Invest in T&T, PM Kamla tells US businesses

Prime Minister Kamla Persad-Bissessar has invited American businesses to invest in Trinidad and Tobago and told them her government has several local projects on the go, which could be completed before the end of the year.

She was speaking to members of the business community at a luncheon in Fort Lauderdale, Miami.

Persad-Bissessar said the country is the destination of choice for the discerning businessman because it offers a combination of "a strong stable democracy, skilled workforce, a vibrant financial system, duty exemption, tax-free holidays, a one-stop approval office, our strategic location as a central transshipment point in the Western hemisphere and a real gross domestic product growth of eight per cent over the last decade."

She added that her government's attempts at diversifying the economy will take time before significant results are realised. However she was optimistic that the country is still unparalleled in the Caribbean as an investment option.

"Currently, there exist formal trade agreements between T&T and Costa Rica, the Dominican Republic, European Union, Colombia and Venezuela. In addition, T&T as part of Caricom, is currently negotiating a trade and development agreement with Canada, which is expected to be completed in 2011," she said.

Persad-Bissessar also informed business leaders that the Caribbean Basin Trade Partnership Agreement involving Caribbean states and Washington has been extended to 2020.

“We continue to work, as part of Caricom, to negotiate a trade and investment framework agreement with the United States to incorporate the area of services, which is expected to be completed by year’s end.

She added that there are several sectors in which the government would welcome and encourage investment. “Right now business opportunities exist in the cultural and entertainment sector, ethnic products, food processing, the maritime industry, service industries, biotechnology, pharmaceuticals and food production.

"We have a number of projects, all local amounting to approximately one billion dollars which are expected to be concluded within a month,” she said.

She spoke of the Tamara Intech Park, which she said would be "a world-class Unemployment Relief Programme, state-of-the-art science and technology park and a central location for established and emerging companies in sectors such as information and communication technology (ICT) software development, high-tech manufacturing and agro-processing."

She added that "Tamara will offer investors flexibility in accommodation, including a build-to-suit option", noting that Phase 1 of the park is scheduled for "a soft opening later on this year."

Her optimism appears to be in conflict with her planning minister, Mary King, who stated in a media interview this week that Tamana is not a very attractive option.

King also said there is little chance of attracting foreign investment to the Industrial Park, because there is nothing there to attract that kind of investment locally.

Read the story: Planning minister guarded about T&T's economic state

Persad-Bissessar also spoke about the state of the economy, saying that after several quarters of negative growth the economy will make a turnaround by the end of the year.

"Our medium term ambition is to weather this period and for the non-energy sector to come out stronger than before," she said.

"Our interest is in building a solid public/private partnership as we move forward with our plans for the people of Trinidad and Tobago, as this is integral to our strategy for the development of our country.

"As we roll out our plans there is ample room for both domestic capital and international capital. We therefore encourage international capital as a key input into the rebuilding of our economy."