The visit of US Deputy Secretary of State Christopher Landau has produced something Trinidad and Tobago badly needs: affirmation that international investors continue to see this country as a fertile and economically attractive place in which serious business can be done.
That signal should be welcomed.
The agreements announced during Mr Landau’s visit include plans involving the restoration of the former ArcelorMittal steel plant at Point Lisas, a fuel-storage and bunkering terminal, and the development of the Manakin-Cocuina gas field.
Government has also pointed to the potential for new jobs, greater energy security and stronger non-energy exports.
For an economy seeking to move beyond its dependence on oil and gas, these are important developments.
The IMF expects Trinidad and Tobago’s economy to grow by only 0.8 per cent in 2026.
Energy-sector output is projected to contract by 4.5 per cent, while non-energy activity is expected to grow by 2.6 per cent. Official foreign-exchange reserves are projected at about US$4.8 billion, equivalent to 5.5 months of import cover.
These numbers explain why an investment that creates jobs, earns foreign exchange and expands the productive capacity of the economy matters.
The proposed revival of the steel industry is particularly significant.
The closure of the ArcelorMittal plant in March 2016 was not simply the loss of a factory.
It displaced an estimated 644 workers and affected businesses and downstream manufacturers that depended on the plant.
A Central Bank study found that the closure also affected downstream companies, including CENTRIN, which was forced to import raw materials previously supplied locally.
Today, the Government has said the proposed steel plant's revival could generate about US$1.5 billion annually, while the initial investment is expected to be US$50 million, potentially rising to US$150 million.
If those projections materialise, the benefits will extend far beyond the plant's gates.
Jobs will be created, contractors and manufacturers will have new markets, exports can increase, and Point Lisas can once again become a competitive hub for industrial activity.
But with opportunities of this scale comes a responsibility that cannot be overlooked: the public must be kept informed.
The Government cannot ask citizens to celebrate major investments and agreements while providing only broad outlines of what has been negotiated.
This is not an argument against the deals but about the transparency that should accompany them.
Post-Cabinet news conferences have dried up, and journalists and citizens have too often had to rely on statements rather than direct answers to reasonable questions.
There are legitimate questions to be asked about any large investment: Who carries the risk? What does the country contribute? What concessions are being granted?
The United States rightly places a high value on transparency and accountability in public affairs. Trinidad and Tobago should expect no less of itself.
We welcome American investment, jobs, foreign exchange, industrial renewal and deeper economic ties with a close and important partner.
But openness must be part of the investment package.
