She was delivering the feature address at AMCHAM's 19th Annual General Meeting and Luncheon in Port of Spain.
"You do your part, and have confidence that my Government will take firm hold of its responsibility to promote the enviable record of Trinidad and Tobago as an investment destination," she said. "Let us therefore move forward as partners."
Persad-Bissessar added, "The time for dreaming of the future is over. Our task is to deliver the future."
She noted the American contribution to the economy of Trinidad &Tobago, pointing out that the U.S. remains the single largest foreign investor in Trinidad and Tobago, primarily in the energy sector.
"In 2009, total U.S. foreign direct investment (FDI) inflows to Trinidad and Tobago amounted to US$468.8 million," she stated, adding that the U.S. investments represent two thirds of total FDI to Trinidad and Tobago.
She spoke of her government's priorities and its determination to move away from dependence on oil and gas through "a comprehensive and robust programme of diversification".
Persad-Bissessar said that is why the Ministry of Trade and Industry has created InvestTT to be the country's principal investment promotion agency, with a mandate to aggressively enhance and expand Trinidad and Tobago’s non-oil and gas sectors.
"The key sectors targeted for expansion and for which InvestTT will be aiming to attract investment into Trinidad and Tobago are:
- Information Communications Technology (ICT)
- Light Manufacturing
- Clean Technology (including renewable / alternative energy)
- Logistics/ Merchant Marine
- Creative Industries
She noted her recent visit to Panama during which her delegation signed a Memorandum of Understanding (MOU) with the Panamanian Government for the export of propane, bitumen, natural gas, cement, ceramic and clay tiles, steel products and other goods to Panama under preferential tariff arrangements.
The two countries also signed a Partial Scope Trade Agreement, which would allow for further trade expansion.
Persad-Bissessar also stated that her government plans to expand its trade relations with Guatemala "as we continue to build partnerships with the countries of Central America."
She added, "I also noted that Guatemala has managed to reduce its food imports from 70% - 38%. This is of great interest to us, as we seek to grow our agricultural sector."
She said that from April 11 to 13, Trinidad and Tobago will start the first round of negotiations on a Partial Scope Agreement with Guatemala. It will be followed from April 16 -19 by a Trade Mission to Guatemala.
Persad-Bissessar stated that the government is also focusing on El Salvador, with plans for negotiating a Partial Scope Agreement in the near future.
"Latin America must be seen as the new frontier for South/South Trade opportunities. As you know Trinidad and Tobago already has substantial trade agreements with Brazil, Argentina, Colombia and Venezuela," she stated.
"As a Government we see ourselves as the enabler of business and the architect of opportunities for the business sector; not as a business competitor with the private sector. So together we can be partners in the development process.
"I will continue to encourage and facilitate business delegations to accompany me or other ministers on Missions to market Trinidad and Tobago. This was done last year with Brazil and again this year with India and in the future to China.
"The results are well worth it. We have to brand Trinidad and Tobago. We have to go out there and aggressively market Trinidad and Tobago."
Persad-Bissessar also told her audience that CARICOM remains a critically important area of interest for her government and pledged support for the regional intergration movement. "If the markets in CARICOM fail, we will fall," she said.
She noted that there is a trade imbalance in favour of Trinidad & Tobago, which she hoped to correct.
"We are also looking to assist our Caribbean neighbours with reducing their current expensive energy costs. At the recently concluded 23rd Inter-Sessional Conference of Heads of CARICOM, Trinidad and Tobago was highly recognised for our advances to construct the Eastern Caribbean gas pipeline," she said.
"This pipeline will start at the Cove Industrial Estate in Tobago and move towards Barbados before turning up to the Eastern Caribbean."
She said CARICOM is about to enter a new era of development. "The sleeping potential of the CARICOM giant is therefore stirring and there is a great deal of opportunity and activity to look forward to within our own CARICOM Region," she stated.
She concluded by pointing out that Trinidad and Tobago is unparalleled in the Caribbean as an investment option. "From the modernisation of our air and sea ports to networks to our networks of roads and highways; we must demonstrate state-of-the-art infrastructure," she said.
She added that she will be taking a note to cabinet for a restructured national roads rehabilitation programme, pointing out that the urgent demands of citizens for relief road works will not be ignored by Government.
"For far too long there seems to have been calculated and wanton neglect of the calls of our citizens for an improved road system. So we want to make a difference. My Government now prepared to change that scenario.
"Once the proposal is approved by Cabinet, what we will have operating in Trinidad and Tobago is the close and systematic monitoring of the condition of roads, drains, landslips embankments and other related infrastructure across Trinidad and Tobago."
She urged AMCHAN to communicate to their colleagues across Latin America that Trinidad & Tobago remains a stable and healthy democracy with a fertile business environment for foreign investment.
"Impress upon them the number of trade agreements we have with countries in Latin America and the preferred entry to Canada and the EU of products produced in Trinidad and Tobago.
"Highlight to them our excellent air transport links from North and South America, as well as from Europe and the Caribbean Countries, via our own Caribbean Airlines and the merged Air Jamaica.
"Speak proudly of the innovative spirit, strong cultural grounding and aggressive pursuit of knowledge growth possessed by our cosmopolitan people," she said.
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