The Government is presently working to complete a partial scope trade agreement with Panama as part of another move to tap into the Central American market. It's against that backdrop that Prime Minister Kamla Persad-Bissessar has stated this reciprocal trade agreement will allow a limited number of products from T&T to enter the Panamanian market. That's part of Persad-Bissessar's message in the 2011-2012 edition of the just-published Business T&T Magazine, a production of Prestige Business Publications.
In her message, Persad-Bissessar said that the Government aims to position T&T, with its wealth of experience and highly skilled workforce, as the energy services hub supplying services to the Caribbean, Latin America and Africa. In the latest issue of Business T&T, Stephen Cadiz, Minister of Trade and Industry, outlined measures the Government is adopting to make local and foreign investment in the country more attractive.
In an article titled, T&T's Investment Priorities, Cadiz stated: "We support investment equally-whether local or foreign-and are in the process of revamping the Foreign Investment Act to make investing even more attractive." Cadiz said as part of the exercise to reduce bureaucracy for those interested in investing in T&T, the Government is moving towards implementing TTBizLink, an information technology platform known as the Single Electronic Window (SEW). The Government is implementing SEW in conjunction with the Singaporean company, CrimsonLogic.
TTBizLink offers such services as company registration, duty-free concessions and cargo manifests. "TTBizLink will reduce the number of days for these transactions, which will range from 15 to 30, down to one week, and, eventually two to three days." Dr Morecia-Kim Ortega, senior consultant, PricewaterhouseCoopers Advisory Services Ltd, in a piece titled, T&T, Business Leader of the Caribbean, outlined this country's economic growth, setting it apart from its regional partners. Ortega said that net inflows of foreign direct investment in 2005 was US$0.94 billion and peaked at US$2.8 billion in 2008.
"Overall, net inflows of foreign direct investment have been consistent over the period 2005-2009, with a median value of US$0.88 billion," Ortega stated. "In addition, a sound banking system, strong investor protection, tax legislation that supports foreign investment and a prime geographic location between North and South America, all combine to give T&T a competitive advantage over many of the other Caribbean islands," Ortega wrote. The magazine is published by Richard Lewis and Keith Miller.
In an interview, Lewis said the main purpose of the annual publication, the fourth edition, was to serve as a tool to attract foreign investment to the country as the content of the magazine discusses the competitive advantages of the country, specific areas of opportunity and the general business environment as of the date of publication. "It has had a strong impact because of the kinds of people it is given to: foreign visitors, conference attendees, foreign diplomatic missions here and T&T's diplomatic missions abroad," said Lewis.
Asked if the publication paints an overly rosy picture of T&T as an investment location, Lewis said: "The negative aspects of T&T-such as the crime situation and the bureaucracy-are well known through the international media and other channels of communication. "What may not be as well known are some of the positive developments that have taken place and are taking place in the country. "The expectation is that Business T&T will create that overall balanced picture for a serious investor."
The publication is part of the portfolio of publications of Prestige Business Publications, which includes the Who's Who in T&T, which focuses on generating business locally, while the company's strategy is for Business T&T to generate business from foreign investors. The glossy magazine is published at a profit as a result of the advertisements. "We get very good co-operation from people who want to speak to potential foreign investors." Business T&T will be distributed at the Caribbean Business Forum and the Trade and Investment Conference starting at the Hyatt Regency hotel next week.