PM Manning offers tax incentives for foreign investment

Prime Minister Patrick Manning said Tuesday his government is prepared to offer lower taxes for foreign investors who want to do business in Trinidad and Tobago.

But he made it clear that any investment from abroad must be in synch with national policies and must benefit the people of Trinidad and Tobago.

Manning was speaking aboard the Royal Caribbean cruise ship, Serenade of the Seas, as he opened the Commonwealth Business Forum (CBF).

The ship is one of two chartered for the Commonwealth Heads of Government Meeting (CHOGM) beginning in Port of Spain on Friday.

"Our doors are open and we are willing to partner with foreign investors as long as their policies are in accord with that of the Government and are in the best interest of the people of Trinidad and Tobago," Manning said.

"Just for the record, our rate of corporation tax outside of the petroleum and chemical sectors now stands at 25 percent and further reductions are contemplated," he said.

Manning told his audience that Trinidad and Tobago is "investment-friendly" noting that it is second to Canada in terms of "the amount of direct foreign investment we have been able to attract."

He also spoke about climate change, which will be a main focus of the summit.

"In the interest of treating with the challenges of climate change we are moving from too heavy a reliance on surface water sources to desalination," he said.

He added that his Government is also moving to reduce traffic pollution through "the establishment of a new north to south, east to west rapid rail system which is being developed at the present time."