Contact Vol19 No3 Sept2019

Vol.19 No.3 – September 2019
The Voice of Business in Trinidad & Tobago

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Vol.19 No.3 – September 2019
Contents
Editor’s note 7
Natalie Dookie introduces this issue of CONTACT
Special Section
Today's Startups, Tomorrow's Triumphs
Creating the next generation of tycoons 8
Navneet Boodhai examines the local entrepreneurial landscape.
This opinion piece examines where we are, where we
are going and how to get there
Financing entrepreneurship: angels, stock
markets and start-ups 15
Angel investors open up about what they are looking for
in start-ups. Kay Baldeosingh-Arjune also considers equity
financing options with the TTSE and credit unions
Accelerating the start-up process 19
UTT, CARIRI and the ALJGSB share the experiences of their
accelerator programme with Jade Cumberbatch
The voice of business: Trinidad & Tobago's
2020 national budget 22
CONTACT talks to the Chamber’s President about
recommendations for the next national budget
Understanding the Caribbean
Court of Justice 24
Attorney-at-Law Kissoon Sinanan examines how the
private sector can make better use of the CCJ to resolve
trade disputes
Business profile: Stuart Dalgliesh,
40 years leading SCL 28
CONTACT talks to distinguished business leader Stuart
Dalgliesh about his career, his company and what’s next
The Chamber’s growth
and learning corner 31
Three business leaders tell CONTACT what they have been
reading as they seek to continually expand their horizons
Pushing back against climate change 33
You might think that the earth’s changing climate won’t
really threaten Trinidad and Tobago. You’d be wrong. Gerard
Rajkumar warns that we are not taking the threat seriously
enough
Innovation in business: A well-oiled success,
the CGA brand 37
Jeanette Awai guides us along the CGA journey, from
establishment in the 1930s by a group of coconut farmers,
to today’s modern brand
Five top facts about taxation in Trinidad &
Tobago 41
The Chamber’s Rianna Paul tests your knowledge about the
contribution of taxation to the local economy
Energy update 44
How is Trinidad & Tobago’s oil and gas sector performing?
The Chamber analyses recent statistics
Economic outlook 46
The Chamber’s experts examine the current global and
regional climate and projections for the rest of 2019
Welcome to new members 48
The Chamber extends a warm greeting to members who
have recently joined
On the cover:
Small seed, big tree. A start-up
company is like the seed that can
grow into this massive silk cotton
tree. (Photo by Alex Robinson
Photography / Getty Images)
Minister of Agriculture, Land & Fisheries
Clarence Rambharat, chats with CARIRI Business
Hatchery graduate, Caribbean Concoctions
(photo courtesy CARIRI)
4 SEPT 2019 chamber.org.tt

Courtesy CGA Caribbean Ltd
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.
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 SEPT 2019 chamber.org.tt

Editor’s note
Editor’s note
How are we bolstering new
entrepreneurs? Are accelerator
programmes the answer? What
financing options are available? In
this issue of CONTACT, we explore
these issues and more in Today’s
Start-ups, Tomorrow’s Triumphs.
According to the Ministry of the Attorney General and Legal Affairs,
between January and December 2017 4,652 companies were registered
in Trinidad and Tobago. The latest statistics available show that 3,826 were
registered between January and October of the following year.
With a growing number of start-ups entering the market, it is disappointing to
note that Trinidad and Tobago ranked 109 for “attitudes toward entrepreneurial
risk” in the 2018 Global Competitiveness Report (GCR), as compared with
Jamaica’s 25. And with respect to “growth of innovative companies” Trinidad
and Tobago ranked 125, and Jamaica 63.
Though they are a bit dated, the most recent statistics from the Central
Statistical Office (CSO) reveal that there were 29,582 business establishments in
2010. Of these +90% had 0-24 employees, predominantly small and mediumsized
(SMEs) enterprises.
So how did we score in the GCR on “financing of SMEs”? Trinidad and Tobago
was 100, Jamaica ranked 83.
In this issue of our Economic Outlook, the Chamber’s Trade & Business
Development Unit tells us that “Trinidad and Tobago maintains its projection
of average growth of 1% in 2019 to 2020.” In an economy characterised by slow
growth, start-ups provide a much needed stimulus for innovation, job creation
and even exports.
How are we bolstering new entrepreneurs? Are accelerator programmes the
answer? What financing options are available? In this issue of CONTACT, we
explore these issues and more in Today’s Start-ups, Tomorrow’s Triumphs.
Firstly, we examine Puerto Rico and the Business Model Canvas. We also
look at the support mechanisms offered by the Trinidad and Tobago Chamber
of Industry and Commerce. What financing options do local angel investors,
credit unions and the stock exchange offer? UTT, CARIRI and ALJGSB tell us
how their accelerator programmes are performing.
In this issue of CONTACT, we present the second instalment of several new
features. Read our “Five Top Facts” about taxation in Trinidad and Tobago. You
will also hear from the Chamber on its recommendations for the 2019-2020
national budget, in “The Voice of Business”. We feature Stuart Dalgliesh of
the SCL Group as our business profile story, and this edition of “Innovation in
Business” showcases CGA (Coconut Growers Association), re-branding after over
80 years in business. “The Chamber’s Learning and Growth Corner” speaks to
three business leaders about what they are reading.
If you always wanted to know how the private sector can use the Caribbean
Court of Justice to resolve regional trade disputes, we have you covered. Reflect,
too, on the impact climate change is having on natural disasters, and what firms
can do to mitigate this.
The Chamber examines the economic prospects for Latin America and the
Caribbean, and rates the local energy sector’s performance. We also welcome
the Chamber’s new members.
We look forward to your feedback on this issue: let us know what more
Trinidad and Tobago can do to create an enabling environment for entrepreneurs.
Natalie Dookie, Editor
chamber.org.tt
SEPT 2019 7

Creating the next
generation of tycoons
Trinidad and Tobago ranked 81 in the 2018 Global
Entrepreneurship Index. Puerto Rico was 41, followed by
Barbados at 55. Are we doing enough to impact local
entrepreneurial aspirations, attitudes and abilities? How
can we create an enabling environment for local start-ups?
by Navneet Boodhai
Manager, Engineering Institute, UWI, St. Augustine;
Director/Owner, The Bungalow Restaurant & Lounge
Courtesy Cocobel Chocolate

Today's start-ups, tomorrow's triumphs
Courtesy Michelle Sohan, Bakery Treatz
Every country aspires to become the next Denmark or
Estonia, Chile, Singapore or South Korea, which are
benchmarks in innovation as a key driver for job
creation, wealth, stability and sustainability.
There’s one major commonality among them: the
ability to create unique ecosystems based on
their individual cultures, strengths, weaknesses
and realities.
The question, therefore, is: What’s our
ecosystem? As a country, as institutions and
as key enablers, we’ve all got work to do if
we are to quickly but successfully build a
more modern infrastructure for developing
entrepreneurs and generating new business
growth.
SME entrepreneur,
TTCIC Champions of
Business 2018, Michelle
Sohan, Bakery Treatz
“Entrepreneurship is neither
a science nor an art. It is a
practice.”
— Peter Drucker, author
Puerto Rico’s “enterprising island” model
Recently, as a representative of The University
of the West Indies (UWI), I had the opportunity
to be part of the Organisation of American
States (OAS) sponsored America’s Competitiveness
Exchange (ACE) in Puerto Rico. It was a humbling
experience to see what a resilient population and a few
good policies did to reposition the economy and improve its
competitiveness through catalytic investments in its “enterprising
island” strategy after Hurricane Maria’s devastation in September 2017.
In less than two years, Puerto Rico developed an entrepreneurial ecosystem
with significant investment in over 20 business enablers in major cities across
the island. These comprised full service incubators, accelerators, shared-spaces,
labs and prototyping facilities. Hundreds of successful business start-ups and
social entrepreneurship efforts not only helped normalise the economy post-
Maria, but also strengthened its national ecosystem with three key areas of
attention, namely:
Courtesy Michelle Sohan, Bakery Treatz
1. Building an entrepreneurial movement by bringing together all
stakeholders under the one “enterprising island” umbrella. The strategy
was developed by a wide cross-section of stakeholders and led by a
multi-sectoral expert advisory board.
2. Building entrepreneurial capacity within its teachers,
professors, government officials, its network of entrepreneurial
support professionals and multi-sector business leaders.
3. Aligning a number of initiatives and interventions
under a one-stop-shop approach to stimulate innovation
and entrepreneurship, starting with the school system and
continuing into the university and the community.
Puerto Rico, an island very much like ours, arguably with much
fewer resources, built a model which we can emulate.
Trinidad and Tobago’s entrepreneurial environment
Entrepreneurs are sometimes referred to as people who leverage
opportunities to create new business. But the reverse also holds true –
chamber.org.tt
SEPT 2019 9

Today's start-ups, tomorrow's triumphs
Understanding the Business
Model Canvas (BMC)
The business model canvas, created by
Alexander Osterwalder of Strategyzer, is
a tool used by entrepreneurs, students,
financiers, competitions and institutions
to help create, disseminate and understand
a business model in a simple yet
structured manner.
This one-page framework provides
just enough insight about the customer
through a process of “customer discovery”,
identifying not their needs but
their pains and gains, moving further to
pinpoint how to relieve those pains and
achieve new gains, and thereby developing
a value proposition that is both
unique and customer-focused.
Business model canvases are used to
describe, visualise, assess and allow for
quick changes to business models. They
describe how an entrepreneur creates,
delivers and captures value – all on one
page.
The nine building blocks of the BMC
define:
i. Customer segments
ii. Value propositions
iii. Channels
iv. Customer relationships
v. Revenue streams
vi. Key activities
vii. Key resources
viii. Key partnerships
ix. Cost structure.
Jamaica, the first country in the Caribbean
to have developed a comprehensive
Micro, Small and Medium Enterprises
(MSME) & Entrepreneurship Policy in
2013, has trained key stakeholders across
the entrepreneurial ecosystem in developing
and using the BMC. It is widely
used by incubators, classrooms, venture
funds and competitions.
“Innovation is seeing what
everybody has seen and thinking
what nobody has thought.”
— Dr Albert Gyorgyi, credited with
the discovery of Vitamin C
TTCIC Champions of Business, 2017 Start-up Entrepreneur
winners Nigel Jordan and Cheryl Baptiste of Twigs Naturals
entrepreneurs are people who leverage business to create new opportunities.
With over 20,000 companies registered and in operation within the formal
economy – regardless of their size, location, or industry – this would present
20,000 opportunities for future innovation and growth in T&T, if the support
structures, systems, policies and institutional frameworks were better developed.
We have entrepreneurial elements such as a regulatory framework that
protects intellectual property, a mature legal system, quality-assured educational
institutions, available skills development programmes, and opportunities for
networking.
But is this enough? Are we engendering the right entrepreneurial mind-set? Is
the population generally willing to take risks? Do we have a supportive culture
of innovation that celebrates entrepreneurial success and embraces failure?
Based simply on the data collected on the annual number of patents filed or
on export growth from the SME (small and medium-sized) sector, most people
would say no. But do we have the innovative ideas, passion and energy? A
definite yes.
It is now vital that we make the transition before it’s too late. Puerto Rico’s
turnaround took just two years!
Education
The local education system has traditionally placed more emphasis on
graduating students in relatively discrete subjects, courses and degrees, than
on an integrated multi-disciplinary system of learning and mentorship beyond
the teaching process. Research is primarily for academic merit rather than
modern application, which in effect favours the details of a problem over the
advancement of a solution.
Public institutions that have been given the responsibility for developing
our ecosystem are either without direction or starved of resources. And the
role of business in all of this discussion is simply not enough. Funding for
entrepreneurial activities is largely project-based with a “here today, gone
tomorrow” approach. This is generally our reality!
The role of academia
Since the advent of The University of Trinidad and Tobago (UTT) in 2004,
with a mission to develop itself as an entrepreneurial university, and more
recently The University of the West Indies, St Augustine campus signalling
courtesy Twigs Naturals
10 SEPT 2019 chamber.org.tt

Today's start-ups, tomorrow's triumphs
”The things we fear the most in
organisations — fluctuations,
disturbances, imbalances — are
the primary sources of creativity.”
— Margaret Wheatley, author
Courtesy JOSH SORENSON / UNSPLASH
Case study:
Puerto Rico’s economic reality
The year of “Despacito”, 2017, was characterised
by unprecedented escalation of
debt, and businesses, talent and people
fleeing the island. Hurricanes exacerbated
these challenges: Puerto Rico suffered over
US$90 billion in lost economic output,
a rapid 20% decline in economic activity,
and the permanent closure of some
5,000 small businesses. While its unique
geopolitical status as a US territory created
opportunity, it also triggered confusion at
the political level.
Fast-track to 2019, a mere two years
later. While there are still challenges being
faced, growth in the island’s mixed economy
is being driven by both local small and
medium-sized entrepreneurial enterprises,
balanced with foreign direct investment
in the manufacturing of pharmaceuticals,
textiles, and petrochemicals; electronics;
aviation; food and beverages. There is
growth in services, including ICT, finance,
healthcare, real estate development, and
tourism.
similar intentions, there has been some movement
away from the traditional mould.
In 2014, UTT – best known for innovative
and practical degree programmes in fashion,
music, creative arts and animation among
other disciplines – established its
uSTART Incubator Programme as the
primary hub to support several centres
of entrepreneurial excellence, such as
a sound recording studio, a fashion
production lab (still be to completed),
an animation lab and a 3D fabrication
and rapid prototyping facility.
All of these were intended to mentor
and push students towards the creation
of new products and services that are
commercial in nature. Over a hundred young
entrepreneurs have been supported at various
levels since inception, efforts which I was proud to
have led.
UWI’s thrust in this direction has only just begun. The St
Augustine Centre for Innovation and Entrepreneurship is a hub for developing
and managing an internal ecosystem. Entrepreneurship committees have been
established in each faculty to disseminate cohesive plans and engender more
entrepreneurial effort. The recently formed UWI Ventures is a wholly-owned
subsidiary of the university, with the potential of taking equity and investing
in a portfolio of start-ups. All these are steps in the right direction.
Both UWI and UTT should now look at the various shared-space
entrepreneurship development models and incorporate them at their Debe and
Tamana campuses respectively. Other organisations such as COSTAATT, private
institutions and the Arthur Lok Jack Global School of Business have all started
adding entrepreneurship to their academic offerings, though largely as standalone
efforts. The latter is soon to restart its Accelerator Programme supporting
student entrepreneurs.
These efforts are indeed admirable. But the education system continues to
fall short because graduate students at all levels continue to resist risk-taking
challenges and the idea of entrepreneurship.
Focus must be placed on the pre-16 education system in order to stimulate
mindset and cultural change at an earlier age. Adding case studies of local and
regional entrepreneurial successes, failures, and phoenixes in the classroom
would be a significant step in developing relevant but aspirational thought.
Support institutions
CARIRI has established its Centre for Enterprise Development (CED), a one-ofa-kind
shared space with a lot of resources for start-up growth, but it is largely
under-utilised. NIHERST, with plans for a major transformation, is seen as the
triple-helix nexus within the entrepreneurial space, but it has to think outside
the box to mobilise resources and take greater initiative to cement its place as
a lead enabler.
The National Integrated Business Incubator System (IBIS) also has a significant
role to play, but needs to be modernised if it is to make any significant impact.
The local Intellectual Property Office (IPO) is in the process of establishing an
IP Academy, catering to the developmental needs of the judiciary, customs,
technocrats, institutions, and academia, among others.
chamber.org.tt
SEPT 2019 11

Today's start-ups, tomorrow's triumphs
Private sector backing: the
Trinidad and Tobago Chamber of
Industry and Commerce (TTCIC)
The purpose of the TTCIC Business Insights
Content Committee (BICC) is to create
and manage the quality of content being
developed for a widening audience of the
Chamber.
Content from the BICC seeks to:
i. Add value to TTCIC’s membership
ii. Provide opportunities for the business
and entrepreneurial sectors to support
the growth and development of
industries and entrepreneurs through
a suite of courses marketed as the
Business Insights (BI) Series
iii. Close the gap between academia and
the business/entrepreneurial world
iv. Provide real-life, local content for
business incubators in Trinidad and
Tobago.
Content is conveyed via short courses
complementing (and not competing with)
the programmes of academic institutions.
Since September 2017, over 20 courses
have been delivered in areas such as cryptocurrency,
business financing, HR management
and labour issues, tax compliance,
and marketing. (For more information,
email events@chamber.org.tt)
courtesy TTCIC
2018 TTCIC
Champions of Business
Awardees: Start up,
Emerging and SME categories
Multilateral assistance and financing
Several financial tools such as angel investing, venture capital, and spin–off
investing are slowly being developed. Efforts by Avatar Capital, IP Angels,
Renaissance Angels and others are to be encouraged, with more sound policies
and incentive programmes to support them and other private sector investments.
The Trinidad and Tobago Chamber of Industry and Commerce (TTCIC)
continues to play a supportive role, facilitating capacity building and
networking among small and medium-sized businesses through its Business
Insights committee, which is primarily made up of experts from professional
service firms, entrepreneurs and academia.
Regionally, there have been several projects funded and implemented by the
Compete Caribbean Partnership Facility (CCPF), a private sector development
programme which was formed to “stimulate economic growth, increase
productivity and foster innovation and competitiveness”. CCPF is jointly
funded by the Inter-American Development Bank (IDB), the UK Department
for International Development (DFID), and the Caribbean Development Bank.
Through the IDB-funded Caribbean Regional Entrepreneurial Asset
Commercialisation Hub (REACH), executed by UWI with support from the World
Intellectual Property Organisation (WIPO), a number of academic entrepreneurs,
innovators and incubator leads benefitted from structured approaches to
entrepreneurial development using the Business Model Canvas – a single-page
tool used in the process of customer discovery, ideation and formulating a
business pitch.
The way forward
Without a doubt, all the key components of a national ecosystem for entrepreneurship
and entrepreneurial development exist. Entrepreneurs, though
unstructured and creative in their approaches, thrive in environments where
policies offer protection, guidance, opportunity, reward and facilitation,
especially in the early start-up stages. But entrepreneurial environments that
suit their needs and thereby impact on the policies being set are still largely
lacking.
Policymakers need to constantly engage such entrepreneurial
communities and be versatile in their response.
Academia has to embrace the changing needs of
education, seek to break down the virtual walls
created around it, and allow for more multidisciplinary
learning environments.
Entrepreneurial spaces must be created
within these environments. Diversity of
thought, and equitable and fair access to
opportunity, are necessary to empower
young people, women, the more vulnerable
in society, and conventional businesses, to
chase their entrepreneurial ambitions.
Using the “factor of one” principle,
and in order to develop a single national
ecosystem, there is an immediate need
to have all stakeholders – entrepreneurs,
institutions, financiers, innovators and enablers
– engage in open dialogue towards common
understanding and ensuring some semblance of
cooperation, celebration and focused networking.
chamber.org.tt
SEPT 2019 13

Discover
the power of
connections
Connections are good for business. Connections are key
for career development. Connections get you places.
Through our connections we create wider opportunities.
Find out more about the power of your ACCA
connections at accaglobal.com/connections

Financing entrepreneurship:
angels, stock markets and start-ups
Where can an entrepreneur with a brilliant idea or a
rapidly expanding business go for low-cost capital?
In T&T, angel investment capital is a great option for
start-ups, while the T&T Stock Exchange, particularly
its SME market, may be the right fit for established
businesses that need equity capital to grow
Today's start-ups, tomorrow's triumphs
Equity investment: Credit Unions
Credit Unions are a great source of lowinterest
capital for entrepreneurs. Here are
some facts about the sector:
No. of active credit unions in T&T: 295
Number of members: over 564,000
Value of total assets: over TT$11 billion
Retrorocket/ Shutterstock.com
by Kay Baldeosingh-Arjune
Freelance writer
Two angel investor groups in
Trinidad and Tobago are Avatar
Capital, led by restaurant executive
Peter George, and IP Angels, led by
manufacturing industry executive
Robert Tang Yuk. They are both
passionate about the need for a
supportive ecosystem to nurture new
entrepreneurs, and about the role of
angel investors in providing support
and guidance which is often more
critical to the success of a start-up
than actual financial capital.
IP Angels is about three years old,
and wants to fuel diversification
through the development of entrepreneurship.
They do not require entrepreneurs
to have a full-fledged
business plan when making their
pitch. “Let’s just understand your
idea and your target market. We will
develop the numbers together. The
pitch is really the beginning. From
that we decide if we will invest our
time further,” Tang Yuk explained.
Avatar Capital was formed in 2013.
According to Peter George, “We get
more involved in the building out
of ideas, putting in the corporate
structure, legal and otherwise, cleaning
up the capital structure, taking
ideas and getting the business to a
point where it can go out for Series
A financing.” This is seven-figure
funding for start-ups that have developed
their business model and now
have some performance indicators.
What entrepreneurs need to know
Don’t come if you only want capital.
Understand that angel investors are
themselves entrepreneurs at heart.
They are not interested in just giving
you money. The fun part for them
is to help build something from the
ground up. Take advantage of what
they are offering. Even if your pitch
fails, you will leave better off. Even
Many credit unions offer business loans
and even have specialised business
windows, but you must be a member to
access a loan. The advantages of credit
union loans include: fixed interest rates,
interest calculated on the reducing
balance, low processing fees, no-penalty
lump sum payments.
Documents/information that may be
requested include:
• Projected cash flow for 12 months
• Six months’ bank statements
• Certificate of registration
• Recent financial statements
• Supporting documents for the purpose
of the loan, such as pro-forma invoices
for stock or equipment
• Business plan
• Collateral in the form of cash, near cash
securities, equipment or property may
be required
• References
• Contracts (where applicable)
Source: Ministry of Labour and Small Enterprise
Development website, various credit union websites.
one conversation with an angel investor
can put you one step closer to
success.
Angel investors have a close relationship
with their entrepreneurs. “Our
expectation is that we should be involved
with the strategic direction.
While we are not there to operate or
run the business, we can add tremendous
value if the entrepreneur is open
and coachable. If the entrepreneur requires
just a source of finance, then
they should be looking elsewhere,”
Tang Yuk said.
chamber.org.tt
SEPT 2019 15

Today's start-ups, tomorrow's triumphs
“I’ve met some very creative and
interesting people. We have the seeds for
developing a really innovative business
sector. That’s our future, but it’s not an
easy road. We have to give the business
thinkers and innovators opportunity.”
Case study:
Jamaica Stock Exchange
The Jamaica Stock Exchange (JSE) is
celebrating its 50th anniversary in
2019 and has much to be proud of.
Selected milestones:
• Established 1969
• Launched Junior Market in 2009
Value of total assets: over TT$11
billion
• Main benefits: lower listing fees and
an attractive tax incentive for a 10-
year period
• Named “World’s Best Performing
Stock Market” by Bloomberg Businessweek
in 2018 via a 29% increase
in the JSE’s main index at year-end
• Capital raised in 2018 on main markets:
J$21 billion (34.6% increase)
• Total market capitalisation (main
and junior markets): J$1.52 trillion
(December 2018)
• JSE accounts for retail investors:
199,145 (53.3% increase over 2017)
• New securities listings in 2018: 18
- JSE Main Market:
36 listed companies
- Junior Market:
36 listed companies
• February 2019: launched Jamaica
Social Stock Exchange (JSSE)
• April 2019: signed a new sevenyear
agreement for Nasdaq to
deliver matching engine and market
surveillance technology (SMARTS) to
the Jamaica Stock Exchange.
Source: www.jamstockex.com
— Robert Tang Yuk, IP Angels
“I challenge the business sector to
find innovative ways to support
entrepreneurs at zero risk, using your
existing infrastructure and surplus or
idle capacity. This is a way to do CSR
(Corporate Social Responsibility) in a
more innovative way.”
– Robert Tang Yuk, IP Angels
How can entrepreneurs improve their pitch?
“They need to understand that getting angel capital is the beginning, not the
end; this is where the work begins,” Tang Yuk warned. “Angels are investors
with expectations. This is not grant funding.”
IP Angels is looking for innovation, export potential and entrepreneurs who
can go the distance. In particular, Tang Yuk urged: “Be unique! The most
common problem is that the idea does not have sufficient unique value. It’s
either a great idea with no clear plan to create value, or it’s a ‘me too’ idea.”
Avatar Capital wants products or ideas that will bring about meaningful
change, be disruptive or transformative. It prizes entrepreneurs who really
believe in their product, are putting their heart and soul into their business, are
having fun, and are looking for a partner, not just money.
George advises entrepreneurs to be ready to supply information about their
business and answer questions such as: Are there any competing products? Are
there any regulatory issues? What is the track record for similar products? Why
is your product better than its competitors?
“There are so many young people in this country with amazing
ideas, but they don’t have access to capital, the handholding, the
mentorship they need, and that’s the role we are playing.”
– Peter George, Avatar Capital
Want to become an angel investor?
George’s advice to potential angel investors is:
••
It cannot be profit first. It’s about incubating ideas and creating an
ecosystem where entrepreneurship can thrive.
••
You have to believe the business is sustainable
and scalable.
••
Don’t jump in too quickly.
••
Have a cadre of advisers to bounce off ideas;
get input.
••
Get some consensus re: the viability of a
project.
••
Do your own research. Don’t just accept
what the entrepreneur says.
T&T Stock Exchange (TTSE)
also helps entrepreneurs to grow
TTSE CEO Amoy Van Lowe
To support the development of small and medium-sized
enterprises (SMEs), the TTSE introduced the SME Market in 2012. It’s a junior
stock market attached to an existing exchange, developed to give access to
additional funding for thriving SMEs who need it to take their company to the
next level.
These companies must have a subscription capital of TT$5 million to TT$50
million after listing, compared with the First Tier Market range of TT$4 million
to over TT$50 million. A major benefit is a 10% corporate tax rate for up to
five years after listing.
TTSE CEO Amoy Van Lowe is looking to do more. “We have recognised
that a key success factor to drive the SME initiative is the development of
an active and passionately committed ecosystem.” This ecosystem includes
brokerage firms, accountants, compliance professionals, financiers, investors,
entrepreneurs and regulators. She believes that, working in partnership, this
group “will be the catalyst that has the potential to take the SME market to
another level.”
courtesy the T&T Stock Exchange
16 SEPT 2019 chamber.org.tt

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Today's start-ups, tomorrow's triumphs
Accelerating the start-up process
You decide to start a business, and you need advice, guidance, and funding.
Where can a start-up access this type of support? We examine the successes
and pitfalls of three entrepreneurial accelerator programmes
by Jade Cumberbatch
Freelance writer
Viktoria Kurpas/ Shutterstock.com
Globally, about 97% of new businesses fail within
their first five years. Business incubators and accelerator
programmes can reduce this rate, especially in
stagnated economic climates. Therefore entrepreneurs
and small businesses are key factors in the recovery and
diversification of Trinidad and Tobago’s economy.
UTT’s entrepreneurship drive
“In order to mitigate against failure, we need to understand
the environment of the company, the regulatory aspects,
access to finance, and the competitive environment that
the organisation is in,” said Inshan Meahjohn, Assistant
Vice President of The University of Trinidad and Tobago’s
(UTT’s) Entrepreneurship & Technology Commercialisation
Unit.
“The other thing you need to take into consideration
is that Trinidad does not have a prevailing culture of
entrepreneurship. In order to inculcate that culture, we
need specified programmes that would encourage students
to start a company rather than simply find a job.”
Not only do entrepreneurs create jobs for themselves,
but they do so for others as well. They support the
country’s GDP and foreign exchange market, and they
help to diversify the economy away from oil and gas in
the long term.
Incubator and accelerator programmes provide many
services, Meahjohn explained. The difference lies in the
stage of the company – start-ups and new companies on
one hand, companies in a growth phase on the other.
The uSTART programme
Business registration support, assistance with business
plans, and pitch development for start-up companies
are all provided by UTT’s Business Incubator/Accelerator
programme, uSTART.
It also provides seed funding, business coaching, finance
and accounting assistance, legal, intellectual property and
compliance assistance, and shared administrative support.
It also supplies networking opportunities with other bodies
and state agencies, mentorship, access to UTT-hosted
seminars and workshops, and other business development
services.
Resident entrepreneurs have 24-hour access to physical
space at the O’Meara campus, which is equipped with
conference/meeting rooms, work spaces, office equipment,
and a suite of computers with specialised software and
internet access. There is also a green room, and cameras
Success stories
uSTART: Coded Arts
• Founded by Andy Berahazar and Brian Perry in 2013, Coded Arts
was registered in 2015
• Commenced UTT’s uSTART programme in 2013. It is still part of
the incubator
• Provides game development studio services, focusing on video
game outsource projects for local and international companies
• Implementation of strategies: how to manage a team, approach
to relationships with clients, and project management
• Challenges: team members leaving, financing
• Programme outcomes: increased revenue generation, increased
number of clients, gained clients in Canada, hired 8 employees,
10% annual growth
• Future plans: move from UTT’s physical space in October 2019
into its own office, gain clients in the United States, expand the
team – add more employees and recruit remote employees from
other Caribbean countries.
chamber.org.tt
SEPT 2019 19

for developing business marketing material.
Since uSTART’s inception in September 2014, it has
assisted in the growth and development of over 50 new
companies from among students, staff, and alumni. This
year, about 30 participants from 13 companies graduated
from the programme, and 17 companies currently access
its services.
While uSTART has had many success stories, for now
Meahjohn cannot say with certainty exactly how many of
these companies survived and thrived in the critical early
years. “Because we have only now come up to the five-year
mark, we will not be able to do the tracer studies until the
end of this year.”
Since uSTART’s inception in September 2014, it
has assisted in the growth and development of
over 50 new companies from among students,
staff, and alumni
Hatching success with CARIRI
At the Caribbean Industrial Research Institute (CARIRI),
Executive Manager Meghnath Gosein believes incubators
and accelerators are necessary because current employment
opportunities are slim, making it necessary to create new
jobs.
He believes the country will see more incubators and
accelerators in the future as more young people graduate
from university and search for opportunities. Therefore, he
said, it is important to provide an environment of support,
involving financial institutions, trade partners, and legal
professionals.
“We believe the potential for growth in our economy lies
in SMEs [small and medium-sized enterprises]. Support
programmes are sustainable once they have success and
people can see that they are working. But you require an
entire ecosystem to support this type of entrepreneurship.
“There is now talk of other investment options. We
think we could see growth in venture capital companies,
angel investors, and equity financing which can support
entrepreneurial growth. It may not necessarily be traditional
bank financing.”
According to Gosein, funding has been one of the biggest
challenges for CARIRI’s Business Hatchery programme
since it began in 2015. He said, as a result CARIRI is in
discussion with several financial institutions to determine
how they can assist with start-up business funding.
The objective of the Business Hatchery, Gosein explained,
is to help people establish new businesses and to advance
early start-ups through group and one-on-one sessions.
Like UTT, it provides the soft skills for starting, managing,
and marketing a business.
“We do this by giving you hands-on experience. So
you do your own market study, prepare your financial
documents and so on, and we guide you. We also expose
entrepreneurs to intellectual property as it relates to their
business.”
20 SEPT 2019 chamber.org.tt

Today's start-ups, tomorrow's triumphs
Success stories
CARIRI: Aurora Bitayson Limited
• Founded by sisters Lyndi and Lynissa Jordon in June 2016,
registered in September of that year
• Started CARIRI’s Business Hatchery programme in January
2017 to give the business structure
• Produces coconut oil, fruit syrups, and wines
• Implementation of strategies: marketing and branding.
Executed surveys to get feedback on products, compared
packaging and price points of competitors. “This is
something we continue to do even today, not just for items
similar to our products but in general. We are always
looking at form and function.”
• Challenges: packaging. It is difficult and expensive to import
glass bottles, and distributers do not import in small batches
• Programme outcomes: sales increased by 300%, the production
and formulas of products are now more efficient, larger
batch sizes; supplies retail businesses as well as individual
customers throughout Trinidad
• Future plans: export to other Caribbean countries and North
America, establish factory.
Coded Arts
The Hatchery also provides technical support, technology
bays, office space and meeting rooms, and one day hopes
to establish an alumni association for networking, advice
and support.
So far 15 cohorts, each with an average of 10-12
people, have graduated, including some groups sponsored
by corporate organisations. Close to 100 people either
started or expanded businesses through the three-month
programme.
courtesy the University of Trinidad and Tobago
So far 15 cohorts, each with
an average of 10-12 people,
have graduated, including some
groups sponsored by corporate
organisations. Close to 100
people either started or expanded
businesses through CARIRI’s threemonth
programme
The BizBooster accelerator only
accepts Lok Jack alumni. It is
focusing on export-oriented
businesses, and is in the process of
signing partnerships with financiers
to provide entrepreneurs with
financial assistance such as loans
and joint ventures
Finding its niche: ALJGSB
The Arthur Lok Jack Global School of Business started its business incubator
programme, BizBooster, in 2012, but switched to an accelerator model in
September 2018, after 24 people had successfully completed the programme.
Interim manager Bhushan Singh said the switch was made for several
reasons. The incubator was expensive to conduct, as it was free of charge to
participants. Also, there were other incubators in the country, so BizBooster
felt somewhat redundant.
Furthermore, the school already trained its students in the basics of starting
and managing a business through its main business courses, including
marketing, finance, logistics, managing the supply chain, advertising, customer
service, and succession planning, so an incubator seemed unnecessary.
“Having a plethora of incubators without significant output is a waste of
resources. We had to look at our core competencies and what we do best. We
had the idea generation, we provided the knowledge and training, but part of
what was missing was networking, mentorship and financing.
“So we have moved on from the incubator concept. We are taking this to a
higher level, to a programme where you must have your own business to get
in, and we will offer it online so we don’t take you away from your business.”
The BizBooster accelerator only accepts Lok Jack alumni. It is focusing on
export-oriented businesses, and is in the process of signing partnerships with
financiers to provide entrepreneurs with financial assistance such as loans and
joint ventures.
Despite the training, financing, and support, the key to a successful business
is passion, Singh explained. “If you don’t have passion for your business, it
will be a failure from day one.
“We are not in it for the numbers. We’re looking for passion and the ability
to execute. Passion is about perseverance and dedication. When you start, you
have a lot of negativity to deal with. You have to believe in yourself so much
that when anyone tells you ‘no’ you ignore that and say you will make this
venture a success.”
chamber.org.tt
SEPT 2019 21

Voice of business
VOICE OF BUSINESS
Trinidad & Tobago’s 2020 national budget
What recommendations would you like to see included in the 2020
national budget for Trinidad and Tobago?
Over the years, the Chamber has proposed
a number of fiscal measures to
be included in the national budget.
Once properly implemented, these
ideas have the potential to improve the
prospects of the business community
and to transform Trinidad and Tobago’s
economy. This year we would like to
highlight three critical areas which we
recommend for inclusion in the 2019-
2020 budget.
1. A sound financial system that
encourages entrepreneurs and
minimises risk
The Chamber recognises that there is significant underinvestment
of capital in Trinidad and Tobago. Institutions
in the traditional banking sector are, by design, riskaverse.
At the same time, many entrepreneurs struggle to
access funding to launch new businesses.
This presents an opportunity for both private and
institutional investors, who are likely to be less risk-averse
than banks, to connect with innovative entrepreneurs.
Government can intervene in the establishment
of structure for non-traditional investment using
incentives, structural support and the SME Stock
Exchange
We recognise that the government’s proposed collateral
registry would make capital more easily available to
borrowers. However, this solution is still in the early stages
of planning. In the meantime there is need for government
support in creating an enabling environment for such
investment, so that both investors and entrepreneurs can
make use of incentives and critical protections to ensure
minimal abuse/fallout.
Government can intervene in the establishment of
structure for non-traditional investment using the
following methods:
a. Incentives: Individuals or institutions that invest in
start-ups and other entrepreneurial ventures should
be incentivised to do so through income tax relief,
capital gains rollover, loss relief, and gains not
Reyaz Ahamad
President, Trinidad & Tobago
Chamber of Industry & Commerce;
Executive Director, Southern Sales
and Service Company Limited
subject to capital gains tax. It is also
critical for the government to ensure
that eligibility rules for the size of
investment and size of company are
appropriately scaled.
b. Structural support: A key aspect
of investment for a non-institutional
investor is engaging in due diligence.
It is critical that access to publicly
available business information should
be improved so that both investors and
start-ups can be protected. This can be
implemented through greater online
access to government records, and by
streamlining the querying process to
ensure greater ease of doing business.
c. SME Stock Exchange: To further encourage nontraditional
investment, it is critical that participation
in the SME tier of the Stock Exchange is promoted,
to incentivise trading activity and bring in more
participants.
Creating an educational campaign about the SME Stock
Exchange could help businesses to:
••
Know when their company meets the requirements for
listing
••
Learn the necessary steps, if they are not ready
••
Clearly understand what is required of listed companies,
as many companies hesitate to list, out of concern for
lack of privacy and loss of control.
2. An improved business environment that
fosters entrepreneurship
We should focus our energies on new, viable and
economically feasible start-ups that can move the economy
and society forward. The Chamber is already supporting
the promotion of micro, small and medium enterprises
(MSMEs) through our:
We should focus our energies on new, viable and
economically feasible start-ups that can move the
economy and society forward
22 SEPT 2019 chamber.org.tt

Table 1: Comparison of global angel investing incentives
Structure
Value
deductible
Conditions
China Malaysia USA
An investor or investment
firm that picks up a stake in
a tech start-up at the seed or
early stage, and stays invested
for two or more years, can
deduct a portion of their
investment from their taxable
income
The investee company first
applies to the governing body
for angel investments to be
qualified for investment under
the Angel Tax Incentive.
It can then obtain a letter
to present to the accredited
angel investors
The Small Business Stock
Gains Exclusion Act provides
for the capital gains from
investment in select small
business stock to be excluded
from federal tax
70% 100% 100% (up to gains of US$10
million)
1. The new start-up must be
in the tech industry
2. The new start-up must be
located in a specified area
of the country
1. The angel investor may
only file for the tax rebate
two years after the point
of investment
2. The investee company
must be at least 51% locally
owned
3. Investment into a
start-up must be at least
US$1,207.00 and must not
exceed US$120,702.50 per
annum
1. The investment must be
held for a minimum of
five years
2. The investee company
must not have more than
US$50 million in assets
before the investment or
immediately afterwards
3. The business may not be in
certain industries: services,
farming, finance, mining,
extraction, restaurant,
hospitality, real estate
UK (Enterprise Investment
Scheme)
Under this scheme, angel investors
can gain both income
tax and capital gains tax relief
on investments for eligible
shares in small unquoted
companies that qualify under
the scheme
i. 30% (on income tax up to
£1 million)
ii. 100% (on capital gains from
selling)
1. The angel investor must
retain the shares for a
minimum of three years
2. Investors must not have
been previously connected
to the investee company
3. Only ordinary shares
qualify
UK (Seed Enterprise
Investment Scheme)
This scheme, unlike the Enterprise
Investment Scheme,
seeks to incentivise investments
in very small businesses
with growth potential that
are at a very early seed or
start-up stage, have only just
started trading, and may have
little or no revenues and very
few assets
i. 50% (on income tax up to
£100,000)
ii. 50% (on capital gains from
selling)
1. The investee company
must have fewer than 25
employees
2. The investee company
must have fewer than
£200,000 in assets at time
of investment
3. Investee companies can
only receive investment
capital totalling £150,000,
which must be used within
three years
• Business Insights series, which provides B2B training
via live and on-demand webinars
• Promotion of an Angel Investor Programme to
support the entrepreneurship ecosystem. This will
bring MSMEs and investors together, increase the
capability and capacity-building of MSMEs as
competitive companies, and increase employment,
taxable revenue, and even foreign exchange earnings.
To supplement these initiatives, the Chamber would
welcome the government’s support in creating an enabling
environment for their success. This can be done by:
• Improving inter-agency and ministry linkages to
shorten and simplify the business registration process
• Re-establishing the FairShare Programme as an
incentive for entrepreneurs to bid for substantial
projects
• Providing incentives for angel investors. We have
reviewed some international examples (see Table 1).
3. A modern and effective law enforcement system
With an estimated TT$3.876 billion allocated to the
Ministry of National Security for the financial year
2018/2019, it can be said that a significant proportion of
T&T’s GDP is tied up in our protective services and is not
being used for economic development.
A fairly recent IMF Regional Economic Outlook Report
states that Trinidad and Tobago’s GDP growth rate would
increase by 0.3% should our crime rate match the global
average. This is a clear indication that more effective
measures need to be implemented and enforced when
dealing with the country’s high crime rate. To address this
A fairly recent IMF Regional Economic Outlook
Report states that Trinidad and Tobago’s GDP
growth rate would increase by 0.3% should our
crime rate match the global average
concern, the Chamber recommends the following to reduce
the burden on the court system:
• Establish night and petty courts to clear the backlog
in the judicial system. Video conferencing should
be used between the jails and the courts, to reduce
the cost of transporting prisoners and to boost the
efficiency of the judicial system
• Improve the existing system by allowing persons with
minor convictions (possession of small amounts of
marijuana, cursing, etc.), who have completed their
sentences, to have the charges struck off their record
automatically, rather than make them apply to have
the charges struck off
• Remove minor vehicular and traffic offences (tickets
and small accidents) from the existing court docket.
Establish a separate court to deal with these matters
• Implement an improved traffic ticket system that
would allow for payment of fines at District Revenue
Offices, Post Offices and Police Stations, instead of at
the District Court where the offence was committed.
The current labour relations climate remains a challenging
one. We are working with an Industrial Relations Act that
is over 46 years old. This needs to be overhauled urgently
to align with global best practice.
chamber.org.tt
SEPT 2019 23

The CCJ Bench
Understanding the
Caribbean Court of Justice
While the CCJ marks its 14th year in 2019, only four Caribbean countries
recognise it as their final court of appeal. Why is the number of matters brought
before it so small? How can the court assist the private sector?
by Kissoon Sinanan
Attorney-at-Law
The Agreement establishing the Caribbean Court of
Justice (CCJ) was signed by ten Caricom member
states 1 in 2001. The court was inaugurated four years
later, on 16 April 2005. It was established with both
original and appellate jurisdictions, pursuant to Article III
of the Agreement.
So far, only Barbados, Belize, Dominica and Guyana
have replaced the Judicial Committee of the Privy Council
with the CCJ as their final court of appeal.
In its appellate jurisdiction, the CCJ hears and determines
appeals in civil and criminal matters, as detailed under
Article XXV of the Agreement 2 . In certain matters, appeals
lie as a matter of right to all natural or juridical persons 3
(comprising individuals and companies); in others, the
leave of the Court of Appeal in the respective member
states is required before any matter can be taken to the
CCJ.
Currently only Barbados, Belize, Dominica and
Guyana have replaced the Judicial Committee of
the Privy Council with the CCJ as their final court
of appeal
Matters which can be appealed as a matter of right
include property rights, dissolution or nullity of marriage,
interpretation of the constitution of a member state, and
issues related to the protection of fundamental rights. 4
Appeals requiring the leave of the Court of Appeal of a
respective member state include decisions in any civil
proceedings involving a question of great general or public
importance, and such other cases as may be prescribed by
any law of the contracting party. 5
Private sector participation
Under the original jurisdiction, the CCJ has exclusive
jurisdiction to hear and deliver judgment on disputes in
which member states are involved, referrals from national
courts or tribunals of member states, and applications by
all natural or juridical persons for special leave to appear
as parties before the CCJ. 6
The CCJ also has exclusive and compulsive jurisdiction
to deliver advisory opinions concerning the interpretation
and application of the Revised Treaty of Chaguaramas
(RTC). 7 It is also clearly stated in the Agreement and the
RTC that when a judgment is delivered by the CCJ, any
member state, Caricom bodies, organs, entities or persons
24 SEPT 2019 chamber.org.tt

Law and order
to whom the judgment applies must comply with the
judgment promptly. 8
It is under the original jurisdiction of the CCJ therefore
that one could anticipate the increased participation
of the private sector in Caricom, if only to ensure that
member states abide by their obligations under the RTC
with respect to the Caricom Single Market and Economy
(CSME).
However, the number of matters that are brought
to the CCJ under the original jurisdiction is still
very small compared with the matters under the
appellate jurisdiction
It is not surprising therefore that the majority of the
decisions under the original jurisdiction of the CCJ have
involved the private sector. However, the number of
matters that are brought to the CCJ under the original
jurisdiction are still very small compared with the matters
under the appellate jurisdiction. 9
Some of the reasons for this phenomenon may include
the preference for government-to-government negotiation,
a lack of understanding of trade matters, and a lack of
understanding of member states’ rights and obligations
under the RTC as well as time and costs.
Challenges for business
Prior to the CCJ, member states only discussed their
private sector problems and challenges at the Council of
Trade and Economic Development (COTED), and bilaterally
in between COTED meetings. This practice continued for
years with generally beneficial results and at no cost to
the private sector. In fact, when Trinidad Cement Limited
(TCL) brought the first matter to the CCJ under the original
jurisdiction, there was divided opinion throughout the
region about whether the company adopted the proper
approach.
Many in the private sector do not fully understand
Caricom trade rules and are therefore more comfortable
leaving their trade issues with government officials
to address. There are also not many attorneys who are
familiar with these rules and can assist private sector
entities. There are also not many attorneys in the region
who are versed in international law, which is applied by
the CCJ in exercising its original jurisdiction 10 . Similarly,
the rights of the private sector generally flow from the
rights of the member states under the RTC.
may prefer not to approach the CCJ at all. In support of
this position, both the RTC and the Agreement have a
provision that encourages member states, to the maximum
extent possible, to use arbitration and alternative dispute
mechanisms to settle private commercial disputes 11 .
Many in the private sector do not fully understand
Caricom trade rules and are therefore more comfortable
leaving their trade issues with government
officials to address
The first company to bring an application to the CCJ
under the original jurisdiction was Trinidad Cement
Limited (TCL). Other companies that have followed this
trend include SM Jaleel and Company Limited, Humming
Bird Rice Mills Limited, Rudisa Beverages and Juices NV,
Arawak Cement Company Limited (a subsidiary of TCL),
and Rock Hard Distribution Limited.
References
1
There are fifteen member states of Caricom listed on the Caricom website (www.CARI-
COM.org) and currently twelve of these member states have signed the Agreement.
Member states of Caricom: Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica,
Grenada, Guyana, Haiti, Jamaica, Montserrat, Saint Lucia, St Kitts and Nevis, St Vincent
and the Grenadines, Suriname, Trinidad and Tobago
2
Currently, this only applies to Barbados, Belize, Guyana and Dominica
3
The phrase “Persons, natural or juridical” is used in Article 222 of the Revised Treaty of
Chaguaramas (RTC).
4
Article XXV.2 of the Agreement
5
Article XXV.3 of the Agreement
6
Article XII of the Agreement and Article 222 of the RTC on the matter of special leave
7
Article XIII of the Agreement and Article 212 of the RTC
8
Article XV of the Agreement and Article 215 of the RTC
9
The Honourable Mr Justice Saunders, Speech on the Revised Treaty of Chaguaramas:
Conflicts and Contradictions for the Island State; delivered 16 May 2017
10
The Hon. Mr Justice Saunders, op. cit.
11
Article XXIII.1 of the Agreement and Article 223 of the RC
Pioneering use in trade
Given the options available for negotiations through
government channels, past experience in utilising the
latter and the potential costs involved in making an
application to the CCJ, many private sector entities
ALL Photography courtesy The Caribbean Court of Justice
chamber.org.tt
SEPT 2019 25

26 SEPT 2019 chamber.org.tt

Law and order
The TCL Experience
TCL v Guyana [2008] CCJ 1 (OJ)
TCL v Guyana [2009] CCJ 5 (OJ)
In the matter TCL v Guyana [2008] CCJ 1 (OJ), the CCJ
emphasised the historic nature of the proceedings and
stated that it was the first matter in which the Caribbean
Court of Justice had been called upon to exercise its
original jurisdiction. It therefore had no precedents to
follow in its interpretation and application of the RTC.
While the Court reserved its decision, it identified two
issues for determination in the matter. Firstly, whether
for the purposes of Article 222 it is sufficient for a
company to be incorporated or registered under the domestic
legislation of a contracting party and, secondly,
whether Article 222 of the Treaty accords to one who is
held to be a person, natural or juridical, of a contracting
party the right to sue that contracting party.
Judgment was given on 15 January 2009 granting
special leave to TCL.
Prior to TCL’s case against Guyana, that country on
numerous occasions unitarily removed the 15% Common
External Tariff (CET) on cement imported from
outside of Caricom. After many failed attempts at settling
the matter bilaterally, TCL took the matter to the
CCJ. In the case, TCL V the Co-Operative Republic of
Guyana [2009] CCJ 5 (OJ), the Court ordered among
other things that Guyana must re-impose the CET and
that the Government must pay TCL two-thirds of its
cost. While it was ordered that the CET be reimposed
within 28 days of the Court Order of 20 August 2009,
this was not done until 8 January 2010, after TCL filed
a Contempt of Court application at the CCJ.
TCL v The Caribbean Community [2009] CCJ 4 (OJ)
In TCL v The Caribbean Community [2009] CCJ 4 (OJ),
TCL sought clarification of the administrative procedures
relating to the suspension of the CET. The Court
in its judgment sought to address this issue while trying
to strike a balance between the need for flexibility on
policy issues and at the same time ensure the presence
of “effective measures to curb the abuse of discretionary
power”.
The CCJ stated that Article 82 of the RTC, which lists
the conditions for suspending the CET, must be interpreted
in a sensible manner. That is, the production of
the product is only one part of the equation. The company
must also be able meet the demands of the member
states in a timely manner.
The CCJ also clarified Article 26 of the RTC and the
responsibility of the Community Council to establish
and maintain “an efficient system of consultation at the
national and regional levels”, the object being to enhance
the decision-making process in the Community.
This duty to maintain an efficient system of consultation,
the CCJ indicated, would include a duty to monitor
the operation of that system once it has been established,
as well as a duty to try and correct any weaknesses that
emerged in the system; and to ensure as far as possible
scrupulous adherence to that system. It was emphasised
that these are duties which rest primarily on the Community
Council, but in the performance of which that Council
is entitled to the assistance of the Secretary-General.
The CCJ also stated that member states have a duty to
provide the Secretary-General and COTED with accurate,
relevant and timely information. The Secretary-General
must also do what they reasonably can in order to ascertain
whether appropriate consultation has been held;
and if it has not, to encourage the Competent Authority
to remedy that omission.
TCL v the Competition Commission [2012] CCJ 4 (OJ)
While the CCJ dismissed the application by TCL, clarification
was provided on some of the rules and procedures
of the Competition Commission.
The CCJ observed that it is difficult to see how an
investigation of the regional Competition Commission
could deal with cross-border anti-competitive business
conduct by focusing on the infringement of national
provisions. Moreover, it stated that this does not seem
to be required by the RTC and, indeed, the question of
which national provisions to concentrate on would almost
certainly arise. In all the circumstances, the Court
encouraged the Commission to review its rules so as to
ensure that they are in concert with the RTC and reflect
the appropriate standards of fairness.
courtesy the Caribbean Court of Justice
chamber.org.tt
SEPT 2019 27

Business profile
courtesy the SCL GROUP
Stuart Dalgliesh:
40 years leading SCL
With reporting by Kevin Garcia, Freelance writer
Stuart Dalgliesh is the CEO and a founding
member of SCL Trinidad. His first major sale consisted
of materials for the Eric Williams Financial
Complex project in the 1980s. Today, SCL is a
regional brand and company with operations in
four countries across the Caribbean. He reflects
on his 40-year journey and offers advice to budding
entrepreneurs in Trinidad & Tobago
Innovation, dedication and foresight. These are
the core characteristics that represent Stuart Dalgliesh,
founder and Chief Executive Officer of the SCL Group of
Companies. SCL, founded in 1979, now has operations
in Trinidad, Jamaica, St Lucia and Guyana. Dalgliesh
has harnessed innovation, dedication and foresight to
move the business from the southernmost corner of the
Caribbean onto the global stage.
“My mother brought me up with the understanding that
you get what you work for,” he says, “and there is no free
lunch.” The firm belief and understanding that hard work
pays off is embedded in the leadership culture of SCL.
This culture has led to some key decisions that resulted in
successful business transformations over the past 40 years.
Background and history
The journey to becoming the Caribbean’s leading supplier
of concrete engineering products and services was not
straightforward or easy. SCL started operations in 1979
as Surface Coatings Limited, and after acquiring the
distribution rights for FOSROC International (formerly
Chemical Building Products), it was poised to dominate
the market.
The company’s initial focus was only on supplying
the local Trinidad and Tobago market. However, with
the economic decline and devaluation of the Trinidad
dollar in the 1980s, Surface Coatings Limited, like many
other businesses during that period, suffered a significant
reversal of fortunes. Dalgliesh and his SCL leadership
team decided to do three things: to diversify its operations
through manufacturing, to introduce new products and
services, and to pursue new markets in other countries.
This three-tier approach was successful, and the company
was able to return to profitability.
There were two business name changes: Specialist
Chemicals Limited in 1991, and the present SCL (Trinidad)
Limited. Both positively impacted company branding. The
combination of improved marketing, delivering quality
engineering products, timely distribution and exceptional
service continues to separate SCL from its regional
competition.
Innovation drives expansion
When SCL started manufacturing in Trinidad, exports were
in high demand throughout the Caribbean, starting with
St Maarten and followed by Jamaica. Today, SCL proudly
distributes products to over twelve Caricom states and
eight members of the OECS.
SCL has four core divisions, and five retail outlets within
Trinidad and Tobago, Jamaica and Guyana. There are
also five distributors, in Suriname, Grenada, Barbados, St
Maarten and St Lucia respectively.
Concrete and cement is SCL’s largest division. It works
with the top ready-mix and precast concrete companies
throughout the Caribbean, providing innovative concrete
technology, technical advice, concrete testing, mix designs
and much more.
The engineering division includes internationally
“Our engineers are among the best in the Caribbean.
Our architects are among the best in the
Caribbean. Our contractors are among the best in
the Caribbean. But these services are not being
exported”
accredited products, and is focused on locally manufactured
and imported systems. With a dedicated team of
professionals, it caters to the energy and marine sectors,
the construction industry and more.
The industrial maintenance division offers a range of
cleaning chemicals that are environmentally friendly
and locally created. Some of the industrial products were
developed to fill specific gaps in the market.
The industrial raw materials division was introduced
to supply local manufacturing firms with top quality
raw materials, reducing the lengthy wait time and high
transportation costs previously endured by Trinidadian
companies. This division also offers contract manufacturing
and white-label product services to minimise production
costs and overheads for SMEs.
28 SEPT 2019 chamber.org.tt

Business profile
There is need for strong local content
policy and legislation which advocates the
development of skills, technology transfer,
and the use of local manpower and
manufacturing
SCL Group: growth timeline
••
Formed in 1979 to market
engineering-based products
••
Started local manufacturing in
1985
••
Diversified operations in 1991
through the establishment of
a new industrial maintenance
division. Diversified again in
2009 with the formation of an
industrial raw material division,
and in 2012 when it entered the
lubricant market with a range of
premium quality lubes, greases
and fuel additives
••
Expanded into Jamaica (SCL
(Jamaica) Limited) in 1995 and
St Lucia (Caribbean Technologies
Limited) in 2006
••
In 2013, constructed a brandnew
state-of-the-art production,
distribution and administrative
complex at Saddle Road in San
Juan, Trinidad
••
Opened its first retail store
in 2014, The Solution Store,
designed to be the nexus
between the SCL Group and its
ever-growing retail client base
••
SCL (Guyana) Inc. was
established in February 2016
to safeguard existing business
and to meet the demands of the
growing oil and gas sector
• Retail outlets opened in Jamaica
2017 and Tobago in 2019.
SCL intends to continue its 40-year journey
by innovating and diversifying across its
Trinidad, Guyana, Jamaica and St Lucia
operations, always on the lookout for new
products and market opportunities
An advocate for local content
Dalgliesh believes Trinidad and Tobago should do more to support local firms.
“While our companies are fighting to open doors in international markets, it
is very easy for foreign firms to set up shop here. There is a need for a strong
local content policy, and for legislation which advocates the development of
skills, technology transfer, and the use of local manpower and manufacturing.
One that would not stifle foreign investment but would allow for a mutually
beneficial exchange.”
Dalgliesh goes on to point out that: “Our engineers are among the best in the
Caribbean. Our architects are among the best in the Caribbean. Our contractors
are among the best in the Caribbean. But these services are not being exported,
and in the local construction industry the foreign content is often given priority
over local Trinidadian content. The result is that Trinidad and Tobago is being
relegated to becoming a nation of house-builders, and this is not a good trend.”
The future
Four years ago, Trinidad and Tobago faced an economic slump, and SCL had
to adapt when the local market contracted by 40%. As a result, its economic
outlook remains guarded but optimistic.
“Our growth outlook is to acquire companies with business synergies that we
can add value to through manufacturing efficiencies, cost savings and access
to new markets. SCL intends to continue its 40-year journey by innovating
and diversifying across its Trinidad, Guyana, Jamaica and St Lucia operations,
always on the lookout for new products and market opportunities.”
Dalgliesh advice to Caribbean entrepreneurs
Dalgliesh is excited about the junior stock exchange and sees a possible listing
in the future.
One of his proudest moments in business was when within a single year
he was approached by three of the world’s leading competitors to distribute
their products. This was a humbling experience, just to be recognised by the
world’s greats. He has learned many lessons since, and offers the following to
businesspeople in Trinidad and the Caribbean.
“We must continue to take calculated risks in order to grow. One example is
the junior stock exchange – rather than borrowing money and having difficulty
paying it back, there are new alternatives to obtain equity locally,” he notes.
He also warns new entrepreneurs to document agreements properly. “Do
not trust verbal contracts, promises and handshakes. That was the root of
practically all my problems early on at SCL. A lesson I quickly learned and
corrected.” He advises young businesspeople to get this right from the outset,
which will boost their chances of financial success.
And in any new venture, he continues, always negotiate the divorce whilst
discussing the marriage. This is crucial, as many friends, family and business
partners part ways in animosity over money.
For Dalgliesh himself, the road ahead leads to semi-retirement, but he says
he wants to leave with the lights on. He sees a bright future for the company,
with continued investment in the research and development of environmentally
safe products.
He has always relied on innovation, a little luck and a lot of hard work. It is
this impulse to reinvent itself, no matter how comfortable it may have been in
the market, that drove SCL during its 40-year journey – and will continue to
inspire the company to go forward.
chamber.org.tt
SEPT 2019 29

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Email: sales.sclguyana@scl-group.com

Growth and learning corner
The Chamber's growth and learnING corner
What have you read, watched or listened to lately that has
contributed to your growth and development as a businessperson?
Jason Julien
Deputy Chief Executive Officer – Business Generation,
First Citizens Bank Limited
For the past three years, I have set a personal goal of reading at least
one book per quarter. I actively seek out thought-provoking books, mostly
biographies and non-fiction. One of my favourites is the memoir Educated, by
Tara Westover.
Home-schooled in rural Idaho, she did not step into a classroom till she was
17. Through a Bill and Melinda Gates Foundation scholarship she eventually
attended Cambridge University, and in 2014 earned a PhD in History.
Despite not receiving a formal education early in life, she became successful
because of the way she looked at the world. She brought a fresh perspective to
education, especially the way we interpret history.
The history we are taught is determined by the person writing their interpretation
of events. History is not simply accepting the facts presented to us: how
we distil, analyse and critically examine those facts is essential to understanding
and interpreting the world around us.
What this has taught me as a leader is that we need to critically examine information presented to us
by scrutinising the context, and dissecting and analysing. It is very easy to accept what is considered to be
common knowledge without using common sense or critical thought. We should not be afraid to challenge
accepted “truths” in the world – we need to be bold enough to critically analyse, assess and debate as independent
thinkers
Allison Demas
Chief Executive Officer, Media InSite Limited;
Chair, Nova Committee, Trinidad and Tobago
Chamber of Industry and Commerce
One of the most interesting books I have read was Michael E. Gerber’s The
E-Myth Revisited: Why Most Small Businesses Don’t Work, and What To
Do About It.
Given that Media InSite is a small to medium-sized enterprise (SME) and I am
Chair of the Chamber’s NOVA Committee, I particularly recommend this book
for SMEs.
The main idea of the book is that entrepreneurs start businesses because they
are passionate about something. They have a vision, and can see the big picture.
But a lot of business owners tend to lose sight of this, and work in their business
instead of on their business.
Successful businesses need three elements: technical, which means operations;
managerial (order and systems); and the outlook of the entrepreneur (the
vision). So it is important for entrepreneurs to put processes and systems in
place so that their team can pick up the manual and run the business.
Reading this book made me realise that I have a vision for my company – to be the global leader in monitoring
and measuring Caribbean media content – and that I need to take a step back and let others focus on
operations, while I ensure that my vision is realised.
chamber.org.tt
SEPT 2019 31

Growth and learning corner
The Chamber's growth and learning corner
What have you read, watched or listened to lately that has
contributed to your growth and development as a businessperson?
Diane Hadad
Managing Director, Jade Distributors Limited;
Chair, Tobago Division, Trinidad and Tobago Chamber of Industry
and Commerce
I have always been interested in human behaviour, especially when I consider how business is conducted
today. I find that people are often not concerned about their reputations, and delivering work to a high standard.
The link between human behaviour and how this impacts business fascinates me.
I am also a strong advocate for gender equality, and I am always pursuing new knowledge in this area. As a
woman in the workplace, I have observed many instances of the way we are conditioned to give men a certain
amount of respect because of their gender. I believe that respect should be given based on a person’s ability to
deliver to the standard required.
This insight into gender relations in the workplace has allowed me to grow to another level where I now have
more confidence in myself and my abilities.

Climate change
Pushing back against
climate change
Extreme weather events are a solemn warning that business as usual is not
an option for Trinidad and Tobago. Despite institutional inroads, there is a lot
of work to be done if the risks to come are to be properly mitigated
by Gerard Rajkumar
Manager and Lead Consultant, Sygma Environmental
“Over the last three decades, there has
been an upward trend in temperatures”
as measured by the Trinidad and Tobago
Meteorological Service
We are constantly being told that the climate of our world is changing.
In 2018, the Intergovernmental Panel on Climate Change (IPCC) warned that
the costs of global warming are going to be far worse than expected, and that
the impact on ecosystems, communities and economies will affect every single
country and person on planet earth. We are already used to hearing of the
devastating effects of extreme weather in our own region, not only at home
but in other Caribbean territories (Figure 1).
Frequency and average annual effects of natural disasters, 1990-2014
2.5
2.0
1.5
1.0
0.5
0.0
Damage (% of GDP)
Disaster frequency
Affected population
(% of total)
Other States Small States Caribbean
Source: EM-DAT; IMF (2016), "Small States' Resilience to Natural Disasters and
Climate Change—Role for the IMF," IMF World Economic Outlook; World Bank, World
Development Indicators; and authors' computations. *Disaster frequency: Average
annual disasters per 1,000km 2
Fig. 1: The Caribbean is highly exposed to natural disasters
The University of the West
Indies is leading a group of ten
universities (two from each
continent) working on the UN’s
Sustainable Development Goal
13: Climate Action
Why is it, then, that climate change has not received greater recognition
on the local landscape?
Rather than alarm, there is even scepticism about the very existence of climate
change, attributing extreme weather events to a naturally occurring global
cycle, rather like the “El Nino” phenomenon.
But science relies on data, and the story being told by the data is not a happy
one.
The mean economic damage expected for tropical storms in Trinidad
and Tobago, considering different scenarios of climatic (regional sea level
ALL Photography courtesy MINISTRY OF TRANSPORT AND WORKS
chamber.org.tt
SEPT 2019 33

Climate change
rise and changes in the frequency of storm events)
and vulnerability conditions, is shown in the table
below. Scenarios S0 and S1 are those in which 2014’s
vulnerability scenario is maintained, while in S2 and S3
the future vulnerability scenario is considered.
Fig 2: Expected annual damage for different scenarios due to tropical storms in
Trinidad and Tobago
Scenario
SO 19.59
S1 26.35
S2 29.34
S4 36.86
Mean damage (million US$/year)
Source: “Understanding the Economics of Climate Adaptation in Trinidad
and Tobago”. Study coordinator: Gerard Alleng. Inter-American Development
Bank, 2014. https://publications.iadb.org/en/publication/16851/
understanding-economics-climate-adaptation-trinidad-and-tobago
Impact of climate change
The Trinidad and Tobago government’s Strategy for
Reduction of Carbon Emissions in Trinidad and Tobago
states that “there are several studies that found evidence
of recent changes in the climate of T&T”. It goes on
to say: “Over the last three decades, there has been
an upward trend in temperatures” as measured by the
Trinidad and Tobago Meteorological Service (TTMS).
The National Climate Change Policy of 2011 spelled out
our vulnerability by sector, each with its own imminent
problems such as decreased crop yields and more vectorborne
diseases and flooding.
The floods experienced in the last couple of years,
increased coastal erosion, a blurring of the start and end
of our rainy and dry seasons, and this year’s declaration
of drought, all indicate that climate change is more than
academic hyperbole. The data explain why some of the
school classrooms we once occupied are now enclosed and
air-conditioned.
Visually, anecdotally and mathematically, the evidence
confronts us: climate change is here.
Local developments
In the face of this reality, the reaction has been mostly
institutional.
The Ministry of Planning and Development (MPD) has a
Multilateral Environmental Agreements Unit. Its work has
resulted in Trinidad and Tobago being the first country
in the Caribbean to launch a monitoring, reporting and
verification (MRV) system. The ministry has also launched
a Knowledge Management System (KMS), along with a
pilot project for the National Climate Mitigation MRV
system.
The academic community is also involved. The
University of the West Indies (UWI) is leading a group of
ten universities (two from each continent) working on the
UN’s Sustainable Development Goal 13: Climate Action,
mobilising research and advocacy for the achievement of
a climate-smart world. UWI experts Dr Michael Taylor, Dr
Leonard Nurse, and Professor John Agard are members
of the IPCC itself. The University of Trinidad and Tobago
(UTT) is also active in this area through staff and student
research across several departments.
34 SEPT 2019 chamber.org.tt

Climate change
Trinidad and Tobago, as a signatory to the Paris
Agreement on climate change, has committed to
reducing its greenhouse gas emissions by 15%
by 2030
Is climate change in
the Caribbean real?
••
Mean surface temperatures in the
Caribbean have increased by ~1.0
degree Celsius over pre-industrial
times. Warming is occurring at ~0.2
degrees Celsius per decade. 1.5
degrees C of warming may occur by
2030 (IPCC, 2018)
••
Sea levels are rising at ~3 mm/
year, and the rate of sea level rise is
increasing (IPCC, 2013)
••
The Caribbean Sea and the Atlantic
Ocean are becoming more acidic
(SCOR, 2009)
••
Rainfall patterns are changing
(Climate Studies Group UWI Mona)
– more storms in the northern
Caribbean and more droughts in the
southern Caribbean
••
Migration and breeding habits of
vectors (e.g. Aedes aegypti) are
changing (Chadee, D. & Martinez, R.,
2016)
••
Two Category 5 hurricanes hit the
Caribbean in 2017 (unprecedented)
••
Dominica’s total damage and losses
from Hurricane Maria in 2017 have
been estimated at US$1.3 billion –
about 226% of the country’s GDP.
Losses for Anguilla, Bahamas, British
Virgin Islands, St Maarten, and Turks
& Caicos, following hurricanes Irma
and Maria, have been estimated at
US$5.4 billion (UNCTAD, 2018).
Source: “Caribbean Perspectives of the Impact of
Climate Change on Environmental Determinants
of Health”, Hugh Sealy Ph.D., M.Sc., B.Eng., Windward
Islands Research and Education Foundation (Windref)
Research Fellow & Special Envoy, Government of
Barbados, at the III Global Conference on Health and
Climate Change, October 16 & 17, 2018, Grenada
Trinidad and Tobago is a signatory to several multilateral
environmental agreements, including the United Nations
Framework Convention on Climate Change (UNFCCC), the
Kyoto Protocol and Paris Agreement, the Vienna Convention
and the Montreal Protocol.
Several local energy companies make their own assessments
of climate change, to determine the likely impact
on their operations or to minimise their contribution to
greenhouse gas emissions. The non-energy private sector too
is starting to shoulder its environmental responsibility: Massy
Stores, for example, the largest supermarket chain in the country, is promoting
the use of reusable shopping bags by placing a disincentive cost on single-use
plastic bags.
Environmental action is beginning to build in pockets throughout the
public and private sector, ranging from the Trinidad and Tobago Solid Waste
Management Company Limited’s (SWMCOL’s) iCare Recycling Programme to
car dealers offering vehicles not fuelled by gasoline.
Championing mitigation
As a signatory to the Paris Agreement on climate change, Trinidad and Tobago
has committed to reducing its greenhouse gas emissions by 15% by 2030. How
can a business contribute to this process? Here are a few steps which firms can
take.
••
Determine where you stand by measuring your carbon footprint. Results
should be voluntarily reported to the MPD, to be included in the KMS and
MRV.
••
Review your energy consumption behaviour. Servus Limited works with
clients to manage their buildings with greater energy efficiency.
••
Implement recycling programmes at work, involving plastics, glass,
tetrapaks (deposited in SWMCOL’s iCare bins), cans, and paper. Ace
Recycling Limited offers a free paper/cardboard recycling service.
••
Reassess vehicle usage and incentivise car-pooling, employee group
transport, and investment in hybrid or CNG-fuelled vehicles.
••
Use technology such as teleconferencing, virtual offices, and predictive
modelling.
••
Get involved in a carbon-offsetting project such as tree-planting.
As a nation, we should be guided by an overarching climate change framework.
This should inform policy as it pertains to planning (building climate resilience),
energy consumption (incorporating renewable energy, with the option to sell
electricity back to the grid), transport and industry. Perhaps then our voice will
be heard globally, setting the standard for other small-island developing nations
to follow in resisting the intensification of climate change.
chamber.org.tt
SEPT 2019 35

Advertorial
EXPORTING 101
What is exporting?
Exporting occurs when local manufacturers send their goods/services to a foreign country for trade or sale.
Selling your products globally is a great way to expand your business. To be a successful exporter you first need
to be fully prepared. This article will give new exporters and non-exporters who have intentions of becoming
exporters, an overview of how this can be accomplished.
Preparing for the world of exporting
4 tips on how you, the new or non-exporter, can better prepare:
1. A comprehensive export strategy is needed
a. Identify what product/s you are going to sell.
b. Identify where your products should be sold; proper
research should be done regarding tariffs
c. Choose your selling strategy:
i. You can sell your products directly to the customer
(you will solely be responsible for shipping,
payments and servicing). OR
ii. You can sell your products directly to a distributor
and in turn, they will sell your products for a profit.
OR
iii. You can partner with a company in the country
you’re exporting to, who may already have a
distribution system in place. This can make your
business affairs much easier.
d. Necessary support for your products is needed, which
will include service for products, warranties and
returns. A good way to work around all the costs that
may be incurred, will be to service your product locally,
by creating an office providing service in the foreign
country.
e. Next step is protecting your Intellectual Property
(Brand Name, Patents etc.). This is necessary to
minimize risks. You can research this topic extensively
on The Ministry of the Attorney General and Legal
Affairs website (www.ag.gov.tt). There you will find
all the required information on this topic and how to
proceed.
f. The last export strategy should be pricing of your
products, which can be the most challenging. There
are a few questions you should ask yourself before
deciding:
i. What price should your product sell for in the
foreign market?
ii. What would the customer’s perception be
regarding the pricing structure?
iii. Does the price reflect the quality of the product?
iv. Is the price competitive?
v. What options are available if your company’s costs
increase or decrease?
Other aspects of pricing can include market demand,
competition, tariffs, currency fluctuation, transaction costs
and taxes. Additionally, a request for quotation and pro
forma invoices can do some damage as well.
2. Review export and import regulations
a. Due diligence should be exercised; do your research to
determine if there are any restrictions with regard to
exporting your goods from Trinidad and Tobago. There
are two websites where you can obtain a consolidated
list and guidance; www.finance.gov.tt (services
» customs and excise) and https://tradeind.gov.tt
(services » trade license unit).
3. The next step – shipping your goods and the
preparations involved
a. First you need to find an appropriate freight forwarder
to transport your goods. To do so, you need to answer
some questions. Here are a few to get you started:
i. What type of products are being exported?
ii. Do the freight forwarder/s have a good reputation?
iii. Is there anything you need to worry about
concerning the company?
b. You must be able to understand incoterms. Incoterms
are codes used when shipping products overseas.
You can access a complete list of incoterms online.
4. Finally, don’t forget your finances. We at eximbank
can fulfill your needs with the products we offer.
These products include:
a. Raw material financing
b. Asset financing
c. Factoring and discounting
d. Export credit
e. We also offer a forex facility.
It is important to note that it is in your best interest to do all the preparations
needed and gather all information necessary beforehand, to ensure a smooth
process and subsequently, for you to have less to worry about.
Export-Import Bank of Trinidad
and Tobago Limited (Eximbank)
Exim House
#30 Queen’s Park West
Port of Spain
(868) 628-2762/1382
eximbank@eximbanktt.com
www.eximbanktt.com

Innovation in business
A well-oiled success:
the CGA brand
With a central mill in Laventille, CGA was established
in 1937. Today it is the largest and most modern
manufacturer of soaps, oils and margarines in the
Caribbean. How does an 80-year old firm stay
relevant? By embracing technology and innovation
by Jeanette G. Awai
Freelance writer
CGA is the only indigenous
manufacturer of soaps, edible
oils, margarines and shortenings
in Trinidad and Tobago
CGA (Coconut Growers Association) Limited is the only indigenous
manufacturer of soaps, edible oils, margarines and shortenings in
Trinidad and Tobago.
Any company should be satisfied with that achievement, but it wasn’t enough
for Product Development Manager Gabrielle Agostini. She and her team have
been working on the rebranding of CGA’s existing food and beauty product
lines. Through the use of e-commerce, social media and customer feedback,
CGA is moving from regional stalwart to competitive global brand. CGA’s
initial objective was to assist coconut farmers to export copra (dried coconut
meat) in the late 1940s. In the following decade, CGA went on to manufacture
edible oils and margarines for use in cooking. After developing partnerships
with Johnson & Johnson and Lever Brothers (Unilever), they started to produce
soaps in the 1960s.
The company has also focused heavily on its industrial food products such
as its Masterline margarines and shortenings, which are used by 60% of local
bakeries. Its industrial cooking oils are used by leading fast-food chains
such as KFC, McDonald’s and Popeyes.
Meeting global demand
CGA’s ability to evolve has been the secret to its success from the start.
The quest for expansion, however, has not been without challenges.
In the past decade, the “coconut oil craze” stretched capacity in a bid
to meet burgeoning demand. Maximising its longstanding relationships
with farmers, the private sector and consumers, Agostini believes it is
the right time to pivot resources in a manner which will meet the still
swelling market demand.
The 2017 coconut oil product investment profile by the Caribbean
Agricultural Research and Development Institute (CARDI) states that “the North
America Region, of which the Caribbean is a part, accounts for US$130 million
in terms of export value for coconut oil, that is, 2% of the global coconut oil
industry value”.
This same region represents an import value for coconut oil of US$1.3
billion. Agostini cites this importation of competing extra-regional products
into Caricom markets, at exceptionally low prices, as one reason why CGA has
ALL Photography courtesy CGA CARIBBEAN LTD.
chamber.org.tt
SEPT 2019 37

CGA's Product Development Manager,
Gabrielle Agostini (left)
not yet fully penetrated the global market. At the same time, meeting consumer
demand for more sustainable, natural products and packaging is what Agostini
believes sets them apart.
A primary goal of the company is to
reduce the environmental footprint of
its products. All CGA’s raw materials
and 98% of its packaging materials
are recyclable
Through the use of e-commerce,
social media and customer feedback,
CGA is moving from regional stalwart
to competitive global brand
Building a sustainable future
“I worked on quite a few projects at CGA,” Agostini says, “including assisting
with the rebranding of three soaps – Duet, d’OR and Every. I’ve also worked
with my team on three margarines, Marigold, French Maid and Prize, known
internationally as vegan butters due to the change in our formulations to match
international vegan butter standards.
“I was also part of the launch of the Constance Estate Infused Coconut Oils,
available in garlic, lemon and chilli, as well as our latest brand, the Cedros Bay
line of bath and body products. This is Trinidad and Tobago’s first all-natural,
vegan, cruelty-free brand, made with 100%
organic coconut oil from the Caribbean. We have
made the product even more sustainable by using
recyclable packaging, including biodegradable
caps.”
A primary goal of the company is to reduce
the environmental footprint of its products.
All CGA’s raw materials and 98% of their
packaging materials are recyclable. This is
achieved through collaboration with local
companies such as ACE Recycling Limited and
SWMCOL (the Trinidad and Tobago Solid Waste
Management Company Limited).
Through social media, CGA encourages customers
to reuse their bottles and jars. “We hope one day
to have a retail store where customers can upcycle
our packaging materials by refilling the bottles and
jars to reduce waste.” Agostini stresses that CGA
is committed to ensuring that all its packaging
materials are recyclable by 2020.
Creating 100% vegan and cruelty-free products
ensures that there is zero animal exploitation at the
manufacturing and testing stages of production.
According to Agostini, this is a key consideration
for today’s consumers, and a market-conscious move
for CGA operations.
E-commerce drives sales
Real-time engagement with customers and listening
to feedback through social media have been central
to the revitalisation of CGA’s brand.
About CGA
••
Started in 1937 by an association
of coconut farmers
••
Today, CGA has about 150
employees
••
Its headquarters are on Eastern
Main Road in Laventille, Trinidad
••
There CGA manufactures copra,
coconut oil, margarine and soaps
••
CGA has more than 40 retail and
industrial brands, and recently
introduced a skincare line
••
In 1996, CGA was recognised as
the exporter of the year by the
Trinidad & Tobago Manufacturers’
Association
••
CGA products can be found on
the shelves of most Caricom
countries, and in the USA and
Canada
••
You can “Shop CGA” directly
on the CGA website, https://
cgacaribbean.com/. Products are
also available on https://www.
amazon.com/.
The company has not only ventured into the digital world’s existing platforms,
such as Facebook, Instagram, Pinterest and YouTube: its own website includes an
active blog and a shopping option. Agostini explains: “E-commerce has really
helped us to increase sales. At the beginning of this year sales were moving slowly,
but with the launch of Cedros Bay, they are starting to take off again.”
What can other businesses learn from a leader of industry that’s branching off
into new territory? Agostini advises: “You must know your audience. Customers are
becoming more conscious of their environmental and ethical values, and are loyal
to brands which reflect these.”
Caring for the customer, the country and the environment – a well-oiled CGA is
ready to take on the evolving future of business.
38 SEPT 2019 chamber.org.tt

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top 5 facts
Top 5 facts
Taxation in Trinidad & Tobago
by Rianna E. Paul
Manager, Trade and Business Development Unit, Trinidad
and Tobago Chamber of Industry and Commerce
In 2011 tax revenue contributed 76% of
total revenue; while in 2018, according
to the Revenue Estimates published by
the Ministry of Finance, it contributed an
estimated 60% of total revenue
1. What was the shortfall in tax revenue between 2011 and 2018?
Revenue from taxes is the largest contributor to government revenue. It comprises
tax on income and profits, goods and services, international trade, and
other taxes such as property taxes.
In 2011 tax revenue contributed 76% of total revenue, while in 2018, according
to the Revenue Estimates published by the Ministry of Finance, it contributed
an estimated 60% of total revenue.
Tax from income and profits usually accounts for the largest share of total
revenue from taxation. This sub-component comprises payments from oil and
other companies, individuals, withholding tax, insurance surrender tax, business
levy and health surcharge.
Revenue from taxes on property continue to be minimal as the new property
tax regime has yet to be implemented.
2. What has been the impact of the fall in energy prices on T&T’s tax
revenue?
The early 2000s were characterised by rising oil prices. Between 2011 and mid-
2014 oil prices danced around US$105 per barrel. However, the collapse of
global oil prices saw this halved as prices dropped to around US$50 per barrel 1 .
Up to 2015, taxes collected from oil companies accounted for the largest share
of taxes from income and profits. For comparison, in 2009 taxes collected from
oil companies were TT$11.8 billion, while in 2016 taxes collected from oil companies
amounted to TT$1.03 billion 2 .
In 2015, VAT amounted to TT$7
billion, while in 2017 it totalled
TT$5 billion
3. What is the largest contributor to taxes on goods and services?
Value Added Tax (VAT) is the most significant contributor to taxes on the goods
and services component of overall tax revenue. In 2015, VAT amounted to TT$7
billion, while in 2017 it totalled TT$5 billion.
However, VAT refunds to businesses have been a contentious issue. Many
businesses state that they wait over 24 months for refunds. According to the
Ministry of Finance, VAT refunds of TT$4.2 billion were paid in 2017.
4. What are the contributions of tax amnesties in T&T?
Tax amnesties are tools used by governments to collect outstanding taxes. Taxpayers
are given a window to pay outstanding taxes in exchange for forgiveness
of tax liabilities, such as interest and penalties.
The most recent tax amnesty was announced in the mid-year budget review
on 13 May 2019. Through this, the government expects to collect TT$500 million
in outstanding taxes.
Prior to this, according to the Ministry of Finance in 2016, TT$750 million in
outstanding taxes was collected.
chamber.org.tt
SEPT 2019 41

top 5 facts
Top 5 facts
Table 1: Tax structures of countries with high share of income taxes, 2015 (%)
Country Personal
income tax
Corporate
income tax
Social security
contribution
Value added
tax
Other goods
& services
Other taxes
Tax-to-GDP
ratio
Denmark 55.2 5.6 0.1 20.0 11.6 7.5 45.9
United States 40.5 8.5 23.7 0.0 17.0 10.3 26.2
Canada 36.9 9.9 15.1 13.2 9.9 15.1 32.0
South Africa 33.4 16.4 1.4 23.8 16.5 8.5 29.0
Finland 30.2 4.9 28.9 20.6 11.8 3.5 43.9
Sweden 29.1 6.9 22.4 20.9 7.2 13.6 43.3
Norway 27.9 11.5 27.3 21.4 9.0 2.9 38.3
United Kingdom
27.7 7.5 18.7 21.2 11.7 13.1 32.5
Mexico 20.6 20.1 13.9 23.9 14.7 6.8 16.2
Trinidad and 16.9 44.0 9.3 15.7 10.2 3.9 30.6
Tobago
Singapore 16.6 25.6 0.0 18.6 13.1 26.1 13.6
Malaysia 14.8 42.5 1.6 15.2 16.5 9.3 15.3
Phillipines 13.7 25.2 14.0 13.1 26.0 8.1 17.0
Source: Domestic Revenue Mobilisation: A New Database on Tax Levels and Structures in 80 Countries. OECD Taxation Working Papers 2018
Taxes are a critical domestic revenue source, and fluctuations
can have a significant impact on social and economic conditions.
A 2018 paper published by the Organisation for Economic
Cooperation and Development (OECD) compares the domestic
tax structures of 80 countries.
For the majority of the selected countries in Table 1, personal
income tax (PIT) accounts for the major share, with the exception
of Trinidad and Tobago, Singapore, Malaysia and the Philippines.
For these three countries corporate income tax (CIT),
which includes oil tax revenue, generates two to three times
as much revenue as PIT. The second largest contributor is tax
revenue from goods and services, of which value added tax is
the major component, the exceptions being Malaysia and the
Philippines.
➤
Up to 2015, taxes collected from oil
companies accounted for the largest share
of taxes from income and profits
5. Have there been any changes to the tax landscape
in T&T over the last 5 years?
In 2017, T&T moved away from a flat tax rate of 25% for
individuals, by introducing a new tax bracket of 30% for
those whose chargeable income exceeds TT$1 million per
annum and for companies with chargeable profits also in
excess of TT$1 million per annum.
In Trinidad and Tobago, the 7% Online Purchase Tax
(OPT) has been in effect since 20 October 2016. When the
OPT was introduced, it was estimated that it would generate
TT$70 million in revenue for fiscal year 2017. However,
the Ministry of Finance reported that it only collected an
estimated TT$22 million. As a result, the estimates for 2018
and 2019 have been revised to TT$28 million 3 .
References
1
Review of the Economy 2015, Ministry of Finance, http://finance.gov.tt/wp-content/uploads/2015/10/ROE-2015.pdf
2
Estimates of Revenue, various years, Ministry of Finance, www.finance.gov.tt
3
Estimates of Revenue, various years, Ministry of Finance, www.finance.gov.tt
chamber.org.tt
SEPT 2019 43

Energy update
Energy update
by Reagan Stroude
Research Officer, Trade and Business Development Unit,
Trinidad and Tobago Chamber of Industry and Commerce
Local crude oil and natural gas production and usage
➤ Comparing the first two months of
2018 and 2019, it can be seen in Figure 1
that HPCL (land) has slipped to the 3rd spot
as a result of a decrease in average output
of the period. 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)
Jan-Feb
2018
19,587
11,788
10,071
Jan-Feb
2019
14,116
10,073
9,743
HPCL (offshore)
HPCL (land)
Perenco
HPCL (offshore)
Perenco
HPCL (land)
Fig. 2: Imports vs exports of crude oil (barrels)
5,008,666
1,641,759
N/A
3,662,078
Jan-Feb
2018
Jan-Feb
2019
Imports
Exports
Imports
Exports
➤ As can be seen in Figure 1, when
comparing Jan - Feb data from 2018
and 2019, between the top three
producers there was an average decline
in oil production of approximately 18%.
Over the same time period there was a
modest decrease in natural gas output of
approximately -0.008% (Figure 4); which
can be considered negligible. Figure 3 also
shows that the LNG sector continues to
be the major user of natural gas locally,
accounting for an average 58% of total
production.
Fig. 3: Natural gas utilisation by sector
Jan-Feb 2019 (avg. mmscf/d)
3,614
LNG
2111
Ammonia
607
Methanol
541
Power
244
Iron & Steel
50
Other
61
Fig. 4: Top local natural gas producers
Jan-Feb (avg. mmscf/d)
2018
2019
2,173
BPTT
2,026
BPTT
552
Shell
729
Shell
527
EOG
471
EOG
Source: MEEI Consolidated Reports 2018 & 2019
44 SEPT 2019 chamber.org.tt

Energy update
Comparing the first two months of 2018 and 2019's production
and export levels for energy and downstream products
2018
2019
➤ A comparison between 2018 and
2019 shows that monthly natural gas
production levels improved drastically in
February of 2019, when compared with
both January 2019 and February 2018.
➤ Crude oil condensate production over
the first two months of 2019 remained
deflated when compared with 2018 figures.
Thousands
4.0
3.9
3.8
3.7
3.6
3.5
Natural gas production (mmscf/d)
70
68
64
62
60
58
56
54
Crude oil condensate production (bopd)
➤ With the exception of urea downstream
products showed improvements
over their 2018 values for the periods
shown.
3.4
January February
Ammonia production (mega tonnes)
52
January February
Ammonia exports (mega tonnes)
Thousands
500
450
400
350
300
250
200
150
100
50
0
January
February
500
450
400
350
300
250
200
150
100
50
0
January
February
Methanol production (mega tonnes)
Methanol exports (mega tonnes)
Thousands
490
600
480
470
500
460
400
450
440
300
430
420
200
410
100
400
390 0
January February
January
February
Urea production (mega tonnes)
Urea exports (mega tonnes)
70 70
60 60
50 50
Thousands
40 40
30 30
20 20
10 10
0 0
January February
January
February
Source: MEEI Consolidated Report 2018 & 2019
chamber.org.tt
SEPT 2019
45

Economic outlook
Economic outlook
by Kimberly Browne
Project Assistant, Trade and Business
Development Unit, Trinidad and Tobago
Chamber of Industry and Commerce
Although the crisis in Venezuela continues to present
risks for Latin American countries, growth predictions
for the Caribbean remain positive. In light
of this, how is Trinidad and Tobago’s economy
performing? What has been the Petrotrin impact?
1
Latin America
Latin America continues to face a challenging external
environment and a level of political uncertainty which
seems to weigh on its economic outlook. Growth is
expected to be driven by slightly stronger growth in Brazil,
with a smaller drag from Argentina. On the other hand,
the crisis in Venezuela presents risks to Latin American
countries and the Caribbean (LAC).
In Brazil, improved accommodative monetary policy
should help fuel the country’s acceleration, while reform
uncertainty, and low external demand for Brazil’s goods
and services, will limit the potential for high economic
growth.
Argentina continues to experience macroeconomic
rebalancing as it is projected to revert to positive growth
in 2020. The effects of financial market pressures fade
whilst stubbornly elevated inflation and political risk
persist. Additionally, Argentina experienced slowing
economic activity in January and February, though the
government reported a primary surplus of 0.1% of GDP in
the first quarter, reversing last year’s deficit and beating
its target of a primary balance of 0.0% of GDP.
2
There is evidence that trade diversion, following the
imposition of bilateral tariffs by the United States and
China, has benefited some LAC countries, mainly Brazil
and Mexico. However, export orders in some large
economies have moderated in recent months, consistent
with weakening global trade growth.
The Caribbean
3
Trade in the region continues to expand. Goods export
volumes have grown steadily since early 2018, recently
overtaking import growth.
4
The Caribbean Development Bank (CDB), notwithstanding
the prediction of deceleration in global economic
activity, describes the 2019 economic outlook for
its borrowing member countries (BMCs) as positive,
forecasting economic growth of over 2%.
The CDB has stressed that the Caribbean’s susceptibility
to multiple conditions, such as Britain’s continued
attempts to leave the European Union and the economic
retardation in China, along with its vulnerability to
weather-related events, needs to be discussed to enhance
the delivery of significant social and economic projects.
As we move through 2019’s hurricane season, countries
such as Barbuda, Dominica and St Martin are
examples of the devastation that natural disasters can
cause. Any regional assessment must factor in that a
strong economy today can quickly become embattled
because circumstances can change suddenly. Beyond the
environment, there are other hurdles which can obstruct
the Caribbean’s family economic growth as a whole.
The CDB also announced that Barbados is the sole BMC
in which economic activity is not anticipated to improve
in 2019, and that continuous fiscal retrenchment is
foreseen to erode its well-known tourism reputation.
World Bank (WB) analysts expect growth in Latin
America and the Caribbean to be subdued in 2019, at 1.7%,
reflecting challenging conditions in several of the largest
economies. Gradually, building momentum in Brazil and
recovery in Argentina are projected to contribute to a
pickup in regional growth to 2.5% in 2020 and 2.7% in
2021 5 (see table 1 below).
Table 1: Latin America and the Caribbean — real GDP growth at market prices (%)
Latin America &
the Caribbean
Year-end
Projected
2017 2018 2019 2020 2021
0.8% 0.6% 1.7% 2.5% 2.7%
Source: "Global Economic Prospects, Latin America and The Caribbean.” The World Bank, World
Bank Group Flagship Report, June 2019.
The domestic landscape (Trinidad and Tobago)
6
Crime continues to stifle growth, with 118 murders
reported in the first three months of 2019. While down
13% y/y, this brought the 12-month rolling total to 500
in March 2019 from March 2018.
An exchange offer for Petrotrin 2019 and 2022 bonds
was announced, rolling the debt out to 2026 and removing
guarantees. It is unclear where the cash will come from to
pay bondholders opting not to accept the offer.
The petroleum sector directly accounted for 26.1% of
GDP in 2018, up from 22.5% in 2017. Meanwhile, the
index of economic activity has posted 12 consecutive
quarters of decline. International reserves were down 8%
y/y in March 2019, at US$7.35 billion or 8.3 months of
imports.
The Minister of Finance stated in the mid-year budget
review that the decision to expand fiscal expenditure by
TT$300 million drove the deficit to TT$7.6 billion or 4.8%
46 SEPT 2019 chamber.org.tt

Economic outlook
Growth has weakened in most advanced
economies, especially those where trade
and manufacturing play an important role,
such as Germany and Japan, with GDP
growth projected to be below 1% in both
countries this year
The Caribbean Development Bank,
notwithstanding the prediction of
deceleration in global economic
activity, describes the 2019
economic outlook for its borrowing
member countries (BMCs) as
positive, forecasting economic
growth of over 2%
The IMF is projecting growth at
0.01% for 2019, then averaging 1.8%
through to 2023. Trinidad and Tobago
maintains its projection of average
growth of 1% in 2019 to 2020
of GDP, while gross public sector debt already stood at 78.3% of GDP in 2018 7 .
The Central Bank’s 2018 Annual Economic Survey stated: “According to initial
projections from the Central Statistical Office (CSO), real GDP grew by 1.9% in
2018 after declining by 1.9% in 2017.” 8
The IMF is projecting growth at 0.01% for 2019 (revised downward in April
2019 from the previous forecast of 0.9%), then averaging 1.8% through to
2023. Trinidad and Tobago maintains its projection of average growth of 1%
in 2019 to 2020.
9
Global outlook
According to the Organisation for Economic Co-operation and Development
(OECD), trade and investment have slowed sharply, especially in Europe and
Asia. Business and consumer confidence have faltered, with manufacturing
production contracting.
In response, financial conditions have eased as central banks have moved
towards more accommodative monetary stances, while fiscal policy has been
providing stimulus in a handful of countries.
Trade tensions are taking a toll, and global growth is projected to slow to
only 3.2% this year before edging up to 3.4% in 2020, well below the growth
rates seen over the past three decades, or even in 2017-2018.
Growth has weakened in most advanced economies, especially those where
trade and manufacturing play an important role, such as Germany and Japan,
with GDP growth projected to be below 1% in both countries this year. In
contrast, the United States has maintained its momentum thanks to sizeable,
albeit waning, fiscal support.
Divergence is also visible among emerging-market economies, with Turkey
struggling to recover from recession, while India and others are benefitting
from easier financial conditions and in some instances fiscal or quasi-fiscal
support.
The global economy remains largely dependent on persistent policy support.
With a few exceptions, emerging-market economies have kept large reserve
buffers. In short, central banks have barely normalised the monetary policy
stance and their support remains essential.
The outlook remains weak, and there are many downside risks that cast a
dark shadow over the global economy and people’s well-being.
Finally, private sector debt is growing fast in major economies. The global
stock of non-financial corporate bonds has almost doubled in real terms
compared with 2008, at close to US$13 trillion, and the quality of debt has
been deteriorating, including a heightened stock of leveraged loans. A new bout
of financial stress could erupt.
References
1
FocusEconomics. “Latin America Economic Outlook | Data, Statistics & Forecasts | Focus Economics.” Focus Economics | Economic Forecasts from the World's Leading Economists,
15 May 2019, www.focus-economics.com/regions/latin-america
2
“Global Economic Prospects, Latin America and The Caribbean.” The World Bank, World Bank Group Flagship Report, June 2019.
3
“Global Economic Prospects, Latin America and The Caribbean.” The World Bank, World Bank Group Flagship Report, June 2019.
4
“CDB Predicts Economic Growth for the Caribbean.” Caribbean Development Bank, 12 June 2019, www.caribbeannewsnow.com/2019/06/12/cdb-predicts-economic-growth-forthe-caribbean/.
5
“Global Economic Prospects, Latin America and The Caribbean.” The World Bank, World Bank Group Flagship Report, June 2019.
6
Dukharan, Marla. “Marla Dukharan Caribbean Economist: May 2019.” Marla Dukharan Caribbean Economist, Marla Dukharan and GNM Group, LLC, May 2019, marladukharan.com/
wp-content/uploads/2019/05/2019-05-Caribbean-Monthly-Report.pdf.
7
Imbert, Colm. Government of the Republic of Trinidad and Tobago 2019 MID YEAR BUDGET REVIEW. 13 May 2019, Government of the Republic of Trinidad and Tobago.
8
“Central Bank of Trinidad and Tobago Annual Economic Survey.” Central Bank of Trinidad and Tobago, 2019, www.central-bank.org.tt/sites/default/files/page-file-uploads/annualeconomic-survey-2018_2.pdf.
9
Boone, Laurence. “Editorial: A Fragile Global Economy Needs Urgent Cooperative Action.” OECD Instance, 21 May 2019, www.oecd-ilibrary.org/sites/b2e897b0-en/index.html?ite
mId=%2Fcontent%2Fpublication%2Fb2e897b0-en.
chamber.org.tt
SEPT 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
Allison George
639-5263
(Tobago)
Bayshore Finance T&T Limited
235-5626
natalieb@bayshorefinancett.com
Exeqtech Limited
Civil engineering and
specialised construction
624-1140
mcontant@exeqtech.com
Furness Trinidad Limited
Financial, manufacturing
and services sectors
627-4959
furness@furnessgroup.com
Genesis Insurance Brokers
& Benefit Consultants Limited
Insurance brokerage and consultancy
235-4067
businessdev@genesistt.com
Hugh Ferreira
Publishing
633-3916
lanny5052@gmail.com
iCreate Events Limited
Event management
623-9578
roxanne@icreateeventstt.com
Keystone Designs Limited
Marketing consultancy, corporate training
270-2803
keystonedesignsltd@gmail.com
800 Tech Limited
Technology services provider
223-8324
scofield@800-tech.com
TRICON
Building maintenance and cleaning services
226-1991
johan.grosberg@tricon-tt.com
ASSOCIATE MEMBERS
Nicole Rostant
a3farmslimted@gmail.com
48 SEPT 2019 chamber.org.tt

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