The twin islands of Trinidad and Tobago, often referred to as T&T, had much to be proud of as they reached 50 years of independence on August 30, 2012. The commercial, creative and dynamic Trinidad is complemented perfectly by the relaxed, peaceful and beautiful Tobago, which is the focus point of the archipelago’s tourism sector. Both at home and abroad, particularly in the diaspora of Miami, New York, Toronto and London, the 50th anniversary was marked by various festivities designed to highlight, celebrate and inform the world of the nation’s achievements and of its plans for the future.
The home of calypso, chutney and soca music, T&T not only has one of the world’s liveliest cultures, but also the most industrialized, diversified and open economy in the Caribbean. The energy sector is the main driver of the economy. Some 75% of homes on the U.S. East Coast are powered with natural gas from T&T, which also has the oldest oil well in the world. “Our oil industry is well over 100 years old; it is older than that of Libya and Iran,” says Neil Parsan, Ambassador of Trinidad and Tobago to the U.S. “We have had very long and cordial relations with the United States that go back to 1962, and we still continue to be an energy resources supplier to the U.S. However, we have also been looking at exporting gas to Brazil, India, and China. We do not want to put all of our LNG (liquefied natural gas) eggs in one basket.”
“We have achieved a lot for such a young country.
We are the world’s largest producer of ammonia and methanol, and we have not stopped there. The Government has embarked on a diversification strategy to take the economy forward.” Neil Parsan,
T&T’s Ambassador to the U.S. |
In addition to large reserves of petroleum and gas, the country has well-developed heavy industries, such as iron and steel, and it is the world’s largest producer of methanol and ammonia.
In recent years, a renewed mandate to boost the non-oil sector of the economy has revealed investment opportunities abound in a wide range of industries the government would like to develop: food and beverages, seafood, movie production, music and entertainment, printing and packaging, merchant marine, yachting, healing/wellness tourism, ICT, financial services, food production and agro processing.
“We are expanding our presence in different sectors,” says Minister of Foreign Affairs Winston Dookeran. “The new architecture of the economy is being built.”
The T&T government sees the private sector and entrepreneurs as key partners in the nation’s socioeconomic development, with both local and foreign investment welcomed and encouraged to generate wealth and security for Trinbagonians. In 2010, T&T attracted more than US$549 million in foreign direct investment (FDI); a total that increased by 5% to US$574 million in 2011.
According to Prime Minister Kamla Persad Bissessar: “While there are various government bodies to facilitate investment in the country, the Government of the Republic of Trinidad and Tobago encourages the creation of new opportunities and the incubation of new business without government interference. We believe it is the responsibility of government to be business facilitators for and not competitors with the private sector. We are open for business.”
From its people to its geography and climate, T&T offers a wide range of incentives that accompany a long-established stable and democratic political system, a literate population, a well-developed professional class and a strategic location for exporting to the Americas, Europe and Asia
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