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

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• Mittal Steel • Nu-Iron • Petrotrin • Phoenix Park Gas Processors Ltd. • Trinidad Nitrogen Co. Ltd. Opportunity For Investment: • Petrochemicals • Plastics • Metals • Biochemicals • Alternative Energy Projects • Inorganic Chemicals • Energy-based Manufacturing Benefits Of Investing In The Energy Industry • Highly developed oil, petrochemical and steel industries • Access to developed and emerging markets 54 A Guide to Investing in Trinidad and Tobago (2011) • Highly skilled and trained labour force • Competitive energy costs • Competitive raw material cost and availability • Competitive fiscal incentives • Excellent infrastructure and support services for heavy industries • Developed support and secondary industries • Advanced education and training facilities • Excellent living standards and communities for foreign nationals and their families Information & Communications Technology (ICT) Trinidad and Tobago is transforming into a diverse, knowledge-based industrial powerhouse focused on becoming a leader in ICT services in the region and on providing e-Government services to local and international businesses and investors. The ICT industry in Trinidad and Tobago already features high penetration and cost effective fixed line, mobile and internet services. It benefits directly from a country-wide focus on Information and Communications Technology - ranging from public schools where ICT training is becoming standard, to a large population of users, entrepreneurs and researchers in government services, telecommunications, finance, manufacturing and other sectors. The public and private sectors are committed to the development of the Information Communications Technology sector, which delivers a host of investment advantages. Opportunity For Investment: The ICT industry in Trinidad and Tobago features a diversity of pioneering advantages to high-tech foreign investors in a variety of fields such as outsourcing, software development, application implementation, RFID and call centre operations among many others. Benefits Include: • Superior recruitment and staffing opportunities through the University of Trinidad and Tobago (UTT). Trinidad and Tobago as a country features a highly-educated, English-speaking population particularly well-suited to call-centre staffing. Connectedly, UTT features an ICT focus with an emphasis on R&D and technology; student population is projected at 10,000-persons by 2013. • Online transactions and user-friendly investment portals designed to assist the investor in establishing business in Trinidad and Tobago. • Good market access to the Americas and Europe through various bilateral and multi-lateral trade agreements. • Ideal location for offshore data storage and management as Trinidad and Tobago will be home to one of just two Tier III Data Centres in the Caribbean. Merchant Marine The domestic maritime sector, not including the leisure marine or yachting industry, was initially developed as an offshoot from the rapidly expanding energy sector, which required a strong marine presence to support offshore exploration activity and the transportation of goods and services between their land and sea bases. In addition, the growth of this sector has also been buoyed by the rapid expansion in trade and transshipment activity at the three (3) major, non-energy cargo ports in Trinidad and Tobago. This provided a catalyst for the emergence of new kinds of maritime related business opportunities in the sector, for example shipping agents, crewing services, ship chandlers, piloting services, vessel repair, storage and land transportation services. Given the extremely buoyant performance of the energy sector in the past, the growing non-energy cargo trade and an emerging tourism and leisure marine industry, there will be high demand for good quality, reasonably priced services. Opportunity For Investment: As a nation with a long-standing maritime history, Trinidad and Tobago continues to benefit from its favourable geographical location and solid infrastructure. The growing demand for maritime services is expected to increase in the long term and the human resource demands will be effectively supported by the new world class maritime training facility now processing its first intake of students as one of the departments of the University of Trinidad and Tobago.
“Government recognises that energy resources are finite, and in order to achieve long-term, sustainable growth, the country must aggressively diversify the economy” Economic activities in the domestic maritime sector are relatively well developed. Investment opportunities have been identified in such areas as small vessel ownership and management, marine construction and ship repair. Opportunities for investment in onshore operations would include ship inspection and certification; training for officers, cadets and deck hands; crewing agencies; shipping agents; ship chandlers; ship logistics and port management. Leisure Marine Trinidad and Tobago’s yachting or leisure marine industry first prospered in the early to mid-nineties, when boating enthusiasts discovered the benefits of the Chaguaramas peninsula. Since, the traditional north and eastern Caribbean yacht destinations have experienced the effects of strong hurricanes. With the onset of difficulties in terms of marine environment issues, the industry experienced a decline, which has leveled off in recent times. The yachting product in Trinidad differs greatly from that of Tobago. Trinidad’s current industry is based primarily on two products—repairs, and hurricane storage—and over the years the island has emerged as the largest yacht repair centre in the Caribbean. The northwestern peninsula, made up of Chaguaramas and the outlying islands, has evolved into the centre of yachting activity for Trinidad. In Tobago, the yachting product is primarily leisure and tourism based, with pleasure craft docking to experience the island for a few days or a few hours before continuing on their voyage. Overall, the yachting industry is comprised of three (3) main types of service providers: • Boatyards and marinas • Boat repair contractors • Auxiliary support services e.g. tour and transportation providers, marine equipment and supplies, food services, etc. Opportunity For Investment: • Tobago’s potential as a premier yachting destination is a viable opportunity and the local industry still has significant room for sophisticated environmentally-friendly, sustainable developments which attract the high-end pleasure craft market. • Chacachacare—this island off Trinidad’s Northwestern coast has sheltered bays, which makes it an ideal location for an environmentally-sensitive yacht facility development. • Expansion of the industry through investments in the Port of Spain and San Fernando city waterfront development projects, which have included marina facilities in their design. Food And Beverage Many companies in the domestic food and beverage industry were established post 1970’s, as part of the government’s import substitution regime. The Import Substitution Industry (ISI) model as it came to be known, focused on substituting foreign products with locally manufactured items. By 1993, after the liberalisation of the Trinidad and Tobago foreign exchange system, the range of products produced by the local industry expanded considerably, in response to greater competition. The food and beverage sector today boasts global players with internationally recognised brands, and a large cadre of smaller companies specializing in Caribbean based niche products. The industry is firmly established in the CARICOM and new Latin American markets. Apart from its direct dependence on the agricultural production sector, the food and beverage industry is part of an established value chain, maintaining link- A Guide to Investing in Trinidad and Tobago (2011) 55
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