"There is much to be gained from the existing double taxation treaty between Trinidad and Tobago and the Kingdom of Spain," said Spanish Secretary of State for International Co-operation and Latin America Jes�s Gracia Aldaz in his address at the First T&T�Spain Partnership Forum at the Hyatt Regency in Port-of-Spain.
The event was co-hosted by InvesTT Limited, the country's investment promotion agency with the Embassy of Spain in T&T.
Aldaz said the existing commonalities of both countries augured well for maximizing the benefits to be gained from a partnership. Among the recommendations made at the Forum was an opportunity for local manufacturers to explore the Spanish market via a trade mission. In his address, Trade Minister Vasant Bharath highlighted T&T's potential to be globally competitive through transformational change.
InvesTT is the go-to resource for information on new business opportunities, linkages with local private companies or government agencies and for ratifying obstacles that arise in the business process.
Stacy Adams, vice president-Investor Services at InvesTT said: "This mutual collaboration is the beginning of a long-lasting relationship between InvesTT and the Embassy of Spain, as well as the Spanish companies that are already established here."
She said the agency stands ready to ensure investors have a positive experience which they can share with other potential investors from their home country.
The partnership comes at an opportune time for both countries as Unctad's World Investment Report 2015 said between 2004 and 2013 Spain ranked as the third highest contributor at 8.5 per cent of the total flows of the global foreign direct investment to Latin America and the Caribbean.
Jos� Mar�a Fern�ndez L�pez de Turiso, Ambassador of Spain to T&T reiterated the Spanish Secretary of State's interest in doing business with non-traditional countries .