Excerpts of an address by Prime Minister Kamla Persad-Bissessar on the trade and investment mission to Brazil delivered at BG headquarters, Rio de Janeiro, on 28 April, 2011
"In a global economy, Trinidad and Tobago and Brazil should expand trade and investment ties so that we create new opportunities for our peoples. Trinidad and Tobago has been working assiduously to break down barriers to doing business and creating an enabling environment for investment, which is crucial for businesses to operate successfully in liberalized markets.
"Trinidad and Tobago can boast of having an open, free market economy; a vibrant democracy; a skilled work force; proper business practices; a strong and growing ICT infrastructure; and respect for property and profit rights.
"Our country offers investors attractive and competitive incentives. The corporation tax for manufacturing operations is 25% while energy related operations pay 35%. Manufacturers are allowed 90% depreciation allowance on machinery and equipment within their first year of operations.
"Investors, under special circumstances, are also able to benefit from certain tax exemptions such as corporation tax ( for free zone companies); customs duty; value added tax (VAT), withholding tax, work permit fees and container examination fees...
"We are also in the process of implementing a new business service called TTBizLink. TTBizLink is an IT platform known as a Single Electronic Window which will provide a range of Government business services online.
"Patterned after Singapore’s famous TradeNet, TTBizLink is intended to significantly reduce the time and costs of doing business in Trinidad and Tobago...
"It is my hope that together, T&T and Brazil, can work to promote energy security and the use of our natural resources to benefit our citizens.
"As two nations that are committed to greener economies, we know that the ultimate solution to our energy challenges lies in clean and renewable power. I am fully aware that half the vehicles in your country run on biofuels, and most of your electricity comes from hydropower.
"That is why, Trinidad and Tobago, is actively pursuing a new clean energy industry, built on renewable energy.
"We are determined not to be left behind and as such, my Government has developed a Framework for the Development of a Renewable Energy Policy for Trinidad and Tobago but we still have a long way to go to strengthen our renewable energy sector.
"While Trinidad and Tobago is in the fledgling stage of developing our renewable energy sector; our petroleum industry is one of the oldest in the world and we can boast of 100 years of expertise in this industry.
"Even as we seek to become a key player in the arena of clean, green energy, we know that for some time our economy will remain oil and gas based. To date Trinidad and Tobago remains the largest exporter of Liquefied Natural Gas to the United States of America.
"Indeed we have been used as a model by other countries which are now developing their gas industry. This is particularly so for the African countries and our National Gas Company has been recently selected to partner with Ghana to develop and implement a project to transport, process and distribute natural gas to their existing downstream facilities.
"Our energy service companies are making their presence felt in Nigeria, Ghana, Uganda, Canada, the USA, Venezuela, the CARICOM region and very soon, I trust we will bring this expertise to Brazil.
"I trust that the alliances forged here today will enable us to share technologies, create new jobs, and further develop our economies.
"We are both diverse, multi-ethnic democracies with rich vibrant cultures. We value freedom, equality and independence of peoples and nations. We have high regard for our national sovereignty.
"With respect to our bilateral trade, it is of mutual interest to promote more balanced flows. The capacity and dynamism of the private sector in our countries is the basis on which we can reach this objective...
"Over the last decade, the progress made by Brazil has inspired the world...Millions have been lifted from poverty. With each passing day, Brazil is a country continuing to find solutions to its challenges. You play an important role in the global institutions that protect our common security and promote our common prosperity.
"What has been accomplished in Brazil is nothing short of remarkable. You did not arrive at this point by simply chance or good fortune. Your success came because of hard work and perseverance and the entrepreneurial spirit of many in this room.
"As Trinidad and Tobago looks to Brazil, we see the chance to not only trade more goods and services with a rapidly growing market of around 200 million consumers, but also to learn from your model of development.
"The true potential of our partnership will only be realized by forging relationships between our people, between the business leaders, the entrepreneurs, the scientists, the engineers, the teachers, the doctors, the students, and over one million citizens who travel to the Caribbean and Brazil every year...
"We invite you for Trinidad and Tobago Investment Week which runs from June 13th -18th, 2011 in Port of Spain. The T&T Investment week will comprise two major events - the Caribbean Investment Forum (CIF) from June 13th -14th and the Trade and Investment Convention from June 15th -18th.
"The theme of the CIF is “Partnering with Trinidad and Tobago to Create a Gateway Between the Commonwealth and the Americas”. This event is designed as a critical platform for strengthening trade and investment between the Caribbean, the Americas and our Commonwealth partners, and to improve South-South trade overall.
"Our annual Trade and Investment Convention (TIC)...provides buyers, exhibitors, investors, manufacturers, service providers and business facilitation agencies with a perfect venue to meet, forge new business opportunities and to increase the trade potential of the region.
"TIC is the perfect vehicle to focus on business within the Caribbean region and I look forward to your participation in the Trinidad and Tobago Investment week."
No comments:
Post a Comment