Creating enabling investment environment top priority for T&T, Bharath tells Chinese investors

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Minister Vasant Bharath greets one of the potential investors at the Business Forum, Shanghai

Trade Minister Vasant Bharath told Chinese investors in Shanghai on Thursday a top priority for the Government of Trinidad and Tobago is the creation of an  "enabling environment" for doing business and capitalizing on investment opportunities in the country.

Bharath was speaking at a business forum jointly sponsored by InvesTT and the China Council for the Promotion of International Trade (CCPIT) at the Portman Ritz Carlton Hotel in the city. It was the second of three such events during the state visit to China by Prime Minister Kamla Persad-Bissessar aimed at promoting Trinidad and Tobago to potential Chinese investors.

Bharath stated that the visit shows the high degree of importance the Government of Trinidad and Tobago places on its commercial relations with the world’s largest exporter. He added that the future economic progress of the Trinidad and Tobago lies in part in deepening its economic linkages with China. 

"We have noted with great interest that in 2013, China invested approximately US$20Billion in Latin America and the Caribbean and are hopeful that our country can be a recipient of a larger portion of these flows," the minister said. He urged investors to aggressively pursue investment opportunities in Trinidad and Tobago. "Chinese companies are outbound and seemingly on a mission," he said, noting that China’s outbound direct investment increased by 16.8% to $90.17billion last year.
 
The Trade Minister also highlighted the Financial Services Sector as a key sector for investment, noting that Trinidad and Tobago is seeking to develop an International Financial Centre especially since the country is recognized as the financial capital of the Caribbean Region. He said, "We are specially seeking to develop a Financial Institution Support Services Industry (FINeSS) and currently provide a range of attractive fiscal incentives to encourage this type of economic activity."

PM Kamla Persad-Bissessar, Minister Bharath, Cen Furong, Chairman of CCPIT Shanghai Sub-Council (2nd left) and two persons who attended the Business Forum

The Prime Minister identified the seven business clusters for diversification:

1. Maritime
2. Downstream Energy
3. Food Sustainability
4. Creative Industries (film, fashion, music)
5. Tourism
6. Sports
7. Financial Services

She told the investors, "Come to Trinidad and Tobago to do business." 

On Friday Bharath will lead a Trinidad and Tobago Business delegation to Guangzhou to host the third and final Business Forum, with an expected 100 plus potential business investors.