52 A <strong>Guide</strong> <strong>to</strong> <strong>Invest<strong>in</strong>g</strong> <strong>in</strong> Tr<strong>in</strong>idad <strong>and</strong> <strong>Tobago</strong> (<strong>2011</strong>)
Areas Of Opportunity Tr<strong>in</strong>idad <strong>and</strong> <strong>Tobago</strong> has become known for its well established, energy based economy, <strong>and</strong> the country derives most <strong>of</strong> its revenues from the energy sec<strong>to</strong>r. However, Government recognises that energy resources are f<strong>in</strong>ite, <strong>and</strong> <strong>in</strong> order <strong>to</strong> achieve long-term, susta<strong>in</strong>able growth <strong>and</strong> development, the country must aggressively diversify the economy, with special emphasis on the downstream from energy, manufactur<strong>in</strong>g <strong>and</strong> the services sec<strong>to</strong>rs. The objective <strong>of</strong> the development strategy <strong>of</strong> the Government <strong>of</strong> Tr<strong>in</strong>idad <strong>and</strong> <strong>Tobago</strong> is <strong>to</strong> generate economic growth through diversification <strong>and</strong> the development <strong>of</strong> bus<strong>in</strong>ess <strong>in</strong> the non-energy sec<strong>to</strong>rs. These are crucial areas for the country <strong>to</strong> achieve its goal <strong>of</strong> developed nation status. The priority is <strong>in</strong>dustries for bus<strong>in</strong>ess development, <strong>in</strong>clud<strong>in</strong>g expansion <strong>and</strong> job creation possibilities, <strong>in</strong> areas where we enjoyed traditional advantages, held a substantial resource base or had the potential for competitive advantage <strong>in</strong> the <strong>in</strong>ternational trad<strong>in</strong>g environment. These <strong>in</strong>dustries are as follows: • Downstream from Energy • Information Communications Technology • Leisure Mar<strong>in</strong>e • Fish <strong>and</strong> Fish Process<strong>in</strong>g • Merchant Mar<strong>in</strong>e • Music <strong>and</strong> Enterta<strong>in</strong>ment • Film • Pr<strong>in</strong>t<strong>in</strong>g <strong>and</strong> Packag<strong>in</strong>g • Food <strong>and</strong> Beverage There are new <strong>and</strong> established <strong>in</strong>dustry teams compris<strong>in</strong>g stakeholders from the private <strong>and</strong> public sec<strong>to</strong>r work<strong>in</strong>g diligently <strong>to</strong> develop <strong>and</strong>, <strong>in</strong> some cas- es, revise strategic plans <strong>to</strong> enable these sec<strong>to</strong>rs <strong>to</strong> compete effectively <strong>in</strong> a globally competitive trad<strong>in</strong>g environment. These strategic plans provide opera<strong>to</strong>rs with<strong>in</strong> the sec<strong>to</strong>rs a comprehensive overview <strong>of</strong> their specific <strong>in</strong>dustry, its challenges <strong>and</strong> opportunities, <strong>and</strong> mechanisms for driv<strong>in</strong>g <strong>in</strong>vestment <strong>and</strong> growth. The plans are be<strong>in</strong>g ref<strong>in</strong>ed by <strong>in</strong>dustry stakehold- “Tr<strong>in</strong>idad <strong>and</strong> <strong>Tobago</strong> boasts a well-established, energy-based economy” ers, <strong>and</strong> are relevant <strong>and</strong> timely <strong>to</strong> their concerns. Implementation <strong>of</strong> the strategic plans will be the responsibility <strong>of</strong> the stakeholders, while Government will provide fund<strong>in</strong>g <strong>and</strong> generally facilitate the overall development process. Downstream From Energy Tr<strong>in</strong>idad <strong>and</strong> <strong>Tobago</strong> boasts a well-established, energy-based economy. The tw<strong>in</strong> isle is currently ranked as the number one s<strong>in</strong>gle site exporter <strong>of</strong> methanol <strong>and</strong> ammonia <strong>in</strong> the world <strong>and</strong> a major exporter <strong>of</strong> LNG <strong>to</strong> the United States. A major player <strong>in</strong> the <strong>in</strong>ternational iron <strong>and</strong> steel market, as well as <strong>in</strong> the export <strong>of</strong> crude oil <strong>and</strong> ref<strong>in</strong>ed petroleum products, the country is now considered a gas economy, with gas based production exceed<strong>in</strong>g oil production <strong>in</strong> terms <strong>of</strong> contributions <strong>to</strong> GDP. The major energy based plants <strong>in</strong> Tr<strong>in</strong>idad <strong>and</strong> <strong>Tobago</strong> <strong>in</strong>clude one natural gas liquids process<strong>in</strong>g facility, four (4) LNG tra<strong>in</strong>s, eleven (11) ammonia plants <strong>in</strong>clud<strong>in</strong>g an AUM Complex (Ammonia, UAN Urea Ammonium Nitrate <strong>and</strong> Melam<strong>in</strong>e), seven (7) methanol plants <strong>and</strong> one urea plant. They also <strong>in</strong>clude four (4) direct reduced iron modules, four (4) power generation plants, one (1) petroleum ref<strong>in</strong>ery, <strong>and</strong> one (1) cement manufactur<strong>in</strong>g plant. Some <strong>of</strong> the downstream oil <strong>and</strong> gas companies operat<strong>in</strong>g <strong>in</strong> Tr<strong>in</strong>idad <strong>and</strong> <strong>Tobago</strong> <strong>in</strong>clude: • Yara • PCS Nitrogen Tr<strong>in</strong>idad Ltd. • Methanol Hold<strong>in</strong>gs Tr<strong>in</strong>idad Limited • Po<strong>in</strong>t Lisas Nitrogen Limited • Methanex • Atlantic LNG Co. Ltd. A <strong>Guide</strong> <strong>to</strong> <strong>Invest<strong>in</strong>g</strong> <strong>in</strong> Tr<strong>in</strong>idad <strong>and</strong> <strong>Tobago</strong> (<strong>2011</strong>) 53 Section 7