The T&T Chamber of Industry and Commerce will be leading its first trade mission to Cuba next month.
CEO Catherine Kumar confirmed that the mission would take place June 11 and 12. She said Cuba is an attractive market for T&T, especially as an economic partnership agreement is in place between the two nations.
Kumar said the time has come for T&T businesses to capitalise on the Cuban market. Following a seminar on Cuba hosted by the Chamber earlier this week, Kumar said a new foreign investment act would stimulate investment on the island.
"Businesses will be able to take advantage of some of the incentives.
"A very attractive one is the reduction in corporation tax on profits," she said.
Kumar said market access was important, so talks on air transportation had started with Caribbean Airlines.
She said: "Right now to go to Cuba, the most feasible way is to use Copa Airlines via Panama then to Cuba. It takes a while. If we can get a direct flight to Cuba it will help with some of the logistics, make life a lot easier and make flying time a lot easier as far as getting there and returning."
Kumar said a combination of several factors was making Cuba a more attractive market for T&T business.
"Even though the US has removed some of the restrictions, eventually removing the embargo would be a great incentive to open up Cuba. What made it difficult to do business with Cuba is the restriction. If you are doing business with the US you cannot do business with Cuba," she said.