Local and Foreign Investment Targets Surpassed for 4th Consecutive Year

Local and Foreign Investment Targets Surpassed for 4th Consecutive Year

Craig Watkins, Manager Investments (Ag.) presents at Caribbean Investment Forum 2024

InvesTT, the investment arm of the newly incorporated Trinidad and Tobago Trade & Investment Promotion Agency, has demonstrated a remarkable performance trend of exceeding its fiscal targets for four years in a row since Fiscal 2021.

The end of Fiscal 2024 closed with a committed investment value of TT$515Mn which represents an exceeded fiscal target of TT$345Mn by 149%.

A review of the Agency’s previous years’ performance shows the following sustained achievements in attracting, facilitating and securing investment in Trinidad and Tobago:

  • At the end of Fiscal 2021, committed investments totaled TT$278Mn against a target of TT$135Mn.
  • Committed investments totaled TT$486.3Mn at the end of Fiscal 2022, exceeding the TT$230Mn target by 111%.
  • In Fiscal 2023 the Agency secured a record high of committed investments across local and foreign projects of TT$719Mn, again exceeding its target of TT$280Mn.
Graphical Snapshot of 2024 Performance
Co-Founder of IFarm TT Ltd, David Johnston at the Moruga Park facility.

In Fiscal 2024, committed investments were a combination of 2 Foreign Direct Investment projects and 11 Local Direct Investment projects, with the number of projected jobs at 530. These projects span the sectors of agriculture, logistics, manufacturing BPO and fish processing. Of these 13 projects, 7 have secured tenancy at e TecK’s Phoenix Park Industrial Estate (PPIE) with another securing space at e TecK’s Moruga Agro processing and Light Industrial Park.

Seven committed investments also became operationalized during fiscal 2024 which include Equisoft, Teleperformance, IFarm TT Ltd., The Royal Dates Galore, Nearshore Teleservices, SM Jaleel Limited and Edan K Properties Ltd – Providence Business Park. Operationalized investments amounted to a value of TT$158.50Mn and a total of 2199 jobs.

(Left) Adanna Taylor, Commercial Officer at the High Commission of the Republic of Trinidad and Tobago, London; (Right) Nishal Nagassar, VP Investments (Ag.), at London Tech Week 2024

An increase in client satisfaction from 87% in 2023 to 89% in 2024 lends support to the high performance of the Agency in securing investment commitments and in the operationalization of investments. Maintaining a high level of investor satisfaction continues to be an important aspect of generating further direct investments. Through quarterly surveys of clients’ satisfaction, the Agency has achieved a consistent rating between 89% and 94% since Fiscal 2021.

As the Trinidad and Tobago Trade and Investment Promotion Agency moves forward into Fiscal 2025, its expanded portfolios of export and investment promotion coupled with attractive incentives to be offered to investors by the Special Economic Zone Authority position the country favourably to continue capturing investors’ interest in our non-energy sectors.

 

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