Trinidad and Tobago – A solid investment choice for GE
Companies like General Electric (GE) realize that Trinidad and Tobago (T&T) offers stable, yet promising opportunities with attractive returns on investment. No wonder GE decided to host its first “One GE Day” in Trinidad and Tobago, bringing together executives of their global divisions with local private/public sector partners for a wide mix of GE/T&T solution-oriented presentations.
“One GE Day” was hosted in collaboration with InvesTT on Wednesday 9 April at the Trinidad Hilton. The seminars demonstrated the strides which GE has made in many areas of its regional operations and permitted local stakeholders to gain insight on GE’s Oil & Gas, Downstream Technology Solutions, Healthcare and Current Trends and Technology in Water Treatment for Industrial Plants.
Luis Carrillo, GE CEO and President for GE Andean and Caribbean made a very confident statement when he said “if we can do what we did in Trinidad and Tobago in the rest of the region, this would be a very successful region”, as 30% of GE’s revenue from the Latin American and Caribbean region generates from the twin-island nation.
GE has been operating in Trinidad and Tobago since 2001 and currently operates and provides service to the Atlantic LNG Service Center which is the largest within the region. The company has invested over more than US$200 million in local infrastructure for GE business inland. Up to 2010, 90% of GE Health Care equipment, eg. CT Scanners and MRI machines are used in private and public hospitals.
Triggered by their success in Trinidad and Tobago, GE is seeking to expand into other industries in the private and public sector. According to Ricaurte Vasquez, GE Executive Director, Latin American Gas Vertical, T&T is a base for all industrial operators from Panama and provides new strides in energy efficiency making this country the center of opportunity for the region.
Senator the Honourable Vasant Bharath, Minister of Trade, Investments and Communications expressed his gratitude for GE’s presence in the Trinidad and Tobago market for the past decade especially as GE was highlighted in Forbes magazine in 2012 as the #1 most admired company in the world. He further mentioned that 75% of Trinidad and Tobago’s power generation capacity runs off of GE turbines.
He said “It is a sign of good things to come”, and the fact that GE has reinforced and re-affirmed its commitment to our market, indicates that the country is moving in the right economic direction.
According to GE, the success of its operation in Trinidad and Tobago is part of their vision for continuing to invest in this market through products and services with the highest quality and technologies that help power the expansion of this region. Trinidad and Tobago’s competitive energy costs, human capital potential and its stable economy continues to make this country more than a solid investment choice for GE.