What is Aftercare and who cares anyway?
In the world of Investment Promotion, Aftercare is a big deal. It can mean the difference between millions in re-investments being pumped into the economy, or the exodus of Multinational Corporations and the loss of valuable jobs.
Aftercare, as defined by a 2007 United Nations Conference on Trade and Development (UNCTAD) Investment Advisory Series, is the range of activities from post-establishment facilitation services through to developmental support to retain investment, encourage follow-on investment and achieve greater local economic impact.
In short, it’s the range of activities required to ensure the seamless implementation of investment projects that have long term benefits to the economy.
As Trinidad & Tobago’s investment promotion agency, invesTT’s goal is to attract and retain FDI which will contribute to the economic growth and development of the nation. According to UNCTAD, the aftercare function is core to this purpose because as FDI grows, so too will the need to support new companies and encourage reinvestments.
InvesTT’s Aftercare team works intimately with new and established investors who are eager to have their businesses up and running. Whether it be advising them of the existing incentives regime, facilitating a VAT application for a new company or a Town and Country application for an established investor’s expansion into one of the new technology parks, the Aftercare team is their direct link to the right people, in the right places, to ensure that their application gets the priority it deserves.
One recent example of effective Aftercare in action, is our timely intervention with the Immigration department to secure temporary entry of skilled professionals for a client in aggressive expansion mode. Check out their story here as they describe how we helped them get started in Trinidad & Tobago in the first place!
Here is just some of what we do to facilitate investors:
- Resolve bottlenecks
- Create business linkages
- Identify new opportunities
- Expansion approvals
- Regulatory applications
- Liaise with government agencies
Aftercare also plays an important role in Policy Advocacy. The team’s level of engagement with investors gives them unique insights into the problems that they face in their day-to-day operations, as well as any road-blocks that they may encounter when trying to do business. Such detailed knowledge of their client’s challenges puts them in an ideal position to be effective advocates for changes in policy.
Thanks to work already done in this area we were recently recognized as one of ten (10) worldwide who stand out as having improved the most in performance on the Doing Business indicators according to the 2015 Doing Business Report!
Effective Aftercare programmes can increase the potential benefits of FDI by generating business linkages, technology transfer and University collaborations for Research & Development. The InvesTT Aftercare Team are the ‘on-the-ground’ champions of effecting change in the local business environment.
So, are you interested in doing business in Trinidad & Tobago? Come check us out and we’ll help you get off and running – even help you register your business!