7 reasons to invest in Trinidad and Tobago
Trinidad and Tobago has earned a reputation as an excellent investment site for international business. T&T's economy is stable, and growth prospects are due to its favourable demographics, resilient economic structure, strategic location, stable political climate and continued investment in infrastructure.
1. Economic strengths
T&T is one of the wealthiest and most-developed nations in the Caribbean and has one of the highest growth rates and per-capita incomes (US$18,010) in Latin America and the region. T&T’s economy is the most diversified in the English-speaking Caribbean and is seen today as the industrial and commercial capital of the Caribbean. The government is committed to actively encouraging foreign investment. Foreign ownership of companies is permitted and welcomed under the Foreign Investment Act (1990). U.S. companies operating in T&T span many sectors, including banking, aviation, energy and manufacturing. T&T’s economy is driven largely by its oil and gas sector, but the government is committed to generating economic growth through economic diversification. Target sectors include financial services, tourism, ICT, creative industries, renewable and downstream energy, maritime industries, manufacturing and agriculture.
2. Strategic location
T&T is in a geographically important location, enabling the country’s transformation into an international centre for trade and transport. T&T is located at the “heart” of the Americas, off the northern edge of South America, just off the northeastern coast of Venezuela, and serves as a gateway to Latin America, the U.S. and Canada. The country is perfectly situated to capture a share of expanding trade between South America and the Pacific Rim countries—acting as a relay point for business in either region seeking to trade with Europe or redirecting cargo through the Panama Canal.
3. Quality of life
With the region’s highest standard of living, T&T combines breathtaking natural beauty, recreation and a vibrant, diverse, cosmopolitan culture. The people of T&T like to socialise, and foreign visitors are warmly received. The population’s friendly demeanour provides an amicable atmosphere for business discussions. The tropical climate of the islands encourages both land and waterborne activities, from cricket, cycling and hiking, to boating, windsurfing, scuba diving, surfing and kayaking. Every year, the island’s bright and colourful Carnival, one of the most popular such events in the world, attracts close to 40,000 visitors.
4. Political stability
T&T is a stable democracy that maintains close relations with its Caribbean neighbours and major North American and European trading partners. T&T is an independent republic that preserves the Westminster tradition of parliamentary democracy upon which the constitution is based. T&T is a member of the United Nations (UN) and actively supports CARICOM economic integration. In early 2006, T&T, in conjunction with the larger CARICOM nations, inaugurated the CARICOM Single Market, a precursor to the full CARICOM Single Market and Economy.
5. Qualified workforce
T&T’s English-speaking, educated population and well-established industrial sector has created an advanced workforce primed for the global marketplace. The population is highly skilled, with a literacy rate of 98 percent and more than 7,000 tertiary-level graduates every year. There are many vocational schools and skills training programs, all of which ensure a ready and available labour force.
6. Solid infrastructure
T&T has a modern telecommunications infrastructure with the latest in digital and fibre optic technology. It has a reliable supply of electricity, with rates among the lowest in the Caribbean. T&T has two main international airports, two main seaports with modern facilities and advanced equipment, inter-island transport, inland transports, and a well-integrated system of public transportation, buses, private minibuses and taxis. Its extensive transportation network of roads totals some 8,320 km. Major highways link the north and south of the island and the east and west. A vigorous road network expansion and rehabilitation program is ongoing.
7. Ease of doing business
InvesTT, the nation’s investment promotion agency, acts as a one-stop shop to deliver customised investor solutions through a unique combination of knowledgeable sector experts, strategic alliances and an extensive network of real estate and industrial parks. The government is committed to enabling legislation to provide a hassle-free business environment for investment partners. The TTBizLink is a recent initiative through which investors can undertake various online transactions for establishing and operating a business in the country.