Trade Minister Vasant Bharath said regulatory reforms over the past year helped T&T advance 12 spots in the just released 2014/2015 Doing Business Report.Bharath, who commented on the country's improved showing in the global rankings when he addressed the T&T Free Zones Company Limited's (TTFZ) 25th Anniversary business dinner on Wednesday, said the Trade Ministry had been working to improve the ease of doing business in T&T for potential investors."We are now one of the top ten reformers in the world among the 21 economies with the most reforms making it easier to do business in," he said."The report added that being recognized as top improvers shows that thanks to serious efforts in regulatory reform in the past year, they made the biggest advances toward frontier in regulatory practice."
The minister added: "As our economy continues on its growth path, investors will be attracted to do business here and we must provide the enabling environment and incentives to do so and the inherent advantages to the investor for locating within a free zone are innumerable."Advantages include total exemption from customs duties on capital goods, spare parts, raw materials, etc; no import or export licensing requirements; no land and building taxes; no fees for work permits and no VAT on goods supplied to a free zone.Citing examples of companies who have benefitted from operating in a free zone area, the minister said Oldendorff Carriers T&T Limited an offshore project and the first of its kind for the free zones programme, had recently celebrated their first quarter of operations, The company has expanded its business beyond iron ore and is now transhipping bauxite and providing employment for more than 100 people, Bharath said.
Transport Minister Stephen Cadiz, the MP for Chaguanas East congratulated TTFZ on the work they have done for businesses over the past 25 years. He also calledl for more attention to be placed on the Chaguanas area stating that it "is the place to do business in T&T and we welcome new investment."
"The Chaguanas Borough provides any manufacturer or business with wonderful opportunities being close to the Port of Point Lisas and offering a well-educated and skilled population to be utlised in their workforce." he said.TTFZ chairman Kelly Bainey spoke of the company's recent successes, including establishment of five new free zone enterprises which have together contributed US$135 million in start up investments to the local economy, generating revenues of more than US$100m and created employment for approximately 600 people.