She told delegates that the two-day CIF brought together investors and industry leaders who discussed key sectors, ranging from ICT, to Downstream Energy, Food & Beverages, the Creative Industries, Tourism, and much more.
"These are all key areas for investment within this region and we are confident that there will be new foreign direct investment in Trinidad and Tobago as a result of the CIF, as discerning international investors have now been exposed to the very real business opportunities available in this country and the Caribbean," she said.
She noted that it is projected that such investment to the Caribbean and Latin America would rise by unprecedented levels of between 15 per cent and 25 per cent, citing data from ECLAC, the economic Commission for Latin America.
"The goal of the Caribbean Investment Forum was to draw upon the combined strengths of the Commonwealth and the Americas to optimize trade and investment opportunities, and I believe we have achieved our aim," she said.
Persad-Bissessar said the global economic crisis has demonstrated that Trinidad and Tobago must enhance its global trade ties to ensure that there are no large scale negative developments. "This is why I am so excited and energized by the new opportunities that have been created by the CIF," she added.
"Having successfully weathered the global economic storm, and recorded positive growth for 2010, we are now poised for future growth. We must take every opportunity to address the inefficiencies in our economic structure.
"And we must be extremely cognisant that we are indeed poised for greater levels of investment, with many lucrative opportunities awaiting the discerning investor."
Persad-Bissessar assured the business delegates that her government is committed to working with the local and regional private sector to foster the increased economic activity to generate adequate levels of wealth and employment, to maintain ongoing development and to help the region move past the economic slowdown.
She said the annual CIF is just one of many initiatives that her administration has undertaken in its efforts to up new avenues for investment. She outlined reasons for investors to consider Trinidad and Tobago an excellent investment destinations:
- An open, free market economy
- a vibrant democracy
- a skilled work force
- proper business practices
- a strong and growing ICT infrastructure
- respect for property and profit rights
- very attractive and competitive investment incentives.
"In Washington and London we pursued a strategy of positioning Trinidad and Tobago as a conduit, a link between the Commonwealth and the Americas, while in Brazil we sought to promote south-south trade – and did so very successfully."
Persad-Bissessar noted the growth of the Trade & Investment Convention (TIC) began as a totally local, relatively small event aiming to showcase Trinidad and Tobago’s manufacturing sector.
"Today’s TIC features 200 exhibitors, hundreds of international buyers and, I am told, more country pavilions than ever before. China is here, so is Brazil, Spain, Germany, France, Costa Rica, the UK, the Dominican Republic, Puerto Rico, and many more. Here you have, fully realised, the understanding that Trinidad and Tobago is the place to be for business!"
She expressed "excitement" about the level of international business at TIC but at the same time observed that about 60 per cent of the businesses represented are from Trinidad and Tobago.
"Before I came into office, I watched with dismay as the relationship between the then administration and the business sector became progressively more adversarial. I heard manufacturers dismissed as timid, as risk avoiders. I heard the business sector of this country blamed for ‘not stepping up to the plate’.
"Well ladies and gentlemen, I beg to differ. And the evidence is on my side. T&T’s businesses came out in full force for CIF. They were there seeking new opportunities and they were absolutely ready to shoulder the risk that comes with making those opportunities a reality."
She said business in Trinidad and Tobago struggled against the odds but they persisted and followed their vision in order to become successful. "They are living proof that Trinidad and Tobago is a place where dreams can be fulfilled – opportunities can be fully grasped - with perseverance and a bit of imagination."
She praised the country's manufacturing sector's "long and proud history of success, dynamism, and determination.
Persad-Bissessar noted the growth of the Trade & Investment Convention (TIC) began as a totally local, relatively small event aiming to showcase Trinidad and Tobago’s manufacturing sector.
"Today’s TIC features 200 exhibitors, hundreds of international buyers and, I am told, more country pavilions than ever before. China is here, so is Brazil, Spain, Germany, France, Costa Rica, the UK, the Dominican Republic, Puerto Rico, and many more. Here you have, fully realised, the understanding that Trinidad and Tobago is the place to be for business!"
She expressed "excitement" about the level of international business at TIC but at the same time observed that about 60 per cent of the businesses represented are from Trinidad and Tobago.
"Before I came into office, I watched with dismay as the relationship between the then administration and the business sector became progressively more adversarial. I heard manufacturers dismissed as timid, as risk avoiders. I heard the business sector of this country blamed for ‘not stepping up to the plate’.
"Well ladies and gentlemen, I beg to differ. And the evidence is on my side. T&T’s businesses came out in full force for CIF. They were there seeking new opportunities and they were absolutely ready to shoulder the risk that comes with making those opportunities a reality."
She said business in Trinidad and Tobago struggled against the odds but they persisted and followed their vision in order to become successful. "They are living proof that Trinidad and Tobago is a place where dreams can be fulfilled – opportunities can be fully grasped - with perseverance and a bit of imagination."
She praised the country's manufacturing sector's "long and proud history of success, dynamism, and determination.
She pledged that under her watch, "Trinidad and Tobago will always prove to be a nation that promotes prosperity, facilitates innovation, creates wealth, promotes democratic governance and most importantly, improves the standard of living for all our citizens."
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