26th June 2015
For Immediate Release
Contact: Shurla Henry-Gibson - Manager Marketing and Communications
Telephone: 675-1989 ext. 2168, E-mail: email@example.com
Spain Targeting Investment in Trinidad and Tobago
“There is much to be gained from the existing double taxation treaty between Trinidad and Tobago and the Kingdom of Spain,” stated the Spanish Secretary of State for International Cooperation and Latin America, His Excellency Jesús Gracia Aldaz. The comment was made at the First Trinidad and Tobago–Spain Partnership Forum, held at the Hyatt Regency Trinidad on Wednesday 24th June 2015. The event was co-hosted by InvesTT Limited, the country’s investment promotion agency with the Embassy of Spain in Trinidad and Tobago.
The Spanish Secretary of State acknowledged that the existing commonalities of both countries augured well for maximizing the benefits to be gained from a partnership. Among the recommendations made at the Forum was the provision of the opportunity for local manufacturers to explore the Spanish market via a proposed trade mission to the Kingdom of Spain. In his address to the diplomats, Senator the Honourable Vasant Bharath highlighted Trinidad and Tobago’s potential to be globally competitive through transformational change.
InvesTT is the go-to resource for information on new business opportunities, linkages with local private companies or government agencies and for ratifying obstacles that arise in the business process. Stacy Adams, Vice President-Investor Services at InvesTT indicated that “this mutual collaboration is the beginning of a long-lasting relationship between InvesTT and the Embassy of Spain, as well as the Spanish companies that are already established here.” The agency stands ready to ensure that the investors have a positive experience which they can share with other potential investors from their home country.
This partnership comes at an opportune time for both countries as UNCTAD’s World Investment Report 2015, launched earlier in the day by InvesTT, stated that between 2004 and 2013 Spain ranked as the third highest contributor at 8.5% of the total flows of the global foreign direct investment to Latin America and the Caribbean. His Excellency José María Fernández López de Turiso, Ambassador of Spain to Trinidad and Tobago reiterated the Spanish Secretary of State’s interest in doing business with non-traditional countries and indicated that “Trinidad and Tobago is a very good place to do trade and attract investment”.
The Forum took the form of a working luncheon and provided the platform for collaboration on investment between the two countries. Heads of 6 Spanish businesses currently operating in Trinidad and Tobago, as well as representatives from MTIIC, InvesTT, European Business Chamber, Trinidad and Tobago Manufacturers’ Association, ExporTT, International Development Bank and CAF Development Bank of Latin America attended the event. Noting that Spain is a large contributor to development in Latin America, CAF representative Mr. Iwan Sewberath Misser indicated the bank’s support of Trinidad and Tobago and the region.
InvesTT is committed to continuing to deliver foreign direct investment from key markets like Spain. The initiative is one of many to identify opportunities for foreign investors to invest in Trinidad and Tobago and for local businesses to explore opportunities abroad.