that was signed in July, still cannot
The Caricom Secretariat building, Georgetown, Guyana
The business community has publicly
down-cried the disjoint between intent
and reality, but acknowledges that
the time is right to re-visit the CSME,
arguing that if we are to thrive within a
changing global economic climate, we
must move collectively
be provisionally applied, because we do not have
enough member states who have signed; and that,
in spite of the declaration in Montego Bay [July
2018], we are not in a position to guarantee, in accordance
with the treaty . . .
a framework for dependents
and spouses.”
She also spoke of being
“a bit embarrassed” that,
having taken decisions on
the movement of agricultural
workers and security
guards during the December
2018 meeting in Trinidad, the tail appeared to be
wagging the dog. As an example, she suggested
that the Council for Human and Social Development
appeared to be “wagging” the Caricom lead-
COURTESY CARIBBEAN COMMUNITY
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JUNE 2019 15

CSME: Are we getting it right?
ST ANN’S DECLARATION ON CSME
Key agreements — Heads of Government of the Caribbean
Community (Caricom), meeting in Port of Spain, Trinidad,
3-4 December, 2018:
••
Agreed on a formalised, structured mechanism
to facilitate dialogue between the Councils of the
Community and the private sector and labour
COURTESY CARIBBEAN COMMUNITY
••
Agreed to amend the Treaty to include as Associate
Institutions representative bodies of private sector and
labour
••
Agreed that that those Member States so willing would
move towards full free movement within the next three
years
••
Mandated that steps be taken to deepen cooperation
and collaboration between the Secretariats of Caricom
and the OECS to avoid duplication and maximise the
use of scarce resources
••
Agreed to reinforce the operation of security
mechanisms to ensure the integrity of the regime
allowing the free movement of Caricom nationals
••
Agreed to examine the re-introduction of the single
domestic space for passengers in the region
••
Agreed to work towards having a single security check
for direct transit passengers on multi-stop intra-
Community flights
••
Agreed to include agricultural workers, beauty
service practitioners, barbers and security guards in
the agreed categories of skilled nationals who are
entitled to move freely and seek employment within the
Community
••
Reiterated that a skills certificate issued by one
Member State would be recognised by all Member
States
••
Agreed to complete legislative and other arrangements
in all Member States for all categories of free
movement of skilled persons
••
Agreed to finalise the regime that permits citizens
and companies of the Community to participate in the
public procurement processes in Member States by
2019
••
Agreed to take all necessary steps to allow for mutual
recognition of companies incorporated in a Caricom
Member State
••
Welcomed Haiti’s commitment to full integration into
the CSME by 2020
••
Appointed Professor Avinash Persaud to lead a
restructured Commission on the Economy to advise
Member States on a growth agenda for the Community.
Source: CARICOM, 2019, https://caricom.org/media-center/
communications/press-releases/st-anns-declaration-on-csme
Caricom Heads of Government with Cuban President Miguel Díaz-Canel in Jamaica
ers, since it was yet to reach a consensus on who is an
agricultural worker in the Caribbean.
“It has to do with the fundamental governance of this
institution because we need to be dealing with the strategic
issues here – and not having to now remove the
cobweb,” she warned. But cobweb removal seems to be
a necessary early step if this resurgence of energy is to
amount to tangible achievements.
The Heads of Government have proposed
that, while the CSME must remain at the
heart of regional integration, it must move
beyond functional cooperation – and regional
governments and the private sector are
being asked to share that vision
“Major policy decisions and the adoption of legal instruments
take much too long to be negotiated. We must
do more and do it more quickly,” Caricom’s Secretary
General, Ambassador Irwin LaRocque, has been quoted
as saying, even as he itemised accomplishments of the
CSME over the last 30 years.
Mottley has also cited “psychological impediments
and the closed mindsets in some quarters of officialdom”
as some of the reasons for the under-achievement of
Mottley says that, the survival of small states
such as ours, depends on unity, “not just
economically but in the world of diplomacy”.
More than ever, “we need to stay together”,
using Caricom as the vehicle to allow regional
countries to take “principled decisions”
the CSME. She explained that because the practical
implications of decisions are sometimes not worked
out beforehand, and the recording of decisions is often
not clear and precise, “these [decisions] fall victim to
bureaucratic inertia or resistance from those who did not
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CSME: Are we getting it right?
COURTESY PMO BARBADOS
Barbados Prime Minister Mia Mottley at the Intersessional Meeting of Caricom Heads of
Government in St Kitts
participate meaningfully in their design or have not
been fully enlightened as to their positive purpose.”
Share the vision
The Heads have proposed that, while the CSME must
remain at the heart of regional integration, it must
move beyond functional cooperation – and regional
governments and the private sector are being asked to
share that vision. Mottley also acknowledges the need
for the regional Heads to continue self-analysis and
introspection.
She has pointed to the lack of movement on regional
travel by air and sea – and is now treating that
as a matter of priority. She has noted that there are
elements to the free movement of people that still need
to be addressed. She has announced that Barbados will
be removing the visa restrictions for Haiti, a signatory
to the Revised Treaty of Chaguaramas. At every given
opportunity, Mottley has called for better communication
and sharing of information across the region.
The original list of sectors to focus on under the
CSME was long. Some goals have been achieved –
but not enough to be felt in any substantial way
by the region’s business community and other key
stakeholders. So Mottley has championed a new and
narrower focus. Four key sectors for development
have been identified – renewable energy, agriculture
and food security, information and communication
technology, and maritime and air transport.
“The bottom line is that our economies are not necessarily
capable of surviving on their own in this difficult
and turbulent world . . . we need a greater level
of population to drive economic growth, and smarter,
seamless decisions to be able to fuel that economic
growth,” Mottley said.
All eyes are optimistically upon the CSME’s newest
instigator, plot twists and all.
ABOUT HAITI
Although Haiti’s business climate is challenging, it is one of the most open economies in the region. Its legislation
encourages foreign direct investment and provides the same rights, privileges, and protection to local and foreign
companies.
11 million
Population
Port-au-Prince
Capital
$766 US
GDP per capita
••
Most Haitian businesspeople speak English
••
Haiti has preferential access to major markets including
Canada, the US, and the European Union
••
Four major international security-certified ports
••
Two international airports offer daily flights between Haiti
and the US
••
There are few government controls or subsidies
••
The transport, telecommunications and oil sectors attract
most of the investors. More recently, construction, textiles,
and the manufacture of automotive components have also
attracted foreign investment
••
Weekly shipping service from Trinidad to Haiti
••
Level playing field for T&T exporters, as all countries face
the Most Favoured Nation (MFN) rate.
Sources: export.Gov, Haiti-Market Overview, https://www.export.gov/article?id=Haiti-Market-Overview;
exporTT, Why Haiti?, https://exportt.co.tt/2018/06/21/haiti-is-next-up-on-our-agenda/
chamber.org.tt
JUNE 2019 17

Services
The human
benefit of
machine
learning
Visit accaglobal.com/digital
COURTESY CHRISTINA MORELLO / PEXELS.COM
18 JUNE 2019 chamber.org.tt

Companies welcome
CSME movement
by Sasha Murray
Freelance writer
CSME: Are we getting it right?
The CSME remains a work in progress. Designed to let the region capitalise on its natural,
human and financial resources, its potential remains mostly untapped. Two Trinidad-based
firms, Karibbean Flavours and Guardian Life, explain the impact that the CSME has been
having on their regional businesses
The slow progress of CSME integration
“has resulted in a decline in economic benefits
and trade performance in the region when
compared with the 1970s,” according to
panellists at the annual general meeting
(AGM) of the Trinidad and Tobago Chamber of
Industry and Commerce. Held earlier this year
in April, the theme of the AGM’s lunchtime
discussion was the CSME.
So the recommendation made by the
Caricom Review Commission in its 2017 report
– to amend the treaty governing Caricom to
institutionalise the involvement of the private
sector – is welcome. Barbados Prime Minister
Mia Mottley, who has lead responsibility for
the CSME within Caricom, has also made it
clear that she accepts the change: the private
sector will have an integral part to play.
In the business world, the hope is that this enhanced
role will finally result in the full integration of the single
market and economy. Better access to wider markets, a
larger consumer base, increased economies of scale,
enhanced investment opportunities, and increased
competitiveness, are all keenly anticipated.
To underline the importance of accelerating CSME’s
evolution, let’s examine the experience of two Trinidad
and Tobago-based companies: RHS Marketing Limited’s
Karibbean Flavours brand, and Guardian Life of the
Caribbean Limited.
Karibbean Flavours: CSME helped grow our intraand
extra-regional imports
Since 1996, Ravi Sankar, founder of RHS Marketing
Limited, has been manufacturing and distributing a
wide range of premium seasonings, spices, condiments,
drinks, essences and browning products under the
Karibbean Flavours brand. Many of the products have
their roots in the region’s exotic cuisine and reflect a combination
of cultures and tastes.
The CSME has worked well for his company, Sankar
says, helping it to grow from a local supplier to a regional
COURTESY KARIBBEAN FLAVOURS
exporter. Starting with a small shipment to Antigua,
Karibbean Flavours now has a presence on store shelves in
several Caricom countries, including Barbados, Dominica,
Grenada, Guyana and Suriname.
“Regional distributors found it economical to purchase
from us under the CSME, as compared to the United States,
because there were no taxes on imports from Trinidad and
Tobago. Through the certifying body in Trinidad we were
able to get Caricom certificates for all the products we
produce, and this made it attractive for buyers.”
“We’d like to see some real initiatives come
out of CSME, that make the ease of doing
business across the region better and that will
ultimately benefit the populations as a whole”
When supply is not available locally, Karibbean Flavours
has also benefitted from duty-free access to ingredients
such as pepper and thyme, sometimes at lower prices.
The process is not without its challenges, however.
Sankar explains that, when shipping products, he
sometimes experiences difficulties in obtaining the relevant
documents on time from customs and excise. The delays
result in added costs for storage, among other things.
chamber.org.tt
JUNE 2019 19

CSME: Are we getting it right?
Karibbean Flavours products
can also be found beyond
the Caribbean, in the United
States, the United Kingdom
and Canada. Sankar says that
having a regional presence
has helped the firm expand
internationally. “With our
brand well represented in
Caricom, it is easier for diaspora
and tourist consumers who
reside in international markets
to recognise it.”
Customer Appreciation Day and 10th anniversary celebrations in Barbados
Guardian Life: a fully implemented
CSME benefits everyone
Guardian Life is a dynamic insurance and financial
institution which provides financial services across four
major territories in the English and Dutch Caribbean,
including Trinidad and Tobago, Jamaica, and Barbados.
Established in1980, with head offices in Westmoorings,
Trinidad, Guardian Life is engaged in underwriting all
classes of long-term individual and group life, health
and pensions insurance business, as well as associated
investment activities.
“As a pan-Caribbean group, we
are starting to see the impact
of regional integration, where
our customers’ behaviours
are changing. For example, if
customers from Jamaica have
a policy in Trinidad, they want
to know more about how we
effect these transactions. So
it’s really about having the
framework in place, to allow
the free movement of people
and the free movement of business to grow, and have
greater access to markets and greater convenience.” Pascal
also notes that, even though “we all have very common
backgrounds, there are multiple regulators with multiple
financial standards to be dealt with.”
While hoping that ongoing work will yield tangible
CSME benefits for all, “we’d like to see some real initiatives
come out of it, that make the ease of doing business
across the region better and that will ultimately benefit
the populations as a whole. Where we realise investment
opportunities through expanded markets. This could only
redound to everyone’s benefit in the long run: governments,
policy holders, and the organisations in between.
COURTESY GUARDIAN GROUP BARBADOS
20 JUNE 2019 chamber.org.tt

Advertorial
Export-Import Bank
of Trinidad and Tobago
The Export Import Bank of Trinidad and Tobago Limited (EXIMBANK) remains the
only official Export Credit Agency (ECA) in the country. It has emerged out if what
was formerly the Trinidad and Tobago Export Credit Insurance Agency (EXCICO),
which was established in 1973 by the Government to promote the export of goods
and services. This allows regional buyers access to a wide range of manufactured
goods on credit terms.
EXIMBANK’s operations are funded principally by its own financial resources accumulated from profitable trading
operations over the years, and by various lines of credit provided by major financial institutions. EXIMBANK remains
a profitable, well managed, state owned financial institution working with local and regional financial institutions and
pursuing a business philosophy of promoting selective and controlled expansion of the export sector.
Products & Services
RAw MAtERIAl FINANcINg
This is a short-term loan/direct financing that the
EXIMBANK extends to an approved company to assist
in the payment of inventory, raw materials, semi-finished
or finished products. Once goods are received, the
exporter can now prepare products for local sale or
export. This facility is offered at competitive rates and
is designed for trade transactions that are short-term
and self-liquidated.
The tenor is customised to the exporter’s needs and
usually ranges from 30 to 270 days.
FActoRINg ANd dIscouNtINg
This facility provides short-term financing to exporting
manufacturers, distributors and service providers.
Businesses receive financing in the form of a loan
between 85 and 95 per cent of the invoice value of
export sales, which must be repaid from the assigned
proceeds of payments from EXIMBANK’s approved
buyers. This facility aims to bridge the gap between
the settlement of production costs and export sales
receipts, allowing a business to accelerate cash flow
and shorten operating cycles.
The tenor is designed to fit the relationship between
the exporter and their buyers. The credit period usually
ranges from 30 to 120 days Bill of Lading (B/L) or
Drawdown (DD).
AssEt FINANcINg
This facility can assist manufacturers seeking to perform
equipment upgrades to improve the quality of their
export products or for renovations of their premises.
The tenor is designed to the exporter’s needs and
usually ranges from one to seven years.
EXpoRt cREdIt INsuRANcE
This facility provides risk protection to exporters
against payment default by foreign buyers on goods
and services exported on credit terms. With this
protection, exporters have the confidence to venture
into emerging markets, thereby expanding their export
thrust. With the EXIMBANK credit insurance policy,
exporters can obtain protection against political and
commercial risks.
Premiums vary depending on the buyer’s creditworthiness,
payment terms, and the economic political
environment. Currently the premium rate ranges between
1.6 per cent and 3.5 per cent.
FoREX FAcIlIty
This facility was established by the Government of
Trinidad and Tobago in early 2018 to facilitate export
expansion. This facility is available to established and
existing manufacturers who are currently exporting or
have a confirmed export order. Start-ups or fledgling
manufacturers with confirmed orders will also be
favourably considered. Small to medium sized (SME)
companies with annual sales from TTD$50K but not
exceeding TTD$100M are eligible to apply. Flexibility
will be considered based on export percentage.
Exim House
#30 Queen’s Park West
P.O.S., Trinidad & Tobago, W.I.
Phone: (868) 628-2762
Fax: (868) 622-3545
Email: eximbank@eximbanktt.com
www.eximbanktt.com

Voice of business
the voice of business on. . .
Labour relations
What is your view of the current labour relations climate
in Trinidad & Tobago? How can it be improved?
The current labour relations climate is a challenging one. We are still
seeing a lot of issues where trade unions are difficult to work with. In a
stagnating economy such as ours, it is an especially difficult time for labour,
and unfortunately unions still deem the employer an aggressor, which creates
an increasingly volatile situation.
Reyaz Ahamad
President, Trinidad & Tobago Chamber
of Industry & Commerce;
Executive Director, Southern Sales
and Service Company Limited
For years the Chamber has advocated
for a balanced judicial composition
of public and private sector
representation in the IR court
Recent examples, such as the restructuring exercises at Petrotrin and TSTT,
demonstrate the need for a more conversational approach to industrial relations,
where the employee and the employer work together to resolve matters. The
world of work is changing, and nearly every sector in Trinidad and Tobago
has evolved and modernised. We need a more robust industrial relations
environment in keeping with this.
The climate can improve if workers and employers have more discussion
on how to move forward. Too often, stakeholders perceive that the employer is
being unfair, but we need to examine the entire industry that we are operating
in and consider what is reasonable and unreasonable.
There is too much of a strong divide, so I hope to see the aggressive approach
of the labour unions change, and the industrial court embrace a more holistic
approach as we move forward.
We are also working with an Industrial Relations Act that is over 46 years
old. This needs to be overhauled to align with global best practice. For years the
Chamber has advocated for a balanced judicial composition of public and private
sector representation in the IR court, so we welcome the recent appointment of
new judges, and look forward to seeing how the climate will continue to evolve
in Trinidad and Tobago.
We are also working with an Industrial
Relations Act that is over 46 years old.
This needs to be overhauled to align
with global best practice.
22 JUNE 2019 chamber.org.tt

Voice of business
Teresa White
Group Human Resource Director,
ANSA McAL Limited
Unproductive, unhealthy, destructive and anachronistic: last year
Trinidad and Tobago’s labour relations were ranked lowest in the global
competitiveness index, out of 140 nations. The year before it was 133 out
of 134 nations. So things are getting worse at a time in our history when they
really need to get better.
The world has never been more competitive, but T&T’s industrial relations are
steeped in the belief that all commercial employers are inherently exploitative,
and only trade unions can keep them in check. Where that is the prevailing
belief, adversarialism and suspicion are inevitable. And this saddens me on a
very profound level.
The climate can be easily improved, as the assumption of natural enmity
between employer and employee is simply not valid. Most employers are
represented by good people who believe that when their company wins, their
employees win; and that profit is for sharing and for future investment in
sustainable livelihoods.
Most employers care deeply about the personal circumstances of their employees
and families; and most believe in democracy, equality and engagement. Our laws and institutions need to ensure
that these noble sentiments are applied in practice, and that there is consequence for the minority of employers who
don’t operate that way.
These institutions must be just and equitable; they shouldn’t see their role as making employers pay for the social ills
that still plague our nation. They should view employees as independent and self-directed citizens who are entitled to a
safe environment, decent earnings, and constructive working relations; and those who fail to live up to their contractual
obligations should face the consequences.
But most of all, these institutions should be functioning in the background; employers and employees should be
allowed to cooperate and get on with the task at hand. There is so much that needs to be done. Make no mistake: it isn’t
our success, but our survival that depends on it.
Derek Ali
Member, Employment & Labour
Relations Committee
Trinidad & Tobago Chamber
of Industry & Commerce;
attorney at law
The current climate, from my perspective as an industrial relations
litigator and an industrial relations practitioner, is not as useful as it could
be. It is very adversarial and confrontational, not designed to solve problems.
The labour environment has not changed for decades. Our industrial
relations tools and mechanisms are not conducive to an efficient and effective
resolution of disputes. The legislation needs redefining, and to be codified into
a single code.
Due to the absence of modern legislation, there is too much room for
ambiguity and for people’s opinions to be parachuted into what they think is
good industrial relations. The punitive effects of judgements and decisions by
the IR court are hurting business. Our IR climate needs to align with the new
millennium, and to align globally to foster and encourage the growth of new
and existing businesses, as well as foreign direct investment.
The labour relations environment can be improved in two key ways. First,
we need a fundamental shift in thinking by labour about how it views business
and capital. No reciprocal action is needed as to how business views labour,
because business has already gone a long way with respect to aligning itself
with what is needed to manage manpower in this new age.
Second, we need legislative reform. We need a labour code that conforms
to basic terms and conditions, rights and regulations. The current legislation is conducive to people diving in with their
own opinions in spaces where the legislation is deficient. That is why some judgements are hurting business and creating
a toxic labour relations climate.
chamber.org.tt
JUNE 2019 23

Are you ready for
a natural disaster?
COURTESY THE MINISTRY OF WORKS AND
TRANSPORT OF TRINIDAD AND TOBAGO
Heavy rain caused major losses and devastation in south Trinidad
Have you ever wondered what would happen in Trinidad and Tobago in the
event of a large earthquake, a tsunami, or a major hurricane? Would you and
your staff know what to do? Would your business survive? Are you fully insured,
or just hoping it will never happen?
by Ravindranath Goswami
President, REACT Trinidad and Tobago Council
24 JUNE 2019 chamber.org.tt

Disaster preparedness
Disaster preparedness is a hot topic during and after events such as fires,
tropical storms, flooding, and earthquakes. In quieter times, the need to
plan and invest in solutions tends to become less urgent. But a real national
conversation is needed around the concept of disaster risk reduction. In the
business world, we must also consider business continuity management (BCM).
Hazards
A hazard is a source of potential damage, a threat. Hazards can be broadly
classified into two categories – natural and anthropogenic (i.e. related to human
behaviour and activity).
According to the Association of Caribbean
States (ACS), between 1990 and 2008 the
Caribbean experienced 165 natural disasters,
with total costs estimated at US$136 billion,
of which half was direct economic impact
NATURAL HAZARDS
Storms
Lightning
Floods
Landslides
Earthquakes
Tsunamis
Volcanic activity
ANTHROPOGENIC HAZARDS
Chemical
Biological
Nuclear
Crime
Terrorism
Combat/wars
Famine
Cybersecurity
Whether a hazard leads to a disaster is largely dependent on vulnerability, risk,
mitigation measures, and overall resilience.
Term
Vulnerability
Incident
Disaster
Mitigation
Resilience
Risk
Definition
A weakness in a system that increases susceptibility to impacts
An unplanned occurrence that requires a response
An occurrence, often sudden, that causes great damage or loss of life
Proactively minimising the impact and loss, and facilitating recovery from
an incident
Ability to adapt to or recover from hazards, achieved by planning ahead
The probability of something failing (likelihood) times the consequence of
it happening (impact, damage or loss)
Trinidad and Tobago’s main areas of
disaster risk in the period 1990-2014, from
an economic standpoint, were seismic and
hydrometeorological, according to UNISDR
(the United Nations Office for Disaster Risk
Reduction). Fires accounted for the highest
incidence of mortality
Risk and vulnerability
According to the Association of Caribbean States (ACS), between 1990 and 2008
the Caribbean experienced 165 natural disasters, with total costs estimated at
US$136 billion, of which half was direct economic impact.
Trinidad and Tobago’s main areas of disaster risk in the period 1990-2014,
from an economic standpoint, were seismic and hydrometeorological, according
to UNISDR (the United Nations Office for Disaster Risk Reduction). Fires
NATIONALLY REPORTED LOSSES (1990-2014) , TRINIDAD AND TOBAGO
11.2
7.1
Fire
Landslide
27.9
55
21.4
64.3
Earthquake
Storm
Wind Storm
Flood
Flashflood
Other
COMBINED ECONOMIC LOSSES
MORTALITY
N.B. All scale
disasters without
criteria
Source: United Nations Office for Disaster Risk Reduction (UNISDR), 2014
chamber.org.tt JUNE 2019
25

Disaster preparedness
accounted for the highest incidence of mortality.
In 2014, a vulnerability assessment published by the
Office of Disaster Preparedness and Management (ODPM)
in Trinidad and Tobago further detailed the actual and
potential hazards to which the country is exposed.
Natural
EARTHQUAKES
& AFTERSHOCKS
TSUNAMIS
LIQUEFACTION
MUD VOLCANOES
LATERAL
SPREADING
ACTUAL AND POTENTIAL HAZARDS TO
WHICH TRINIDAD AND TOBAGO IS EXPOSED
Seismic
HAZARDS LIST
FIRES
POLLUTION/CONTAMINATION:
air, water, soil, etc
LIGNITE COMBUSTION
Environmental
Social
Organisational
LOOTING, TERRORISM,
CYBER SABOTAGE
MAJOR ACCIDENTS:
transport, infrastructure failure, etc
INTERRUPTION
OF SERVICES:
power failure,
telecommunication, etc
Anthropogenic
not specifically include natural disasters. But, given the
prevalence of ICT, special attention must be paid to the
risks posed by cyber-security attacks (listed as #5)
Global top ten risks for doing business
1. Unemployment or underemployment
2. Failure of national governance
3. Energy price shock
4. Fiscal crises
5. Cyber-attacks
6. Profound social instability
7. Failure of financial mechanism or institution
8. Failure of critical infrastructure
9. Failure of regional and global governance
10. Terrorist attacks
Source: World Economic Forum, 2018
What do disasters cost?
TROPICAL
CYCLONES:
hurricanes/tropical storms
disturbances/depressions
FLOODING: land and sea borne
LANDSLIDES: falls, topples,
lateral spreads and flows
HIGH WINDS
MICROBURSTS
DROUGHT
TORNADOES
STORM SURGE
LIGHTNING
Hydrometeorological
Biological
DISEASE
infectious/non-infectious:
epidemics, pandemics, etc
HARMFUL ANIMALS:
bees, vectors: mosquitoes, rodents etc
Industrial
Technological
EXPLOSIONS
FIRES
SPILLS, LEAKS, AND
EMISSIONS:
gas, chemicals & other
hazardous substances
ODPM data for 2006-2010 show that the cost of damage
associated with natural disasters is steadily increasing.
HAZARD LOSSES, 2006-2010 (TT$)
POISONINGS
Source: Preliminary Vulnerability Assessment of Trinidad and Tobago, 2014, Office of Disaster
Preparedness & Management (ODPM), www.odpm.gov.tt
The perennial risk of flooding and landslides is strongest
in specific areas (see below).
The Pacific Disaster Centre (PDC) is currently engaged
in a collaborative project assisting Trinidad and Tobago
to complete a National Disaster Preparedness Baseline
Assessment (NDPBA).
Business risk
The World Economic Forum, in enumerating the “Top Ten”
general risks for doing business (see table below), does
Flood insurance claims (ATTIC)
Urgent Temporary Assistance (MPSD)
Relief items (ODPM)
Source: Disaster Risk Reduction Country Document, Trinidad and Tobago, 2014,
Office of Disaster Preparedness & Management (ODPM), www.odpm.gov.tt
Payments to farmers (MFPLMA)
Emergency Relief Fund (MHE)
TOTAL
Flood multi-risk map, Trinidad
Landslide multi-risk map, Trinidad
Source: Office of Disaster Preparedness & Management (ODPM), www.odpm.gov.tt
chamber.org.tt
JUNE 2019 27

Disaster preparedness
Disaster impacts
Disasters affect both business interests and consumers in
various ways.
Consumer impacts
Health issues, disease, poor
sanitation, loss of life
Loss of property
Damaged records and items of
sentimental value
Accessibility of goods and
services
Increase in insurance rates
Family conflict
Deferred life objectives
Reduced income and increased
cost of living
Mitigation
Manager
Mitigation,
Planning and
Research Unit
ORGANISATION STRUCTURE OF THE ODPM
Operations
Manager
Preparedness
and Response
Unit
Chief Executive Officer
Deputy CEO
Training & Education
Specialist
Public Information,
Education and
Community Outreach
Unit
Business impacts
Negative impacts on safety and
security of employees and their
ability to return to work
Physical assets damaged, resulting
in interruption of production
and facilities
Loss of records
Delay in deliveries to customers
Supply chain disruptions
Communications channels constrained
Delay in achieving strategic objectives.
Some never recover
Increased costs and reduction in
profit
National disaster management authorities
The agency responsible for disaster response and risk
management at the national level is the ODPM.
Corporate Services
Manager
Administrative
Support and
Finance Unit
Source: Office of Disaster Preparedness & Management (ODPM), www.odpm.gov.tt
Project Management
Specialist
Project
Management
Unit
The ODPM is a centralised organisation that works
closely with the Disaster Management Units (DMUs) of
all the municipal corporations and the Tobago Emergency
Management Agency (TEMA). The DMUs report to the
CEOs of their respective corporations, with a dotted line to
the Ministry of Rural Development and Local Government
(MRD&LG).
ODPM has access to a pool of resources, and within the
National Emergency Operations Centre (NEOC) leverages
the supporting and responding agencies via the Emergency
Support Functions.
Surveying the estimated human capital complement
of the organisations shown below, reveals something of
a resource constraint, given their responsibilities, 24x7
activation, population densities, and wide geographical
coverage.
Estimated human resource requirements:
Trinidad & Tobago emergency organisations
Disaster
management
agencies
ODPM TEMA +
Professional
CERTs
MRD
&LG
Establishment 40 70 56 56
Current staffing N/A 48 56 52
Vacancies N/A 22 0 4
Additional needed N/A 0 0 28
Source: Author, April 2019
MUNICIPAL
DMUs
TEMA is well organised and configured for rapid
response, partly achieved using professional CERTs
(Community Emergency Response Teams), a programme
that trains volunteers in aspects of disaster preparedness
and response.
In the immediate aftermath of a disaster, these
volunteers are already on scene, rendering assistance,
clearing fallen trees, putting out fires, providing first aid,
and undertaking light search and rescue. Official responder
agencies may be overwhelmed and take some time to get
to affected areas, especially if they are remote.
In TEMA’s case, the CERTs are staffers. In Trinidad, there
are approximately 1,000 trained CERT volunteers attached
to DMUs. There is a very ambitious desire to have at least
10% of the population trained in CERT. There is a common
view that each of the DMUs would need an additional two
field officers to cope with the onerous responsibilities.
A National Response Framework (NRF) facilitates coordination
between state agencies and Non-Governmental
Organisations (NGOs) for a range of activities such as early
warning, assessment, emergency operations and relief.
Trinidad and Tobago is also part of CDEMA, the
Caribbean Disaster Emergency Management Agency,
a regional organisation comprising 18 states, with a
Comprehensive Disaster Management (CDM) strategy.
The Incident Command System (ICS) used by CDEMA
MINISTRIES &
AGENCIES
CENTRAL
GOVERNMENT
NATIONAL
RESPONSE
FRAMEWORK
LOCAL
GOVERNMENT
PRIVATE SECTOR
AND NGOs
Source: Office of Disaster Preparedness & Management (ODPM), www.odpm.gov.tt
28 JUNE 2019 chamber.org.tt

Disaster preparedness
is a standardised approach to the command, control
and coordination of emergency response from multiple
agencies across the region.
State of preparedness
It is common to hear at press briefings that we are well
prepared to handle disaster situations, despite the views
often expressed by citizens suggesting the opposite. The
reason for the divergence could well be a combination of
factors: a positive public relations posture, technocratic
insider knowledge, different perspectives, and divergent
expectations. After-action reviews by the agencies do
highlight gaps to be addressed and encourage a process of
continual improvement.
Greenvale 2018
The costs associated with the flooding which took place
at Greenvale in October 2018 are still being calculated.
Relevant agencies are making steady progress in restoring
the community. Some estimates suggest that costs may
approach TT$250 million. While yeoman service was
rendered by responder agencies, questions have arisen
regarding response times, and also about planning and
development issues which may have exacerbated the
disaster.
The volunteer factor
The role of volunteers should not be overlooked. Many
NGOs, Faith-based Organisations and Communitybased
Organisations are involved in the various aspects
of disaster preparedness and response. Due to size and
complexity, no territory would be able to manage a disaster
without the involvement of “good Samaritans”.
Radio Emergency Associated Communications Teams
(REACT) is an international voluntary organisation, geared
toward reliable and resilient communication. Locally,
REACT works closely with emergency and disaster
management agencies and first responders and is written
into the emergency response plans of some businesses
in T&T.
The Emergency Management Association of T&T
(EMATT) is a newly-formed NGO that promotes the
strengthening of a disaster risk reduction culture.
Businesses should pay attention to the work of these
entities and consider engaging with and supporting their
efforts.
Business continuity
Business continuity planning is the commercial equivalent
of public sector disaster preparedness and management. It
involves planning for operations during a crisis or disaster
by ensuring that essential functioning can continue or
quickly resume after the incident. Full resumption as
quickly as possible is an objective of the process, and
HISTORICAL
IMPACTS
Some of the
incidents which
Trinidad and
Tobago has
experienced – or
narrowly missed –
since 1963.
Year
1963
1974
1988
1990
1993
1997
2000
2004
2005
2006
2007
2011
2012
2013
2017
2018
Source: Author, April 2019
Hazards
• Hurricane Flora
• Tropical Storm Alma
• 6.2 earthquake
• Tropical Storm Arthur
Tropical Storm Fran
• Tropical Storm Bret
• 6.1 earthquake
• Tropical Storm Joyce
• Hurricane Ivan
• Hurricane Emily
• 5.8 earthquake
• Hurricane Felix
• Landslides and flooding
• Landslides and flooding
• 6.4 earthquake
• Tropical Storm Bret
• 6.9 earthquake
Flooding
may require external recovery services. Given the critical
nature of data, a comprehensive policy-driven IT Disaster
Recovery Plan (DRP) is essential.
The way forward
If a disaster plan is not already in place for you and your
business, here are some suggestions.
1. Establish a steering committee.
2. Develop a Business Continuity Programme
(BCP), internally or by employing consultants,
referencing standards such as ISO 22301. Ensure
alignment with business strategy, and have
stakeholder consultations. Conduct a risk and
vulnerability assessment, a business impact
analysis, and develop emergency response
procedures and disaster recovery plans.
3. Test and update the plan.
4. Review and improve infrastructure and policies.
5. Carefully consider insurance. Ensure it covers the
type of damage you may encounter and provides
enough coverage to return your business to
operation. Guardian Group and Sagicor among
others offer comprehensive insurance packages.
6. Train employees on the BCP and ICS.
7. Review performance indicators and maintain
focus.
8. Engage in community discussions and consider
mutual-aid schemes.
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JUNE 2019 29

Business profile
Angela Lee Loy:
breaking business barriers
She has been breaking glass ceilings in the Trinidad
and Tobago business world for more than 40 years.
She thinks of companies as extended families.
What drives her? CONTACT asked Angela Lee Loy
some direct personal questions
by by Pat Ganase
Freelance writer
I believe in creating strategic alliances
and partnerships, rather than investing in
bricks and mortar
Caribbean Resourcing Solutions (CRS)
joined us in 2015 with a focus on oil and
gas and information technology. It is not
difficult to merge firms when your values
are the same
To begin with your business role: what is your core business at Aegis?
We offer financial services which can be used by any other company,
whether it is an established local company, a multinational, a start-up, or an
international company seeking to do business in Trinidad and Tobago. We
provide administrative services to help clients become statutorily compliant.
This would range from work permits, payrolls, and tax returns to associated
human resource management and accounting services.
I believe in people providing services, creating strategic alliances and
partnerships, rather than investing in bricks and mortar. Our people are
knowledgeable and adaptable, and can work on or off site. We have two
locations, Port of Spain and Chase Village, but technology allows us to work
from anywhere. My job as head of the company is quality assurance; I am the
common denominator for all our teams.
It was a simple step to link the services of Eve Anderson [Recruitment
Limited] to Aegis. We acquired Eve Anderson in 2012, as they cover the
spectrum of recruitment and human resource services. Caribbean Resourcing
Solutions joined us in 2015 with a focus on oil and gas and information
technology. It is not difficult to merge firms when your values are the same.
How do you mentor others?
Mentoring is an important aspect of my job, being a bouncing board for
people who come to me with solutions. In October 2018, I was in Hong Kong
when I saw reports on the floods in Trinidad, and that the southbound lane
of the highway was closed. I thought, how do I mentor my people out in
the field? The first thing I did was to check that all my staff were OK. Then,
because transportation was disrupted, I told them that they should go into their
communities and help. Work could wait. As chairman, I was empowering my
staff to help those in need.
When I give a mentoring talk, I don’t have theories: I tell stories about real
experiences. I often say, don’t only have relationships with your contemporaries,
30 JUNE 2019 chamber.org.tt

Business profile
get to know older people who have so much experience and knowledge to share,
and hear their stories. And younger persons, who are creative and innovative
in surprising ways. If you lead millennials, you need to understand what
stimulates them, how they think.
Angela Lee Loy FCCA CA
••
First female President of the
Institute of Chartered Accountants
of the Caribbean
••
First female President of the
Institute of Chartered Accountants
of Trinidad & Tobago
••
Former Trinidad and Tobago
representative on the International
Assembly of ACCA
••
aaca Achievement Award for the
Americas, 2008, for outstanding
contribution to the accountancy
profession and to business and
society
••
Founder and executive chairman of
Aegis Group of Companies
••
Chairman of Aegis Business
Solutions Limited
••
Chairman of Eve Anderson
Recruitment Limited
••
Chairman of Caribbean Resourcing
Solutions Limited
••
Partner, Aegis & Company
••
Fellow of the Association of
Chartered Certified Accountants
(UK)
What gives you strength?
They say it takes a village to raise a child. My village is my big family, my
friends, my husband, my staff. My network becomes an extended family. I am
a very contented person. My mother used to say, learn to be content.
I grew up in Barataria but spent long vacations in Mayaro where my
godmother had land. She had pigs, fowls and lots of fruit trees. There were
seven of us; I was the youngest girl. My father was a health inspector with a
route that took him out into the countryside. He knew everybody.
I attended Nelson Street Roman Catholic primary school, but I was not a
scholar. I dreaded Common Entrance (now SEA), and shocked myself by passing
for St Joseph’s Convent. I was going there with all the bright kids.
Because I knew that I had a lot to learn, I developed habits of diligence and
discipline. I took nothing for granted. I learned to be humble. People like to
deal with people who are authentic.
I also learned to tap into spirituality. You have to find time to be quiet and
get closer to your God. Find time to praise, meditate, and be still for a moment.
That’s a very powerful habit to cultivate.
What is your goal in business?
It is that all my employees are secure
and can give 100 per cent. If a person
is ill, has problems at home or is
worrying about their children, they
cannot perform fully. My company
is embedding a new business culture
where employees feel supported. This is
If a person is ill, has problems
at home or is worrying about
their children, they cannot
perform fully. My company is
embedding a new business
culture where employees feel
supported.
the philosophy that I pass on to my practice leaders and to everyone in my
organisation. Hopefully, it will extend to clients and beyond. It is the only way
I believe our business culture can change for the better.
COURTESY AEGIS
••
Former President of the Trinidad
and Tobago Coalition of Services
Industries
••
Chairman of the National AIDS
Coordinating Committee
••
Chairman of Foundation for Social
Justice
••
Chairman of Music Literacy Trust
••
Director of several public and
private companies and not-for-profit
organisations.
In 2008 Angela Lee Loy was presented with the ACCA Achievement Award by then ACCA President Richard Aitken-Davies (right) and
Sir John Stuttard, former Lord Mayor of London and Vice-Chairman of PwC UK's Advisory Panel
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32 JUNE 2019 chamber.org.tt

Business profile
COURTESY MUSIC LITERACY TRUST
Music Literacy Trust: City Angels "Study in E Minor"
Because I knew that I had a lot to learn I developed
habits of diligence and discipline. I took nothing for
granted. I learned to be humble. People like to deal with
people who are authentic.
What about your role beyond business?
Because I have the people that I do, I am able to get involved in ways that help
society. I am very proud of my practice leaders – they have the company’s
interest at heart. Mistakes? The biggest ones are those that I’ve made by myself;
we can minimise them through consultation and collaboration.
When I became Chairman of the National AIDS Coordinating Committee, I
thought, wow, I’d better find out what this is all about. I had to get up to scratch
quickly. This was about our society, and its ability to show compassion in a
vulnerable sector.
This is how I approach all the not-for-profit boards that I have been invited
to sit on. It’s a continuous learning curve that begins with getting all the
information and then figuring out how I can help.
In one organisation, we are looking at the resilience of islands affected by
extreme disasters like hurricanes. I am also involved with the Music Literacy
Trust, which deals with the sustainability of pan musicianship, and the Social
Justice Foundation, which has been training children in rural areas in digital
videography.
I think I am able to do these things because my companies are ethical, productive
and driven: that gives me the freedom to help build other organisations.
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MARCI PARAVIA/SHUTTERSTOCK.COM
34 JUNE 2019 chamber.org.tt

Growth and learning corner
The Chamber's growth and learner corner
What have you read, watched or listened to lately that
has contributed to your growth and development as a
businessperson?
Reyaz Ahamad
President, Trinidad & Tobago Chamber of Industry & Commerce;
Executive Director, Southern Sales and Service Company Limited
I have been reading anything I can get my hands on regarding corporate social responsibility (CSR).
Businesses need to play a greater role in improving society by delivering economic, social and environmental
benefits for all their stakeholders.
There are many ways in which this can be accomplished locally. Even at a grassroots level, businesses can
implement simple initiatives which make a positive impact. Investing in CSR can boost employee engagement
and enhance stakeholder relationships, as people want to be associated with an organisation making a difference
in the world.
If you make your country, business and community a better place, then it becomes a better place not only
to work in but to live in too. This is what we are trying to achieve within our business – improve our social
responsibility internally to staff and externally to the communities in which we work.
Kiran Maharaj
Managing Director, Caribbean Lifestyle Communications;
President, Media Institute of the Caribbean;
President, Trinidad & Tobago Publishers & Broadcasters Association
Principles by Ray Dalio is one of the more recent business books that I have read. I think it has a lot of
lessons for any businessperson, especially entrepreneurs.
It was recommended by a very good friend who is one of the smartest people I know, so I knew I had to
read it. The book is about Ray’s experience from failing to rebuild himself, where he explains how to manoeuvre
challenges to get your desired outcome.
The insights are instructive and give guidance for both your personal and professional life. So if you want
to have an insider view of a success story and what one person’s road map was, it’s a great book from which
to gain that perspective.
Dr Christian Stone
Director, 3Stone Research and Consulting
While it’s important to be well read within your field (which is entrepreneurship and strategy for me), I
think that reading outside your field is essential to improving creativity and making connections in innovative
ways.
Recently I’ve been reading Astrophysics for People in a Hurry, by Neil deGrasse Tyson. Having no formal
training in physics, the concepts, especially those that are counter-intuitive, push the boundaries of what I
think is possible and help to connect dots that I never imagined existed. As noted in the book, “People who
believe they are ignorant of nothing have neither looked for, nor stumbled upon, the boundary between what
is known and unknown in the universe.”
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JUNE 2019 35

Innovation in business
Meet the Agripreneurs
Harnessing the power of innovation, leading “agripreneurs” – entrepreneurs
in agriculture – are using research and development to deliver health
benefits and food security to consumers. Stacy Seeterram and Sophia Stone
reveal the health benefits of Caribbean Cure teas, and Christian Young Sing
explains how he operates a sustainable farming business
by Jeanette G. Awai
Freelance writer
By keeping it 100% natural, with no
additives or flavourings, Caribbean Cure
made its healing loose-leaf teas stand
out on the global market
Sometimes, to modernise business, you have to look back at cultural
traditions. That’s what Stacy Seeterram and Sophia Stone did with Caribbean
Cure’s line of teas. They took Caribbean “bush tea” and turned it into a handcrafted
premium product.
By keeping it 100% natural, with no additives or flavourings, Caribbean
Cure made its healing loose-leaf teas stand out on the global market. The
successful pairing of familiar ingredients like mauby, moringa, ginger and
turmeric, with traditional tea ingredients using a special dehydration process,
created a custom, nutritive and delicious brew.
Award-winning teas
Two years ago, Stone says, “this was just a dream shared in a kitchen”. But
their product gained recognition on a global scale when they were awarded
two Global Tea Championships. They also received a SIAL Selection in
Innovation award in Paris. That accomplishment was particularly exciting
for the entrepreneurial duo: they were up against nearly 3,000 international
companies which were far bigger and better-known in European circles than
their smaller Caribbean product line.
Getting support from the Caribbean Export Development Agency (CEDA),
Stone notes, was “exceptionally lucky, and helped expose our products
internationally. As two women in agro-processing and export, we have
benefitted from CEDA’s WE-Xport programme (supporting Caribbean women
in business), and have also worked hard to build our brand locally and
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Innovation in business
COURTESY CARIBBEAN CURE
internationally through partnerships and relationship building. We were also
participants in the Shell LiveWIRE programme, among others that have
assisted us in getting to the next phase of growth in business.”
Sophia Stone and Stacy Seeterram,
Founders of Caribbean Cure
Creating new blends, new ingredients,
and new tea experiences – including
a new tea-bag line – are just some of
the things we can look forward to from
Caribbean Cure
90% of the water is reused in CRISP’s
farming, which is a great eco-friendly
alternative to traditional growing
methods where water is single-use
Preparing for export
To make Caribbean tea an international phenomenon, Caribbean Cure had
to hold their product to the highest standards. “We have ensured that our
packaging, ingredients and processes go a step above by solving the challenge
of ‘superfood teas’ which actually contain healing properties and are of
exceptionally high quality. We wanted to create a high-end product that uses
the very best ingredients and offers consumers a truly premium loose-leaf tea
experience that showcases the indigenous gifts that are part of the regional
agricultural industry.”
Creating new blends, new ingredients, and new tea experiences – including
a new tea-bag line – are just some of the things we can look forward to
from Caribbean Cure. Currently, the two entrepreneurs are working on a joint
venture in Japan, where they will be manufacturing blends for sale in the Asian
markets by late 2019.
Keeping things CRISP
For the CEO of Epilimnion Aquaculture Limited, Christian Young Sing,
innovation started six years ago, when he decided to take a fresh look at the
science of agriculture. His retail brand, CRISP, offers customers three types of
locally-grown baby lettuce in its gourmet salad and microgreen mixes – kale,
purple cabbage and arugula.
Young Sing uses recirculating hydroponic technology, a growing method
that is crop-specific and optimised for each plant’s needs, using LED growlights
to attain higher yields. 90% of the water is reused in CRISP’s farming,
which is a great eco-friendly alternative to traditional growing methods where
water is single-use.
CRISP strives to maintain a high-quality sustainable product down to
the compostable “vegware” packaging. But the operation is not without its
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Innovation in business
COURTESY EPILIMNION AQUACULTURE
Christian Young Sing
Founder and CEO of Epilimnion Aquaculture
CRISP’s science-based approach
gives it a competitive edge
by growing non-traditional
crops suitable for Trinidad and
Tobago’s climate
challenges. Young Sing warns: “If production is not forecast and executed
to meet demand, a shortfall will cost you clients, and inversely a surplus
will many times result in a glut of wasted produce. This, in part, is why
farming is such an unforgiving business.”
However, the company’s science-based approach gives it a competitive edge
by growing non-traditional crops suitable for Trinidad and Tobago’s climate.
As a local supplier, CRISP can provide fresher produce with a longer shelf life
to both restaurants and caterers, and to supermarket chains and gourmet stores.
From idea to innovation
A “calculated jump” into entrepreneurship kick-started Young Sing’s
entrepreneurial spirit back in 2012, when he won the Idea to Innovation (i2i)
competition. The grant he was awarded helped to establish the business, by
reinvesting profits generated through focused product selection and client
targeting. Moving forward, this model is the benchmark Young Sing wants to
continue using.
Ultimately, the goal is to expand the facility into a large-scale commercial
operation which can broaden its products from niche-market items to highvolume
vegetable crops, using cutting-edge technology to manipulate the
growing environment.
The local environment, however, still has some work to do to keep
innovators like Young Sing from becoming frustrated with technical hiccups. He
recommends that businesses like his can benefit from streamlined applications
for permits and incentives; regular online dissemination of up-to-date
information; resolving land acquisition issues; and providing tax incentives
for farmers. He encourages other entrepreneurs to push forward like a scientist
would, by “having a sound framework and realistic thought process to support
your business idea. This will help you gain confidence in your product and
attain successful outcomes.”
38 JUNE 2019 chamber.org.tt

chamber.org.tt
JUNE 2019 39

Five top facts
5 top facts about
The Caricom market
by Sasha Murray
Freelance writer
The Caribbean Community (Caricom) consists of 15 member states and five
associate members. It claims to be the “oldest surviving integration movement in
the developing world”. The main economic activities are fuel and mining (notably
oil, gas, bauxite and gold), agriculture, forestry and tourism.
1. How big is the Caricom market?
Caricom is home to about 18 million citizens, 60% of whom are under the age of 30. Haiti (about 11 million) has the
largest population, followed by Jamaica and Trinidad and Tobago. Montserrat has the smallest population (about 5,000),
followed by Anguilla and the British Virgin Islands
2. Which is the fastest growing economy in Caricom?
According to the Caribbean Development Bank (2018 Caribbean Economic Review and 2019 Outlook), Grenada is the fastest
growing economy in Caricom, at 5.2% (2018). It is closely followed by Antigua and Barbuda at 3.5%, and Guyana at 3.4%.
Grenada also has a positive medium-term outlook, with the CDB projecting 4.5% economic growth in 2019.
Top 10 countries by conventional discovered volumes in 2018
Million boe 2071
3. Which Caricom state topped the world
for conventional oil discoveries in 2018?
2000
1500
1000
500
0
Guyana
1336
Russia
United States
Source: Rystad Energy ECube, December 2018
746
672 671
Cyprus
Oman
498
Norway
350
Australia
On land
Offshore
305
United Kingdom
203 194
Gabon
Malaysia
ExxonMobil has made 13 discoveries (at the time of writing) in
Guyana, and will begin producing up to 120,000 barrels of oil per
day from the Liza Phase 1 development in early 2020. There is
potential for at least five floating production, storage and offloading
vessels in the Stabroek Block, producing more than 750,000
barrels of oil per day by 2025. Growth projections for 2020 and
2021 are 29.8% and 22.1%.
4. Who is the biggest trader in goods in Caricom?
In 2016 Trinidad and Tobago’s exports to Caricom were worth
US$734 million. They represented 32% of Caricom’s intra-regional exports and 10% of T&T’s global exports. Trade in
services also forms a significant part of Trinidad and Tobago’s trade with the region.
5. How developed is agricultural trade between Caricom members?
Agricultural imports from other member states are only 16.6% of Caricom’s total global agro-imports. Intra-Caricom
trade in agriculture is moderately diversified. Trinidad and Tobago and St Vincent & the Grenadines are the top exporters
of agri-food products within Caricom, while Jamaica and T&T are the top destination markets. Trinidad and Tobago was
the largest source of Jamaica’s agro-imports (55%), while Guyana was the largest source of Trinidad and Tobago’s (36%).
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Economic outlook
Economic outlook
Table 1: Real GDP growth projections for Latin America and the Caribbean (%)
2017 Est. 2018 2019 2020
Latin America and the Caribbean 1.3 1.1 2.0 2.5
Excluding Venzuela 1.9 1.7 2.3 2.7
South America 0.8 0.4 1.8 2.4
Excluding Venezuela 1.7 1.3 2.2 2.7
Central America, Panama
and the Dominican Republic
Caribbean
Latin America and the Caribbean
Economic activity in Latin America continues to increase, but at a slower rate
than anticipated. The weakening global economy and rising policy uncertainty
are contributing to the slowdown in Latin America’s growth momentum. Overall,
the region is still expected to advance by 2% in 2019 and 2.5% in 2020 (see
Table 1).
A tightening of global financial conditions
and lower commodity prices
Projections
brought on by United States-China
trade tensions is continuing to contribute
to the region’s slowdown. In
addition, monetary policy was tightened
in some economies to contain
inflationary pressures stemming partly
from currency depreciation, which
further dampened growth.
As the global economy slows, the
narrow window of opportunity to
complete regional reforms is closing.
The creation of debt and deficit
reduction mechanisms will need to
continue in several countries to ensure
debt sustainability and minimise the
adverse effects on economic activity
and poverty. These developments
should include the protection of infrastructure
for regional investment and
well-targeted social expenditure, while
cutting non-priority spending.
Economic activity in the Caribbean is still projected to pick up in 2019-20, due
to robust tourism from the US, reconstruction from the devastating hurricanes of
2017 in some tourism-dependent countries, and higher commodity production
in some commodity exporters (see Figure 1).
4.0 3.7 3.8 4.0
Tourism dependent 1.1 1.4 1.8 2.4
Commodity exporters -1.3 1.5 1.6 5.5
Latin America
Argentina 2.9 -2.8 -1.7 2.7
Brazil 1.1 1.3 2.5 2.2
Chile 1.5 4.0 3.4 3.3
Colombia 1.8 2.6 3.3 3.6
Mexico 2.1 2.1 2.1 2.2
Peru 2.5 3.8 3.8 4.1
Source: Latin America and the Caribbean in 2019: A Moderate Expansion, Werner, Alejandro, IMF Blog, 25 Jan. 2019
Figure 1: Real GDP growth, year-over-year (% changes)
4
3
2
1
0
-1
World
2015 2016 2017 2018 2019 2020
Source: IMF, World Economic Outlook database.
Latin America
and the Caribbean
EU blacklists Caribbean countries
In December 2017, the European Union
(EU) published its first blacklist of tax
havens, in an attempt to foster good
global tax governance. It contained 17
countries; updated in March 2019, it
now contains 15 countries. EU member
states accumulated over 12.5 trillion in
government debt, or 82% of the EU’s
GDP, whilst EU-blacklisted countries on
average carry government debt at 61.3%
Economic activity in the
Caribbean is still projected
to pick up in 2019-20, due
to robust tourism from the
US, reconstruction from the
devastating hurricanes of 2017
in some tourism-dependent
countries, and higher
commodity production in some
commodity exporters
of GDP – 20% lower than the projected EU average, despite the EU having
higher than average corporate tax rates.
The list includes Aruba, Barbados, Belize, Bermuda, and Dominica. They
join Trinidad and Tobago and the US Virgin Islands, which were already on
the blacklist. “The blacklist of tax havens has proven a true success, with many
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44 JUNE 2019 chamber.org.tt

Economic outlook
countries having changed their laws and tax systems to
comply with international standards,” the EU said. Over
the course of 2018, the commission assessed 92 countries
based on three criteria: tax transparency, good governance,
and real economic activity, as well as one indicator, the
existence of a zero corporate tax rate.
The domestic landscape
“Local businesses will continue to benefit from the dutyfree
export of goods and the preferential treatment of
services exports to the United Kingdom,” said Trinidad and
Tobago’s Minister of Trade and Industry, Senator Paula
Gopee-Scoon, as she announced her country’s decision
to sign the Economic Partnership Agreement between
CARIFORUM and the United Kingdom (CARIFORUM-UK
EPA).
Global outlook
Global manufacturing activity and trade showed continued
signs of weakness at the start of 2019; in contrast, activity
in the services sector has been resilient. Some emerging
markets and developing economies are currently facing
negative conditions that are hindering growth, while
others are benefiting from the easing of some external
financing conditions.
United States
Companies within the US added 196,000 jobs in March
2019, marking a significant rebound from poor growth in
February. Earnings data showed that the annual rate of
wage increases slowed to 3.2% in March. The healthcare
sector saw jobs rise, but the retail and manufacturing
sectors both saw declines.
Even though the US experienced employment growth,
it can be seen as a mixed report since 6,000 jobs were
lost in manufacturing, the first decline in the sector since
July 2017.
Table 2: Employment in the United States, 2019
Jobs created
February 33,000 3.4%
March 196,000 3.2%
Wage change
US–China trade update
The US accused China of stealing intellectual property
from American firms by transferring American technology
to China. Washington wants Beijing to make changes
to its economic policies, which it says unfairly favour
domestic companies through subsidies and other support
mechanisms. It also wants China to buy more US goods to
rein in a lofty trade deficit.
In April, US President Donald Trump said the US had
achieved agreement on some of the toughest points in
trade talks with China; if the deal is finalised, a summit
will be hosted with China’s President, Xi Jinping. Failure
to achieve a deal may see the US more than double the
10% tariffs on US$200bn (£153bn) of Chinese goods and
impose fresh tariffs.
Rest of the world - FDI
According to FDI Intelligence, countries of the Asia-
Pacific region are the leading destination for greenfield
FDI (where a parent company builds its operations in a
foreign country) in renewable energy, while the US is
the top country, Dubai the top city, and Germany the top
source of investment.
Business lines dedicated to the development of energy
production from renewable sources, such as Enel Green
Power (Enel Group) and Canadian Solar, were the most
active investors with 27 FDI projects each, followed by
Canada’s SkyPower and Spain’s Acciona Energy.
Additional reference
“Latin America and the Caribbean in 2019: A Moderate Expansion.” Werner,
Alejandro, IMF Blog, 25 Jan. 2019. blogs.imf.org/2019/01/25/latin-americaand-the-caribbean-in-2019-a-moderate-expansion/
Dukharan, Marla. “Marla Dukharan Caribbean Economist: March 2019.”
Marla Dukharan and GNM Group LLC, Mar. 2019. marladukharan.com/wpcontent/uploads/2019/03/2019-03-Caribbean-Monthly-Report-MD.pdf.
“T&T to Sign Trade Agreement with the United Kingdom.” Trinidad and
Tobago Government News, 2019. www.news.gov.tt/content/tt-sign-tradeagreement-united-kingdom#.XKX1ThH_rIU.
“Global Monthly.” World Bank, Microeconomics, Trade and Investment, Mar.
2019. pubdocs.worldbank.org/en/482391553867433998/Global-Monthly-
Mar19.pdf.
“US Jobs Rebound but Wage Growth Slows.” BBC News, 5 Apr. 2019. www.
bbc.com/news/business-47822492.
“Fair Taxation: EU Updates List of Non-Cooperative Tax Jurisdictions.”
European Commission press release, 12 Mar. 2019. europa.eu/rapid/pressrelease_IP-19-1606_en.htm.
“US and China Edge Closer to 'Epic' Trade Deal, Says Trump.” BBC News, 5 Apr.
2019. www.bbc.com/news/business-47729803.
Intelligence, FDi. “FDI Renewable Energy Investments of the Year 2019 – the
Winners.” Rankings – FDiIntelligence.com, 11 Feb. 2019. www.fdiintelligence.
com/Rankings/fDi-Renewable-Energy-Investments-of-the-Year-2019-thewinners.
Guarascio, Francesco. “EU Adds UAE, Bermuda to Expanded Tax Haven
Blacklist.” Reuters, Thomson Reuters, 12 Mar. 2019. www.reuters.com/
article/us-eu-tax-blacklist/eu-adds-uae-bermuda-to-expanded-tax-havenblacklist-idUSKBN1QT1Q9.
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JUNE 2019 45

Energy update
Energy update
Local crude oil and natural gas production and usage
➤ Figure 1 shows that apart from the
ownership of the companies, the top three
oil producers have remained unchanged
from Q4 2017 to Q4 2018. It is important to
note that during Q4 of 2018, the domestic
oil refinery was closed, leading to oil
imports being halted for that time period;
this is shown in Figure 2.
Fig. 1: Top oil producers (avg. bopd)
20,203
11,730 11,313
14,810
10,094
9,789
Q4
2017
Trinmar
Petrotrin
Perenco
Q4
2018
HPCL (offshore)
HPCL (land)
Perenco
Fig. 2: Imports vs exports of crude oil (barrels)
8,741,537
2,260,986
N/A
1,521,230
Q4
2017
Imports
Exports
Q4
2018
Imports
Exports
➤ As can be seen in Figure 1, when
comparing Q4 data from 2017 and 2018,
between the top three producers there
was an average decline in oil production
of approximately 20%. Over the same time
period there was a modest increase in
natural gas output of approximately 1.83%
(Figure 4). Figure 3 also shows that the LNG
sector continues to be the major user of
natural gas locally, accounting for almost
57% of total production.
Fig. 3: Natural gas utilisation by sector
Q4 2018 (avg. mmscf/d)
3,299
LNG
1,865
Ammonia
553
Methanol
499
Power
241
Refinery
43
Other
98
Fig. 4: Top local natural gas producers
Q4 (avg. mmscf/d)
2,115
Q4
2017 BPTT
2,002
Q4
2018 BPTT
517
EOG
680
Shell
423
BHP
429
EOG
Source: MEEI Consolidated Report 2017 & 2018
46 June 2019 chamber.org.tt

Energy update
A comparison of Q4 2017 and Q4 2018 production
and export levels for energy and downstream products
Q4 2017
Q4 2018
➤ A comparison between Q4 2017 and
Q4 2018 shows that monthly natural gas
production levels improved for the
month of October; following which they
maintained slightly decreased levels for
the remainder of the quarter
➤ With the exception of methanol,
downstream products on average show
decreases in production levels in Q3 2018
Thousands
5
5
4
4
3
3
2
2
1
1
0
Natural gas production (mmscf/d)
October November December
80
70
60
50
40
30
20
10
0
Crude oil condensate production (bopd)
October November December
Ammonia production (mega tonnes)
Ammonia exports (mega tonnes)
Thousands
460
450
440
430
420
410
500
450
400
350
400 250
390
200
380
150
370
100
360
350
50
340
0
October November December
300
October
November
December
Methanol production (mega tonnes)
Methanol exports (mega tonnes)
500
600
Thousands
400
300
200
100
500
400
300
200
100
0 0
October November December
October
November
December
➤ Urea production was halted from
28 September 2018 to 14 November
2018 in order to conduct a plant
turnaround (i.e. planned maintenance).
Thousands
Urea production (mega tonnes)
70
90
60
80
70
50
60
40
50
30
40
20
30
20
10
10
0 0
October November December
Urea exports (mega tonnes)
October November December
Source: MEEI Consolidated Report 2017 & 2018
chamber.org.tt
June 2019
47

The Chamber and its Members
Welcome,
new members!
The Chamber extends a warm welcome to companies and individuals who have become members in recent months
3 Stone Research & Consulting Limited
770-4500
christian@3stone.com
Allan Clovis
688-1884
allanclovis1@gmail.com
Ian Davis
688-1912
keycontractorsltd@gmail.com
John Charles
794-5281
johncharles.ttjec@gmail.com
ASSOCIATE MEMBERS
Andrew Bisnath
andrewbisnath@hotmail.com
Sian Cuffy-Young
sian.young@sielenvironmental.com
Avion Hercules
787-0302
avionh@gmail.com
Bertil Taylor
686-7957
info@alibaba-tours.com
Ken Jones
639-5511
ken.jones@jonesmotorstt.com
Keron Cowan
682-6236
keronc@hotmail.com
Sparkle Charles
spaklinggoldchocolates@gmail.com
Stacy Seeterram
stacy.harricharan@gmail.com
Brendon Gray
660-7483
anthony.b.gray@gmail.com
Michael Wheeler
631-7246
wheelersprinklers@gmail.com
Claude Taylor
684-5547
claudgrey@gmail.com
Petronella Hazzard
799-0661
petronellahaz@gmail.com
Darrel De Coteau
787-0476
darreldec@gmail.com
Phillip Charles
290-9064
pcelectric@live.com
Derek De Gannes
639-3077
derek.degannes@gafarrell.com
Premium Cigars Limited
683-3022
support@premiumcigarstt.com
Estuary PR Limited
The Bass House,
11 Warren Street, Woodbrook
367-5295
liza@estuaryPR.com
Rose Ramdehol Auto Sales Limited
115 Woodford Street,
Newtown, Port of Spain
392-1315
herotrinidadandtobago@gmail.com
COURTESY SIMONE ANDREWS
48 JUNE 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