Jul 2010 Financial News

T&T’s ready for investors

Jul 13, 2010

Prime Minister Kamla Persad-Bissessar yesterday sold to T&T as the destination of choice for the discerning investor. Speaking at a business luncheon in Fort Lauderdale, Miami, yesterday, Persad-Bissessar said. “In addition to a strong stable democracy, skilled workforce, a vibrant financial system, duty exemption, tax-free holidays, a one-stop approval office, our strategic location as a central transshipment point in the Western hemisphere, a real gross domestic product growth of eight per cent over the last decade, all combine to make T&T the destination of choice for discerning investor,” she said. “We are aware that the work of diversifying the T&T economy will take time before significant results are realised. Nevertheless, as an investment option, T&T is unparalelled in the Caribbean. I stated earlier that T&T is ready for your business.” Stating that T&T strives to be competitive in the global environment, the Prime Minister said investors to this country will enjoy access to other external markets.

“Currently, there exist formal trade agreements between T&T and Costa Rica, the Dominican Republic, European Union, Colombia and Venezuela. In addition, T&T as part of Caricom, is currently negotiating a trade and development agreement with Canada, which is expected to be completed in 2011.” Persad-Bissessar, whose Miami stop was her last since she left Trinidad to attended the 31st Caricom heads of government meeting in Montego Bay, Jamaica, last week, reported that the Caribbean Basin Trade Partnership Agreement has been extended to 2020. “We continue to work, as part of Caricom, to negotiate a trade and investment framework agreement with the United States to incorporate the area of services, which is expected to be completed by year’s end. She added that the T&T Government has already identified several sectors which would welcome and encourage investment and that the industrial policy detailing these elements are currently being prepared.

“Right now business opportunities exist in the cultural and entertainment sector, ethnic products, food processing, the maritime industry, service industries, biotechnology, pharmaceuticals and food production. We have a number of projects, all local amounting to approximately one billion dollars which are expected to be concluded within a month,” she said. She said T&T will ensure that there continues to be the enhanced formal framework between T&T and the United States to facilitate US business persons in doing business in T&T. “We are happy that the Caribbean Basin Trade Partnership Agreement (CBTPA) has been extended until 2020. In the meanwhile we continue to work, as part of Caricom to negotiate a Trade and Investment Framework Agreement (TIFA) with the USA to incorporate the area of services. This is expected to be completed by the end of 2010.”


Source:
Trinidad Guardian
Tuesday July 13, 2010

http://guardian.co.tt/business/business/2010/07/13/tt-s-ready-investors