A Guide to Investing in Trinidad and Tobago (2011) - Ministry of ...

Recommendations

Info

Figure 1: Gross domestic Product of Trinidad and Tobago at Constant (2000) Prices /TT$ millions Sector 2006r 2007r 2008r 2009r 2010p Gross Domestic Product 85,795.4 89,874.3 92,000.7 88,744.5 90,975.0 Petroleum Industry 36,102.7 36,709.5 36,626.9 37,582.1 38,625.0 Exlporation and Production 20,028.9 20,305.4 20,059.2 20,418.3 21,065.6 Refining (incl Atlantic LNG) 9,208.8 9,524.4 10,012.8 10,725.9 10,908.1 Petrochemicals 4,192.9 4,094.7 3.979.8 4,325.8 4,496.5 Service Contractors 894.4 901.4 668.0 266.5 198.4 Distribution 1,756.0 1,854.5 1,878.2 1,8727.9 1,928.6 Asphalt Production 21.7 29.4 28.9 17.7 27.8 Non-Petroleum Industry 48,692.8 52,389.2 54,614.3 50,662.8 50,688.1 Agricultiure 390.1 475.1 511.4 352.7 478.2* Export Agriculture 5.6 7.5 6.8 4.6 4.6 Domestic Agriculture 317.0 337.0 340.4 316.1 319.1 Sugar: 67.5 130.6 164.2 32.0 154.5 Sugar regineries (114.6) (113.6) (113.6) (116.4) 0.0 Cane farming and cultivation 47.3 18.7 1.9 1.9 1.9 Distilleries 134.8 225.5 275.3 146.5 152.6 Manufacturing 6,297.6 7,326.4 7,508.8 7,380.6 7,603.0 Food, Beverages and Tobacco 2,573.2 3,150.0 3,414.0 3,607.9 3,633.0 Textile, Garments & Footwear 130.7 134.2 164.8 169.3 182.0 Printing, Publishing etc. 695.5 829.8 802.7 717.9 658.1 Wood & Related Products 138.1 173.3 158.7 114.7 103.7 Chemical & Non Metalic Minerals 1,244.7 1,314.8 1,244.4 1,205.9 1,255.7 Assembly Type and Related Inudstries 1,246.9 1,397.7 1,417.5 1,326.8 1,508.4 Miscellaneous Manufacturing 268.5 326.6 306.7 238.1 262.1 Services 42,005.1 44,587.7 46,594.1 42,929.5 42,606.9 Electricity and Water 1,155.0 1,230.6 1,267.2 1,270.6 1,271.7 Construction and Quarrying 6,597.6 7,068.6 7,386.0 6,827.8 6,407.6 Distribution and Restaurants 10,480.3 10,828.6 11,889.9 9,370.4 9,078.0 Hotels and Guest Houses 257.3 258.3 211.9 186.3 157.2 Transport, Storage & Communication 6,133.5 6,502.6 6,746.3 6,746.3 7,075.6 Finance, Insurance & Real Estate etc. 10,567.6 11,669 12,098.3 11,527.6 11,637.1 Government 3,970.9 4,099.3 4,168.0 4,097.3 4,005.0 Education & Cultural Services 1,773.8 1,786.7 1,733.9 1,761.9 1,783.1 Personal Services 1,069.1 1,143.5 1,092.6 1,141.3 1,191.6 FISIM (2,669.5) (3,163.3) (3,072.2) (3,079.3) (2,847.7) Add: Value Added Tax (VAT) 3,669.4 3,938.9 3,831.7 3,578.9 4,509.6 16 A Guide to Investing in Trinidad and Tobago (2011) Subsequently, reserves declined by $25.5 million to $9,085.4 million at the end of September. Merchandise exports for the January-June 2010 period amounted to $5.5 billion. Energy exports fell by 10.5 percent when compared to the corresponding period one year earlier to reach $4.6 billion as crude oil prices averaged $78.25 per barrel. Non-energy exports amounted to $862.2 million for the first half of the year, $326.9 million more than the corresponding period in 2009. Table 2: Balance of Payments Date BOP Overall Surplus/ Deficit (US$Mn) Total Exports (US$Mn) Total Imports (US$Mn) 2006 7,700.2 14,217.4 6,517.2 2007 5,721.4 13,391.3 7,669.9 2008 9,064.4 18,686.4 9,622.0 2009 2,202.1 9,175.2 6,973.1 2010* 2,868.8 7,704.4 4,835.6 Source: Central Bank of Trinidad and Tobago * - January - September 2010 Exchange Rate Stability The Government of Trinidad and Tobago took a decision to float the TT dollar with effect in 1993. Removal of official foreign exchange controls was simultaneously announced. The country’s rate is now determined by the demand and supply for foreign currency at the commercial banks. Some degree of influence is exerted, however, by the Central Bank through its monetary policy on bank reserves and interest rates, as well as by the commercial banks, through their discretion in the sale of foreign exchange. Such measures make the system tantamount to a managed float. Source: Review of the Economy 2010 * Agriculture (excluding sugar) for the years 2006 to 2010 /TT$ millions/: 322.6, 344.5, 347.2, 320.7 and 323.7 respectively. 1/ Excludes oil refining and petrochemical industries. 2/ excludes distribution of petroleum products. 3/ Financial Intermediation Services indirectly measured. r: revised p: provisional
Population, Employment and Labour Force Figure 2: Population, labour force and employment (2004 to mid-year, 2010) Sector 2004** 2005** 2006** 2007** 2008** 2009** 2010**p TOTAL POPULATION 1,290,646 1,249,494 1,297,944 1,303,188 1,308,587 1,310,106 1,317,714 % Change 0.6 0.3 0.3 0.4 0.4 0.4 0.6 TOTAL MALE 647,259 649,189 650,919 653,549 656,257 657,018 660,882 % Change 0.8 0.3 0.3 0.4 0.4 0.1 0.6 TOTAL FEMALE 643,387 645,305 647,025 649,639 652,330 653,088 656,892 % Change 0.5 0.3 0.3 0.4 0.4 0.1 0.6 Dependency Ration (%) 48.0 48.0 48.0 48.0 48.0 48.0 48.0 Non Institutional Pop. 15 yrs and over 973,600 979,000 978,300 980,900 987,000 991,100 - Labour Force *** 613,400 623,700 625,200 622,400 626,600 621,000 - Persons Employed 562,200 574,000 586,200 587,800 597,700 588,400 - Persons Unemployed 51,100 49,700 39,100 34,600 29,000 32,600 - Participation Rate (%) 63.0 63.7 63.9 63.5 623.5 62.7 - Unemployment Rate (%) 8.3 8.0 6.2 5.6 4.6 5.3 5.7 Births per 1,000 persons 14.23 13.80 13.70 13.95 14.12 15.25 15.40 Deaths per 1,000 persons 7.88 7.74 7.69 7.60 7.70 7.68 7.68 Crude Natural Growth Rate per 1,000 6.35 6.06 6.01 6.35 6.42 7.57 7.72 At the beginning of 2010, the recovery in energy prices, served to alleviate pressures in the foreign exchange market. In the period January to June 2010, purchases from the public (including energy companies) by authorised foreign exchange dealers increased to US$1,922.9 million, from US$1,714.0 million (the amount purchased in the corresponding period of the previous year). While sales to the public fell to US$2,550.6 million, from US$2,679.3. The Central Bank reduced its intervention in the market selling US$620 million between January and June 2010, compared with US$963.6 million over the corresponding period in the previous year. The weighted average buying rate for the United States (US) dollar increased steadily from TT$6.2719 in July 2009 to peak at TT$6.3360 in December 2009. This rate has since fluctuated within a narrow band and stood at TT$6.3197 per US dollar at the end of June 2010, compared with TT$6.2606 at the end of June 2009. During the twelve (12) month period from July 2009 to July 2010, the average buying rate of the United States dollar appreciated from $6.2719 to $6.3239. Within the same period, the selling rate increased from $6.3367 to $6.3771. The exchange rate now stands at approximately US$1=TT$6.4. Investment In Trinidad And Tobago The Government of the Republic of Trinidad and Tobago (GORTT) welcomes foreign direct investment. Source: Review of the Economy 2010 * Data refers to January – March 2010 period ** Figures based on 2000 census *** Figures based on CSSP estimates p: Provisional Unemployment Rate figures: 2006 - 6.2% 2007 - 5.6% 2008 – 4.6% 2009 – 5.3% 2010 – 5.7% “…GORTT encourages the creation of new opportunities and the incubation of new business without government interference.” While there are various government bodies to facilitate investment in the country, GORTT encourages the creation of new opportunities and the incubation of new business without government interference. The Heritage Foundation Index of Economic Freedom for 2011 ranks Trinidad & Tobago #11 in the Americas and #52 worldwide out of 179 countries. Foreign ownership of companies is welcomed, and governed by the Foreign Investment Act (1990). Among foreign companies operating in Trinidad and Tobago are com- A Guide to Investing in Trinidad and Tobago (2011) 17
Page 1: A Guide to Investing in Trinidad an
Page 5: Reasons To Invest In Trinidad And T
Page 8 and 9: “The direction of the Trinidad an
Page 10 and 11: Central Bank operate from the capit
Page 12 and 13: Seaports The main seaports are loca
Page 15: Trade and Investment Approvals and
Page 19 and 20: Foreign Ownership The Foreign Inves
Page 21 and 22: The fundamental objective of this A
Page 23 and 24: mala, Guyana, Haiti, Honduras, Jama
Page 25 and 26: Year Visiting Friends & Relatives T
Page 27 and 28: Figure 4: Water Rates in Trinidad a
Page 29 and 30: Interest Rates Figure 5: Payments S
Page 31 and 32: nated in six currencies: Trinidad a
Page 33 and 34: or buy freehold title. Under the Fo
Page 35 and 36: The vendor may either choose to app
Page 37 and 38: For further guidance in the develop
Page 39: There is a system of priority for e
Page 42 and 43: The Registration of Business Names
Page 44: 3. Searches All documents filed at
Page 48 and 49: tion where necessary. Once approved
Page 50 and 51: The Trinidad and Tobago Film Compan
Page 52 and 53: 52 A Guide to Investing in Trinidad
Page 54 and 55: • Mittal Steel • Nu-Iron • Pe
Page 56 and 57: “The food and beverage sector tod
Page 58 and 59: Opportunity For Investment: With so
Page 64 and 65: Trinidad and Tobago is a signatory
Page 66 and 67:
• Ensure that the appropriate sol
Page 68 and 69:
for the consequences of those decis
Page 70 and 71:
Penalties and consequences of insid
Page 72 and 73:
• To amalgamate with another comp
Page 74 and 75:
74 A Guide to Investing in Trinidad
Page 76 and 77:
6. If there is a designated represe
Page 78 and 79:
Requirements for Registration • A
Page 80 and 81:
or rental, any device (or means) wh
Page 82 and 83:
Page 84 and 85:
Taxable Sources for Corporation Tax
Page 86 and 87:
Territorial Rules An individual is
Page 88 and 89:
filed on acquisition of ownership a
Page 90 and 91:
the contribution is considered an o
Page 92 and 93:
Appendices Association Of Real Esta
Page 94 and 95:
Office Of The Prime Minister #13-15
Page 96 and 97:
Page 98 and 99:
Name Honorary Consul Address Latvia
Page 100 and 101:
Embassy of the Republic of Trinidad
Page 102 and 103:
3M Interamerica Inc Alcoa Steamship
Page 104 and 105:
104 A Guide to Investing in Trinida
show all

A Guide to Investing in Trinidad and Tobago (2011) - Ministry of ...

Create successful ePaper yourself

Delete template?

Save as template?