Investing in T&T

Why invest in Trinidad and Tobago?
In addition to having the most dynamic economy in the English speaking Caribbean, T&T has emerged as one of the major players in the multilateral trading system with one of the highest Foreign Direct Investment (FDI) rates in the region. T&T is one of the most prosperous, highly diversified and industrialized countries in the Caribbean, and a dominant player in CARICOM. While our economy is energy based, with large exports of oil, gas and downstream energy products, we have a strong industrial base, and a deeply entrenched manufacturing and services sector, especially financial services. The Government is pursuing a path of economic diversification to reduce its dependence on these resources and as such have put in place in a variety of incentives and policies creating an extremely investor friendly environment which can yield significant benefits for firms wishing to invest.

Strategic Location
Trinidad and Tobago is ten (10) kilometers from Venezuela, which places it at the gateway to the South American mainland. The major cities of North America are only a few hours away by airplane. This is a particular advantage, especially when viewed in combination with the number of trade agreements to which this country is a signatory, and creates tremendous potential for the transformation of Trinidad and Tobago into an international centre for trade and transport.

Access to a wide Array of Markets
Trinidad and Tobago is part of the Caribbean Community (CARICOM) which has an estimated population of 6.4 million. In addition, investors have access to a number of regional markets through a number of bilateral trade agreements between CARICOM and countries such as the Dominican Republic, Venezuela, Colombia, Cuba and Costa Rica.

English Speaking
English remains the country’s official language. However, Spanish has been deemed as the first foreign language. The Government has spearheaded this initiative as the country forges closer links with Latin America and other Spanish speaking Caribbean neighbors.

Macro-Economic Stability
According to the Review of the Economy 2009, Trinidad and Tobago’s Gross Domestic Product (GDP) continues to show substantial growth rates. Although the energy sector continues to be the driver for economic growth, the non-energy sector has maintained a growth rate in excess of 3.7% over the period 2004 to 2008. It contracted only slightly by 0.9% in 2009 due to the global economic crisis. The manufacturing sector has had consistent growth rates over 8% during 2004 to 2007 and growing by 5.2% and 2.8% in 2008 and 2009 respectively.

Competitive Corporation Tax Rates
Companies enjoy competitive tax rates from as low as 25% for businesses in the non-energy and 35% in the energy sector.

Low Energy Cost
Trinidad and Tobago has one of the lowest energy costs in the region which continues to be a major attraction for manufacturing entities.

Foreign Exchange Stability
Although the Trinidad and Tobago dollar was liberalized in 1993, the exchange rate to the US Dollar has averaged $US 1 to $TT 6.30 over the past ten years.

Developed Manufacturing Sector
There is a well-developed manufacturing sector both in the energy and non-energy sector. This provides vast potential for joint-venture cooperation. More information can be accessed from the Trinidad and Tobago Manufacturers’ Association.