radhica.sookraj@guardian.co.tt
As the Government moves towards the establishment of Special Economic Zones (SEZ) to stimulate economic growth, India’s High Commissioner to T&T, Arun Kumar Sahu, has pledged support, saying there are lucrative opportunities in this country.
Speaking at a business seminar organised by the Greater San Fernando Chamber of Industry and Commerce on Saturday, Sahu said India has been pursuing investment opportunities throughout the Caribbean.
“I see opportunities for industry diversification and investment in information technology, agro-processing and new energy, especially wind and solar power,” Sahu said.
He added, “I have personally visited the Tamana e-Tek park and interacted with the president of InvestTT. Our investors offer opportunities to make an inroad into the entire Caribbean market.
“All Indian ambassadors in the region are constantly working to put up the necessary institutional mechanisms to facilitate any ventures. For example, we are working closely with Grenada to strengthen our cooperation in the agriculture sector.”
In Guyana, Sahu said India was exploring a term contract to purchase crude oil and acquire oil blocks in the future.
“There are other vital sectors, including tourism, medical tourism, textiles and garments, fashionwear and ethnic wear, automobile and electrical machinery, Ayurveda, traditional medicine and wellness, film, music and entertainment,” he said.
He said India was an energy-hungry country.
“As we push rapid economic growth, our energy demand also increases proportionately,” Sahu said.
Meanwhile, GSFCC president Kiran Singh said local entrepreneurs were interested in exporting Trini doubles and saheena to India.
He also said India exports to T&T in 2020 were estimated at US$71 million.
“Pharmaceuticals account for the largest percentage of imports from India. Of course, apparel, textiles, plastics, jewellery and stationery products are also of significant value in terms of trade,” Singh said.
He added, “It is to be expected that while India would want to increase trade through exports. T&T would also want a favourable balance of trade by deepening our exports to India and widening the categories of goods which can be exported.”
With the coming on stream of the SEZ (Special Economic Zones), Singh said this would be a further catalyst to deepen investment in T&T from foreign nationals.
“The investment treaties which were signed some years ago have served as precursors to creating a favourable investment climate in T&T. The Bi-lateral Investment Treaty (BIT) and the Double Taxation Treaty are tabled for discussion. Revitalising them will generate investor confidence in our shores,” he added.
Also attending the meeting was San Fernando Mayor Junia Regrello, who welcomed increased business opportunities for the entrepreneurs in the southern city.