Some 15 local manufacturers from the food and beverage, printing and packaging, and textiles sectors currently are on a trade mission in The Bahamas, exploring business opportunities there.
The trade mission, which runs from April15-19, 2024, also is seeking to build upon existing trading relationships and establish new strategic business and logistical contacts with potential suppliers of raw materials and finished products.
It is organized by the Trinidad and Tobago Manufacturers’ Association (TTMA) and supported by the Ministry of Trade and Industry (MTI), exporTT, and the EximBank of Trinidad and Tobago.
According to a statement from the Ministry, this Trade Mission is important to Government’s mandate of creating internationally competitive firms in the non-energy manufacturing sector and diversifying trade in accordance with the country’s development strategy, Vision 2030.
The Trade Mission comprises a Doing Business Seminar, Business to Business (B2B) meetings, as well as a tour of retail trade activities. The Doing Business Seminar will provide an overview of doing business in The Bahamas, while the B2B sessions will allow the T&T private sector to engage in discussions with companies in The Bahamas and provide opportunities for the initiation and continuation of trading relations.
At the Doing Business in Bahamas Seminar on Tuesday, April 16, 2024, MTI’s Assistant Director of Trade Promotion and Development, Neville Alexander, highlighted the long-standing trading relationship between both countries, as well as the historical, cultural and socio-economic ties they share.
“We believe that there is an opportunity for both countries to trade more in the light manufacturing, food and beverage and agriculture sectors,” Alexander said.
Companies participating in The Bahamas Trade Mission are: Langston Roach Industries; BriCha Limited; Kaleidoscope Paints Limited; ASA Enterprises (Oh Snacks); Media InSite; Pepe’s Marketing; CGA Limited; Electrical Industries Group; National Canners; RHS Marketing (Karibbean Flavours); Mecalfab Ltd; DSB Marketing; and Caribbean Airlines.
The Ministry notes that The Bahamas is T&T’s eighth largest export market and its 12th largest source of imports in CARICOM. Between 2019 and 2022, T&T maintained a favourable trade balance with The Bahamas, averaging TT$ 156.4 million in exports and just over TT$ 360,000 in imports, annually.
“Over the period, Trinidad and Tobago’s positive trade balance with The Bahamas improved significantly, growing from TT$ 15.5 million in 2019 to TT$ 350.9 million in 2022, due to an increase in energy and steel exports,” the trade ministry reports.
It noted: “The main exports to Bahamas in 2021 and 2022 comprised non-energy products such as steel bars and rods, insecticides, non-alcoholic beverages, paper products and chocolates as well as energy products such as petroleum oils and liquefied propane.”
The Bahamas continues to be an important intra-regional services trading partner for this country. Tourism is a vital component of Bahamas’ economy, contributing significantly to its exports and foreign exchange earnings.
Tourism and related services account for 70 percent of the country’s GDP and employ just over half the workforce. As such, the MTI observes, there exists an opportunity for bi-lateral collaboration to grow the Tourism Sector and tourism related sub-sectors such as the Food & Beverage, Printing and Packaging, and Household Chemicals in both countries.