International Achievement for InvesTT in 2014
On Monday, 13th October, 2014 at the World Investment Forum 2014, in Geneva, Switzerland,InvesTT Trinidad & Tobago (InvesTT) was announced as one of 4 winners of the prestigious UNCTAD Investment Promotion Award for Excellence in Promoting FDI for Sustainable Development. InvesTT’s submission was based on Gravita India Ltd. a publicly held entity and investor from Jaipur, India which specializes in the recycling and trade of lead internationally.
Already armed with 8 wholly owned international operations in Africa and Central America, Trinidad will be the newest location to represent Gravita’s centre of excellence and a new approach to holistic recycling solutions. They are committed to solving the issues caused by past lead recyclers by digging up and recovering lead from battery gravesites throughout the country and treating with areas that have been contaminated by the pouring of battery acid onto the naked ground.
Established in 2012, InvesTT became one of just over 200 investment promotion agencies (IPAs) in the world and is the first point of contact for investors seeking investment opportunities in Trinidad and Tobago. Today, the agency boasts of over $47 Million USD in FDI closed in 2014 and a healthy pipeline of investments. Their portfolio includes two prime projects valued at just over $3.9 Billion USD. The agency is currently ranked within the top 20% of IPAs in the world by the World Bank.
On Friday, 10th October, 2014 InvesTT made another significant stride in its role as this country’s IPA through the signing of a Memorandum of Agreement (MOA) with Trinidad Dry Docks Company Limited (TDDCL) for the development and use of the Sullivan Island Dry Docking Industrial Complex. Through this MOA InvesTT will assume the role of facilitator through its One Stop Shop and chief government liaison. It is anticipated that this project will be 75% funded by private investors and will create approximately 18,500 local jobs in the areas of construction, operations and ancillary services.
Other investments within InvesTT’s portfolio include the development of a solar industry manufacturing cluster in Trinidad and Tobago which represents an investment of $1.8 Billion USD spread over 4 industrial plants. The cluster will become a centre of excellence for the manufacturing of photovoltaic panels, float glass and silicon and will allow for the manufacture of solar panels as well as the potential for further diversification into electronics and other high technology sectors.
The other winners of this year’s prestigious UNCTAD award are Rwanda Development Board, The Republic of South Africa Department Trade and Industry and United Kingdom Trade & Investment. Regional IPAs who have previously won the award include Grenada Industrial Development Corporation in 2012 and Jamaica Promotions Corporation (Jampro) in 2013.
InvesTT is a member of the Caribbean Association of Investment Promotion Agencies (CAIPA) and the World Association of Investment Promotion Agencies (WAIPA). In 2012, the Agency received an award for Regional Best Practice Website from CAIPA.