The Caribbean Investment Forum (CIF) presents the ideal opportunity for T&T to showcase the benefits of its geographical location. Our position on the peripheral region of the Americas has allowed us to host major transnational meetings including the Summit of the Americas and the Commonwealth heads of government meeting. As a result, the Caribbean region now more than ever is well positioned to serve as a conduit to strengthen the economic relationship between the Commonwealth and the Americas, given our growth in popularity as a trade hub and growing business destination.
So how does T&T market itself as an economic catalyst to the Americas and the Commonwealth? In her recent engagements to the United Kingdom, Prime Minister Kamla Persad-Bissessar alluded the country to a diamond that needs to polished, she maintained that now is the time for foreign investments as the country offers an attractive tax rate, trained workforce, competitive labour costs, growing manufacturing estates, containerised ports and a tremendous energy capital.
Empowering private sector
Outside of the Prime Minister's overarching aim we have to consider the following conditions. Firstly, through the last 30 years of educational reform, industrialisation and energy sector expansion, the country has the capacity in terms of labour and capital for multinational corporations to take advantage of. Secondly, with a stable democratic system and consistently high credit rating, the low cost of energy can be translated into long-term cheaper costs of production, ultimately fostering more competitive goods.
Thirdly, our competitive goods can be moved into one of the largest markets-South America. Finally, investors can also utilise the full complement of trade agreements between T&T, the Americas, the Commonwealth and the rest of the Caribbean, which have lifted many trade barriers. Beyond the investment opportunities, the collaboration between the Ministry of Trade and Industry and the Commonwealth Business Council reflect the drive to increase the growth of the local private sector and strengthen the domestic economy.
The beauty of this approach as a facilitator rather than an investor and competitor is further testament to the Government's philosophy to empower the private sector. The CIF, according to Stephen Cadiz, Minister of Trade and Industry, will consist of various sessions designed to engage private sector leaders, policy makers and business representatives in ongoing dialogue within specific business areas.
Facilitating trade
It will facilitate the process of trade, business and investment. The key areas of focus will include information and communications technology (ICT), downstream energy, food and beverages, creative industries and tourism, among others. Based on prior research, it has been shown these are key areas for investment within the region.
Major networking opportunities, a venue to explore new business and investment projects, a focus on emerging market trends in the Americas and the Commonwealth, and a place to share success stories and learn about current business development and new approaches are all benefits of the Forum which have been identified by the Caribbean Business Council.
The Investment Week will offer significant opportunities to local and regional firms which participate. A special invitation is extended to small and medium enterprises as well as entrepreneurs, given that the Forum offers a wide range of products and services with the potential to expand business operations as well as the support necessary to translate an idea into a viable business opportunity.
These resources include seminars, financing companies, information technology (IT) solutions, business development organisations and management consultancy amongst others. The chamber strongly believes that these inherent advantages will stimulate an invaluable exchange of ideas and approaches to conventional challenges, ultimately, raising production and improving competiveness within the region.
Export thrust
The chamber fully endorses the inaugural Caribbean Investment Week, in keeping with our commitment to partner with the Government in its efforts to encourage local business development and an export thrust. We are proud to work alongside the Ministry of Trade and Industry, the Commonwealth Business Council, the T&T Manufacturers' Association and all other business organisations as we unite resources to make this the most successful investment event in the Caribbean.
Caribbean Investment Week begins with the Caribbean Investment Forum which takes place over June 13-14, 2011 at the Hilton Trinidad and Conference Centre, Port-of-Spain and then the Trade and Investment Convention at the Hyatt Regency Trinidad hotel hosted by the TTMA from June 15 to 18.
For more information, please call us at the T&T Chamber of Industry and Commerce at: 868-637-6966.
T&T CHAMBER OF INDUSTRY & COMMERCE