Contact Magazine Vol.20 No.1 - May 2023

Vol. 20 No. 1 - May 2023 

The Voice of BUSINESS in Trinidad & Tobago 

THE COLOURS OF THE ECONOMY 

- a Trinidad and Tobago perspective 

Meet Monte Wyatt, international best-selling author 

Contributions from Harvard Business Review and MckInsey & Company 

How are Trinidad & Tobago businesses innovating?

TTCIC President’s Message 

President’s 

Message 

COUTRTESY TTCIC 

The Trinidad and Tobago Chamber of Industry and 

Commerce (TTCIC) represents a diverse number 

of business sectors in our national community. We 

are the voice of our members on 40 working groups, 

taskforces, boards, and national councils. This is 

how we continuously seek the best interests of our 

members. Our voice is not divorced from the wellbeing 

of the national community. 

Sixty years after becoming an independent State, 

Trinidad and Tobago faces economic and social issues 

and global events that are converging to place us at a 

nexus. There are no economic models for uncertainty. 

The business landscape is constantly evolving, 

and we must adapt to these changes in order to 

succeed. We need to be responsive and proactive 

and remember that it’s not the ‘big that eats the small’ 

but ‘the fast that eats the slow’. The global events of 

the last three years have underscored the importance 

of agility and resilience. 

What does our resilience strategy look like? How will 

we deal with the risk of high inflation and economic 

downturn? Digital disruption? Geopolitical risks? 

How do we create the framework for a business 

environment that fosters the principles of shared 

prosperity that is committed to promoting diversity, 

equity, and inclusion? 

To meet these challenges, we must: 

• Develop innovative financial models to unleash our economic 

potential. This can include blended finance and social impact 

investing, which will help increase economic participation. 

• Enhance environmental, social and governance (ESG) 

protocols – activities in this area is being led by the Chamber’s 

ESG Committee. 

• Embrace and increase the adoption of digital technology. 

The Chamber’s newly formed Digital Business and Technology 

Committee has already begun to consider – Where is artificial 

intelligence taking us? How do we deal with cybercrime, 

cryptocurrency, and emerging ICT risks? 

• Provide a forum for shared learning; the Chamber has a 

series of events, conferences, publications, and seminars which 

support this. 

• Expand the entrepreneurial ecosystem in a meaningful way. 

Micro, small and medium-sized companies (MSMEs) are the 

backbone of many global economies, especially in developing 

countries. The vital role of MSMEs goes beyond the economic 

benefit to social impacts as they engage in community and 

family life. They need assistance with funding and competing 

economies of scale, and we need to provide support. 

• Develop strategies to build markets focusing on value chain 

development, export promotion, and green supply chains, which 

can mitigate the risks of climate change by moving towards a 

zero-emission policy. 

There are hidden opportunities for economic advancement by 

catalysing our tourism sector. Not only beaches and carnival. Let’s go 

deeper: cultural tourism, eco-tourism, literary tourism, and wellness 

tourism. What about the orange economy? This is an area where we 

can become globally competitive and generate jobs for the creative 

industries. 

2 MAY 2023 CHAMBER.ORG.TT

TTCIC President’s Message 

More public-private partnerships (PPPs) 

are needed to advance these sectors. 

The challenges of everyday life also impact 

the business community: 

• Crime – is a plague that we must stamp 

out, and it can be done if there is the will 

to implement measures to address it. A 

detection rate of seven per cent is not 

good enough; we need to act urgently 

and collaboratively. 

• Food security and food prices - the 

Central Statistical Office (CSO) reported 

inflation rates of eight per cent in 

February this year. In January, it was at 8.3 

per cent. We must be cognizant of what 

contributes to a desired cost of living 

overall. Can we be less reliant on imported 

goods? We need to ensure that the agricultural space is 

preserved and developed and further our relations with 

the Ministry of Agriculture, Land and Fisheries and the 

farming community. 

• Regional integration must be at the front and centre of 

what we do if we are to survive. The CARICOM Single 

Market and Economy (CSME) framework needs to evolve 

with the global business environment. At the TTCIC, we 

are planning a few good surprises to strengthen our global 

competitiveness and regional cooperation. Stay tuned! 

• Are we serious about improving the ‘Ease of Doing 

Business’? We must be relentless in communicating 

how we solve some of the current bugbears and employ 

strategies to set us straight. We need to abandon the 

’shop talk’ and get our hands dirty. Collaborating with 

the government, our CSME partners and members of 

the diplomatic corps will guarantee that we get where we 

need to be. 

We must also actively work to develop our workforce to 

ensure that they have the skills and knowledge needed to 

compete in today’s market. 

Are we committed to the enhancement of our social fabric? 

As the private sector, are we acknowledging and supporting 

our non-governmental organisations (NGOs) and civil 

society actors who work tirelessly to maintain stability and 

ignite hope? 

Our country needs a drastic shift. If we are to survive, we 

must recognise that we are ultimately in charge of creating 

our environment and outcomes. 

The challenges identified are not insurmountable. We are 

interconnected, and we must embrace transformation and 

engage all stakeholders. 

As the newly elected President of the TTCIC for the 2023 - 

2024 term, I will work with the Chamber’s team to advocate 

for and implement recommendations to address these 

challenges and improve the local business environment. As 

one of my first acts, I am delighted to re-launch CONTACT 

magazine, our flagship publication. As you explore the 

colours of our economy, I hope that you will discover, new 

ideas, insights and opportunities. 

Let’s roll up our sleeves and do what we have to for the 

prosperity of our beautiful country, Trinidad and Tobago 

because there’s no place we’d rather be than ‘Sweet T&T’. 

Kiran Maharaj 

President 

Trinidad & Tobago Chamber of Industry & Commerce (TTCIC) 

CHAMBER.ORG.TT MAY 2023 

3

Editor’s Note 

The Colours of the Economy - a Trinidad & Tobago perspective 

Welcome back! The Trinidad and Tobago Chamber of 

Industry and Commerce is excited to re-launch 

magazine. On a hiatus due to the COVID-19 pandemic, this 

trusted national brand, published since the 1990s, was missed. 

has a 30-year track record covering a broad range 

of topics; our stories focus on critical business issues impacting 

Trinidad and Tobago and the Caribbean region. This year we will 

partner with the private and public sectors across big themes, 

including economic development, finance, energy, healthcare, 

globalisation, and sustainability. 

There are many approaches to classifying the economy. 

Colour coding different economic perspectives links the 

colours of the economy to the United Nation’s Sustainable 

Development Goals (SDGs). In this issue of 

, we 

focus on the 10 colours expected to impact Trinidad and 

Tobago’s economic development. 

Our editorial team is also excited to announce that we have 

obtained permission to reprint articles from the Harvard Business 

Review and McKinsey & Company. We hope that these articles 

will give you insights and best practices to help meet business 

challenges and advance your career. 

Meet Monte Wyatt, who wrote and published “Pulling Profits 

out of a Hat” – a best-seller according to Wall Street Journal, and 

feature speaker at the Chamber’s Annual Business Meeting held 

in April. 

In the Voice of Business, we learn how three businesses are 

innovating; and in the Top Five Facts we analyse Trinidad and 

Tobago’s exports. Chamber Directors weigh in on the best app 

on their smartphone in the new Leadership Insights spotlight. 

The Chamber’s Trade and Business Development Unit evaluated 

global, regional and local performance in the Economic Outlook. 

Finally, in a new feature, we look back at the Chamber’s Annual 

Business Meeting held last month. We invite you to enter, explore, 

and learn with us. 

Natalie Dookie 

Editor 

The Green Economy 

contains many 

diverse approaches 

to enhance 

efficiency, 

eliminate 

pollution 

and recycle waste. 

(changeoracle.com) 

The Blue Economy 

refers to efforts to 

preserve the finite 

resources in the 

oceans and waterways. 

Biotechnology, fisheries, 

and aquaculture are all 

part of this economy. 


The Golden Economy 

explicitly addresses 

the destructive 

impacts of 

the economy by 

replacing fossil fuels 

with non-fossil energy/ 

renewable energy 

sources. 


The Purple Economy 

encompasses critical 

social issues that 

improve everyone’s 

quality of life. This 

includes care activities 

and services, such as 

education, healthcare, 

and 

women’s empowerment. 


The White Economy 

is the health industry. 

It includes hospitals, the 

pharmaceutical industry, 

the medical supply 

sector as well as 

providers 

of medical equipment. 


The Silver Economy 

is the sum of the 

economic activities of 

people over 50. This 

includes the products 

and services they 

purchase and the 

economic 

activity this generates. 

(changeoracle.com)) 

The Red Economy 

economic model is 

focused on reducing 

production costs by 

employing a linear 

business model of 

extracting resources 

and producing waste. 


The Grey Economy 

is diverse economic 

activities that may 

be legal but evade 

taxes. It can include 

street vendors and 

unregistered factory 

workers to larger 

‘off the books’ 

transactions. 


The Black Economy 

is illegal or unauthorised 

economic activities, 

including human 

trafficking and 

smuggling 

of weapons. It can 

apply to any product 

prohibited by a given 

country’s laws. 


The Orange Economy 

is a production model 

where goods and 

services have intellectual 

value because they are 

the product of the ideas 

and expertise of their 

creators. 

(santander.com) 


Contents 

Vol.20 No.4 - May 2023 

TTCIC’s President’s Message 2 

Kiran Maharaj 

Editor’s Note 4 

Natalie Dookie 

Leadership 

Monte Wyatt – how to add zeros to your profits 8 

Actions the best CEOs are taking in 2023 13 

c. McKinsey & Company. Reprint 

Carolyn Dewar, Scott Keller, Vikram Malhotra, Kurt Strovink 

White Economy 

Shaping healthcare in Trinidad and Tobago today 

for the patients of tomorrow 19 

Dr Damion Basdeo, Dr Andrew Lakhan, Dr Penelope Paltoo 

Golden Economy 

A glimmer of gold: decentralising T&T’s energy 

infrastructure 22 

Ryan Assiu 

Your biggest cybersecurity risks could be inside 

your organization 26 

c. Harvard Business Review. Reprint 

Bret Arsenault 

Purple Economy 

Social cohesion - a pillar of economic growth 

and development 29 

Tonni Brodber 

Orange Economy 

Lights, Camera, Action! Exploring the potential of 

Trinidad and Tobago’s creative industries 32 

Leslie-Ann Wills-Caton 

Top 5 Facts 

T&T’s exports - performance and prospects 36 

Leeooi-Oneika Howard, Brian Benoit 

Black Economy 

Shining light on Trinidad & Tobago’s underground 

economy 39 

Dr Timothy Affonso 

Red Economy 

KC kickstarts the next 100 years of 

export-led growth 43 

Asha Javeed 

Voice of Business 46 

Ria Chaitram 

Grey Economy 

Doubling down on T&T’s grey economy 48 

Asha Javeed 

Blue Economy 

Diving into the blue economy! Transitioning 

to sustainability 52 

Sarah Mahadeo 

Leadership Insights 55 

What’s the best app on your smartphone, and why? 

Silver Economy 

The business of ageing: unlocking the possibilities 

of the silver economy 56 

Dr Jennifer Rouse 

Green Economy 

Finding balance between the planet and profits 60 

Rudolph Hanamji 

Economic Outlook 65 

Rianna E Paul 

Chamber Events 68 

For Your Bookshelf 70 


5

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The Voice of BUSINESS in Trinidad & Tobago 

Published by 

Columbus Circle, Westmoorings, Port of Spain, 

Trinidad and Tobago 

P.O. Box 499, Port of Spain | Tel: (868) 637-6966 | Fax: (868) 622-4475 

Email: chamber@chamber.org.tt | Website: 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 

Publisher TTCIC 

Executive Editor Kiran Maharaj 

Editor Natalie Dookie 

Page Layout & Design Kathryn Duncan 

Coordinator Ria Chaitram 

Advertising TTCIC 

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. 

LIDIAN NEELEMAN/SHUTTERSTOCK.COM 

CONTACT is published by the Trinidad and Tobago Chamber 

of Industry and Commerce (TTCIC). It is available online at 

https://chamber.org.tt/media/the-contact-business-magazine 

© 2023 TTCIC. All rights reserved. No part of this magazine 

may be reproduced in any form without the written 

permission of the publisher.

Monte 

Wyatt – 

how to 

add zeros 

to your 

profits 

COURTESY MONTE WYATT 


Leadership 

interviews Monte Wyatt, award-winning executive 

leadership coach. Co-author of “Pulling Profits Out of a Hat”, 

Wyatt achieved best-seller status with Wall Street Journal 

and USA Today. His organisation, AddingZEROS Executive 

Development, has helped numerous companies achieve 

Executives that work with Monte Wyatt have lauded praise on his innovative techniques. They often 

describe the experience as “adding clarity on how to lead and manage an organisation and teams.” Wyatt has taught and 

also challenged executives using differentiated leadership and management concepts. Leadership creates passionate, 

focused team members with influence. Management creates competent, productive team members. Both leadership and 

management are needed today more than ever. These behavioural teaching concepts have helped leaders think more 

clearly. Over the last 30 years, Monte has made a lasting impact on CEOs and executives across the globe. 

As an Executive Development Facilitator, tell us about what you do. 

AddingZEROS is an international executive and organisational development firm with facilitators worldwide. 

My facilitators and I help CEOs and leadership teams with execution planning and how to think strategically. 

This includes organisational discipline and executive coaching and development. The AddingZEROS concepts 

I created are driven by a belief and practice of making complex subjects simple. 

AddingZEROS focuses on growing zeros in revenues and profits. I believe teams should be growing zeros 

(AddingZEROS) in every aspect of an organisation – culture, employee relations, customer acquisition and 

retention, community involvement, and revenues and profits. My process creates organisational discipline in 

strategy, business development, people, execution, and mission. 

What are “The Five Disciplines”? 

A great business is defined as one that is sustainable, predictable, stable, consistent and has an emotional 

connection. To achieve this, a great business must be disciplined, and executives and teams must have 

organisational and personal discipline. There are Five Disciplines that every organisation needs to possess to 

be successful. They are strategy, business development, people, execution, and mission. Organisations must 

make decisions in these areas and stick to those decisions. This is where discipline comes into play. 

Your business strategy leads to sustainability in your organisation. It’s how you articulate the way you do 

business. It’s where you want to go and the roadmap to get you there. Strategy is about skilful management 

to achieve your goals and create longevity. 

There are Five Disciplines that every organisation needs 

to possess to be successful. They are strategy, business 

development, people, execution, and mission 


9

Leadership 

Business development leads to predictability. Predictability comes from understanding the causes of past 

growth to calculate future exponential growth. Effective business development and predictability come from 

testing and measuring numbers in three essential areas – marketing, sales, and customer service. It’s about 

gaining and retaining customers. 

The discipline of people leads to stability. You create an environment where people know their role and feel 

appreciated. A business can do this by investing in leadership, talent development, and recruitment. It’s about 

employee growth and engagement. 

Execution leads to consistency. Consistency provides familiarity and assurance that you have your act 

together, are in control, and are dependable. You know when a business is consistent – when you, as a 

customer, employee or stakeholder, are treated ‘the right way’ all the time, and you can count on this in your 

dealings with the business. It’s about organisational efficiency and processes. 

The discipline of mission creates an emotional connection inside and outside a company. A company 

should spotlight its impact on the world. It should have an answer for employees who ask, ‘Why do I go to 

work every day?’ The mission is why the company does what it does. The discipline of mission enables people 

to connect with your company. It comprises three main ideas which define your organisation – core values, 

purpose, and giving back. 

These five disciplines focus on improving things that can be measured – often in areas that might have been 

overlooked and can be used to foster growth. 

AddingZEROS focuses on growing zeros in revenues 

and profits. I believe teams should be growing zeros 

(AddingZEROS) in every aspect of an organisation – culture, 

employee relations, customer acquisition and retention, 

community involvement, and revenues and profits. 

What is the best thing about the work you do? 

One of my key messages is ‘strategic thinking, execution planning’. You must learn how to think long-term 

and focus on the bigger picture. Every team needs to be taught how to think strategically. A major gap is 

implementation. Many of us make great plans, however we get distracted and lose focus on our follow-through. 

You must plan your implementation and execution - who does what and by when. Create communication and 

accountability practices that lead to making progress. Lead people and manage processes. Lead people to 

become inspired and understand their impact. Manage processes to ensure that you are moving forward and 

accomplishing desired results. 

What’s the next big goal for AddingZEROS? 

We have a 10-year vision to impact one million executives around the world. We want to help them become 

better leaders, managers, thinkers, and doers. Executives have a significant influence on growing people and 

their behaviours. When we impact one million executives, we will impact the world. 

Learn more, visit: www.AddZerosNow.com 


11

Strategy & Corporate Finance Practice 

Actions the best CEOs 

are taking in 2023 

Corporate leaders are addressing the risks while finding 

the opportunities in digital disruption, the economy, and 

geopolitical uncertainties. 

by Carolyn Dewar, Scott Keller, Vikram Malhotra, and Kurt Strovink 

March 2023 


13

“Anyone can hold the helm when the sea is calm.”― Publilius Syrus 

In his 2017 book, Hit Refresh, Microsoft CEO Satya Nadella writes that great leaders “recognize 

the true signal within a lot of noise” and act accordingly. Fast forward to 2023, and the torrent of 

trends, ideas, and information that leaders now face makes knowing what matters more difficult 

than ever. 

It’s against this backdrop that McKinsey conducted its latest CEO Excellence Survey, to take the 

pulse of leading CEOs’ evolving priorities and the actions they’re taking in response. We started 

by asking a group of the world’s top-performing CEOs (see sidebar, “Survey methodology”) 

which trends will have the biggest impact on how they lead their business in 2023 compared with 

past years. Their answers suggest that three “true signals” matter most: digital disruption, the 

economy, and geopolitics (exhibit). 

Second, we asked about the specific and pragmatic actions they are taking as a result of these 

signals. Here we found that a consistent mix of defensive (protecting against risks) and offensive 

(capturing new opportunities) maneuvers create a powerful playbook for leaders in 2023, the 

details of which we discuss in this article. 

Web 

 

Exhibit 

Exhibit of 

Top CEOs identify disruptive technology, the economy, and geopolitics as the 

most important trends to act on in 2023. 

Trends that have the biggest impact on how CEOs are leading their organizations in 2023, 1 

% of respondents (n = 73) 

Rise of disruptive digital technologies 

Risk of prolonged high inflation and economic downturn 

58 

56 

Escalation of geopolitical risks 

47 

War for talent 

Shifts in the way we work 

Increased importance of climate change and net-zero transition 

30 

29 

34 

Increase in supply chain disruptions 

14 

Higher expectation for companies to have social purpose 

11 

Persistence of the gender and racial gap in the economy 

7 

Emergence of blockchain and Web3 

1 

Other 

11 

100 

1 

Question: From your perspective as a current or former CEO, which of the following trends will have the biggest impact on how you lead/would lead your 

organization in 2023 and beyond, compared with past years? Respondents selected their three most important trends. 

Source: McKinsey CEO Excellence Survey 

McKinsey & Company 

2 Actions the best CEOs are taking in 2023 


Survey methodology 

To conduct this survey, we first 

determined analytically 200 of the best 

corporate CEOs of the past 15 years. 1 

To do so, we started with the list of all 

current and former CEOs of the 1,000 

largest public companies during that time 

frame. 2 We then filtered this list based 

on tenure, including only those who had 

completed at least six years in the role, 

demonstrating a consistent track record of 

success. Next, we applied a performance 

filter to only include CEOs who, in their 

tenure, delivered results in the top two 

quintiles of excess TSR. 3 From there, we 

further filtered for those who had been 

recognized by one or more “best CEO” 

lists, 4 which take into account factors such 

as the individual’s societal, environmental, 

and ethical conduct, as well as employee 

sentiment. Finally, to better reflect the 

diversity of today’s business landscape, 

we included additional CEOs from outside 

the 1,000 largest public companies in 

underrepresented segments who met a 

high bar of performance and reputation. 

This methodology is consistent with the 

approach used in the New York Times 

bestseller CEO Excellence (Scribner, 2022). 

In the survey itself, each CEO was asked 

to identify the top three trends that will 

have the biggest impact on how they lead/ 

would lead their organization in 2023 and 

beyond. (For retired CEOs, we asked them 

to share the advice they are giving sitting 

CEOs.) Based on the trends selected, 

the CEOs were then asked to select the 

top three changes (from a list of seven to 

ten, of which “other” was also a choice) that 

they will drive across their organization 

in 2023 to address the trend. This survey 

was fielded from December 9, 2022, to 

February 15, 2023. 

1 

As individual CEO Excellence Survey responses are confidential, all company data and attributed CEO quotes in this article are from publicly available information, primarily 

earnings transcripts, letters to shareholders, and press statements. 

2 

Top 1,000 companies in the global Forbes 2000 list as of April 2022 that ranks largest companies in the world based on a composite of revenue, profits, assets, and 

market capitalization. 

3 

TSR over tenure in excess of the return their industry peers delivered, adjusted for geographical variations in growth. 

4 

Fortune’s Most Powerful Women in Business, Harvard Business Review’s Best-Performing CEOs, Barron’s Top CEOs, CEOWORLD’s Most Influential CEOs, and Forbes’s 

America’s 100 Most Innovative Leaders. 

1. Actions to deal with digital disruption 

The mindset with which CEOs are approaching digital trends was well summarized by one 

CEO’s written survey comment: “A CEO also has to be the chief technology architect. Think of 

the executive team—not just the chief digital officer—as owning the technology strategy of the 

company. There is too much at stake.” 

This focus on digital disruption is being put into practice in three ways: 

— Developing advanced analytics (62 percent of CEOs 1 ): OpenAI’s introduction of ChatGPT in 

late 2022 put gasoline on the already well-lit fire of companies looking to leverage advanced 

analytics for competitive advantage. Companies such as the beverage maker Diageo are 

already seeing the value of applying advanced analytics: its use of geolocation data to 

personalize and target content for consumers has led to a 17 percent increase in media spend 

ROI. And at the financial services giant Sun Life, the use of predictive analytics now allows it 

1 

Percentage of CEOs who selected this trend as important and who report this as among the top three actions they are taking. 

Actions the best CEOs are taking in 2023 

3 


15

‘Act early to lower costs and 

protect the balance sheet so 

that you are stronger and leaner 

when the economy begins 

to turn more favorably.’ 

–CEO Excellence Survey respondent 

to process 60 percent of its life insurance policies without lab testing, creating a dramatically 

improved experience for its customers. 

— Enhancing cybersecurity (48 percent): JPMorgan Chase has been one of the most 

outspoken firms on why spending billions on cyber-related changes—ranging from 

modernizing infrastructure and developer tools, to embedding cybersecurity controls into the 

business, to training employees to be vigilant—is vital. “Cyberthreats pose extreme hazards 

to our company and our country,” CEO Jamie Dimon asserts in a letter to shareholders. “This 

has become even more evident as the cost of ransomware has increased dramatically. … And 

it is evident to everyone, with the war in Ukraine, that grave damage could be inflicted if cyber 

is used as a tool of war.” 

— Automating work (45 percent): As Morgan Stanley CEO James Gorman explained when 

speaking to analysts, “Tech spend is going up … but that’s good because it’s displacing 

things we would otherwise be doing manually, which we shouldn’t be doing manually.” 

Healthcare provider Humana, for example, has reduced nursing turnover by leveraging 

technology to reduce administrative tasks. Walmart has used automation to cut in half the 

number of steps needed to ship products at some of its e-commerce distribution centers. 

2. Actions to deal with the risk of high inflation and economic downturn 

As one CEO worried about economic uncertainty put it in the survey response: “Act early 

to lower costs and protect the balance sheet so that you are stronger and leaner when the 

economy begins to turn more favorably.” McKinsey research supports this view. Companies that 

outperformed peers during the 2008 crisis cut operating costs by 1 percent before the downturn, 

while the others expanded costs by the same percentage. The best performers also reduced 

their debt by $1 for every $1 of book capital before the downturn. 

— Reduce operating expenses (76 percent): The technology sector has already shed more 

than 100,000 jobs in 2023. However, at General Motors, CEO Mary Barra has taken a 

more modest approach to workforce reductions, focusing cuts on 500 executive-level 



and salaried positions and looking deeply into other, non-personnel-related expense 

areas. Examples of this broader set of levers the best CEOs are using include supply chain 

renegotiations, tax optimization, deferring capital spending, tightening expense policies, and 

increasing employee productivity. Amgen CEO Robert Bradway told investors that by using a 

combination of such methods, he believes his company’s 2023 operating expenses will stay 

flat despite increasing sales volumes and inflationary pressures on costs. 

— Redesign products and services (61 percent): The aforementioned cost discipline frees 

up cash that CEOs can use to improve products and services to better attract and retain 

customers. At the beauty products company Shiseido, for example, Masahiko Uotani has 

undertaken “a shift from defense to offense,” making proactive investment for top-line 

growth. Shantanu Narayen, CEO of software maker Adobe, is doing likewise with his push to 

find ways to give customers more value through existing products. 

— Reassess strategic and economic assumptions (54 percent): CEOs are revisiting their 

strategies on an ongoing basis. Said one survey respondent, “Stay nimble. Creating agility 

and adaptability is critical.” Many, including E. Scott Santi, CEO at Illinois Tool Works, have 

acted quickly on their pricing strategies, adjusting prices around the world to offset cost 

increases during the most significant inflationary cycle of the last 40 years. 

3. Actions to deal with the escalation of geopolitical risks 

One CEO’s survey comment summed up the consensus on this trend: “Globalization is changing, 

but it’s not disappearing. We’re entering an era with new dynamics around China and Russia, and 

Africa will also play a bigger role. We need to plan for multiple scenarios and have a game plan for 

each contingency.” 

— Build robust compliance capabilities (65 percent): Many companies are building up their 

trade compliance organizations and improving how they screen different customers and 

companies. While a defensive posture for most, it’s an opportunity for others. Rob Fauber, 

CEO of the integrated risk assessment firm Moody’s, confirmed, “There’s an intense 

demand right now for tools that help not only with sanctions compliance but also with better 

understanding the risk of who you’re connecting to, who you’re doing business with … and so 

we’re really leaning into that.” 

— Create resilience in supplier networks (62 percent): The best CEOs have already addressed 

potential points of failure in their supply chains. Now they are working to continuously 

improve resilience in this area. As Tim Cook, CEO of Apple, has stated, “We build our products 

everywhere. There are component parts coming from many different countries in the world, 

and the final assembly coming from three countries on just the iPhone. … We’ll continue to 

optimize it over time and change it to improve.” 

— Invest in monitoring and response capabilities (56 percent): Successful leaders know that 

having good early-warning indicators and the ability to act quickly during a crisis can turn a 

threat into an opportunity. Being properly prepared can also have implications for society 

as well. Norway’s biggest energy company, Equinor, for example, has increased its state of 

alert based on its assessment of threats given that energy production from the Norwegian 

continental shelf is crucial to Europe’s energy security. 

Actions the best CEOs are taking in 2023 

5 


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Beyond the top three trends 

The three trends discussed above are clearly ranked as the highest “signal within the noise” 

by the best CEOs. There is, however, a second block of three trends that a meaningful number 

of CEOs also flagged as important: talent, ways of working, and climate change. Here is how 

numerous successful CEOs are approaching these areas: 

— Talent: While the talent market remains tight, our survey respondents indicated they feel 

the time has come to refocus on employee performance, after several years of focusing 

more on helping employees weather the pandemic and other challenges. As Meta CEO 

Mark Zuckerberg has told his company’s employees, workers should prepare to have their 

“performances graded more intensely.” While this will be uncomfortable for some, the best 

CEOs believe that talented employees are by and large welcoming of such a stance. 

— Ways of working: In line with the topic of talent, on balance the best CEOs are also expecting 

employees to spend more time in the office or with customers in 2023. The rationale is that 

doing so is ultimately good for both employees and customers: it increases mentorship, builds 

community, sparks innovation, and creates a stronger sense of meaning in the workplace. 

Many firms, including JPMorgan Chase, Starbucks, and Apple, have already made their 

intentions public. 

— Climate change: CEOs remain committed to thoughtfully making the net-zero transition. They 

are not interested, however, in getting caught up in “check the box” exercises related to ESG 

rankings and ratings. As BlackRock’s CEO Larry Fink has said in a letter to shareholders, “We 

focus on sustainability not because we’re environmentalists, but because we are capitalists 

and fiduciaries to our clients.” Leaders are paying particular attention to areas where 

revenue can be generated by focusing on sustainability. Russia’s invasion of Ukraine has also 

reinforced that being a socially responsible company means ensuring reliable, affordable 

traditional products can be provided during the transition. 

As United States President Franklin D. Roosevelt put it, “A smooth sea never made a skilled 

sailor.” The CEOs we surveyed are veterans who have experience steering their organizations 

through challenging environments. We hope that by sharing their perceptions of the true signals 

amid the noise, and the actions they are taking as a result, we can help all leaders navigate the 

turbulent waters of 2023 and beyond. 

Carolyn Dewar is a senior partner in McKinsey’s Bay Area office, Scott Keller is a senior partner in the Southern 

California office, and Vik Malhotra and Kurt Strovink are senior partners in the New York office. 

The authors would like to thank Blair Epstein, Selin Neseliler, Tanmay Tapase, Jen Whitaker, and Jessica Zehren 

for their contributions to this article. 

Designed by McKinsey Global Publishing 

Copyright © 2023 McKinsey & Company. All rights reserved. 



The WHITE Economy 

Shaping healthcare in Trinidad and Tobago 

today for the patients of tomorrow 

By 

Dr Damion Basdeo MBBS (UWI), 

SCE Acute Medicine (UK) 

President 2023. Trinidad & Tobago 

Medical Association (T&TMA) 

Dr Andrew Lakhan MBBS (UWI) 

T&TMA Chairperson for Climate 

Change and Health Advocacy 

Subcommittee, T&TMA 

By 2050 about 30 per cent of Trinidad and Tobago’s 

population is expected to be above age 60. This presents an 

urgent need to develop a sustainable, efficient, and effective 

healthcare sector. How are we reforming healthcare to meet 

the needs of tomorrow? 

The white economy refers to the services, products and activities relating to 

healthcare and care of the dependent, disabled and elderly. In 2005, Trinidad 

and Tobago’s Gross Domestic Product (GDP) was US$15.98 billion, and according 

to the Pan-American Health Organization (PAHO), the government invested only 

3.75 per cent of this in the healthcare sector. This was considerably lower compared 

to other islands in the region (the Caribbean and Latin America), which had an 

average of 5 per cent GDP attributed to healthcare. Fortunately, the percentage of 

GDP dedicated to healthcare has increased over the years, partially attributed to the 

implementation of the National Insurance System (NIS). 

Dr Penelope Paltoo MBBS (UWI) 

East Branch Member, T&TMA 

Investing in healthcare 

In 2009, the then Prime Minister, The Honourable Patrick Manning, prioritised 

healthcare alongside improvements in connectivity and technology. That year the 

HIV/AIDS Programme was also launched; it has been renamed the HIV and AIDS 

Coordinating Unit (HACU). This initiative has since expanded to five Regional Health 

Authorities (RHAs) across Trinidad and Tobago. Project implementation covered the 

development of policies for national HIV testing, prevention of mother-to-child 

transmission and post-exposure prophylaxis. Today free services available 

COURTESY TRINIDADEXPRESS.COM 

in the public sector include HIV testing, antiretroviral therapy, and care 

for all ages. 

The white economy of Trinidad and Tobago has supported digital 

transformation in the healthcare system through the development 

of electronic medical records, such as the Cellma healthcare 

administration system. Although the COVID-19 pandemic 

hindered its implementation, it accelerated telemedicine adoption, 

ensuring continuous patient care. The public healthcare sector 

provides free medication to citizens with chronic diseases through 

the Chronic Disease Assistance Programme (CDAP). As reported by 

the World Bank in 2019, this, along with other initiatives increased the 

government’s spending on healthcare to 7.02 per cent of GDP. 


19


Biggest business opportunities 

Although government expenditure has increased, Trinidad and Tobago’s white economy still requires significant investment in 

genetic analysis and local research to enhance patient care and guide treatment. This includes sponsoring research focusing 

on unique local settings that may assist with patient management instead of using foreign data. Some imaging studies, such 

as Positron Emission Tomography (PET) scans, are only available in the private sector, creating a financial barrier to accessing 

care. Private hospitals and clinics contribute significantly to the economy by offering specialised treatments and procedures 

unavailable in the public sector, employing many persons, and contributing to economic growth. However, the high cost of 

private healthcare services limits access, highlighting the need to improve affordability and accessibility. 

Preventative medicine is critical to reducing the prevalence of chronic diseases and cancers, which account for a significant 

number of deaths locally and regionally. We need to invest in health programmes such as increased public health awareness, 

cancer screening and exercise competitions, which will aid in addressing modifiable risk factors. Approximately 30 per cent 

of the population is expected to be above the age of 60 by 2050, leading to a growing need for reliable health insurance and 

plans. While digital transformation can enhance efficiency in the healthcare system and decrease medical errors, there is a lack 

of good health information systems available in the region. Production of technologically advanced medical equipment and 

pharmaceuticals can decrease import burdens and create job opportunities in the healthcare sector. CARICOM should consider 

further exploring this possibility as a new niche market for trade and investment. 



COUTRTESY TRINIDAD & TOBAGO MEDICAL ASSOCIATION 

T&TMA member outreach activities 2023 

Achieving the goal of a sustainable 

white economy requires a 

collaborative effort between the 

government and non-governmental 

organisations to promote the 

advancement of the healthcare sector 

in Trinidad and Tobago to holistically 

support vulnerable groups. 

Advancing the healthcare sector 

Medical tourism is one of the opportunities that has room for expansion 

in Trinidad and Tobago. As highlighted by the Ministry of Health in 

2013, there are various local specialisations where we have an excellent 

track record, such as cardiac surgery, joint replacement, and dentistry. 

In fact, medical tourists can even originate from the regional diaspora. 

This is an avenue we need to explore further and capitalise on in the 

constantly advancing field of medicine. 

Trinidad and Tobago’s high-income status makes it challenging 

to obtain international financial aid. Despite continuous efforts to 

advance the medical field and healthcare systems, there is room for 

improvement. The country’s vulnerability to climate change, including 

rising sea levels, requires the development of a more resilient and 

sustainable healthcare sector. This was underscored at the 27 th 

Conference of the Parties of the UNFCCC (COP 27) Health Pavilion 

held in Egypt last year. While the PAHO “SMART Hospital” Toolkit is 

available for use, implementation requires significant investment in 

both financial and human resources. Achieving the goal of a sustainable 

white economy requires a collaborative effort between the government 

and non-governmental organisations to promote the advancement of 

the healthcare sector in Trinidad and Tobago to holistically support 

vulnerable groups. 

Medical tourism is one of the 

opportunities that has room for 

expansion in Trinidad and Tobago. 

As highlighted by the Ministry of 

Health in 2013, there are various local 

specialisations where we have an 

excellent track record, such as 

cardiac surgery, joint replacement, 

and dentistry. 


21

The GOLDEN Economy 

A glimmer of gold: 

decentralising T&T’s energy infrastructure 

The T&T government has implemented several policy and fiscal measures to create an 

enabling environment for energy diversification. Our aid development partners are also 

supporting this move to a golden economy. How are we responding? 

What more needs to be done? 

By Ryan Assiu, Climate Finance Specalist - USAID/Eastern & Southern Caribbean. 

Award-winning environmental consultant. Director at the Trinidad and Tobago Association 

of Energy Engineers (TTAEE) and the Sustainability Institute of Trinidad and Tobago (SITT). 

COURTESY MINISTRY OF PLANNING AND DEVELOPMENT 

The “golden economy” or “sunshine economy” uses renewable 

energy (RE) sources as its primary energy supply and encourages 

the widespread public distribution of RE energy infrastructure. 

Whereas ‘green’ and ‘blue’ economies hold low-carbon, clean 

energy as a core feature of their definition, the ‘golden’ economy 

places specific emphasis on RE dominance in the energy mix and 

the decentralisation of energy infrastructure. This article posits that 

Trinidad and Tobago’s economy has only a glimmer of gold based 

on the current market and regulatory factors and presents 

recommendations for improving the economy’s lustre. 

The Sunshine State? 

In Trinidad and Tobago (T&T), the potential for 

solar photovoltaics (PV) is high. The World Bank’s 

Global Photovoltaic Power Potential Study (2020) 

ranks T&T 93 rd of 194 countries because it has 100 

per cent electricity grid coverage, a favourable 

practical solar photovoltaic potential of 4.4 kWh/ 

kWp, and 74 per cent of its land area suitable for 

installations. Globally, solar PV technologies have 

become cheaper and more efficient annually. The 

Inter-American Development Bank (2015) noted that the 

‘soft costs’ of taxes, labour, and transactions outweighed 

the hardware costs of solar PV installations for small-scale 

residential systems in T&T – meaning that most of the economic 

benefit of decentralised solar PV value chains is kept within the local 

economy. 



The current state of the national energy supply mix and the distribution of 

renewable energy generation capacity do not meet the criteria of a ‘sunshine 

economy.’ Presently, 0.01 per cent, or three megawatts, of T&T’s energy supply 

mix is provided by RE – far from being the dominant source of power that defines 

a golden economy. Although the construction of two solar plants with a combined 

solar PV generating capacity of 112-megawatts, dubbed ‘Project Lara’, will 

introduce RE into the national energy supply mix in T&T, it would not significantly 

displace gas-powered electricity as the dominant contributor. Decentralisation 

of RE infrastructure in T&T is also limited by current legislation, which does not 

allow for RE power generation by independent power producers (IPPs) without 

consent from the State-owned utility. Combined with the subsidised cost of 

electricity, the business case for solar PV mini-grids or standalone home systems 

is tenuous. 

Notwithstanding, the adoption of residential solar PV is steadily increasing 

within T&T. There are over a dozen solar PV installers and small businesses 

established, and the market is growing due to middle to high-income early 

adopters. Presently, a solar PV system for a two-bedroom house costs about 

TT$50,000 and has a return on investment of eight years – an unpalatable cost 

for the average person. RE mainstreaming is stymied by a lack of commercial 

financing instruments, RE standards, and capacity among market actors. 

The Yellow Brick Road 

The T&T government has introduced some policy and fiscal measures to create 

an enabling environment for RE growth and alludes to an impending economicwide 

shift towards RE. There is a glimmer of gold on the horizon. 

In the 2023 budget presentation the T&T government announced that a 

Renewable Energy Policy is being developed with a target of 30 per cent 

renewable energy supply by 2030. Concurrent with this announcement was 

the declaration that a Feed-in-Tariff (FIT) policy was at an advanced stage of 

development. The FIT would facilitate residential and commercial RE generation 

by allowing decentralised IPPs to sell excess energy back into the grid. 

The T&T government also established new fiscal measures to incentivise RE 

uptake in key sectors. A TT$25,000 rebate for approved agricultural holdings 

using RE technology was introduced, as well as the removal of value added tax 

(VAT) on new RE-using equipment for manufacturing companies. These add 

to longstanding fiscal measures such as the zero-rated VAT granted for solar 

PV panels, wear and tear allowance on 150 per cent expenditure incurred on 

solar PV systems and supporting equipment, and tax allowances for companies 

engaging with Energy Service Companies. 

Presently, 0.01 per cent, or three 

megawatts, of T&T’s energy supply 

mix is provided by RE – far from 

being the dominant source of power 

that defines a golden economy. 

Energy Sector 

Reform Project 

The Energy Sector Reform (ESR) 

project is an over US$10 million 

initiative launched on February 

27th 2023, by USAID. It covers 13 

Caribbean territories, including 

Trinidad and Tobago. Under this 

project, technical assistance will be 

provided to utilities, ministries, and 

regulators to develop policies, laws, 

tools and processes to make national 

energy systems more resilient and 

modern. By bolstering regional energy 

systems, countries can become more 

productive and enjoy diverse and 

sustainable economic growth. The 

work plan for supporting Trinidad and 

Tobago under the ESR project is under 

development. 


23



Golden Nuggets 

Realising the golden economy requires legislative reform as well as market-building. Multiple 

studies commissioned by the T&T government have identified the following interventions as 

critical: 

1. Amending the Trinidad & Tobago Electricity 

Commission (T&TEC) Act and the 

Regulated Industries Commission (RIC) Act 

to allow independent power producers to 

contribute to the grid. 

2. Approving the FIT for grid-connected smallscale 

solar PV facilities and/or mini-grids. 

3. Developing specific financial instruments 

and strategies for lowering the cost of 

capital for residential/commercial solar PV. 

4. Building RE knowledge and technical 

capacity among market players such as 

financiers, suppliers, utilities, regulators, 

and homeowners. 

5. Increasing the electricity rate to encourage 

energy conservation and grid parity. 

The T&T government has made meaningful efforts towards these goals in collaboration with 

donors such as the United Nations Environment Programme (UNEP), the Inter-American 

Development Bank (IDB), and the European Union (EU). With USAID’s recently launched Energy 

Sector Reform regional project, even more support is available. However, citizens need to adopt 

a more conservative attitude towards energy, utilise the fiscal measures available, and advocate 

for the approval of critical legislative changes. Getting to gold is within our grasp; let’s go for it! 

Disclaimer: The views and opinions expressed in this paper are those of the author and not 

necessarily the views and opinions of the United States Agency for International Development 

(USAID). 


25

Your Biggest Cybersecurity Risks 

Could Be Inside Your Organization 

by Bret Arsenault 

Tek Image/Science Photo Library/Getty Images 

As the digital world continues to grow, so do the volume, 

variety, and velocity of cyber threats and attacks. The 

world is awash in data, and there is always someone 

trying to turn it into their own virtual currency. 

Today malware and ransomware are hitting everything 

from our personal cell phones to mission-critical 

infrastructure and supply chains. Whether it’s 

phishing, smishing, or vishing, attackers are getting more 

sophisticated too, using details about our personal and 

work lives to tempt us to share our data. 

But in a world where everyone is a target, companies 

also need to understand their exposure to risks that 

come from inside their organizations. Today more than 

300 million people are working remotely — creating, 

accessing, sharing, and storing data wherever they go — 

and data breaches arising from insider threats and simple 

mishaps can cost businesses an average of $7.5 million 

annually. Consider the 2022 data breach of Cash App, 

where a former employee accessed customer financial 

reports after being terminated. The breach likely affected 

8.2 million current and former customers. 

Ultimately it doesn’t matter if the breach was intentional 

or accidental. Insider risk programs should be part of 

every company’s security strategy. To be successful, 

organizations should lead with their employees as 


partners in the effort and supplement their program with 

advanced tools that detect and mitigate insider risks 

wherever they arise. 

Here are four lessons I’ve learned as CISO at Microsoft, 

managing our insider risk program as it grew from a small 

internal initiative into a business unit that reports to the CEO. 

1. Prioritize Employee Trust and Privacy 

This point comes first for a reason. In business and in life, 

trust is the key to any functioning relationship. The best 

insider risk programs emphasize the balance between 

employee privacy and company security. It’s critical to 

come up with privacy controls and policies that maintain, 

and even boost, trust. 

Setting up tools to indiscriminately sift through employee 

activities for wrongdoing is not only ineffective and 

counterproductive — it’s just plain wrong. It’s an 

invasion of privacy that creates anxiety and erodes the 

relationship. Organizations need to be able to detect 

insider risks, but they need to do it the right way, acting 

transparently and within a narrowly defined scope to 

demonstrate respect and extend trust to employees. 

Setting up privacy controls that protect identities at 

work — even during investigations — lets people know 

you’re protecting them too. Using role-based access 

for insider risk management tools also helps ensure 

that the right person is reviewing compliance alerts, 

keeping unwarranted suspicion from creeping into the 

organization. 

2. Collaborate across functions 

While IT and security groups will lead the way, insider risk 

is a business problem that involves the entire company. At 

Microsoft, we learned this over time. What started as an 

initiative in our security organization evolved into a unified 

effort across the business groups, including legal, HR, 

and senior leadership. 

This broad involvement helps ensure wider buy-in and 

provides additional perspectives and resources, such as 

the legal department prioritizing emerging regulations 

and HR facilitating training programs and surveys. An 

insider risk committee or ombudsperson can help get 

the conversation going. One of their first tasks should be 

creating a response plan that outlines how information 

is shared, when and what each group contributes, who 

makes which decisions, and who is accountable. 

It’s also important to have shared goals with clear 

measures of success. You can fine tune the process by 

quantifying key metrics such as the number of cases 

raised, the true positive and false positive flags, and 

actions taken as the result of findings. If you have a 

high number of false positives, you risk burdening your 

HR and legal teams with unnecessary and expensive 

investigations. 

3. Recognize that employees are the last line of 

defense 

Getting employees to engage with data protection and 

compliance training can be challenging, but it’s important 

that they know how to mitigate security risks and why 

it’s a priority. Trainings that emphasize stewardship of 

data show that the organization is extending its trust to 

employees as they serve the business. 

Train people on how to handle the organization’s data 

properly, and repeat that message regularly so it’s always 

fresh. It also helps to make it personal. Most people 

immediately understand and engage on how to protect 

their own financial and health care data. Infusing a 

personal aspect into the training connects the dots on the 

importance of data protection for the business as well. 

Training people on the principle of “see something, say 

something” in a risk-free way is a critical capability for an 

insider program. By improving data security education 

and training, companies can empower employees as 

a first and last line of defense that is complemented by 

detection tools. 


27

4. Use machine learning tools to do more with less 

Gartner defines insider risk management as “the 

tools and capabilities to measure, detect, and contain 

undesirable behavior of trusted accounts within the 

organization.” And insider risk management tools have 

gotten much more precise and effective in recent years. 

Older tools tend to overlook subtle indicators that can 

identify a bad actor trying to hide their tracks. They also 

often feature overly strict controls that lower productivity 

and encourage workarounds. Today a new breed of 

insider risk management tools is emerging with adaptive 

security capabilities that can detect risky activities and 

mitigate any potential impact while staying out of the way 

and keeping user information private. 

Where an activity like printing a confidential file might 

not show intent, a sequence of connected activities like 

renaming the file and then deleting it after printing could 

indicate something more serious. Using machine learning, 

these tools can separate the signal from the noise and 

identify subtle actions, reducing the false positives that 

can bog down the organization. 

A successful insider risk program focuses on the 

people, processes, and technologies 

Managing both internal and external risks is vital to the 

security of any organization. Each comes with their own 

challenges, but what makes insider risk management 

especially tricky is the need to balance people, processes, 

and technologies. 

Powerful tools can help impede, detect, and respond to 

insider risks — but they won’t address the root causes. 

That’s where detailed onboarding, security trainings, 

team-building exercises, and work-life balance programs 

are useful. Building a healthy work environment helps 

reduce the risk of an employee intentionally engaging in 

dangerous behavior. But at the end of the day, striking the 

balance between people and technology matters most of 

all. Risk management has to be proactive and continuous, 

and it takes trust, transparency, and collaboration to 

keep that engine running. This philosophy — people first, 

backed by powerful technology — is the only way to 

prevent incidents before they happen, detect them if they 

do, and respond to them quickly and effectively. 

——— 

Bret Arsenault is Microsoft’s chief 

information security officer, responsible 

for enterprise-wide digital security and 

resiliency. 

For more great articles, go to HBR.org. 

c.2023 Harvard Business Review. Distributed by The New 

York Times Licensing Group. 

Copyright: 

c.2023 Harvard Business Review 


The PURPLE Economy 

Social cohesion - 

a pillar of economic growth and development 

In the Caribbean, the employment rate is lower for women 

than for men; this gap is especially large in Trinidad and Tobago. 

The Purple Economy supports a multidisciplinary approach to 

economics and social development that improves the quality 

of everyone’s life. How are we bridging the gaps? 

By Tonni Brodber, Representative, 

UN Women Multi-Country Office 

(MCO) - Caribbean 

The human experience is multifaceted, and so are the colours of our 

economy. For many years, the discourse on economic growth siloed 

what was deemed ‘soft’ issues from the more critical issue of ‘work’. Work, 

by definition, included very little of what takes place in the home and the 

definition focused on outside of the home, but in fact there is work that 

mirrors that done in the home, such as parental leave, paid childcare, 

healthcare, and education. While these areas are touted as necessary, they 

are not remunerated in ways that reflect their inherent value. 

Defining vulnerability 

The journey towards sustainable development is one that decision-makers 

note is only possible if no one is left behind. But who is left behind and why, 

and who is deemed vulnerable? Vulnerability has been defined as the result 

of a combined effect of risks to which people may be exposed, the sensitivity 

of their particular livelihoods to those risks, and their ability (or lack of) to 

adapt to, cope with or recover from the impacts of external shocks (Prowse, 

2003; Adger et al., 2005). 

Human beings are born vulnerable and dependent on their families and 

communities, yet they are also full of potential. The lack of a comprehensive 

approach to economic and sustainable development in the ‘purple economy’ 

often results in marginalisation. The process where certain groups are 

systematically disadvantaged because they are discriminated against on the 

basis of their sex, ethnicity, race, religion, sexual orientation, caste, gender 

identity, age, disability, HIV status, migrant status or because of where they 

live (Rogers et al., 1995; Atkinson, 1998). 

Of great concern are the costs communities and countries incur by not 

valuing the work that has been made invisible or the people who have been 

marginalised. According to the Organisation for Economic Cooperation and 

Development (OECD), gender-based discrimination in social institutions 

costs the world economy US$6 trillion. McKinsey also noted, “True gender 

equality everywhere would raise global GDP by up to US$28 trillion.” 

About UN Women 

UN Women is the United Nations entity 

dedicated to gender equality and the 

empowerment of women. A global 

champion for women and girls, UN Women 

was established to accelerate progress on 

meeting their needs worldwide. UN Women 

supports UN Member States as they set 

global standards for achieving gender 

equality and works with governments 

and civil society to design laws, policies, 

programmes and services needed to 

ensure that the standards are effectively 

implemented and truly benefit women and 

girls worldwide. The UN Women Multi- 

Country Office (MCO) – Caribbean, located 

in Barbados, covers 22 countries - the 

CARICOM Member States, Dutch Caribbean 

Islands and British Overseas Territories. UN 

Women MCO - Caribbean has developed 

programming based on four priority 

areas: international normative standards; 

ending violence against women; economic 

empowerment; and climate change, disaster 

risk resilience and humanitarian response. 

According to the Organisation 

for Economic Cooperation and 

Development (OECD), genderbased 

discrimination in social 

institutions costs the world 

economy US$6 trillion. 


29

The PURPLE Economy 

Recently UN Women MCO - Caribbean collected data across 

the Caribbean on the costs of Violence Against Women and 

Girls (VAWG) to our economies. In Jamaica, the total cost of 

VAWG in 2018 was JM$102 billion (more than US$1 billion). This 

represents an astounding 6.49 per cent of Jamaica’s GDP. 

In the Caribbean, more women could engage in paid work if 

families had access to safe and affordable childcare services. 

Globally, women spend on average 4.1 hours/day on unpaid care 

and domestic work, compared to 1.7 hours/day for men. Women 

also make up 70 per cent of the paid global health care workforce. 

The inclusion of everyone’s contribution to economies is 

critical. Purple is one of the colours adopted by women’s 

movements in some parts of the world. A purple economy 

calls for an economic system that accounts for the value 

of care work and enables it to sustainably contribute to 

countries’ national economic growth. 

Strengthening shortcomings 

UN Women has supported several recommendations 

addressing the gaps presented by the purple economy. 

The Convention on the Elimination of All Forms of 

Discrimination Against Women (CEDAW) is an international 

legal instrument that requires countries to eliminate 

discrimination against women and girls in all areas and 

promotes women’s and girls’ equal rights. All Caribbean 

States have ratified the CEDAW and are obligated to 

implement and report on their progress in achieving the 

recommendations of the CEDAW Committee. The Beijing 

Declaration and Platform for Action, the most progressive 

blueprint for advancing women’s rights, guides how best 

to integrate care, education, and healthcare into our 

economies. 

UN Women MCO - Caribbean has assisted several 

governments in the Caribbean region through costing of 

the expansion of subsidised childcare, gender-responsive 

budgeting and collecting and analysing data to better 

inform evidence-based decision making. Civil society 

in the region often champions elements of the purple 

economy. UN Women MCO - Caribbean supports Civil 

Society Organisations (CSOs) through financing, capacity 

strengthening and data gathering. As a critical player in 

the creation of social norms, behaviours and attitudes, the 

private sector has suffered much of the losses borne by 

not addressing the gaps in the purple economy. Through 

the Women’s Empowerment Principles UN Women has 

been able to collaborate with leaders in the private sector 

to promote parental leave and policies to support inclusion. 

COUTRTESY UN WOMEN MULTI-COUNTRY OFFICE (MCO) - CARIBBEAN 

Courtesy UN Women’s ‘Share the Care’ campaign 

Globally, women spend on average 

4.1 hours/day on unpaid care and 

domestic work, compared to 1.7 

hours/day for men. Women also make 

up 70 per cent of the paid global 

healthcare workforce. 


31

The ORANGE Economy 

Lights, Camera, Action! 

Exploring the potential of Trinidad 

and Tobago’s creative industries 

As reported on CreativeTT’s site, music, film, and fashion have collectively 

generated TT$824 million in revenue. Creativity is a business that offers 

significant opportunities for sustainable economic growth and job creation. 

The orange economy is full of infinite possibilities; let’s explore. 

By Leslie Ann Wills-Caton, 

General Manager, FilmTT/Film Commissioner 

Roll out the red carpet! Trinidad and Tobago’s orange economy is 

ready for its close-up. Bursting with creativity and talent, this dynamic 

industry is an export-ready melting pot of music, art, fashion, and film. 

The orange economy has many opportunities for growth, business, and 

investment. From product placement to strategic brand alignment, the 

possibilities are endless. Grab your popcorn and explore the colourful 

world of Trinidad and Tobago’s orange economy. 

COURTESY FILMTT 

Trinidad and Tobago Film Festival 2022 

Our rich cultural heritage provides a unique, 

diverse source of inspiration for artists and 

creatives. Trinidad and Tobago’s strategic 

location in the Caribbean makes it an ideal 

hub for creative and cultural exchange. 

Race to amazing opportunities 

Recognition of the impact of the orange economy is rapidly growing 

in Trinidad and Tobago for several reasons. Our rich cultural heritage 

provides a unique, diverse source of inspiration for artists and creatives. 

Trinidad and Tobago’s strategic location in the Caribbean makes it an ideal 

hub for creative and cultural exchange. Furthermore, Trinidad and Tobago 

has invested in developing support infrastructure, such as establishing the 

Trinidad and Tobago Creative Industries Company Limited (CreativeTT) 

and the National Intellectual Property Training Centre. 

Investors can also benefit from the Production Expenditure Rebate 

Programme offered by FilmTT®. This programme gives businesses a 

rebate of up to 35 per cent on qualifying local spend, with 20 per cent 

cash back on the hire of local labour. This is a cost-effective way to invest 

in local talent and participate in the orange economy. 

Our film industry has attracted foreign investment, generated 

employment opportunities, and promoted Trinidad and Tobago as a tourist 

destination. In fact, on 14 th October 2020, ‘Trinidad’ and ‘Tobago’ were the 

most searched words on Google during the premiere of “The Amazing 

Race” series, Season 32, filmed on location in both islands. 



Branding for success 

Brands that align themselves with creative output from the cultural 

and creative industries benefit from the innovation and creativity of 

the orange economy while tapping into the passion and loyalty of fans 

and audiences. Intellectual property is also often incorporated into 

marketing strategies. This generates buzz and interest in the brand 

and supports the indigenous creative community. 

Strategic brand alignment through product placement in films has 

become a popular marketing strategy in Trinidad and Tobago. This 

approach involves integrating a brand’s products or services into a film 

or television show’s storyline to increase brand awareness and create 

a positive association with the audience. Both local and international 

brands have embraced product placement in Trinidad and Tobago’s 

film industry. This trend provides a new revenue stream for filmmakers. 

It enables brands to tap into a captive audience and create a unique 

emotional connection with consumers. As the film industry in Trinidad 

and Tobago continues to grow, we expect to see more brands adopting 

this strategic approach of aligning their brand with the stories and 

characters on the big screen. 

Financing the Orange Economy 

An approach that could support the further 

development of the orange economy is the 

establishment of a Creative Industries Fund. This 

Fund would support artists and creatives financially 

to develop projects and businesses. The Fund could 

also be supported by public and private sector 

investment, with applications for financing evaluated 

by a panel of industry experts. The aim is to ensure 

the growth and sustainability of the orange economy 

in Trinidad and Tobago and support the development 

of new talent and innovative ideas. 

In recent years, the film industry in Trinidad and 

Tobago has seen significant growth, with local 

productions gaining international recognition and 

acclaim. In 2019, the locally produced film “Green 

Days by the River”, an adaptation of a local literary 

work, earned over TT$1.4 million (US$206,000) at the 

box office. 

This success is a testament to the profitability of 

these intangible assets. It underscores the potential 

of the creative industries in Trinidad and Tobago. 

THE CREATIVE ECONOMY: BENEFITS 

COURTESY GREEN DAYS BY THE RIVER FILM LIMITED 

INTELLECTUAL 

PROPERTY 

CULTURAL 

PROMOTION 

JOB 

CREATION 

INNOVATION 

ECONOMIC 

GROWTH 

TOURISM 

DIPLOMACY 

(NATIONAL 

IMAGE/VALUES) 

Actors and main set, Green Days by the River 

In recent years, the film industry in Trinidad and Tobago 

has seen significant growth, with local productions 

gaining international recognition and acclaim. In 2019, 

the locally produced film “Green Days by the River”, 

an adaptation of a local literary work, earned over 

TT$1.4 million (US$206,000) at the box office. 


33


Businesses can collaborate with digital media professionals 

and content creators to further tap into the growing orange 

economy in Trinidad and Tobago. With the rise of social 

media, audiences value the insight and recommendations of 

peers and industry professionals. By working with specialised 

service providers and investing in local talent, businesses 

can leverage their influence to reach wider audiences and 

contribute to the growth of the creative industries. 

The future is orange 

The creative capital and intangible assets that underpin 

the creative industries are unique in their value proposition. 

However, they are also vulnerable to external pressures. In 

particular, the rapidly changing technological landscape 

and the shift towards digital distribution have increased the 

risks associated with investing in the creative industries. 

Therefore, the industry must receive continuous support for 

marketing and promotional activities whilst also working to 

mitigate the risks of investing in this unique valuable sector. 

By collaborating with industry stakeholders and leveraging 

local expertise, we can build a sustainable, thriving orange 

economy that benefits everyone involved. 

To ensure the continued growth and success of the orange 

economy, we need increased investment in the industry, 

including funding for artists and creatives, infrastructure, as 

well as education and training programmes. We must develop 

policies and regulations that protect intellectual property 

rights and prevent copyright infringement. This will help to 

ensure that artists and creatives are fairly compensated for 

their work and can continue to innovate and create. 

The orange economy provides numerous economic, cultural, 

and social benefits, such as job creation and the promotion 

of cultural exchange. It drives innovation and contributes 

to overall economic growth. Businesses, investors, and 

policymakers need to recognise its value and support 

continued growth and development. The creative industries 

are open for business.

Top 5 Facts 

T&T’s exports – 

performance and prospects 

Are you interested in exporting? Want to know which products and markets have significant 

potential for growth? The Chamber’s Trade and Business Development Unit has all the answers. 

By Leeooi-Oneika Howard, Trade Specialist, 

Trade and Business Development Unit, 

Trinidad and Tobago Chamber of Industry 

and Commerce (TTCIC) 

By Brian Benoit, Regulatory Affairs 

(Monitoring) Officer, Trade and Business 

Development Unit, Trinidad and Tobago 

Chamber of Industry and Commerce (TTCIC) 

1. What are Trinidad and Tobago’s 

top export markets and products? 

In 2021, Trinidad and Tobago (T&T) exported US$8.6 billion 

in goods, of which 41.6 per cent was exported to the United 

States of America (USA). The chart below identifies T&T’s 

top 10 export destinations and their share of total exports. 

Guyana and Jamaica, both CARICOM territories, ranked 

second and tenth, respectively. T&T’s leading products 

for export are oil and gas by-products such as ammonia, 

anhydrous or in aqueous solution, acyclic alcohols, 

petroleum oils and gas, iron and steel, and fertilisers. Nonenergy 

products in the top 10 exports were ships, boats 

and floating structures, beverages, spirits and vinegar, and 

preparations of cereals, flour, starch, and milk. 

Figure 1: Trinidad and Tobago - top export markets 2021 

Jamaica, 2% 

Brazil, 3% 

Morocco,3% 

Rest of the 

World, 25% 

Korea, Republic of, 3% 

Source: ITC Trade Map 

Colombia, 3% 

Belgium, 4% 

France, 4% 

Guyana, 7% 

Mexico, 4% 

United States 

of America, 42% 

COURTESY YARA 

Ammonia hub at Point Lisas Industrial Estate, Trinidad 

2. Which markets and products have 

the most potential for export growth? 

According to the International Trade Centre’s (ITC) 

Export Potential Map, products with the greatest export 

prospects from Trinidad and Tobago to the rest of the 

world are chemicals and fertilisers such as methanol 

‘methyl alcohol’, anhydrous ammonia, and mixtures of urea 

and ammonium nitrate. 

Non-energy products with substantial export potential 

are food products (processed or preserved) and beverages. 

As seen in Figure 2, the markets with considerable 

promise for Trinidad and Tobago’s exports in all categories 

of products are the USA, Guyana, and Brazil. Guyana 

displays the largest absolute difference between potential 

and actual exports in value terms, leaving room to realise 

additional exports worth US$764 million. 


Top 5 Facts 

Figure 2: Markets with greatest potential for Trinidad and Tobago exports 2022 

Source: ITC Export Potential Map 

The markets with considerable promise for Trinidad and Tobago’s 

exports in all categories of products are the USA, Guyana, and Brazil. 

3. Which services are 

exported from Trinidad 

and Tobago to the rest of 

the world? 

Although data for trade in 

services is limited, the following 

graph reveals the trends for 

the top services exported from 

Trinidad and Tobago, for the 

period 2019 to 2021, to the rest 

of the world. There is a notable 

decline in services exports 

over this period due to the 

COVID-19 pandemic and the 

overall downturn in the global 

economy. 

USD Thousand 

90000 

80000 

70000 

60000 

50000 

40000 

30000 

20000 

10000 

0 

Source: ITC Trade Map 

Figure 3: Trinidad and Tobago’s top services exports 2019-2021 

2019 2020 2021 

Commercial services 

Insurance and pension services 

Transport 

Travel 

Other business services 

Government goods and services 

Telecommunications, 

computer and information 

services 

Financial Services 

Charges for the use 

of intellectual property 


37

Top 5 Facts 

4. What incentives are there in Trinidad 

and Tobago for export diversification? 

eTecK’s Phoenix Park Industrial Estate (PPIE) is part of 

the government’s export diversification strategy. The 

park offers factory shells and land lots for businesses 

operating in industries such as manufacturing, logistics 

and distribution, and emerging technologies. Tenanting at 

this park gives local and foreign direct investors the added 

benefit of a 12-month moratorium, guided regulatory 

and commercial facilitation, access to global consumer 

markets, and access to regional and worldwide ports to 

assist with the affordable export of goods and services. 

Another option for export diversification is the Special 

Economic Zone (SEZ). The SEZ Act passed in 2021 aims to 

establish a new legislative, administrative, and institutional 

framework for domestic and foreign investors to expect 

increased transparency, predictability, and security for 

their investments. 

5. What are the opportunities for export 

diversification in the Blue and Green Economies? 

As this is a relatively new concept, Caribbean countries are 

still in the early phase of establishing their blue and green 

economies agenda; however, they are better positioned 

than any other region in the world to capitalise on the blue 

and green economies for export diversification. 

With more than 80 per cent of its Gross Domestic Product 

(GDP) generated in coastal areas, Jamaica is taking steps 

to protect its highly vulnerable coastal communities and 

infrastructure to support sustainable trade, tourism, and 

development. With the United Nations Environment 

Programme (UNEP) support, Jamaica has identified the 

following focus sectors for green transition: agriculture, 

fishing, forestry, construction, and tourism. 

Trinidad and Tobago is right behind, advancing its 

progress toward a sustainable blue and green economy 

through a partnership with the Commonwealth Blue 

Charter as well as a targeted assessment by the UNEP 

and the Ministry of Energy and Energy Industries of the 

roadmap for a Green Hydrogen Economy to assess this 

county’s capability in that area. 


The BLACK Economy 

Shining light on Trinidad & 

Tobago’s underground economy 

It is estimated that crime proceeds in Trinidad and Tobago are valued at three to seven billion 

dollars annually. What drives the black economy? How is Government responding? Here, we 

analyse the causes, effects and strategies needed to reduce the size of this shadow economy. 

By Dr Timothy Affonso, 

Dean (Ag.) Faculty of Law, The University 

of the West Indies, St. Augustine Campus 

The black economy refers to illegal economic activity and 

includes endeavours which earn undeclared and untaxed 

revenue. The Government of the Republic of Trinidad and 

Tobago (GORTT) tackled this issue in part in 2019, when it 

replaced the $100 paper note with the new polymer note. 

Everyone with the old $100 bills had to have them changed. 

This exercise was undertaken to deal with income derived 

from activities such as money laundering, counterfeiting, and 

tax evasion. In 2016, a similar approach was adopted by India 

as an attack on ‘black money’ (money earned from the black 

economy). However, as in India, and based on local reports, 

Trinidad and Tobago’s decision resulted in only a few cases 

of public suspicion regarding business enterprises such as a 

church with $29 million and a barber with $1 million. 

RAWPIXEL.COM 


39


There is research which demonstrates that the black 

economy thrives when taxes are increased. Furthermore, 

when the middle-to-low-income sectors of the economy 

face additional burdens from government policies, there 

tends to be a push towards illicit conduct. 

The major weakness of this demonetisation policy was that it did 

not address the causes of the economic activity itself. Furthermore, 

the strategy had no impact on situations where the illegal money 

from the black economy had already been integrated into the 

lawful financial systems. Based on a 2020 financial crime report, 

it was estimated that crime proceeds in Trinidad and Tobago are 

valued at between three to seven billion dollars annually. In 2023, 

we must confront the reality of the black economy and its wider 

impact. 

Pursuits of the black economy 

There is research which demonstrates that the black economy 

thrives when taxes are increased. Furthermore, when the middleto-low-income 

sectors of the economy face additional burdens 

from government policies, there tends to be a push towards illicit 

conduct. This push is caused by the ability to earn additional 

income with the added benefit of circumventing taxation. 

Therefore, as much as this is an economic issue, it is also a 

national security issue. This could be why GORTT implemented 

the demonetisation strategy on the grounds of national security. 

Turning to the type of activities which operate in the black 

economy, research shows that the major contributors are money 

laundering, corruption, and terrorism financing. It should also 

be noted that the black economy is stratified, in the sense that 

even within the space of illicit conduct there are areas which 

are known but incalculable. There have also been allegations of 

linkages between motor vehicle theft and illegal car part sales. 

The issue of motor vehicle fraud was recently highlighted by 

the Transport Division (Ministry of Works and Transport), as for 

years vehicles with duplicate chassis numbers and plates were 

inspected, passed, and driven on the nation’s roads. There are 

also dimensions of illegality such as forgery and bribes where 

State actors are rumoured to be facilitating, to some extent, land 

fraud, drug trafficking and identity fraud. 

Strategies to reduce the size 

of the black economy 

Businesses are not powerless in the black economy. 

The most effective way to stifle the black economy 

is to transition to electronic payments. If financial 

institutions can support micro, small and mediumsized 

enterprises (MSMEs) with remote/cashless 

transaction capabilities, there will be a further blow 

to the black economy. This presents opportunities for 

the integration of technology and business beyond 

what may already have been realised as a result 

of the COVID-19 pandemic. Ventures which focus 

on telephone applications and remote devices for 

payment can also help in this vein. 

Approximately 81 per cent of the population has 

access to a bank account, less than 50 per cent have 

debit cards, and only 16 per cent of adults in Trinidad 

and Tobago own a credit card. 

If efforts are made to move to a virtual financial 

sector, there must be a simplification of the process 

to open bank accounts and obtain debit and credit 

cards. Additionally, where government policies 

demand the source of funds for cash deposits this 

will present an increased challenge for ‘black money’. 

Furthermore, liberalisation of regulations and 

attempts to make the economy more competitive 

reduce incentives for corruption. Even at an individual 

level consumers can help stamp out the black 

economy by asking for receipts. 

The most effective way to stifle the black 

economy is to transition to electronic 

payments. If financial institutions can 

support micro, small and medium-sized 

enterprises (MSMEs) with remote/cashless 

transaction capabilities, a further blow to 

the black economy. 



Human rights and environmental violations 

On the topical issue of alleged State-actor involvement in 

human trafficking, it could be argued that high-level influence 

might affect reporting and it may not show up in the 

estimated financial scope of the black economy. On 

the tangential issue of the sex working industry 

which operates behind façades of legitimate 

establishments, these enterprises could also be 

used as a money-cleaning business model which 

allows for the re-integration of ‘black money’ 

back into the economy. This reveals a connection 

between some aspects of the black economy 

and major human rights and national security 

threats, as the issues of human trafficking and 

forced sex work overlaps with the issue of migrants 

and undocumented workers. There are even purportedly 

established connections between the illegal trade of wildlife 

and the funding of larger criminal enterprises, which links the 

black economy to the environmental harm of our ecosystem. 

For many, human rights are seen as an esoteric concept for 

developed countries with ‘first world problems.’ The reality, 

however, is that human rights are a ‘dollars and cents’ matter 

and violations persist nationally because there are financial 

benefits to these activities. 

In order to tackle the many dimensions of the black economy 

we require increased efforts by those responsible for addressing 

criminal activity in society. However, the ability of the police to 

meaningfully tackle the black economy is greatly undermined 

by burdensome economic policies and reputed complicity in 

illegality. This indirect State facilitation of the black economy 

could result in the perpetuation of illegal activities and could 

drive legitimate businesses out. It can breed increasing levels 

of social instability, criminality, taxation due to lost national 

revenue, emigration, ‘brain drain’ and disincentivised business 

activity. In essence, a thriving black economy is a signpost 

of a compromised socio-economic system. It is therefore 

necessary to confront the causes and consequences of the 

black economy to protect citizens. Failure to urgently tackle 

this threat can result in a sacrifice of the rule of law with a rule 

by lawlessness. 

RAWPIXEL.COM 


41

The RED Economy 

KC kickstarts the next 100 

years of export-led growth 

Does Trinidad and Tobago have a 

red economy? How is the government 

incentivising the manufacturing sector? 

KC Confectionery’s CEO reflects on its 

innovative manufacturing model, ESG 

position and plans for the future. 

By Asha Javeed, Journalist 

Asha is an award-winning journalist, with over 20 

years of experience in the media; her work focuses 

on truth, transparency and governance. 

The red economy is about mass production and consumption; 

it is derived from Fordism, named after Henry Ford, who 

operated as though environmental resources were unlimited. 

This economic model focuses on reducing production costs 

by employing a linear business model of extracting resources 

and producing waste. It is hostile to social and environmental 

concerns, making it an unsustainable economic system. 

Trinidad and Tobago does not have a red economy. Instead, 

our manufacturing models support economic advancement 

and environmental considerations where business is based on 

competitive environments and a free enterprise system. 

Riding the wave of innovation 

For candymaker KC Confectionery, this holds true, having 

successfully balanced competitive operations alongside 

sustainability factors for the past 100 years. KC’s future is 

in export markets; it’s the only way for the Couva-based 

business to achieve economies of scale. As it stands, the 

100 year-old company only utilises 40 per cent of its existing 

capacity. Despite already having a global footprint - it exports 

to 22 countries, and 70 per cent of its sales comes from 

exports - chief executive officer Satnarine Bachew believes 

there is room to expand and improve its product offerings. 

Expansion entails finding the right product for each market 

- for example, in Trinidad and Tobago, the ‘dinner mint’ is the 

popular candy choice, while in the USA, the more attractive 

option is the ginger mint. 

COURTESY KC CONFECTIONERY 

Satnarine Bachew, CEO, KC Candy at the launch of its 100-year commemorative stamp 

“We are always searching for the new wave, and this is where 

we are right now, searching for what will propel KC into the 

future, where the growth will come from. We are putting a lot 

of emphasis on developing our markets. The export market is 

the key to KC’s future because the local market is small; it’s 

only 1.3 million people. In contrast, the export market makes 

up the rest of the world,” said Bachew. He also noted that 

there is a natural synergy between innovation, expansion, 

and growth, “what KC did successfully in the markets they 

entered was undertake market research, understand the 

needs of each market, understand the different tastes and 

packaging, and all the vagaries of new markets.” “Depending 

on where you go, the popularity of the product changes,” he 

said. 


43


Risk taker, sustainability champion 

KC takes pride in its ability to engage the community and 

provide support for non-governmental organisations (NGOs) 

and others who come knocking at its door. Bachew said that 

long before the environmental, social and governance (ESG) 

agenda became a corporate buzzword, KC was a company 

that lived the sustainability experience. “In today’s world, 

sustainability is defined as meeting the needs of the present 

without compromising the ability of future generations 

to meet their own needs. KC has been engaging in these 

practices, where decisions are made from a shareholder 

perspective and a stakeholder perspective, where one 

considers the wider society and the environment, alongside 

the economics of making decisions.” 

“KC has built long lasting relationships with its suppliers, 

financiers, customers, and employees. After the fire in 2005, 

during this challenging period, we were able to lean on 

some of those relationships; when decisions are made in 

that context, where it is sustainability centric, it leads to the 

longevity of organisations. Looking back at how KC survived 

over the years, it has been through innovation. It has been 

through the willingness to take risks, to go out into the 

export market, to invest in capital expenditure and plant and 

equipment, and build long lasting relationships. Those are 

some of the main attributes that contribute to the company’s 

success and its ability to withstand the vicissitudes of the 

business environment over 100 years,” he noted. 

Internationally known, T&T owned 

On the issue of inputs, the base of KC’s products is sugar. The 

Ukraine/Russia war is impacting not only energy prices but 

food as well, including sugar and, of course, your favourite 

KC candy. “We used to import glucose from Ukraine but 

have had to shift. We now import from Turkey, Brazil, and 

the USA. The same with sugar; we buy through an importer, 

and they bring it in based on where it’s available such as 

Guatemala, Mexico, and Brazil. Sourcing changes depending 

on availability and the price,” he added. 

Bachew stated that the company hopes to grow by 50 per 

cent in the next few years. “Even with that development, 

based on our current production, we will utilise just about 40 

KC: Internationally Known... T&T Owned 

Company of the Year 

Champions of Business 2022 

Looking back at how KC survived over the 

years, it has been through innovation. It has 

been through the willingness to take risks, to go 

out into the export market, to invest in capital 

expenditure and plant and equipment, and build 

long lasting relationships. 

per cent of our capacity. If we can expand our export markets 

and ramp up production, this will move our utilisation rate to 

80 per cent, and we will be able to achieve very competitive 

economies of scale,” he said. 

In 2022, KC Confectionery was awarded the ‘Internationally 

Known... T&T Owned Company of the Year’ honoured 

by the Trinidad and Tobago Chamber of Industry and 

Commerce for its development from a cottage industry to an 

international export-driven company. Over the years, KC has 

championed entering new markets with globalisation and 

trade liberalisation. “Export markets were embraced, and the 

growth started from there; it was the recipe. Today the same 

thing applies, especially given the limitations of local market 

size. Growth in the future will be through product innovation 

and increasing economies of scale, and that can only come 

from scaling up the export market,” he said. 

How government can support growth 

For businesses to thrive, Bachew believes that more work 

needs to be done to improve the ease of doing business. 

“There has been some improvement, but we still have a long 

way to go,” he said. 

“Digitisation will help, and the government has started that 

process. But there are still lengthy periods at the ports to get 

goods in. Then we have the VAT refunds discussion, which 

has been ongoing, this significantly impacts companies’ 

cash flow, especially smaller companies such as KC where 

you have to expend large chunks of money, and there’s a 

long cycle before it returns,” he declared. 



“Some level of government support is also needed to tackle 

trade issues. Smaller countries and smaller companies 

need protection from dumping, for example. This impacts 

our ability to compete because the larger manufacturers 

with economies of scale can afford to dump products in 

our market. And yes, we have dumping legislation, but from 

previous experience, that is a very long and costly process. 

We need to dig a little deeper. How can we protect smaller 

businesses? The big countries do it through non-tariff 

barriers and so on. There are many ways in which they 

protect their indigenous businesses, and smaller countries 

need to do more of that. So, we can encourage companies 

like KC to grow and minimise our risk, especially as we do 

not have access to economies of scale at the level of global 

companies.” 

Ministry of Trade and Industry – incentives, initiatives, and funds 

According to data from the Central Statistical Office, in 2022, total exports were estimated at TT$83.2 billion, which far surpasses the export growth in 

2019 (pre-pandemic) valued at TT$48.6 billion, a 71 per cent increase in exports. 

Energy exports in 2022 were valued at TT$66.4 billion, while non- energy exports were valued at TT$16.8 billion which is a 29 per cent increase over 

the pre-COVID levels in 2019. The top export markets were the United States of America, Belgium, Morocco, Guyana, Mexico, Brazil, Jamaica, and 

Suriname. Trinidad and Tobago demonstrated a strong export performance in the non-energy manufacturing sector showing significant increases 

from 2021 to 2022 for: iron and steel (6%); food and beverage (21%); wood and wood related (29%); paper and paper related products (48%); basic 

chemicals and fertilisers (37%); and plastic and rubber products (55%). 

To move the export sector forward, the Ministry of Trade and Industry (MTI) is continuing the implementation of initiatives aimed at achieving a further 

increase in non-energy exports in 2023. 

The Ministry of Trade and Industry has made it a priority to expand market access and deepen trade with targeted countries and markets of interest. 

This is being done through ongoing negotiations with Chile and Curaçao respectively for Partial Scope Trade Agreements. Further, negotiations are 

ongoing for the expansion of the CARICOM – Colombia Trade Economic and Technical Cooperation Agreement. 

The MTI will continue to support private sector enterprises through the provision of a suite of incentives targeting the growth of the non-energy sector. 

These facilities are: 

• The Export Booster Initiative (EBI), comprising of three broad strategic areas namely, Export Promotion, Capacity Building, and Institutional 

Strengthening. Under this initiative, the International Certification Fund (ICF) aims to help exporters achieve international certification in food/ 

beverage and other product compliance to meet the quality and safety standards of international markets allowing them to gain market presence 

and thereby resulting in increased exports. 

• The Grant Fund Facility (GFF) designed to assist the growth of small and medium-sized enterprises (SMEs) particularly those that are engaged 

in the manufacture of non-energy exports. It provides 50 per cent of funding to SMEs up to TT$250,000 per applicant for the acquisition of new 

machinery and equipment, and in some instances technology/software and tools. 

• The Steelpan Manufacturing Grant Fund Facility (SGFF) which allows steelpan manufacturers to access up to a maximum of TT$250,000 per 

tranche, not exceeding TT$1 million per entity, to fund the acquisition of new machinery, equipment, software, tools, raw materials, and training. The 

fund focuses on promoting the manufacturing and exports of the steelpan and its complimentary products. 

Several major initiatives to be implemented for 2023 which will redound to the further enhancement of our trade and exports prospects include: 

• The establishment of a Trade and Investment Promotion Agency. This new institutional arrangement will ensure a more streamlined, cost effective 

and targeted approach to trade and investment promotion in Trinidad and Tobago. The design of the new agency is in keeping with international 

best practices. 

• The establishment of Commercial Offices (in the United States of America, United Kingdom, and Panama) and appointment of Commercial 

Attachés (in China, Guyana, Jamaica, and South Africa) will provide the in-country support such as market intelligence and navigating through the 

regulatory frameworks which is much needed by exporters. 

• The establishment of the Special Economic Zones and the operationalisation of the Special Economic Zones (SEZ) Authority will also ultimately 

have a positive impact on exports. 


45

Voice of Business 

Innovating through the pandemic: 

creating sustainable breakthroughs 

How is your business innovating? 

What are the challenges and successes? 

What advice would you give to others? 

By Ria Chaitram, Public Affairs and Media 

Relations Officer, Trinidad and Tobago 

Chamber of Industry and Commerce 

COURTESY TTCIC 

Therefore, we turned to the local market 

for support and established a supply 

chain relationship with Angostura. 

Having sought the necessary approvals 

from the Ministry of Trade and Industry, 

we were able to successfully provide 

this product to the market. Rising 

shipping costs and the unavailability 

of materials due to factory shutdowns 

in China also prompted us to shift our 

sourcing to Dubai, Turkey, and India. 

I encourage other businesses to start 

with a goal that satisfies a need in 

the marketplace. Start small but think 

big. Learn as you go and as you grow. 

Recruit team members with strengths 

and disciplines you need to improve. 

Be patient and stay focused; success 

is guaranteed. 

COURTESY RAMPS LOGISTICS 

Langston Roach 

Executive Chairman 

Langston Roach Industries Ltd 

Business Hall of Fame Inductee 2022 

Champions of Business Awards 

At Langston Roach, we have always 

employed the “Kaizen” concept, a 

Japanese approach to continuous 

incremental improvement. Every day 

we consider how we can improve and 

become more efficient and productive. 

Innovation is part of our DNA. 

When the COVID-19 pandemic 

hit, the demand for hand sanitisers 

increased instantly. However, due to 

supply chain disruptions, we could not 

access much-needed raw materials 

from one of our international suppliers. 

Watch the exclusive interview 

with Langston Roach here 

We employ a lot of young people, 

mainly from depressed areas in 

Trinidad, creating a workforce that is 

highly productive, cooperative, and 

able to perform. In order to expand 

export-led growth, we contracted 

manufacturing services from various 

entities across the Caribbean. Today, 

Langston Roach has become perhaps 

the largest and most successful 

company in our industry. For the last 

two years, we have been working on 

entering the Latin American market, 

and I am happy to share that we 

recently obtained approvals to send 

our products to Colombia for testing. 

Shaun Rampersad 

Chief Executive Officer 

Ramps Logistics Ltd 

Internationally Known...T&T Owned 

Company of the Year Award 2020 

The COVID-19 pandemic allowed 

us to adopt new technology in 

the business, this helped support 

the scaling of the company in a 

sustainable manner. To a large extent, 

innovation today is digital—it involves 


Voice of Business 

building a digital infrastructure 

and having a solid research and 

development function. At Ramps, 

we do a lot of our coding, software 

engineering and data management. 

We have been trying to scale the 

business up in a relatively small 

market, but we are also quite fortunate 

to operate in a location with a worldclass 

oil and gas sector. We have 

always explored opportunities to scale 

the business outside Trinidad and 

Tobago. With scale and growth, you 

need to have the infrastructure and the 

business growing at the same rate, and 

that can be challenging at times. 

Watch the exclusive interview 

with Shaun Rampersad here 

At Ramps, we built an operational digital 

platform, “Laser”, and our customers 

interact with us there. It integrates our 

transportation management system 

and our enterprise resource planning 

system; it runs the commercial part of 

our business. Our goal this year is to 

better understand artificial intelligence 

(AI) and how to integrate this into our 

business. For us, understanding the 

potential impact of AI on our business 

and customer experience is exciting 

right now. 

Businesses need to understand 

what digital infrastructure means, 

what the new world of work looks like, 

and what productivity is. You need to 

understand how productivity impacts 

your competitiveness. Who is going 

to win the digital race? That is a good 

question, and while there are many 

opportunities, there are also many 

threats. Therefore, you must be clear 

about what you need to build into your 

business to compete globally. 

Anthony and June-Ann Henry 

Entrepreneurs/Owners 

A&J Homemade Ice Cream Co Ltd 

Entrepreneurship Award 

Champions of Business 2022 

A&J’s vision was to create unique, 

unusual ice cream flavours. We also 

incorporate local foods and fruits, 

which is a big selling point. This gave 

us a competitive advantage, and it 

helped with brand identification. The 

differentiation in the flavours and the 

distinctiveness of our products helped 

solidify the brand further. Innovation 

for us is continuous. 

COURTESY TTCIC 

One of our challenges has been 

striking a balance between family 

and business. The business is also 

like a child; it is very demanding 

regarding time and money. Scaling 

and growing the company also 

presents challenges. With the onset 

of the COVID-19 pandemic and the 

subsequent shutdown of businesses, 

we had to pivot and experiment with 

new operational methods to keep the 

business alive. We kept changing and 

adjusting our distribution channels 

to ensure the products reached 

customers. 

Watch the exclusive interview with 

Anthony and June-Ann Henry here 

We are proud of how we developed 

the business, taking it from its humble 

beginnings to where it is today. A&J 

started with a plastic table, selling ice 

cream at the side of the road. The fact 

that we opened a storefront, expanded 

to a second location, and created 

jobs in more than one community is 

a significant accomplishment. The 

brand is becoming a household name 

not just with customers but also 

with the business community; being 

recognised by the T&T Chamber at 

the 2022 Champions of Business was 

a susbtantive milestone. 

Our advice to fellow entrepreneurs 

- being an entrepreneur is not an easy 

road to travel; there are many sacrifices 

such as time, energy, and sleep among 

other things, but keep God first, and 

everything else will follow. 


47

The GREY Economy 

Doubling down on 

T&T’s informal economy 

Informal businesses often do not contribute to the tax base, and tend to remain 

small, with low productivity and limited access to finance. Workers also lack 

protection and experience high inequality. There are many benefits for supporting 

the formalisation of these entities, including increased economic growth. 

What is the grey economy? 

The informal or ‘grey’ economy consists 

of activities that have market value but 

are not formally registered. The informal 

economy embraces professions as 

diverse as minibus drivers, market 

stands, and hawkers found at traffic 

lights all over the world. In advanced 

economies, examples can range from 

gig and construction workers, through 

domestic workers, to registered firms 

that engage in informal activities. 

The International Labour Organization 

estimates that about 2 billion workers, 

or over 60 per cent of the world’s adult 

labour force, operate in the informal 

sector - at least part time. The informal 

economy is a global phenomenon, but 

there is great variation within and across 

countries. On average, it represents 35 

per cent of GDP in low- and middleincome 

countries versus 15 per cent in 

advanced economies. Latin America 

and sub-Saharan Africa have the highest 

levels of informality, and Europe and 

East Asia are the regions with the lowest 

levels of informality. 

Source: IMF 

By Asha Javeed, Journalist 

Asha is an award-winning journalist, with over 20 

years of experience in the media; her work focuses 

on truth, transparency and governance. 

Doubles is a dish that unites the cultural divide in Trinidad and Tobago. 

However, some doubles and other food vendors operate in that “open 

secret” area, where, unlike salaried employees or registered businesses, 

they may pay no or very little taxes to the State. Most food vendors 

have minimal overheads given that they may not pay rent or taxes. In 

addition, the price of these products fluctuate depending on the cost of 

raw materials. Despite this, price of ‘street food’ is inelastic and people 

still line up to buy it. 

Fixing your food craving 

At a mid-year budget analysis forum in 2018, PwC’s Territory Tax Services 

Leader, Angelique Bart, boldly posited that doubles vendors should be 

made to pay taxes like everyone else. Bart pointed out that a doubles 

vendor operating at the side of the road may earn tens of thousands of 

dollars a month yet they may not pay taxes such as Pay As You Earn 

(PAYE) as other individual workers, or corporation tax as in the case of 

businesses. 



In Trinidad and Tobago, food vending is just one example of the grey economy which exists and 

thrives. It is an economic activity that is legal, and unrecorded. While the sale of ‘street food’ 

provides employment and falls under the services sector, it’s an unregulated market. According to 

World Economics, the size of Trinidad and Tobago’s informal economy is estimated to be 31.6 per 

cent which represents approximately $11 billion at Gross Domestic Product based on purchasing 

power parity levels (GDP PPP). 

FREEPIK.COM 

It is common knowledge that examples of businesses that often evade taxes include domestic 

workers, creatives, influencers, hairdressers, photographers, freelancers in all industries, and 

small pop-up market vendors to an array of food items for sale at pharmacies and supermarkets 

birthed by micro or cottage industries. Unless formalised, they are outside the bracket of people 

who pay taxes. And unless creatively incentivised to do so, they will not choose to be part of the 

formalised system. 

Pandemic and economic impacts 

In an IDB Report of August 2017, Amos Peters points out that, “There are many factors that 

might determine the size and character of the informal economy, chief among them the tax and 

regulatory burden they create. High taxes on business or labour reduce the incentives to operate 

in the formal economy because the returns on effort or for enterprise become relatively lower in 

the formal sector. The regulatory burden operates in a similar way by increasing the economic 

costs of formal sector participation. Along this line, business cycles can impact the size of the 

informal economy. In times of high growth and prosperity, opportunities in the formal sector for 

work and business abound, whereas in recessionary times, high levels of unemployment can 

induce individuals to supplement their incomes in the informal economy.” Between 1990 to 2014, 

the findings for Trinidad and Tobago showed that the range of the informal sector was between 

31 to 41 per cent of total economic activity. 


49


The plight of the pandemic has highlighted the economic 

crisis in the Caribbean region and an ILO report of 2021 

substantiates the fact that “informal workers, women, young 

people, people with lower levels of qualifications, and the 

micro- and small enterprises have been disproportionately 

affected by the crisis, which has amplified the labour and 

social deficits that existed before the outbreak of the 

pandemic in the region.” The Government of Trinidad and 

Tobago was forced to reckon with this during its COVID-19 

management, as it created Income Support Grants for 

persons not registered with the National Insurance System. 

Linkages between the grey and black economy 

There are dangers within the informal economy which 

shows the need to urgently re-examine some of the 

sectors which are categorised within it. The presence of PH 

(private hire) taxi drivers is another example of the informal 

economy. The Government recognised taxi-drivers have 

an “H” at the beginning of their number plates. All other 

vehicles at taxi stands with “P” are operating illegally. PH 

taxi drivers proliferate the country. While providing a mode 

of transport in often underserved communities, they may 

also pay no taxes to the State. In this case it is an illegal 

activity which is tolerated because it serves people who 

may otherwise not have access to public transport. 

This issue received national attention in December 2020, 

when the body of 18 year-old Ashanti Riley was found 

four days after she disappeared boarding a PH taxi cab. 

In February 2021 the kidnapping and murder of 22 yearold 

Arima court clerk Andrea Bharatt further heightened 

the call for streamlining licensed taxi drivers. The TT Taxi 

Drivers Network also called on illegal PH drivers to take 

steps to become legal taxis. In June 2021 in response to a 

question in Parliament, Minister of Works and Transport, 

Senator Rohan Sinanan said consultations were still 

ongoing and work was being done to finalise the legislation 

to be tabled in Parliament to regulate PH taxi drivers. 

15 reasons to join the TTCIC 

Be part of the largest network of businesses in Trinidad & Tobago! 

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“The focus of the Ministry is on improving the 

legal framework for the operation of taxis. Further 

to this, in an effort to gather information for the 

development of a policy to address the efficient 

operations of a taxi system in Trinidad and 

Tobago, the Ministry, over the period March to 

May 2021, conducted several consultations with 

various stakeholders; law enforcement, [the] 

insurance and banking sector, [the] transport 

academy, the PH taxi drivers, the Chamber of 

Commerce and the Regional Corporations and 

also the Tobago House of Assembly.” In April 

2022 the policy was under review by Attorney 

General and Minister of Legal Affairs, Senator 

Reginald Armour. 

NANDANI BRIDGLAL/SHUTTERSTOCK.COM 

Finding solutions that work 

Bart indicated that, “There is a significant 

amount of revenue that is not filtering into 

the tax system. So rather than overburden the 

people who are already burdened with high 

rates, very low deductions or incentives in some 

cases [and] the individual person, the employed 

persons like myself... it becomes a real and 

a very relevant question for the question of 

revenue generation.” 

The fact that it has taken over two years to 

come to a formal position about PH drivers 

is indicative of Government’s acceptance or 

even tolerance of such illegal activity and 

unwillingness to impact and affect the status 

quo of what currently takes place. As it exists, 

there are no penalties for operating in the grey 

economy. What occurs now is an imbalance 

of registered businesses paying taxes while 

unregistered ones are allowed to operate with 

impunity. The onus for enforcement is on the 

Board of Inland Revenue. The establishment 

and operationalisation of the Trinidad and 

Tobago Revenue Authority (TTRA) is meant to 

address leakages in the system. 

Characteristics of the Caribbean’s informal economy 

The CARICOM Competition Network (CCN) agreed that there are several 

characteristics of the informal economy in the region. 

These characteristics include: 

i. Many small economic agents (i.e. normally one person with no 

employees). 

ii. The informal businesses are fragmented – i.e. acting individually. 

iii. The businesses pay no corporate taxes or import duties. 

iv. The markets within which the informal businesses operate mainly 

supply homogeneous goods. In most of the countries, the agriculture 

sector is a good example of where informality is high. 

v. The markets are easy to enter and exit. 

vi. Except for agriculture, the informal businesses are mobile with no 

fixed corporate addresses. 

vii. The informal businesses are not strictly prohibited under national 

laws unless they pose a health or safety risk to consumers. Some 

governments may view this liberal approach to informality as 

encouraging entrepreneurship and creativity in their economies. 

The International Labour Office attributes the persistence of informality in 

the Caribbean to several factors including: 

i. A perceived heavy tax burden imposed on businesses; 

ii. The perceived high cost of registration of businesses; 

iii. Weak enforcement capabilities of the State; 

iv. Informal business activity is fleeting – i.e. agents have no plans to stay 

in business long; 

v. Lack of information about how to register a business; 

vi. Lack of understanding of the relevant sector regulations; and 

vii. Lack of understanding of the benefits of formalisation. 

Source: OECD 


51

The BLUE Economy 

Diving into the blue economy! 

Transitioning to sustainability 

A United Nations Environment Programme 

(UNEP) Rapid Readiness Assessment 

(RRA) pilot project to establish the 

readiness of Trinidad and Tobago to 

transition to a sustainable blue economy 

was released March 2023. It declared that 

Trinidad and Tobago was indeed ready. 

What does a sustainable blue economy for 

Trinidad and Tobago look like, and how do 

we transition? 

By Sarah Mahadeo, 

Research Fellow, Sasakawa Global Ocean Institute, 

World Maritime University, Sweden 

FREEPIK.COM 

Trinidad and Tobago has always had a prosperous 

ocean-based economy linked primarily to the oil 

and gas industry and to activities focused on 

coastal and marine tourism, fisheries and the 

shipping and boating sectors. As a ‘large ocean 

state’ with 14 times more sea space than land, the 

possibilities for growth and diversification through 

a Sustainable Blue Economy (SBE) are immense. 

A SBE encourages the development of ocean and 

coastal resources and the promotion of sustainable 

livelihoods and economies while safeguarding the 

ocean’s health to support our development needs, 

now and in the future. 



Potential, promise, and opportunities 

Several emerging sectors and opportunities for 

growth in existing ones could play a role in the 

transition to a SBE. Developing these would require 

considerable investment and the requisite policy and 

regulatory mechanisms to manage the industries. 

Among emerging sectors, a recent assessment 

conducted by The University of the West Indies (The 

UWI) found that there is the potential to generate 

up to 25-gigawatt (GW) from offshore wind in the 

Trinidad and Tobago Exclusive Economic Zone (EEZ). 

Mariculture, which is farming of marine organisms for 

food and other products, while in the early stages of 

research and development at the Institute of Marine 

Affairs (IMA), can be viable within a comprehensive 

SBE strategy. Among existing sectors, offshore oil and 

gas offer several opportunities in post-operational 

industries, including infrastructure decommissioning 

and carbon capture and storage (CCS), which uses 

depleted oil fields by using reservoirs for carbon 

storage. While the current tourism product is heavily 

focused on sun, sea, sand and culture, ecotourism 

can become part of a sustainable tourism sector for 

both islands. 

Alongside sectoral growth is the need to focus efforts 

on research, innovation, and capacity development. 

Digital transformation can impact all SBE industries 

and, with the growth of maritime activities, will be 

driven by technology. A Maritime Blue Innovation 

Technology Park is being considered in Tobago. 

Such ventures should be encouraged along with 

partnerships between industry and higher education 

institutions to develop skills for future blue jobs. 

Capacity development is one of the main drivers 

of growth in the maritime economy, and a skilled 

local workforce will be essential for advancing a 

SBE. Additionally, the development of micro, small, 

and medium-sized enterprises (MSMEs) can be an 

important vehicle for a SBE in Trinidad and Tobago, 

where partnerships can connect enterprises to 

investors for collaboration. 

Among emerging sectors, a recent assessment 

conducted by The University of the West Indies 

(The UWI) found that there is the potential to 

generate up to 25-gigawatt (GW) from offshore 

wind in the Trinidad and Tobago Exclusive 

Economic Zone (EEZ). 

What is the Blue Economy? 

The blue economy is part of the wider economy, it involves 

human activities at sea as well as land-based upstream and 

downstream energy activities and the people connected with 

these. A sustainable blue economy creates prosperity and 

increases social equity at all levels of society while protecting, 

regenerating, and maintaining the integrity of coastal and marine 

ecosystems (UNEP, 2021). 

8 Marine Spatial Planning and the Sustainable Blue Eco 

Factors promoting the development of 

3. Developing a sustainable Blue Economy 

Marine 

Spatial 

Planning 

Adapting to 

the effects 

of Climate 

Change 

a sustainable blue economy 

Financing 

and 

Investment 

Integrated, 

Multi-level 

Governance 

Sustainable 

Blue Economy 

Monitoring, 

Control and 

Surveillance 

Stakeholder 

Partnerships 

Resources 

and 

Capacity 

Science, 

Research and 

Technology 

Development 

Figure 2 

Factors promoting Reference: the development IOC-UNESCO/MSPglobal, of a sustainable Blue 2021 Economy 

© IOC-UNESCO/MSPglobal, 2021. 

also between policy makers and researche 

CHAMBER.ORG.TT 

Integrated, multi-level ocean governance: Making the 

harnessing the potential of the ocean will 

MAY 2023 

53 

technological advances. Enabling techno 

transition to a sustainable Blue Economy starts with good potential to improve efficiency and produ


Mitigating challenges and risks 

The development of sustainable ocean-based activities faces several environmental challenges which must 

be urgently addressed. Pollution from maritime and land-based sources, including oil, plastics, sewage, 

and chemicals, pose a significant threat to the health of critical ecosystems such as reefs, mangroves, 

and seagrass beds. Recently, vast beach standings of the Sargassum seaweed have disrupted coastal 

and marine activities, most notably tourism, fisheries, and maritime transport. Climate change is another 

significant challenge, with ocean acidification and rising sea surface temperatures causing changes in 

marine ecosystems structure and functioning, altering the distribution of ocean-related human uses, and 

increasing the number and intensity of tropical storms and hurricanes. 

The fisheries and tourism sectors are particularly adversely impacted, and through the SBE, targeted 

actions for climate adaptation and mitigation should be explored. Additionally, fundamental knowledge gaps 

on the coastal and marine environment and human uses at sea and the lack of financing for implementing 

laws, policies, conservation, and restoration activities are all constraints to effective ocean management. 

Sustainable finance and investment are avenues to be explored for addressing these challenges. 

Developing a SBE transition framework 

The transition to a SBE starts with good ocean governance. As a necessary first 

step, the State has a critical role in advancing efforts towards developing an 

enabling governance framework, including policy and regulations for integrated 

ocean management. While recognised as necessary for the diversification 

of Trinidad and Tobago’s economy, several legislative and policy instruments 

supporting and promoting the transition to a SBE are pending approval. Most 

notable of these are the Shipping Bill (2019); the Fisheries Management Bill (2020); 

the Draft Integrated Coastal Zone Management Policy Framework (ICZM) (2020); 

and the draft National Maritime Policy and Strategy (NMPS) (2021), approval of 

all of which would signal the country’s commitment to developing a SBE. 

The transition from a 

traditional ocean economy, 

as we know it, to a SBE 

will be a complex, longterm 

undertaking. How 

this transition unfolds will 

depend mainly on the 

response from the public 

and private sectors to the 

many opportunities and 

challenges. 

A SBE offers a pathway for economic diversification for Trinidad and Tobago; blue growth does not mean 

compromising sustainability. The transition from a traditional ocean economy, as we know it, to a SBE will be 

a complex, long-term undertaking. How this transition unfolds will depend mainly on the response from the 

public and private sectors to the many opportunities and challenges. Strong leadership is critical to achieving 

favourable outcomes. The State must articulate its position and be committed to developing a shared vision 

with all stakeholders for a SBE in Trinidad and Tobago. Developing a Blue Economy Roadmap and filling the 

critical gaps in the governance framework are priorities for action. An inclusive and participatory transition 

to a SBE that is fair and equitable is dependent on cooperation among all stakeholders. Collaboration 

among the various users of the ocean space creates a positive, enabling environment for sustainable and 

thriving economic activity. Multi-stakeholder partnerships across government, industry, academia, and civil 

society can catalyse momentum and change towards a prosperous SBE in Trinidad and Tobago. 


Leadership Insights 

What’s the best app 

on your smartphone 

and why? 

Marc G. Persaud 

Finance & Investment Strategist/ 

Entrepreneur 

“In my downtime, I watch many 

educational videos on YouTube and 

listen to business podcasts. I created a 

library where I saved several docuseries 

on equity trading, valuation business cases 

and how to build Excel evaluation models. 

Aswath Damodaran is a guru on valuation, 

so I try to watch one of his series regularly. 

ColdFusion has great content on the crash 

of Enron and the rise and fall of Elizabeth 

Holmes. Financial Times also has a lot of 

good videos, most recently on inflation 

in Europe. I enjoy comedy; it keeps me 

sane. Therefore, I often start my day with a 

morning laugh on YouTube from John Oliver 

or Stephen Colbert. YouTube is mobile, 

the content is designed so you don’t have 

to watch the video; you can listen to it 

anywhere, at the gym or in traffic.” 

Sonji Pierre Chase 

Senior Partner 

Johnson, Camacho & Singh 

“Fitbit is the best app on my smartphone. 

It’s an app that I scan daily and perhaps 

even more than once per day. It gives 

me insight into how I am managing my 

work-life balance. I put in very long hours 

at the office at a primarily sedentary job. 

Therefore, knowing that I am getting 

some level of physical activity is extremely 

important as it helps me to master the 

stresses associated with my professional 

life. Throughout the day, I can easily 

monitor how I balance work with taking 

care of myself. It was perhaps even more 

useful during the COVID-19 pandemic as 

gyms were closed. I had access to support 

from the Fitbit community, receiving 

regular reminders to keep moving. Despite 

the challenges, it helped ensure I got my 

‘steps’ in. Fitbit has become an essential 

part of my life.” 

Dr Christian Stone 

Chief Executive Officer 

Term Finance (SME TT) 

“The best app on my smartphone 

is WhatsApp. It’s a powerful 

communication tool which is simple 

to use. It also has significant global 

penetration. Quite recently, I examined its 

usage statistics, and it’s estimated that 

almost three billion people worldwide 

use WhatsApp. In Trinidad and Tobago, 

it’s the most used voice and chat app. It 

lets me keep in touch with family, friends, 

and business contacts. Furthermore, I 

can access all my work contacts in one 

place. It’s an app that marries very well the 

ability to use it for business and personal 

objectives. It also has a more friendly, 

relaxed connotation. I use it every day – 

it’s my number one app. I also work with 

SMEs locally, and in the Caribbean region, 

many of whom have incorporated this app 

into their operations as a major marketing 

tool.” 


55

The SILVER Economy 

The business of ageing: 

unlocking the possibilities of the silver economy 

The IDB expects that in the coming 

decades, the Latin America and Caribbean 

region will experience the highest rate 

of ageing population in the world. How 

is Trinidad and Tobago preparing for the 

challenges and opportunities this will bring? 

By Dr. Jennifer Rouse, 

Gerontologist (Retired), Advisor, 

Trinidad & Tobago Association of Retired Persons (TTARP) 

COURTESY TTARP 

TTARP’s Cooler Fete 2023 held at The Anchorage 

According to Trinidad and Tobago’s Population 

Census (Central Statistical Office, 2011), 13.4 per 

cent (177,676) of our total population was 60 years 

and over; that cohort is projected to increase to 17.1 per 

cent by 2025 and 33.3 per cent by 2050 (World Health 

Organization, 2000). The phenomenon of ‘Population 

Ageing’ is caused by low fertility and mortality rates and 

net migration. A population is considered ageing when 

more than 10% of its total population is 60 years and 

above. 

Changing workplace demographics is a significant 

challenge in the silver economy since the parallel system 

of contract employees operates alongside permanent 

staff. This has resulted in employers coordinating four 

generations from different backgrounds to create 

collaborative teams. Data sourced from Delta College 

Corporate Services (2010), states that the modern 

workforce comprises: Traditionalists (1925-1945) 

represent 5 per cent, Baby Boomers (1946-1964) 47 

per cent, Generation X (1965-1980) 30 per cent, and 

Generation Y or Millennials (1981-1995) 18 per cent. 

However, in tomorrow’s workforce, the expected 

trajectory is Traditionalists representing 7 per cent, Baby 

Boomers at 33 per cent, Generation X at 30 per cent, and 

Millennials at 30 per cent. 


The SILVER Economy 

Boomers to Zoomers 

‘Boomers’ can become ‘Zoomers’ by defying the norms of 

their generational group and incorporating traits that cut 

across the divide of all four generations. How can employers 

improve the inclusion and acceptance of persons over 60 

years in today’s workforce? Businesses must consider the 

following: 

• Are we flexible and open to new information, input, and 

ideas from all age groups and willing to act on them? 

• Are we adaptable and quick to adjust to change? 

• Are we aware of the changes in industry trends, 

employee and client expectations, and government 

needs? Can we readily respond? 

• Are we malleable and prepared to be shaped into 

something new? 

• What is our relationship to process and structure? Do 

we respect the Traditionalist methods while meeting the 

needs of the Millennials? 

Challenges of ageing 

Labour supply has declined due to a decrease in Trinidad and 

Tobago’s population growth rate from 2.73 per cent to 0.49 per cent 

(Central Statistical Office, 2011), applying further pressures to the 

working aged population. Increasing taxes for the working population 

to maintain pensions can negatively impact their disposable 

income and savings. In some cases, post-retirement years are more 

prolonged than working years; therefore, it’s essential to re-consider 

the non-contributory public sector pension scheme. 

The vulnerability of the ‘Baby Boomers’ cohort to co-morbidities, 

based on work/life imbalance, unhealthy lifestyle choices, and 

neglect of self-care, gives rise to an increasing number of persons 

aged 50 and over with mental health disorders, diabetes, and kidney 

failure. Ill health is often carried over into retirement, resulting in 

dependence on family, places of worship, and even the State for 

financial support. More recently, the dependency ratio has shown a 

partial role reversal. Pensioners often perform unpaid childcare duties 

to support their working-age children who may be unemployed/ 

under-employed/unemployable/incarcerated/divorced/disabled. 

The vulnerability of the ‘Baby Boomers’ 

cohort to co-morbidities, based on 

work/life imbalance, unhealthy lifestyle 

choices, and neglect of self-care, gives 

rise to an increasing number of persons 

aged 50 and over with mental health 

disorders, diabetes, and kidney failure. 

Developing Assisted Living 

Facilities 

Over the past decade, there has been 

an increased demand for home care 

services and care homes for senior 

citizens in Trinidad and Tobago (Source: 

Division of Ageing, Ministry of Social 

Development and Family Services, Data). 

Overrepresented were older women living 

alone and vulnerable to the vagaries of 

crime and mental health disorders. 

The Assisted Living Facility (ALF) is a 

model of care for seniors, which could 

become a lucrative business opportunity 

for investors since the critical mass of 

interested seniors is from the ‘Baby 

Boomers’ cohort, comprising returning 

nationals and those who reside here. 

Middle-class professionals who are 

unmarried and childless and ‘empty 

nesters’ have also expressed interest in this 

model of care. 

Additionally, the ALFs could serve as an 

adult daycare for elderly parents of working 

adult children, where they could socialise 

with the residents and be stimulated by 

various activities. 


57

NIS funds are expected to be entirely depleted by 2040 

unless there is reform, such as increasing monthly 

contributions, freezing the existing monthly quantum of 

TT$3,000, and increasing the retirement age to 65 years. 

The expected impact of an ageing population on the National Insurance Scheme (NIS), which provides benefits to 

the working population, is as follows: 

• NIS contributors will decrease from 4.3 per cent to 1.3 per cent over the next 50 years. 

• NIS pensioners will increase from 161,051 in 2011 to 412,423 in 2060. 

• NIS funds are expected to be entirely depleted by 2040 unless there is reform, such as increasing monthly 

contributions, freezing the existing monthly quantum of TT$3,000, and increasing the retirement age to 65 years. 

(Source: Trinidad and Tobago – Ninth Actuarial Review of the National Insurance System as of 30 June 2013, ENAP 

International, June 2015). 

Rise of the silver economy 

The Trinidad & Tobago Association of Retired Persons (TTARP) proposes a multi-pronged approach structured 

around the following recommendations, which have the potential to stimulate the growth of the silver economy: 

• Establish more superannuation funds tailored for contract workers with no security of tenure. 

• Measure the impact of extending the retirement age beyond 65. 

• Develop attractive/affordable health insurance options for Generation X (who start retiring in 2025). 

• Create term policies for ‘Baby Boomers’ who want to re-tool and re-skill. 

• Collaborate with the Town and Country Planning Division to advance proposed reforms for building codes 

which support the aged population. 

• Establish agencies throughout Trinidad and Tobago which can provide trained caregivers to deliver homecare 

services. 

• Invest in establishing Assisted Living Facilities (i.e. independent living in a communal setting) for persons 55 

years and over. 

• Provide annuities for members of the protective services as they can retire between 45 to 55 years. 

• Host Retirement Planning Seminars and include appropriate Non-Governmental Organisations (NGOs), 

Faith-based Organisations (FBOs), and Community-based Organisations (CBOs). 

• Co-sponsor research studies on age-related issues to inform national development plans and policies. 

For further assistance or to source a copy of the National Policy on Ageing, contact the Division of Ageing, Ministry 

of Social Development and Family Services, toll-free at 800-OPIC/6742 or divisionofageing@gmail.com. 

. 


59

FREEPIK.COM 


The GREEN Economy 

Finding balance between 

the planet and profits 

With more than 100 years of oil production, what’s next 

for Trinidad and Tobago? There is an urgent call by 

the business community to open up new sectors and 

diversify the economy. Can green growth deliver much 

needed sustainable economic development? 

By Rudolph Hanamji, Senior Manager - 

Business Development Lead Caribbean, EY 

Over three decades ago, a group of leading 

environmental economists first coined the term 

‘green economy’ in a pioneering report for the 

UK Government. This built upon research and 

practice in environmental economics for the last 

century. Subsequent work expanded the concept 

that economics can and should aid environmental 

policy by focusing on the global economy’s 

problems at that time and today, such as climate 

change, ozone depletion, tropical deforestation, 

and resource loss in the developing world. 

The standard definition of a green economy is ‘an 

economy in which all stakeholders – from investors 

to business owners to consumers – prioritise 

environmental stability as high as economic 

growth’. Put another way; it seeks to balance the 

planet, natural capital, and profits, financial capital. 

Most business leaders in Trinidad and Tobago 

(T&T) agree that humanity generally exists in 

a joint reality. Firstly, in the last 100 years, we 

have advanced more than all of human history, 

overcoming diseases, advancing technological 

convergence, successfully splitting seawater to 

produce green hydrogen, and so much more. 

However, simultaneously there are still close to 

one billion persons living in extreme poverty (with 

21-45 million trapped in some form of slavery), plus 

growing inequality, exponential climate change 

and biodiversity loss, with an estimated one million 

species threatened with extinction. 

While it would have been patently illogical for 

T&T not to take advantage of our natural resources, 

to develop our people and position ourselves as a 

global leader (despite our size), the fact that we 

are #17 in the top 20 CO2 emitters (metric tons per 

capita), should offer enough motivation to do more 

as we transition to a sustainable development 

model. 


61


Like other ‘small island developing 

states’ (SIDS), T&T is increasingly 

vulnerable to natural disasters and 

the impacts of climate change; 

however, it has the unique ability to 

invest oil and gas earnings into green 

sectors and greening environmentally 

T&T’s Renewable 

Energy Transition 

Point Lisas continues to offer broad-based 

energy boons – as it promises to be a 

centre for hydrogen and downstream green 

products, given that T&T has several other 

critical components that can position the 

nation as a hub for regional green hydrogen 

and ammonia. 

In November 2022 the ‘Roadmap for a 

Green Hydrogen Economy in T&T’ was 

launched by the Ministry of Energy and 

Energy Industries (MEEI), after a year-long 

study by the National Energy Corporation of 

Trinidad and Tobago Ltd, the Inter-American 

Development Bank (IDB) and KBR Inc. The 

summary findings support T&T expanding 

and augmenting its energy portfolio with 

low-carbon products, and investing in the 

upstream development of the hydrogen 

value chain. This will help T&T meet its 2030 

Paris Agreement decarbonisation goals, and 

offer revolutionary investment options for 

small and medium-sized enterprises (SMEs) 

and individuals. 

unfriendly ones 

Placing the environment at the centre of social and economic 

development 

Like other ‘small island developing states’ (SIDS), T&T is increasingly 

vulnerable to natural disasters and the impacts of climate change; 

however, it has the unique ability to invest oil and gas earnings into 

green sectors and greening environmentally unfriendly ones. 

Theme #5 of our national development plan – ‘Vision 2030’ – is ‘Placing 

the Environment at the Centre of Social and Economic Development’. 

Therein, it is stated that “as a responsible member of the global 

community, Trinidad and Tobago will continue to support international 

efforts to tackle shared environmental challenges which include climate 

change... biodiversity loss... as these issues also affect the wellbeing of 

our nation. Protection and wise use of our environment and growing of 

our economy are complementary and, therefore, innovative solutions 

are necessary to mutually reinforce the environment and the economy. 

In order to secure national prosperity, every effort will be made to 

ensure that the economic potential of this country is realised without 

jeopardising the integrity, diversity or productivity of our environment.” 

Further, the revised National Environmental Policy (NEP) (2018), 

outlines six priorities critical to achieving environmental sustainability 

(aligned to the UN’s Sustainable Development Goals (SDGs)). Priority 4: 

‘Evolving a Green Economy’ outlines policy actions to support economic 

transformation through greening existing and new economic activities 

while generating green jobs. 

T&T’s green economy grade: 40% 

The average of T&T’s scores from the ‘Green Economy Tracker’ is ~42 

per cent, which some may deem a ‘fail’, and others a ‘bare pass’. It is 

certainly far from an ‘A’. 

In each pillar, there is room for public agencies, private corporations, 

and the citizenry to effect change - if we are to leverage the untapped 

potential of the Green Economy. It should be noted that T&T’s 

highest score (4/5) was for ‘safe and accountable banks’, followed 

by ‘small business support’, ‘participatory policymaking’, ‘innovative 

social protection’, and ‘ocean and land conservation’, all receiving 3/5. 

These areas bode well for green business development and growth 

opportunities. 



Local Green Enterprises (LGEs) 

Local Green Enterprises (LGEs) - a form of ‘social enterprise’ 

- sustainably leverages natural resources to create social, 

environmental, and economic benefits for all stakeholders. 

T&T was the home of the Santa Cruz Declaration, which was 

a “call to action from manufacturers, producers, business 

owners, entrepreneurs, innovators, and local communities in 

recognition of the vital importance of smaller businesses to 

addressing global challenges.” 

A few well-known LGEs are PlastiKeep, the Fondes 

Amandes Community Reforestation Project, and IAM 

Movement. Private sector for-profit enterprises (e.g. 

HADCO Experiences) are beginning to identify as LGEs, 

and myriad prospects exist in renewable energy, green 

buildings, sustainable transport, water management, waste 

management, and land management. 

Several multi-million USD facilities and projects exist in the 

regional market, which would welcome private investors and 

joint implementation between the private and public sectors. 

Green is the new black gold 

The green economy aligns perfectly with the Environmental, 

Social and Governance (ESG) strategies that corporations are 

rapidly adopting in response to shareholder and consumer 

demands – which are equally calling for the replacement of 

black energy (oil and coal) with ‘green’ alternatives, such as 

green hydrogen and renewables. 

Therefore, it is important that all stakeholders unite behind 

business solutions that will ensure a sustainable future for 

T&T, the Caribbean region, and the world. 

03 

 

01 

02 

04 

Encourages more 

sustainable development : 

facilitates setting and achieving 

sustainable development goals. 

Helps fight climate change: 

fosters more effective collaboration 

between government and the 

private sector to mitigate climate 

change. 

Improves the ecosystem: 

directly increases conservation 

of biodiversity. 

Increases equity: 

encourages equity 

for all. 

Clean transit 

options: mandated 

resource efficiency in 

all sectors, including 

transportation. 

 

 

01 

Green building 

standards: sustainable 

architecture and construction. 

Renewable energy 

sources: renewables 

powering transportation, 

manufacturing, and 

production processes. 

04 

Sustainable management 

of resources: recycling 

resources (circular production) 

and aiming for maximum 

sustainability. 

03 

02 

Source: MasterClass 


63

Advertorial 


Economic Outlook 

Economic outlook: 

tracking recovery and growth 

after the pandemic 

Growth in Latin America and the Caribbean is projected to slow to 1.3 per cent in 2023 

before recovering to 2.4 per cent in 2024. Economic activity in Trinidad and Tobago is 

anticipated to improve in 2023, bolstered by the energy sector. Here the Chamber’s Trade 

& Business Development Unit analyses global, regional and local economic performance. 

By Rianna E Paul, Manager - Trade and Business 

Development Unit, Trinidad and Tobago Chamber of 

Industry and Commerce (TTCIC) 

Does recovery lie ahead? 

The world economy 

The International Monetary Fund (IMF) in its World Economic 

Outlook (WEO) 2023 noted that the cumulative effects 

of the adverse shocks experienced in the last three years 

have caused confidence to remain weak across all regions. 

Uncertainty is high, and the balance of risks has shifted to the 

downside due to the collapse of confidence in Credit Suisse 

in March 2023, which has agitated financial markets. 

The WEO also stated that the world economy is not currently 

expected to return over the medium term to the rates of 

growth that prevailed before the pandemic. Forecasting 

ahead to 2028, global growth is expected to be 3.0 per cent 

- the lowest medium-term growth forecast published in all 

WEO reports since 1990. 

Growth forecasts 

Global growth will bottom out 

at 2.8 per cent this year before 

rising modestly to 3.0 per cent 

in 2024. 

Global inflation will decrease, 

although more slowly than 

initially anticipated, from 8.7 per 

cent in 2022 to 7.0 per cent in 

2023 and 4.9 per cent in 2024. 

World Economic Outlook 2023, 

Internationally Monetary Fund 

Growth in Latin America and the 

Caribbean is projected to slow from 

an estimated 3.6 per cent in 2022 to 

1.3 per cent in 2023 before recovering 

somewhat to 2.4 per cent in 2024. 

The sharp deceleration of growth 

reflects efforts by the region’s monetary 

authorities to tame inflation and 

spillovers from weakening global growth. 

Global Economic Prospects, January 

2023, World Bank Group 

Economic activity is anticipated 

to improve in 2023, bolstered by 

activity in the energy sector. 

Domestic inflation is likely to 

continue to edge up in early 

2023, and moderate thereafter in 

line with global developments. 

Economic Bulletin January 2023, 

Central Bank of Trinidad and 

Tobago 


65


Latin America and the Caribbean 

For the emerging market and developing economies in 

the Latin America and Caribbean region, the IMF projects 

growth of 1.6 per cent in 2023, 2.2 per cent in 2024 and 2.3 

per cent in 2028. 

For Latin America, the overall recovery includes countries 

such as Chile, Colombia, Costa Rica, and the Dominican 

Republic which witnessed better post-pandemic recovery 

than the rest of the world. Conversely, GDP growth for Mexico 

and Venezuela from 2019 to 2022 is not likely to be sufficient 

to bring those economies back to pre-pandemic levels. 

Table 1: Emerging market and developing economies: real GDP 

Selected Latin America economies 

Projections 

2019 2020 2021 2022 2023 2024 2028 

Costa Rica 2.4 -4.3 7.8 4.3 2.7 3.2 3.2 

Chile 0.7 -6.1 11.7 2.4 -1.0 1.9 2.5 

Colombia 3.2 -7.3 11.0 7.5 1.0 1.9 3.3 

Dominican 

Republic 

5.1 -6.7 12.3 4.9 4.2 5.0 5.0 

Mexico -0.2 -8.0 4.7 3.1 1.8 1.6 1.8 

Panama 3.0 -17.9 15.3 10.0 5.0 4.0 4.0 

Venezuela -27.7 -30.0 0.5 8.0 5.0 4.5 - 

Source: International Monetary Fund 

Growth in Caribbean economies depends on an ongoing 

resurgence in the tourism sector and investments in the 

energy sector. 

For Trinidad and Tobago and Guyana, increased energy 

production and higher international commodity prices are 

expected to drive recovery. The IMF’s Staff Concluding 

Statement published in September 2022 noted that Guyana 

was poised for accelerated growth with the start of oil 

production in 2019. However, the pandemic led to non-oil 

Gross Domestic Product (GDP) contraction, particularly in 

construction and services. A rebound of oil GDP in 2020 led 

to an overall growth of 43.5 per cent. 

In its Staff Concluding Statement of the 2023 Article IV 

Mission for Trinidad and Tobago, the IMF noted that real 

GDP is estimated to have expanded by 2.5 per cent in 2022, 

supported by the non-energy sector, which was partially 

offset by an unexpected weak performance of the energy 

sector. Recovery is expected to gain broad-based momentum 

in 2023 with a 3.2 per cent GDP expansion. Over the medium 

term, new energy projects will come into production. 

However, as oil and gas fields mature, potential growth will 

slow to 1.5 per cent. 

Table 2: Emerging market and developing economies: real GDP 

Selected Caribbean economies 

Projections 

2019 2020 2021 2022 2023 2024 2028 

Barbados -0.5 -13.3 -0.2 10.0 4.9 3.9 2.0 

Grenada 0.7 -13.8 4.7 6.0 3.7 4.1 2.8 

Guyana 5.4 43.5 20.1 62.3 37.2 45.3 3.3 

Jamaica 1.0 -9.9 4.6 4.0 2.2 2.0 1.6 

Suriname 1.1 -15.9 -2.7 1.3 2.3 3.0 3.0 

Trinidad and 

Tobago 

Source: International Monetary Fund 

0.1 -7.7 -1.0 2.5 3.2 2.3 1.5 

Globally, a fall in fuel and energy commodity prices, 

particularly for the United States of America, the Euro area, 

and Latin America, has contributed to declining global 

headline inflation. However, both headline and core inflation 

remain at double their pre-2021 levels. 

Domestic prices 

In Trinidad and Tobago, data from the 

Central Statistical Office’s (CSO) Index 

of Retail Prices showed that headline 

inflation moved from 4.9 per cent in June 

2022 to 8.0 per cent in November 2022, 

which was driven by high international 

food commodity prices, supply disruptions 

and adverse local weather. 

HANANEKOSTUDIO/SHUTTERSTOCK.COM 

Inflation 

eroded 

household 

purchasing 

power. 



Table 3: Year on year percentage (%) change 

in consumer prices – February 2023 

compared to February 2022 

Section 

% Change 

All Items 7.5 

Food and non-alcoholic beverages 13.8 

Alcoholic beverages and tobacco -0.3 

Clothing and footwear -0.1 

Housing, water, electricity, gas & 

other fuels 

2.9 

Home ownership 3.6 

Rent 1.8 

Water, electricity, gas & other fuels 0.0 

Food and non-alcoholic beverages 

The Index for Food and Non-Alcoholic Beverages decreased by 1.7 per 

cent from January 2023 to February 2023. Contributing significantly to this 

decrease was the general downward movement in the prices of tomatoes, 

pumpkin, celery, chives, whole fresh chickens, mixed fresh seasoning, 

carrots, cucumbers, sweet peppers, and cabbage. 

However, the full impact of these price decreases was offset by the 

general increases in the prices of chilled or frozen beef, fresh beef, chilled 

or frozen pork, sweet potatoes, ochroes, fresh carite, oranges, evaporated 

milk, fresh king fish and melon. 

Going forward, inflation is expected to slow to 4.5 per cent by the end of 

2023 and will continue declining with international prices. 

Furnishings, household equipment 

and routine maintenance of the house 

6.7 

Figure 1: Real GDP and inflation trend for Trinidad and Tobago 1980 -2028 

Health 1.6 

Transport 14.0 

Communication 0.2 

Recreation and culture 11.0 

Education 0.0 

Hotels, cafés and restaurants 10.0 

Miscellaneous goods and services 7.4 

Source: Central Statistical Office 

Domestic inflation is likely 

to continue to edge up in 

early 2023, and moderate 

thereafter in line with global 

developments. 

Source: International Monetary Fund Data Mapper, April 2023 


67

Chamber Events 

2023 

Annual Business Meeting Panel 

The Chamber hosted its 

Annual Business Meeting (ABM) 

on April 20 th 2023. 

The new Chamber President, Kiran Maharaj, and the Board of Directors 

were elected for the 2023 - 2024 term. International leadership coach and 

author Monte Wyatt delivered the keynote address, ‘The Leadership Mindset 

– the Discipline of Adding Zeros’, to a packed audience. An engaging panel 

discussion on leadership in trinidad and Tobago followed this. After the formal 

proceedings, Chamber members networked at the ‘Mix & Mingle’. 

Kiran Maharaj 

TTCIC President 2023 - 2024 

Monte Wyatt delivers the keynote address 

Election of the Board of Directors 


Chamber Events 

Annual Business Meeting 

Mix and Mingle 


69

For Your Bookshelf 

ALL BOOKS AVAILABLE ON AMAZON.COM 

The Amazing Race to 

Entrepreneurial Freedom 

Georgina Terry 

As a consultant and coach, Georgina’s expertise in 

aligning passion, performance and profits, helps 

dreamers get ready – emotionally, financially 

and psychologically – for their Amazing Race to 

Entrepreneurial Freedom. Using carefully-crafted 

exercises, Georgina guides readers through a 

thought-provoking process to help them start 

envisioning, thinking and taking action to create 

the life and business they deserve and desire. 

Sustainable Development 

Thinking it Through; Making it Happen 

Bhoendradatt Tewarie 

The articles and speeches in this book 

represent a poignant collection of thoughts 

and ideas which address the challenge of 

sustainable development - a major concern of 

the international community at this time. Written 

from the point of view of the Caribbean, small 

island developing states and the developing 

and emerging world, this collection focuses 

on sustainable development solutions through 

human imagination, innovation, collaboration, 

participation and engagement. 

We Like It So? The Cultural Roots 

of Economic Underachievement in 

Trinidad and Tobago 

Terrence W. Farrell 

Terrence W. Farrell explores the socio-cultural 

factors which have been negatively influencing 

the economic performance of Trinidad and 

Tobago and arguably the other former colonial 

territories in the West Indies. It is intended for a 

wide readership of Caribbean leaders, persons 

with an interest in the Caribbean, as well as 

economists and other social scientists exploring 

the resurgent area of culture and economic 

development.

Contact Magazine Vol.20 No.1 - May 2023

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