Trinidad and Tobago – An ideal nearshore manufacturing hub

Trinidad and Tobago – An ideal nearshore manufacturing hub

Global economic crises have forced businesses to revise their operational strategies. Consequently, nearshore manufacturing has moved to the forefront as a feasible alternative to the increasing costs and risks associated with offshore manufacturing. Trinidad and Tobago’s low cost of energy, easy accessibility, existing trade agreements and skilled workforce are four of the key advantages that make this country stand out as one of the prime locations in the Americas for nearshore manufacturing.

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Why Nearshore Manufacturing?

Nearshore manufacturing eliminates major challenges resulting from disruptions in travel and shipping experienced with offshoring by bringing production facilities closer home. This produces a number of key operational advantages:
• Reduced lead time permits the maintenance of lower inventories of finished products
• Faster delivery of goods to the consumer
• Improved accessibility due to near border proximities
• Reduced barriers to communication due to similar time zones
Download information on why Trinidad and Tobago is an ideal nearshore manufacturing location.Manufacturing-Trinidad-Tobago.pdf

Country Advantages

Ranked 5th in the Caribbean and Latin American region for market access and infrastructure (FDI Benchmark, 2019) Trinidad and Tobago’s logistics infrastructure boasts two international cargo ports.

It is served by a well-connected flight network via two international airports that provide direct flights to major cities around the world. Nearshore manufacturers also benefit from preferential access to markets via this country’s bi-lateral and multi-lateral trade agreements. Additionally, having the lowest energy costs in the Latin American and Caribbean region, significantly boosts the capacity of manufacturers to offer competitively priced exported products. 

Download information on why Trinidad and Tobago is an ideal nearshore manufacturing location.Manufacturing-Trinidad-Tobago.pdf

Key Cost Saving Benefits

Geographic location – Situated 11km off the South American mainland puts this country at 19km from major shipping lanes to the USA and Europe and below the region’s hurricane belt. The threat of operational downtime for businesses during the region’s annual hurricane season is the lowest regionally.  

Available Labour force – The country offers a highly skilled English-speaking workforce that ranks 3rd in labour productivity and 4th in the ease of finding skilled employees in the Latin American and Caribbean region (Nov 2020, ILOSTAT).

Communications – Operating at -4 Atlantic Standard Time (AST), Trinidad and Tobago shares similar time zone with the east coast of the United States thus reducing response time delays common with offshore operations. Efficient time management coupled with one of the most robust and efficient telecommunications and fibre optic link networks in the region support the establishment of reliable communications for nearshore manufacturing facilities located here.

Prime Commercial Space – The 144-acre Phoenix Park Industrial Estate offers leasable land lots and customizable factory shells. The Estate is located in close proximity to the Port of Point Lisas benefiting both incoming and outgoing shipments from manufacturers. It is also the first 5G business park in the region, designed to boost the productive capacity of businesses located there.

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Incentives

Foreign investors can access a portfolio of attractive incentives in addition to import concessions and duty-free treatment available via local legislation. The following allowances are also available:

  • 100% ownership of the share capital in a private company.
  • Ownership of up to 30% in total of the share capital of a local public company, without a license.
  • Ownership of up to 5 acres of land for trade or business purposes, without a license.
  • Ownership of 1 acre of land for residential purposes.

Special Economic Zone incentives will also be available from 2023.

Support Services for Nearshore Manufacturers

InvesTT Limited, the National Investment Promotion Agency of Trinidad and Tobago, is ready to facilitate your business enquiries. With over 12 years of experience in providing business facilitation services the agency’s experienced staff will take you from the stage of exploration of nearshoring opportunities through set-up and beyond. Our team is equipped with the expertise and key public/private sector relationships to provide investors with services such as inquiry handling, coordination of site visits and navigation through the business regulations and approvals process.

 

Learn more about locating your manufacturing operations at the Pheonix Park Industrial Estate in Trinidad and Tobago

Contact Us

If you are interested in learning more about doing business in Trinidad and Tobago, please contact us via info@investt.co.tt and one of our Facilitation Officers will respond to your query within 24 hours.