Prime Minister Kamla Persad-Bissessar told Indian business leaders Tuesday Trinidad and Tobago is open for business.
"You can rest assured that when you do business in Trinidad and Tobago, you will find a receptive and helpful administration, one which understands the needs of the investment community and is prepared to be flexible," she told an Indian business forum at the Hyatt Regency hotel in Port of Spain.
"I invite you to be part of the future...where we are bent upon developing “global” centers of excellence whether it is in sports, wellness tourism, food production, ICT, or movie making amongst others."
She said since the two countries share a deep common heritage, "it is only fit that we seek to link arms in this voyage, and make development our joint destination."
Persad-Bissessar noted that one of the "collateral effects" of the global crisis is that the developing countries, led by India and China, have gained greater weight in the global economy and in its governance.
"You can rest assured that when you do business in Trinidad and Tobago, you will find a receptive and helpful administration, one which understands the needs of the investment community and is prepared to be flexible," she told an Indian business forum at the Hyatt Regency hotel in Port of Spain.
"I invite you to be part of the future...where we are bent upon developing “global” centers of excellence whether it is in sports, wellness tourism, food production, ICT, or movie making amongst others."
She said since the two countries share a deep common heritage, "it is only fit that we seek to link arms in this voyage, and make development our joint destination."
Persad-Bissessar noted that one of the "collateral effects" of the global crisis is that the developing countries, led by India and China, have gained greater weight in the global economy and in its governance.
"Between 2000 and 2008 this group of countries accounted for two thirds of world output growth, increasing their share from 37 per cent to 45 per cent.
"The group of countries known as the BRIC’s (Brazil, the Russian Federation, India and China) have assumed a greater role in international financial Governance.
"This crisis has also led to the Group of Twenty (G20), which includes the main emerging countries, displacing the traditional Group of Eight (G8) as the foremost international forum of economic decision-making.
Persad-Bissessar said the world now recognises that India has become one of the shining lights of economic and social progress since the early 1990s, with average annual growth at around 8 per cent.
Persad-Bissessar said the world now recognises that India has become one of the shining lights of economic and social progress since the early 1990s, with average annual growth at around 8 per cent.
Quoting international sources she pointed out that India's robust growth has lifted hundreds of millions of people out of poverty. In addition, she said, India is now home to world-class companies not only in IT services but also in the automotive, steel, and telecommunications industries.
The Prime Minister said Trinidad and Tobago and India have much to offer each other.
"Though we already share excellent diplomatic and cultural relations, and are historically and culturally bonded by the event of indentureship, it is important that we use these emotive bonds which stretch over a century and a half, to develop stronger, more resilient and concrete trade and investments ties for the mutual benefit of both of our peoples," she said.
She said Trinidad and Tobago has developed competencies in the area of oil and gas, particularly the monetization of gas and is now regarded as a center of excellence in oil and gas exploration and its monetization.
She said Trinidad and Tobago has developed competencies in the area of oil and gas, particularly the monetization of gas and is now regarded as a center of excellence in oil and gas exploration and its monetization.
"In Trinidad you will discover the largest methanol plant in the world as well as note that TT is the number one exporter in the world of methanol as well as urea, and has supplied up to 66 per cent of the liquefied natural gas requirements of the USA. There is a level of industrial sophistication in TT that is sometimes not well known," she told participants at the two day business seminar.
She outlined several reasons for investors to look to Trinidad and Tobago as an attractive place to do business.
She outlined several reasons for investors to look to Trinidad and Tobago as an attractive place to do business.
- An abundance of natural resources
- A highly educated population
- An attractive climate
- Port infrastructure that facilitates shipping
- World class financial and insurance companies
- A stable and healthy democracy and a legal and parliamentary system similar to that of India and the Commonwealth
- A history of respect for foreign businesses
- TT has a number of trade agreements with countries in Latin America and as well is afforded preferential entry for products produced in TT including the USA, Canada and the EU
- Incentives to businesses including tax free holidays, concessions and the repatriation of profits
- Excellent educational facilities for children at primary, secondary, university and early childhood, with three international schools operating in TT
- Excellent air transport links from North and South America as well as from Europe and the Caribbean countries
- Competitively priced energy prices, one of the lowest in the hemisphere
- Rich Cultural Diversity
- A high quality of life overall
She also highlighted TTBizLink, which is a single electronic window to facilitate trade and business facilities for anyone who wants to register a company, apply for incentives, import or export products or obtain any approval for business services provided by Government.
"TTBizLink will revolutionize the way we do business in Trinidad and Tobago and give our manufacturers the competitive edge by creating an enabling environment that is business friendly and supportive," she said.
She noted sectors that her government has identified for aggressive development, based on a traditional resource base, competitive advantages, market penetration and global business trends. These include:
She noted sectors that her government has identified for aggressive development, based on a traditional resource base, competitive advantages, market penetration and global business trends. These include:
- Food & Beverages
- Seafood
- Production of movies
- Music and Entertainment
- Printing and Packaging
- Merchant Marine
- Yachting
- Tourism
- ICT
- Financial Services
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