CONTACT Magazine (Vol.19 No. 3 — September 2019)

Vol.19 No.3 – September 2019

The Voice of Business in Trinidad & Tobago

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Vol.19 No.3 – September 2019

Contents Editor’s note

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Natalie Dookie introduces this issue of CONTACT

Special Section Today's Startups, Tomorrow's Triumphs Creating the next generation of tycoons

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Navneet Boodhai examines the local entrepreneurial landscape. This opinion piece examines where we are, where we are going and how to get there

Financing entrepreneurship: angels, stock markets and start-ups 15

Innovation in business: A well-oiled success, the CGA brand 37

Angel investors open up about what they are looking for in start-ups. Kay Baldeosingh-Arjune also considers equity financing options with the TTSE and credit unions

Jeanette Awai guides us along the CGA journey, from establishment in the 1930s by a group of coconut farmers, to today’s modern brand

Accelerating the start-up process

Five top facts about taxation in Trinidad & Tobago 41

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UTT, CARIRI and the ALJGSB share the experiences of their accelerator programme with Jade Cumberbatch

The voice of business: Trinidad & Tobago's 2020 national budget 22 CONTACT talks to the Chamber’s President about recommendations for the next national budget

The Chamber’s Rianna Paul tests your knowledge about the contribution of taxation to the local economy

Energy update 44 How is Trinidad & Tobago’s oil and gas sector performing?

The Chamber analyses recent statistics

Economic outlook 46 The Chamber’s experts examine the current global and regional climate and projections for the rest of 2019

Understanding the Caribbean Court of Justice 24 Attorney-at-Law Kissoon Sinanan examines how the private sector can make better use of the CCJ to resolve trade disputes

Business profile: Stuart Dalgliesh, 40 years leading SCL 28 CONTACT talks to distinguished business leader Stuart Dalgliesh about his career, his company and what’s next

The Chamber’s growth and learning corner 31

Welcome to new members 48 The Chamber extends a warm greeting to members who have recently joined

On the cover:

Small seed, big tree. A start-up company is like the seed that can grow into this massive silk cotton tree. (Photo by Alex Robinson Photography / Getty Images)

Three business leaders tell CONTACT what they have been reading as they seek to continually expand their horizons

Pushing back against climate change

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You might think that the earth’s changing climate won’t really threaten Trinidad and Tobago. You’d be wrong. Gerard Rajkumar warns that we are not taking the threat seriously enough  Minister of Agriculture, Land & Fisheries Clarence Rambharat, chats with CARIRI Business Hatchery graduate, Caribbean Concoctions (photo courtesy CARIRI)

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Courtesy CGA Caribbean Ltd

The voice of business in Trinidad & Tobago

Published by

The Trinidad and Tobago Chamber of Industry and Commerce

Columbus Circle, Westmoorings, Port of Spain, Trinidad and Tobago PO Box 499, Port of Spain • Tel: (868) 637-6966 • Fax: (868) 622-4475 Email: chamber@chamber.org.tt • Website: www.chamber.org.tt

Tobago Division: ANSA McAL Building, Milford Road, Scarborough, Tobago Tel: (868) 639-2669 • Fax: (868) 639-2669 Email: tobagochamber@chamber.org.tt Produced for the Chamber by MEP Publishers (Media & Editorial Projects Ltd)

6 Prospect Avenue, Maraval, Port of Spain, Trinidad and Tobago Tel: (868) 622-3821 • Fax: (868) 628-0639 Email: info@meppublishers.com • Website: www.meppublishers.com

Editor Natalie Dookie Online editor Caroline Taylor General manager Halcyon Salazar Page layout & design Kriston Chen Advertising Evelyn Chung, Tracy Farrag, Mark-Jason Ramesar Production Jacqueline Smith Editorial assistants Shelly-Ann Inniss, Kristine de Abreu DISCLAIMER Opinions expressed in CONTACT are those of the authors, and not necessarily of the Trinidad and Tobago Chamber of Industry and Commerce or its partners or associates.

CONTACT is published quarterly by the Trinidad and Tobago Chamber of Industry and Commerce (TTCIC). It is available online at www.chamber.org.tt/media/the-contact-business-magazine ©2019 TTCIC. All rights reserved. No part of this magazine may be reproduced in any form without the written permission of the publisher.

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Editor’s note

Editor’s note How are we bolstering new entrepreneurs? Are accelerator programmes the answer? What financing options are available? In this issue of CONTACT, we explore these issues and more in Today’s Start-ups, Tomorrow’s Triumphs.

According to the Ministry of the Attorney General and Legal Affairs, between January and December 2017 4,652 companies were registered in Trinidad and Tobago. The latest statistics available show that 3,826 were registered between January and October of the following year.

With a growing number of start-ups entering the market, it is disappointing to note that Trinidad and Tobago ranked 109 for “attitudes toward entrepreneurial risk” in the 2018 Global Competitiveness Report (GCR), as compared with Jamaica’s 25. And with respect to “growth of innovative companies” Trinidad and Tobago ranked 125, and Jamaica 63.

Though they are a bit dated, the most recent statistics from the Central Statistical Office (CSO) reveal that there were 29,582 business establishments in 2010. Of these +90% had 0-24 employees, predominantly small and mediumsized (SMEs) enterprises.

So how did we score in the GCR on “financing of SMEs”? Trinidad and Tobago was 100, Jamaica ranked 83.

In this issue of our Economic Outlook, the Chamber’s Trade & Business Development Unit tells us that “Trinidad and Tobago maintains its projection of average growth of 1% in 2019 to 2020.” In an economy characterised by slow growth, start-ups provide a much needed stimulus for innovation, job creation and even exports.

How are we bolstering new entrepreneurs? Are accelerator programmes the answer? What financing options are available? In this issue of CONTACT, we explore these issues and more in Today’s Start-ups, Tomorrow’s Triumphs.

Firstly, we examine Puerto Rico and the Business Model Canvas. We also look at the support mechanisms offered by the Trinidad and Tobago Chamber of Industry and Commerce. What financing options do local angel investors, credit unions and the stock exchange offer? UTT, CARIRI and ALJGSB tell us how their accelerator programmes are performing.

In this issue of CONTACT, we present the second instalment of several new features. Read our “Five Top Facts” about taxation in Trinidad and Tobago. You will also hear from the Chamber on its recommendations for the 2019-2020 national budget, in “The Voice of Business”. We feature Stuart Dalgliesh of the SCL Group as our business profile story, and this edition of “Innovation in Business” showcases CGA (Coconut Growers Association), re-branding after over 80 years in business. “The Chamber’s Learning and Growth Corner” speaks to three business leaders about what they are reading.

If you always wanted to know how the private sector can use the Caribbean Court of Justice to resolve regional trade disputes, we have you covered. Reflect, too, on the impact climate change is having on natural disasters, and what firms can do to mitigate this.

The Chamber examines the economic prospects for Latin America and the Caribbean, and rates the local energy sector’s performance. We also welcome the Chamber’s new members.

We look forward to your feedback on this issue: let us know what more Trinidad and Tobago can do to create an enabling environment for entrepreneurs.

Natalie Dookie, Editor

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Creating the next generation of tycoons Trinidad and Tobago ranked 81 in the 2018 Global Entrepreneurship Index. Puerto Rico was 41, followed by Barbados at 55. Are we doing enough to impact local entrepreneurial aspirations, attitudes and abilities? How can we create an enabling environment for local start-ups?

Courtesy Cocobel Chocolate

by Navneet Boodhai Manager, Engineering Institute, UWI, St. Augustine; Director/Owner, The Bungalow Restaurant & Lounge

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Today's start-ups, tomorrow's triumphs Every country aspires to become the next Denmark or Estonia, Chile, Singapore or South Korea, which are benchmarks in innovation as a key driver for job creation, wealth, stability and sustainability.

There’s one major commonality among them: the ability to create unique ecosystems based on their individual cultures, strengths, weaknesses and realities.

The question, therefore, is: What’s our ecosystem? As a country, as institutions and as key enablers, we’ve all got work to do if we are to quickly but successfully build a more modern infrastructure for developing entrepreneurs and generating new business growth.

Puerto Rico’s “enterprising island” model

 SME entrepreneur, TTCIC Champions of Business 2018, Michelle Sohan, Bakery Treatz

“Entrepreneurship is neither a science nor an art. It is a practice.”

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1. Building an entrepreneurial movement by bringing together all stakeholders under the one “enterprising island” umbrella. The strategy was developed by a wide cross-section of stakeholders and led by a multi-sectoral expert advisory board.

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— Peter Drucker, author

Recently, as a representative of The University of the West Indies (UWI), I had the opportunity to be part of the Organisation of American States (OAS) sponsored America’s Competitiveness Exchange (ACE) in Puerto Rico. It was a humbling experience to see what a resilient population and a few good policies did to reposition the economy and improve its competitiveness through catalytic investments in its “enterprising island” strategy after Hurricane Maria’s devastation in September 2017.

In less than two years, Puerto Rico developed an entrepreneurial ecosystem with significant investment in over 20 business enablers in major cities across the island. These comprised full service incubators, accelerators, shared-spaces, labs and prototyping facilities. Hundreds of successful business start-ups and social entrepreneurship efforts not only helped normalise the economy postMaria, but also strengthened its national ecosystem with three key areas of attention, namely:

2. Building entrepreneurial capacity within its teachers, professors, government officials, its network of entrepreneurial support professionals and multi-sector business leaders.

3. Aligning a number of initiatives and interventions under a one-stop-shop approach to stimulate innovation and entrepreneurship, starting with the school system and continuing into the university and the community.

Puerto Rico, an island very much like ours, arguably with much fewer resources, built a model which we can emulate.

Trinidad and Tobago’s entrepreneurial environment Entrepreneurs are sometimes referred to as people who leverage opportunities to create new business. But the reverse also holds true –

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courtesy Twigs Naturals

Today's start-ups, tomorrow's triumphs

Understanding the Business Model Canvas (BMC) The business model canvas, created by Alexander Osterwalder of Strategyzer, is a tool used by entrepreneurs, students, financiers, competitions and institutions to help create, disseminate and understand a business model in a simple yet structured manner.

This one-page framework provides just enough insight about the customer through a process of “customer discovery”, identifying not their needs but their pains and gains, moving further to pinpoint how to relieve those pains and achieve new gains, and thereby developing a value proposition that is both unique and customer-focused.

Business model canvases are used to describe, visualise, assess and allow for quick changes to business models. They describe how an entrepreneur creates, delivers and captures value – all on one page.

The nine building blocks of the BMC define: i. Customer segments ii. Value propositions iii. Channels iv. Customer relationships v. Revenue streams vi. Key activities vii. Key resources viii. Key partnerships ix. Cost structure.

Jamaica, the first country in the Caribbean to have developed a comprehensive Micro, Small and Medium Enterprises (MSME) & Entrepreneurship Policy in 2013, has trained key stakeholders across the entrepreneurial ecosystem in developing and using the BMC. It is widely used by incubators, classrooms, venture funds and competitions.

“Innovation is seeing what everybody has seen and thinking what nobody has thought.”

— Dr Albert Gyorgyi, credited with the discovery of Vitamin C

 TTCIC Champions of Business, 2017 Start-up Entrepreneur winners Nigel Jordan and Cheryl Baptiste of Twigs Naturals

entrepreneurs are people who leverage business to create new opportunities.

With over 20,000 companies registered and in operation within the formal economy – regardless of their size, location, or industry – this would present 20,000 opportunities for future innovation and growth in T&T, if the support structures, systems, policies and institutional frameworks were better developed.

We have entrepreneurial elements such as a regulatory framework that protects intellectual property, a mature legal system, quality-assured educational institutions, available skills development programmes, and opportunities for networking.

But is this enough? Are we engendering the right entrepreneurial mind-set? Is the population generally willing to take risks? Do we have a supportive culture of innovation that celebrates entrepreneurial success and embraces failure?

Based simply on the data collected on the annual number of patents filed or on export growth from the SME (small and medium-sized) sector, most people would say no. But do we have the innovative ideas, passion and energy? A definite yes.

It is now vital that we make the transition before it’s too late. Puerto Rico’s turnaround took just two years!

Education The local education system has traditionally placed more emphasis on graduating students in relatively discrete subjects, courses and degrees, than on an integrated multi-disciplinary system of learning and mentorship beyond the teaching process. Research is primarily for academic merit rather than modern application, which in effect favours the details of a problem over the advancement of a solution.

Public institutions that have been given the responsibility for developing our ecosystem are either without direction or starved of resources. And the role of business in all of this discussion is simply not enough. Funding for entrepreneurial activities is largely project-based with a “here today, gone tomorrow” approach. This is generally our reality!

The role of academia Since the advent of The University of Trinidad and Tobago (UTT) in 2004, with a mission to develop itself as an entrepreneurial university, and more recently The University of the West Indies, St Augustine campus signalling

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Today's start-ups, tomorrow's triumphs

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”The things we fear the most in organisations — fluctuations, disturbances, imbalances — are the primary sources of creativity.”

— Margaret Wheatley, author

Case study: Puerto Rico’s economic reality The year of “Despacito”, 2017, was characterised by unprecedented escalation of debt, and businesses, talent and people fleeing the island. Hurricanes exacerbated these challenges: Puerto Rico suffered over US$90 billion in lost economic output, a rapid 20% decline in economic activity, and the permanent closure of some 5,000 small businesses. While its unique geopolitical status as a US territory created opportunity, it also triggered confusion at the political level.

Fast-track to 2019, a mere two years later. While there are still challenges being faced, growth in the island’s mixed economy is being driven by both local small and medium-sized entrepreneurial enterprises, balanced with foreign direct investment in the manufacturing of pharmaceuticals, textiles, and petrochemicals; electronics; aviation; food and beverages. There is growth in services, including ICT, finance, healthcare, real estate development, and tourism.

similar intentions, there has been some movement away from the traditional mould.

In 2014, UTT – best known for innovative and practical degree programmes in fashion, music, creative arts and animation among other disciplines – established its uSTART Incubator Programme as the primary hub to support several centres of entrepreneurial excellence, such as a sound recording studio, a fashion production lab (still be to completed), an animation lab and a 3D fabrication and rapid prototyping facility.

All of these were intended to mentor and push students towards the creation of new products and services that are commercial in nature. Over a hundred young entrepreneurs have been supported at various levels since inception, efforts which I was proud to have led.

UWI’s thrust in this direction has only just begun. The St Augustine Centre for Innovation and Entrepreneurship is a hub for developing and managing an internal ecosystem. Entrepreneurship committees have been established in each faculty to disseminate cohesive plans and engender more entrepreneurial effort. The recently formed UWI Ventures is a wholly-owned subsidiary of the university, with the potential of taking equity and investing in a portfolio of start-ups. All these are steps in the right direction.

Both UWI and UTT should now look at the various shared-space entrepreneurship development models and incorporate them at their Debe and Tamana campuses respectively. Other organisations such as COSTAATT, private institutions and the Arthur Lok Jack Global School of Business have all started adding entrepreneurship to their academic offerings, though largely as standalone efforts. The latter is soon to restart its Accelerator Programme supporting student entrepreneurs.

These efforts are indeed admirable. But the education system continues to fall short because graduate students at all levels continue to resist risk-taking challenges and the idea of entrepreneurship.

Focus must be placed on the pre-16 education system in order to stimulate mindset and cultural change at an earlier age. Adding case studies of local and regional entrepreneurial successes, failures, and phoenixes in the classroom would be a significant step in developing relevant but aspirational thought.

Support institutions CARIRI has established its Centre for Enterprise Development (CED), a one-ofa-kind shared space with a lot of resources for start-up growth, but it is largely under-utilised. NIHERST, with plans for a major transformation, is seen as the triple-helix nexus within the entrepreneurial space, but it has to think outside the box to mobilise resources and take greater initiative to cement its place as a lead enabler.

The National Integrated Business Incubator System (IBIS) also has a significant role to play, but needs to be modernised if it is to make any significant impact.

The local Intellectual Property Office (IPO) is in the process of establishing an IP Academy, catering to the developmental needs of the judiciary, customs, technocrats, institutions, and academia, among others.

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Today's start-ups, tomorrow's triumphs

Private sector backing: the Trinidad and Tobago Chamber of Industry and Commerce (TTCIC) The purpose of the TTCIC Business Insights Content Committee (BICC) is to create and manage the quality of content being developed for a widening audience of the Chamber.

Content from the BICC seeks to: i. Add value to TTCIC’s membership ii. Provide opportunities for the business and entrepreneurial sectors to support the growth and development of industries and entrepreneurs through a suite of courses marketed as the Business Insights (BI) Series iii. Close the gap between academia and the business/entrepreneurial world iv. Provide real-life, local content for business incubators in Trinidad and Tobago.

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Content is conveyed via short courses complementing (and not competing with) the programmes of academic institutions.

Since September 2017, over 20 courses have been delivered in areas such as cryptocurrency, business financing, HR management and labour issues, tax compliance, and marketing. (For more information, email events@chamber.org.tt)

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 2018 TTCIC Champions of Business Awardees: Start up, Emerging and SME categories

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Multilateral assistance and financing Several financial tools such as angel investing, venture capital, and spin–off investing are slowly being developed. Efforts by Avatar Capital, IP Angels, Renaissance Angels and others are to be encouraged, with more sound policies and incentive programmes to support them and other private sector investments.

The Trinidad and Tobago Chamber of Industry and Commerce (TTCIC) continues to play a supportive role, facilitating capacity building and networking among small and medium-sized businesses through its Business Insights committee, which is primarily made up of experts from professional service firms, entrepreneurs and academia.

Regionally, there have been several projects funded and implemented by the Compete Caribbean Partnership Facility (CCPF), a private sector development programme which was formed to “stimulate economic growth, increase productivity and foster innovation and competitiveness”. CCPF is jointly funded by the Inter-American Development Bank (IDB), the UK Department for International Development (DFID), and the Caribbean Development Bank.

Through the IDB-funded Caribbean Regional Entrepreneurial Asset Commercialisation Hub (REACH), executed by UWI with support from the World Intellectual Property Organisation (WIPO), a number of academic entrepreneurs, innovators and incubator leads benefitted from structured approaches to entrepreneurial development using the Business Model Canvas – a single-page tool used in the process of customer discovery, ideation and formulating a business pitch.

The way forward Without a doubt, all the key components of a national ecosystem for entrepreneurship and entrepreneurial development exist. Entrepreneurs, though unstructured and creative in their approaches, thrive in environments where policies offer protection, guidance, opportunity, reward and facilitation, especially in the early start-up stages. But entrepreneurial environments that suit their needs and thereby impact on the policies being set are still largely lacking.

Policymakers need to constantly engage such entrepreneurial communities and be versatile in their response.

Academia has to embrace the changing needs of education, seek to break down the virtual walls created around it, and allow for more multidisciplinary learning environments.

Entrepreneurial spaces must be created within these environments. Diversity of thought, and equitable and fair access to opportunity, are necessary to empower young people, women, the more vulnerable in society, and conventional businesses, to chase their entrepreneurial ambitions.

Using the “factor of one” principle, and in order to develop a single national ecosystem, there is an immediate need to have all stakeholders – entrepreneurs, institutions, financiers, innovators and enablers – engage in open dialogue towards common understanding and ensuring some semblance of cooperation, celebration and focused networking.

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Discover the power of connections Connections are good for business. Connections are key for career development. Connections get you places.

Through our connections we create wider opportunities.

Find out more about the power of your ACCA connections at accaglobal.com/connections

Today's start-ups, tomorrow's triumphs

Financing entrepreneurship: angels, stock markets and start-ups Where can an entrepreneur with a brilliant idea or a rapidly expanding business go for low-cost capital?

In T&T, angel investment capital is a great option for start-ups, while the T&T Stock Exchange, particularly its SME market, may be the right fit for established businesses that need equity capital to grow

Equity investment: Credit Unions Credit Unions are a great source of lowinterest capital for entrepreneurs. Here are some facts about the sector: No. of active credit unions in T&T: 295 Number of members: over 564,000 Value of total assets: over TT$11 billion

Retrorocket/ Shutterstock.com

by Kay Baldeosingh-Arjune Freelance writer

Two angel investor groups in Trinidad and Tobago are Avatar Capital, led by restaurant executive Peter George, and IP Angels, led by manufacturing industry executive Robert Tang Yuk. They are both passionate about the need for a supportive ecosystem to nurture new entrepreneurs, and about the role of angel investors in providing support and guidance which is often more critical to the success of a start-up than actual financial capital.

IP Angels is about three years old, and wants to fuel diversification

through the development of entrepreneurship. They do not require entrepreneurs to have a full-fledged business plan when making their pitch. “Let’s just understand your idea and your target market. We will develop the numbers together. The pitch is really the beginning. From that we decide if we will invest our time further,” Tang Yuk explained.

Avatar Capital was formed in 2013.

According to Peter George, “We get more involved in the building out of ideas, putting in the corporate structure, legal and otherwise, cleaning up the capital structure, taking ideas and getting the business to a point where it can go out for Series A financing.” This is seven-figure funding for start-ups that have developed their business model and now have some performance indicators.

What entrepreneurs need to know Don’t come if you only want capital.

Understand that angel investors are themselves entrepreneurs at heart.

They are not interested in just giving you money. The fun part for them is to help build something from the ground up. Take advantage of what they are offering. Even if your pitch fails, you will leave better off. Even

Many credit unions offer business loans and even have specialised business windows, but you must be a member to access a loan. The advantages of credit union loans include: fixed interest rates, interest calculated on the reducing balance, low processing fees, no-penalty lump sum payments.

Documents/information that may be requested include: • Projected cash flow for 12 months • Six months’ bank statements • Certificate of registration • Recent financial statements • Supporting documents for the purpose of the loan, such as pro-forma invoices for stock or equipment • Business plan • Collateral in the form of cash, near cash securities, equipment or property may be required • References • Contracts (where applicable) Source: Ministry of Labour and Small Enterprise Development website, various credit union websites.

one conversation with an angel investor can put you one step closer to success.

Angel investors have a close relationship with their entrepreneurs. “Our expectation is that we should be involved with the strategic direction.

While we are not there to operate or run the business, we can add tremendous value if the entrepreneur is open and coachable. If the entrepreneur requires just a source of finance, then they should be looking elsewhere,” Tang Yuk said.

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Today's start-ups, tomorrow's triumphs “I’ve met some very creative and interesting people. We have the seeds for developing a really innovative business sector. That’s our future, but it’s not an easy road. We have to give the business thinkers and innovators opportunity.”

— Robert Tang Yuk, IP Angels

Case study: Jamaica Stock Exchange The Jamaica Stock Exchange (JSE) is celebrating its 50th anniversary in 2019 and has much to be proud of.

Selected milestones:

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 TTSE CEO Amoy Van Lowe

To support the development of small and medium-sized enterprises (SMEs), the TTSE introduced the SME Market in 2012. It’s a junior stock market attached to an existing exchange, developed to give access to additional funding for thriving SMEs who need it to take their company to the next level.

These companies must have a subscription capital of TT$5 million to TT$50 million after listing, compared with the First Tier Market range of TT$4 million to over TT$50 million. A major benefit is a 10% corporate tax rate for up to five years after listing.

TTSE CEO Amoy Van Lowe is looking to do more. “We have recognised that a key success factor to drive the SME initiative is the development of an active and passionately committed ecosystem.” This ecosystem includes brokerage firms, accountants, compliance professionals, financiers, investors, entrepreneurs and regulators. She believes that, working in partnership, this group “will be the catalyst that has the potential to take the SME market to another level.”

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T&T Stock Exchange (TTSE) also helps entrepreneurs to grow

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•• It cannot be profit first. It’s about incubating ideas and creating an ecosystem where entrepreneurship can thrive.

•• You have to believe the business is sustainable and scalable.

•• Don’t jump in too quickly.

•• Have a cadre of advisers to bounce off ideas; get input.

•• Get some consensus re: the viability of a project.

•• Do your own research. Don’t just accept what the entrepreneur says.

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George’s advice to potential angel investors is:

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Want to become an angel investor?

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– Robert Tang Yuk, IP Angels

– Peter George, Avatar Capital

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“I challenge the business sector to find innovative ways to support entrepreneurs at zero risk, using your existing infrastructure and surplus or idle capacity. This is a way to do CSR (Corporate Social Responsibility) in a more innovative way.”

“There are so many young people in this country with amazing ideas, but they don’t have access to capital, the handholding, the mentorship they need, and that’s the role we are playing.”

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Source: www.jamstockex.com

“They need to understand that getting angel capital is the beginning, not the end; this is where the work begins,” Tang Yuk warned. “Angels are investors with expectations. This is not grant funding.”

IP Angels is looking for innovation, export potential and entrepreneurs who can go the distance. In particular, Tang Yuk urged: “Be unique! The most common problem is that the idea does not have sufficient unique value. It’s either a great idea with no clear plan to create value, or it’s a ‘me too’ idea.”

Avatar Capital wants products or ideas that will bring about meaningful change, be disruptive or transformative. It prizes entrepreneurs who really believe in their product, are putting their heart and soul into their business, are having fun, and are looking for a partner, not just money.

George advises entrepreneurs to be ready to supply information about their business and answer questions such as: Are there any competing products? Are there any regulatory issues? What is the track record for similar products? Why is your product better than its competitors?

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• Established 1969 • Launched Junior Market in 2009 Value of total assets: over TT$11 billion • Main benefits: lower listing fees and an attractive tax incentive for a 10year period • Named “World’s Best Performing Stock Market” by Bloomberg Businessweek in 2018 via a 29% increase in the JSE’s main index at year-end • Capital raised in 2018 on main markets: J$21 billion (34.6% increase) • Total market capitalisation (main and junior markets): J$1.52 trillion (December 2018) • JSE accounts for retail investors: 199,145 (53.3% increase over 2017) • New securities listings in 2018: 18 - JSE Main Market: 36 listed companies - Junior Market: 36 listed companies • February 2019: launched Jamaica Social Stock Exchange (JSSE) • April 2019: signed a new sevenyear agreement for Nasdaq to deliver matching engine and market surveillance technology (SMARTS) to the Jamaica Stock Exchange.

How can entrepreneurs improve their pitch?

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Today's start-ups, tomorrow's triumphs

Accelerating the start-up process You decide to start a business, and you need advice, guidance, and funding.

Where can a start-up access this type of support? We examine the successes and pitfalls of three entrepreneurial accelerator programmes

Viktoria Kurpas/ Shutterstock.com

by Jade Cumberbatch Freelance writer

Incubator and accelerator programmes provide many services, Meahjohn explained. The difference lies in the stage of the company – start-ups and new companies on one hand, companies in a growth phase on the other.

The uSTART programme

Globally, about 97% of new businesses fail within their first five years. Business incubators and accelerator programmes can reduce this rate, especially in stagnated economic climates. Therefore entrepreneurs and small businesses are key factors in the recovery and diversification of Trinidad and Tobago’s economy.

UTT’s entrepreneurship drive “In order to mitigate against failure, we need to understand the environment of the company, the regulatory aspects, access to finance, and the competitive environment that the organisation is in,” said Inshan Meahjohn, Assistant Vice President of The University of Trinidad and Tobago’s (UTT’s) Entrepreneurship & Technology Commercialisation Unit.

“The other thing you need to take into consideration is that Trinidad does not have a prevailing culture of entrepreneurship. In order to inculcate that culture, we need specified programmes that would encourage students to start a company rather than simply find a job.”

Not only do entrepreneurs create jobs for themselves, but they do so for others as well. They support the country’s GDP and foreign exchange market, and they help to diversify the economy away from oil and gas in the long term.

Business registration support, assistance with business plans, and pitch development for start-up companies are all provided by UTT’s Business Incubator/Accelerator programme, uSTART. It also provides seed funding, business coaching, finance and accounting assistance, legal, intellectual property and compliance assistance, and shared administrative support.

It also supplies networking opportunities with other bodies and state agencies, mentorship, access to UTT-hosted seminars and workshops, and other business development services.

Resident entrepreneurs have 24-hour access to physical space at the O’Meara campus, which is equipped with conference/meeting rooms, work spaces, office equipment, and a suite of computers with specialised software and internet access. There is also a green room, and cameras

Success stories uSTART: Coded Arts • Founded by Andy Berahazar and Brian Perry in 2013, Coded Arts was registered in 2015 • Commenced UTT’s uSTART programme in 2013. It is still part of the incubator • Provides game development studio services, focusing on video game outsource projects for local and international companies • Implementation of strategies: how to manage a team, approach to relationships with clients, and project management • Challenges: team members leaving, financing • Programme outcomes: increased revenue generation, increased number of clients, gained clients in Canada, hired 8 employees, 10% annual growth • Future plans: move from UTT’s physical space in October 2019 into its own office, gain clients in the United States, expand the team – add more employees and recruit remote employees from other Caribbean countries.

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for developing business marketing material.

Since uSTART’s inception in September 2014, it has assisted in the growth and development of over 50 new companies from among students, staff, and alumni. This year, about 30 participants from 13 companies graduated from the programme, and 17 companies currently access its services.

While uSTART has had many success stories, for now Meahjohn cannot say with certainty exactly how many of these companies survived and thrived in the critical early years. “Because we have only now come up to the five-year mark, we will not be able to do the tracer studies until the end of this year.”

Since uSTART’s inception in September 2014, it has assisted in the growth and development of over 50 new companies from among students, staff, and alumni Hatching success with CARIRI At the Caribbean Industrial Research Institute (CARIRI), Executive Manager Meghnath Gosein believes incubators and accelerators are necessary because current employment opportunities are slim, making it necessary to create new jobs.

He believes the country will see more incubators and accelerators in the future as more young people graduate from university and search for opportunities. Therefore, he said, it is important to provide an environment of support, involving financial institutions, trade partners, and legal professionals.

“We believe the potential for growth in our economy lies in SMEs [small and medium-sized enterprises]. Support programmes are sustainable once they have success and people can see that they are working. But you require an entire ecosystem to support this type of entrepreneurship.

“There is now talk of other investment options. We think we could see growth in venture capital companies, angel investors, and equity financing which can support entrepreneurial growth. It may not necessarily be traditional bank financing.”

According to Gosein, funding has been one of the biggest challenges for CARIRI’s Business Hatchery programme since it began in 2015. He said, as a result CARIRI is in discussion with several financial institutions to determine how they can assist with start-up business funding.

The objective of the Business Hatchery, Gosein explained, is to help people establish new businesses and to advance early start-ups through group and one-on-one sessions.

Like UTT, it provides the soft skills for starting, managing, and marketing a business.

“We do this by giving you hands-on experience. So you do your own market study, prepare your financial documents and so on, and we guide you. We also expose entrepreneurs to intellectual property as it relates to their business.”

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courtesy the University of Trinidad and Tobago

Today's start-ups, tomorrow's triumphs

Success stories CARIRI: Aurora Bitayson Limited • Founded by sisters Lyndi and Lynissa Jordon in June 2016, registered in September of that year • Started CARIRI’s Business Hatchery programme in January 2017 to give the business structure • Produces coconut oil, fruit syrups, and wines • Implementation of strategies: marketing and branding.

Executed surveys to get feedback on products, compared packaging and price points of competitors. “This is something we continue to do even today, not just for items similar to our products but in general. We are always looking at form and function.”

• Challenges: packaging. It is difficult and expensive to import glass bottles, and distributers do not import in small batches • Programme outcomes: sales increased by 300%, the production and formulas of products are now more efficient, larger batch sizes; supplies retail businesses as well as individual customers throughout Trinidad • Future plans: export to other Caribbean countries and North America, establish factory.

So far 15 cohorts, each with an average of 10-12 people, have graduated, including some groups sponsored by corporate organisations. Close to 100 people either started or expanded businesses through CARIRI’s threemonth programme

The BizBooster accelerator only accepts Lok Jack alumni. It is focusing on export-oriented businesses, and is in the process of signing partnerships with financiers to provide entrepreneurs with financial assistance such as loans and joint ventures

 Coded Arts

The Hatchery also provides technical support, technology bays, office space and meeting rooms, and one day hopes to establish an alumni association for networking, advice and support.

So far 15 cohorts, each with an average of 10-12 people, have graduated, including some groups sponsored by corporate organisations. Close to 100 people either started or expanded businesses through the three-month programme.

Finding its niche: ALJGSB The Arthur Lok Jack Global School of Business started its business incubator programme, BizBooster, in 2012, but switched to an accelerator model in September 2018, after 24 people had successfully completed the programme.

Interim manager Bhushan Singh said the switch was made for several reasons. The incubator was expensive to conduct, as it was free of charge to participants. Also, there were other incubators in the country, so BizBooster felt somewhat redundant.

Furthermore, the school already trained its students in the basics of starting and managing a business through its main business courses, including marketing, finance, logistics, managing the supply chain, advertising, customer service, and succession planning, so an incubator seemed unnecessary.

“Having a plethora of incubators without significant output is a waste of resources. We had to look at our core competencies and what we do best. We had the idea generation, we provided the knowledge and training, but part of what was missing was networking, mentorship and financing.

“So we have moved on from the incubator concept. We are taking this to a higher level, to a programme where you must have your own business to get in, and we will offer it online so we don’t take you away from your business.”

The BizBooster accelerator only accepts Lok Jack alumni. It is focusing on export-oriented businesses, and is in the process of signing partnerships with financiers to provide entrepreneurs with financial assistance such as loans and joint ventures.

Despite the training, financing, and support, the key to a successful business is passion, Singh explained. “If you don’t have passion for your business, it will be a failure from day one.

“We are not in it for the numbers. We’re looking for passion and the ability to execute. Passion is about perseverance and dedication. When you start, you have a lot of negativity to deal with. You have to believe in yourself so much that when anyone tells you ‘no’ you ignore that and say you will make this venture a success.”

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Voice of business

VOICE O F BUS INE S S

Trinidad & Tobago’s 2020 national budget What recommendations would you like to see included in the 2020 national budget for Trinidad and Tobago?

Over the years, the Chamber has proposed a number of fiscal measures to be included in the national budget.

Once properly implemented, these ideas have the potential to improve the prospects of the business community and to transform Trinidad and Tobago’s economy. This year we would like to highlight three critical areas which we recommend for inclusion in the 20192020 budget.

subject to capital gains tax. It is also critical for the government to ensure that eligibility rules for the size of investment and size of company are appropriately scaled.

b. Structural support: A key aspect of investment for a non-institutional investor is engaging in due diligence.

It is critical that access to publicly Reyaz Ahamad available business information should President, Trinidad & Tobago be improved so that both investors and Chamber of Industry & Commerce; 1. A sound financial system that start-ups can be protected. This can be Executive Director, Southern Sales implemented through greater online encourages entrepreneurs and and Service Company Limited access to government records, and by minimises risk streamlining the querying process to The Chamber recognises that there is significant underensure greater ease of doing business. investment of capital in Trinidad and Tobago. Institutions in the traditional banking sector are, by design, riskc. SME Stock Exchange: To further encourage nonaverse. At the same time, many entrepreneurs struggle to traditional investment, it is critical that participation access funding to launch new businesses. in the SME tier of the Stock Exchange is promoted, This presents an opportunity for both private and to incentivise trading activity and bring in more institutional investors, who are likely to be less risk-averse participants. than banks, to connect with innovative entrepreneurs.

Creating an educational campaign about the SME Stock Government can intervene in the establishment Exchange could help businesses to:

of structure for non-traditional investment using incentives, structural support and the SME Stock Exchange

We recognise that the government’s proposed collateral registry would make capital more easily available to borrowers. However, this solution is still in the early stages of planning. In the meantime there is need for government support in creating an enabling environment for such investment, so that both investors and entrepreneurs can make use of incentives and critical protections to ensure minimal abuse/fallout.

Government can intervene in the establishment of structure for non-traditional investment using the following methods: a. Incentives: Individuals or institutions that invest in start-ups and other entrepreneurial ventures should be incentivised to do so through income tax relief, capital gains rollover, loss relief, and gains not

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•• Know when their company meets the requirements for listing •• Learn the necessary steps, if they are not ready •• Clearly understand what is required of listed companies, as many companies hesitate to list, out of concern for lack of privacy and loss of control.

2. An improved business environment that fosters entrepreneurship We should focus our energies on new, viable and economically feasible start-ups that can move the economy and society forward. The Chamber is already supporting the promotion of micro, small and medium enterprises (MSMEs) through our:

We should focus our energies on new, viable and economically feasible start-ups that can move the economy and society forward

Table 1: Comparison of global angel investing incentives UK (Enterprise Investment Scheme)

UK (Seed Enterprise Investment Scheme)

The Small Business Stock Gains Exclusion Act provides for the capital gains from investment in select small business stock to be excluded from federal tax

Under this scheme, angel investors can gain both income tax and capital gains tax relief on investments for eligible shares in small unquoted companies that qualify under the scheme

This scheme, unlike the Enterprise Investment Scheme, seeks to incentivise investments in very small businesses with growth potential that are at a very early seed or start-up stage, have only just started trading, and may have little or no revenues and very few assets

100%

100% (up to gains of US$10 million)

i. 30% (on income tax up to £1 million) ii. 100% (on capital gains from selling)

i. 50% (on income tax up to £100,000) ii. 50% (on capital gains from selling)

1. The angel investor may only file for the tax rebate two years after the point of investment 2. The investee company must be at least 51% locally owned 3. Investment into a start-up must be at least US$1,207.00 and must not exceed US$120,702.50 per annum

1. The investment must be held for a minimum of five years 2. The investee company must not have more than US$50 million in assets before the investment or immediately afterwards 3. The business may not be in certain industries: services, farming, finance, mining, extraction, restaurant, hospitality, real estate

1. The angel investor must retain the shares for a minimum of three years 2. Investors must not have been previously connected to the investee company 3. Only ordinary shares qualify

1. The investee company must have fewer than 25 employees 2. The investee company must have fewer than £200,000 in assets at time of investment 3. Investee companies can only receive investment capital totalling £150,000, which must be used within three years

China

Malaysia

USA

Structure

An investor or investment firm that picks up a stake in a tech start-up at the seed or early stage, and stays invested for two or more years, can deduct a portion of their investment from their taxable income

The investee company first applies to the governing body for angel investments to be qualified for investment under the Angel Tax Incentive.

It can then obtain a letter to present to the accredited angel investors

Value deductible

70%

Conditions

1. The new start-up must be in the tech industry 2. The new start-up must be located in a specified area of the country

• Business Insights series, which provides B2B training via live and on-demand webinars • Promotion of an Angel Investor Programme to support the entrepreneurship ecosystem. This will bring MSMEs and investors together, increase the capability and capacity-building of MSMEs as competitive companies, and increase employment, taxable revenue, and even foreign exchange earnings.

To supplement these initiatives, the Chamber would welcome the government’s support in creating an enabling environment for their success. This can be done by: • Improving inter-agency and ministry linkages to shorten and simplify the business registration process • Re-establishing the FairShare Programme as an incentive for entrepreneurs to bid for substantial projects • Providing incentives for angel investors. We have reviewed some international examples (see Table 1).

3. A modern and effective law enforcement system With an estimated TT$3.876 billion allocated to the Ministry of National Security for the financial year 2018/2019, it can be said that a significant proportion of T&T’s GDP is tied up in our protective services and is not being used for economic development.

A fairly recent IMF Regional Economic Outlook Report states that Trinidad and Tobago’s GDP growth rate would increase by 0.3% should our crime rate match the global average. This is a clear indication that more effective measures need to be implemented and enforced when dealing with the country’s high crime rate. To address this

A fairly recent IMF Regional Economic Outlook Report states that Trinidad and Tobago’s GDP growth rate would increase by 0.3% should our crime rate match the global average concern, the Chamber recommends the following to reduce the burden on the court system: • Establish night and petty courts to clear the backlog in the judicial system. Video conferencing should be used between the jails and the courts, to reduce the cost of transporting prisoners and to boost the efficiency of the judicial system • Improve the existing system by allowing persons with minor convictions (possession of small amounts of marijuana, cursing, etc.), who have completed their sentences, to have the charges struck off their record automatically, rather than make them apply to have the charges struck off • Remove minor vehicular and traffic offences (tickets and small accidents) from the existing court docket.

Establish a separate court to deal with these matters • Implement an improved traffic ticket system that would allow for payment of fines at District Revenue Offices, Post Offices and Police Stations, instead of at the District Court where the offence was committed.

The current labour relations climate remains a challenging one. We are working with an Industrial Relations Act that is over 46 years old. This needs to be overhauled urgently to align with global best practice.

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ď ° The CCJ Bench

Understanding the Caribbean Court of Justice

While the CCJ marks its 14th year in 2019, only four Caribbean countries recognise it as their final court of appeal. Why is the number of matters brought before it so small? How can the court assist the private sector?

by Kissoon Sinanan Attorney-at-Law

The Agreement establishing the Caribbean Court of Justice (CCJ) was signed by ten Caricom member states1 in 2001. The court was inaugurated four years later, on 16 April 2005. It was established with both original and appellate jurisdictions, pursuant to Article III of the Agreement.

So far, only Barbados, Belize, Dominica and Guyana have replaced the Judicial Committee of the Privy Council with the CCJ as their final court of appeal.

In its appellate jurisdiction, the CCJ hears and determines appeals in civil and criminal matters, as detailed under Article XXV of the Agreement2. In certain matters, appeals lie as a matter of right to all natural or juridical persons3 (comprising individuals and companies); in others, the leave of the Court of Appeal in the respective member states is required before any matter can be taken to the CCJ.

Currently only Barbados, Belize, Dominica and Guyana have replaced the Judicial Committee of the Privy Council with the CCJ as their final court of appeal

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Matters which can be appealed as a matter of right include property rights, dissolution or nullity of marriage, interpretation of the constitution of a member state, and issues related to the protection of fundamental rights.4 Appeals requiring the leave of the Court of Appeal of a respective member state include decisions in any civil proceedings involving a question of great general or public importance, and such other cases as may be prescribed by any law of the contracting party.5

Private sector participation Under the original jurisdiction, the CCJ has exclusive jurisdiction to hear and deliver judgment on disputes in which member states are involved, referrals from national courts or tribunals of member states, and applications by all natural or juridical persons for special leave to appear as parties before the CCJ.6 The CCJ also has exclusive and compulsive jurisdiction to deliver advisory opinions concerning the interpretation and application of the Revised Treaty of Chaguaramas (RTC). 7It is also clearly stated in the Agreement and the RTC that when a judgment is delivered by the CCJ, any member state, Caricom bodies, organs, entities or persons

Law and order

to whom the judgment applies must comply with the judgment promptly.8 It is under the original jurisdiction of the CCJ therefore that one could anticipate the increased participation of the private sector in Caricom, if only to ensure that member states abide by their obligations under the RTC with respect to the Caricom Single Market and Economy (CSME).

However, the number of matters that are brought to the CCJ under the original jurisdiction is still very small compared with the matters under the appellate jurisdiction It is not surprising therefore that the majority of the decisions under the original jurisdiction of the CCJ have involved the private sector. However, the number of matters that are brought to the CCJ under the original jurisdiction are still very small compared with the matters under the appellate jurisdiction.9 Some of the reasons for this phenomenon may include the preference for government-to-government negotiation, a lack of understanding of trade matters, and a lack of understanding of member states’ rights and obligations under the RTC as well as time and costs.

Challenges for business Prior to the CCJ, member states only discussed their private sector problems and challenges at the Council of Trade and Economic Development (COTED), and bilaterally in between COTED meetings. This practice continued for years with generally beneficial results and at no cost to the private sector. In fact, when Trinidad Cement Limited (TCL) brought the first matter to the CCJ under the original jurisdiction, there was divided opinion throughout the region about whether the company adopted the proper approach.

Many in the private sector do not fully understand Caricom trade rules and are therefore more comfortable leaving their trade issues with government officials to address. There are also not many attorneys who are familiar with these rules and can assist private sector entities. There are also not many attorneys in the region who are versed in international law, which is applied by the CCJ in exercising its original jurisdiction10 . Similarly, the rights of the private sector generally flow from the rights of the member states under the RTC.

may prefer not to approach the CCJ at all. In support of this position, both the RTC and the Agreement have a provision that encourages member states, to the maximum extent possible, to use arbitration and alternative dispute mechanisms to settle private commercial disputes11.

Many in the private sector do not fully understand Caricom trade rules and are therefore more comfortable leaving their trade issues with government officials to address The first company to bring an application to the CCJ under the original jurisdiction was Trinidad Cement Limited (TCL). Other companies that have followed this trend include SM Jaleel and Company Limited, Humming Bird Rice Mills Limited, Rudisa Beverages and Juices NV, Arawak Cement Company Limited (a subsidiary of TCL), and Rock Hard Distribution Limited.

References There are fifteen member states of Caricom listed on the Caricom website (www.CARICOM.org) and currently twelve of these member states have signed the Agreement.

Member states of Caricom: Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Saint Lucia, St Kitts and Nevis, St Vincent and the Grenadines, Suriname, Trinidad and Tobago 2 Currently, this only applies to Barbados, Belize, Guyana and Dominica 3 The phrase “Persons, natural or juridical� is used in Article 222 of the Revised Treaty of Chaguaramas (RTC).

4 Article XXV.2 of the Agreement 5 Article XXV.3 of the Agreement 6 Article XII of the Agreement and Article 222 of the RTC on the matter of special leave 7 Article XIII of the Agreement and Article 212 of the RTC 8 Article XV of the Agreement and Article 215 of the RTC 9 The Honourable Mr Justice Saunders, Speech on the Revised Treaty of Chaguaramas: Conflicts and Contradictions for the Island State; delivered 16 May 2017 10 The Hon. Mr Justice Saunders, op. cit.

11 Article XXIII.1 of the Agreement and Article 223 of the RC 1

Pioneering use in trade Given the options available for negotiations through government channels, past experience in utilising the latter and the potential costs involved in making an application to the CCJ, many private sector entities

ALL Photography courtesy The Caribbean Court of Justice

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Law and order

courtesy the Caribbean Court of Justice

The TCL Experience TCL v Guyana [2008] CCJ 1 (OJ) TCL v Guyana [2009] CCJ 5 (OJ) In the matter TCL v Guyana [2008] CCJ 1 (OJ), the CCJ emphasised the historic nature of the proceedings and stated that it was the first matter in which the Caribbean Court of Justice had been called upon to exercise its original jurisdiction. It therefore had no precedents to follow in its interpretation and application of the RTC. While the Court reserved its decision, it identified two issues for determination in the matter. Firstly, whether for the purposes of Article 222 it is sufficient for a company to be incorporated or registered under the domestic legislation of a contracting party and, secondly, whether Article 222 of the Treaty accords to one who is held to be a person, natural or juridical, of a contracting party the right to sue that contracting party.

Judgment was given on 15 January 2009 granting special leave to TCL. Prior to TCL’s case against Guyana, that country on numerous occasions unitarily removed the 15% Common External Tariff (CET) on cement imported from outside of Caricom. After many failed attempts at settling the matter bilaterally, TCL took the matter to the CCJ. In the case, TCL V the Co-Operative Republic of Guyana [2009] CCJ 5 (OJ), the Court ordered among other things that Guyana must re-impose the CET and that the Government must pay TCL two-thirds of its cost. While it was ordered that the CET be reimposed within 28 days of the Court Order of 20 August 2009, this was not done until 8 January 2010, after TCL filed a Contempt of Court application at the CCJ.

TCL v The Caribbean Community [2009] CCJ 4 (OJ) In TCL v The Caribbean Community [2009] CCJ 4 (OJ), TCL sought clarification of the administrative procedures relating to the suspension of the CET. The Court in its judgment sought to address this issue while trying to strike a balance between the need for flexibility on policy issues and at the same time ensure the presence of “effective measures to curb the abuse of discretionary power”.

The CCJ stated that Article 82 of the RTC, which lists the conditions for suspending the CET, must be interpreted in a sensible manner. That is, the production of the product is only one part of the equation. The company must also be able meet the demands of the member states in a timely manner.

The CCJ also clarified Article 26 of the RTC and the responsibility of the Community Council to establish and maintain “an efficient system of consultation at the

national and regional levels”, the object being to enhance the decision-making process in the Community.

This duty to maintain an efficient system of consultation, the CCJ indicated, would include a duty to monitor the operation of that system once it has been established, as well as a duty to try and correct any weaknesses that emerged in the system; and to ensure as far as possible scrupulous adherence to that system. It was emphasised that these are duties which rest primarily on the Community Council, but in the performance of which that Council is entitled to the assistance of the Secretary-General.

The CCJ also stated that member states have a duty to provide the Secretary-General and COTED with accurate, relevant and timely information. The Secretary-General must also do what they reasonably can in order to ascertain whether appropriate consultation has been held; and if it has not, to encourage the Competent Authority to remedy that omission.

TCL v the Competition Commission [2012] CCJ 4 (OJ) While the CCJ dismissed the application by TCL, clarification was provided on some of the rules and procedures of the Competition Commission.

The CCJ observed that it is difficult to see how an investigation of the regional Competition Commission could deal with cross-border anti-competitive business conduct by focusing on the infringement of national provisions. Moreover, it stated that this does not seem to be required by the RTC and, indeed, the question of which national provisions to concentrate on would almost certainly arise. In all the circumstances, the Court encouraged the Commission to review its rules so as to ensure that they are in concert with the RTC and reflect the appropriate standards of fairness.

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courtesy the SCL GROUP

Business profile

Stuart Dalgliesh: 40 years leading SCL With reporting by Kevin Garcia, Freelance writer

Stuart Dalgliesh is the CEO and a founding member of SCL Trinidad. His first major sale consisted of materials for the Eric Williams Financial Complex project in the 1980s. Today, SCL is a regional brand and company with operations in four countries across the Caribbean. He reflects on his 40-year journey and offers advice to budding entrepreneurs in Trinidad & Tobago Innovation, dedication and foresight. These are the core characteristics that represent Stuart Dalgliesh, founder and Chief Executive Officer of the SCL Group of Companies. SCL, founded in 1979, now has operations in Trinidad, Jamaica, St Lucia and Guyana. Dalgliesh has harnessed innovation, dedication and foresight to move the business from the southernmost corner of the Caribbean onto the global stage.

“My mother brought me up with the understanding that you get what you work for,” he says, “and there is no free lunch.” The firm belief and understanding that hard work pays off is embedded in the leadership culture of SCL. This culture has led to some key decisions that resulted in successful business transformations over the past 40 years.

Background and history The journey to becoming the Caribbean’s leading supplier of concrete engineering products and services was not straightforward or easy. SCL started operations in 1979 as Surface Coatings Limited, and after acquiring the distribution rights for FOSROC International (formerly Chemical Building Products), it was poised to dominate the market.

The company’s initial focus was only on supplying the local Trinidad and Tobago market. However, with the economic decline and devaluation of the Trinidad

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dollar in the 1980s, Surface Coatings Limited, like many other businesses during that period, suffered a significant reversal of fortunes. Dalgliesh and his SCL leadership team decided to do three things: to diversify its operations through manufacturing, to introduce new products and services, and to pursue new markets in other countries.

This three-tier approach was successful, and the company was able to return to profitability.

There were two business name changes: Specialist Chemicals Limited in 1991, and the present SCL (Trinidad) Limited. Both positively impacted company branding. The combination of improved marketing, delivering quality engineering products, timely distribution and exceptional service continues to separate SCL from its regional competition.

Innovation drives expansion When SCL started manufacturing in Trinidad, exports were in high demand throughout the Caribbean, starting with St Maarten and followed by Jamaica. Today, SCL proudly distributes products to over twelve Caricom states and eight members of the OECS. SCL has four core divisions, and five retail outlets within Trinidad and Tobago, Jamaica and Guyana. There are also five distributors, in Suriname, Grenada, Barbados, St Maarten and St Lucia respectively.

Concrete and cement is SCL’s largest division. It works with the top ready-mix and precast concrete companies throughout the Caribbean, providing innovative concrete technology, technical advice, concrete testing, mix designs and much more.

The engineering division includes internationally

“Our engineers are among the best in the Caribbean. Our architects are among the best in the Caribbean. Our contractors are among the best in the Caribbean. But these services are not being exported” accredited products, and is focused on locally manufactured and imported systems. With a dedicated team of professionals, it caters to the energy and marine sectors, the construction industry and more.

The industrial maintenance division offers a range of cleaning chemicals that are environmentally friendly and locally created. Some of the industrial products were developed to fill specific gaps in the market.

The industrial raw materials division was introduced to supply local manufacturing firms with top quality raw materials, reducing the lengthy wait time and high transportation costs previously endured by Trinidadian companies. This division also offers contract manufacturing and white-label product services to minimise production costs and overheads for SMEs.

Business profile An advocate for local content There is need for strong local content policy and legislation which advocates the development of skills, technology transfer, and the use of local manpower and manufacturing

SCL Group: growth timeline •• Formed in 1979 to market engineering-based products •• Started local manufacturing in 1985 •• Diversified operations in 1991 through the establishment of a new industrial maintenance division. Diversified again in 2009 with the formation of an industrial raw material division, and in 2012 when it entered the lubricant market with a range of premium quality lubes, greases and fuel additives •• Expanded into Jamaica (SCL (Jamaica) Limited) in 1995 and St Lucia (Caribbean Technologies Limited) in 2006 •• In 2013, constructed a brandnew state-of-the-art production, distribution and administrative complex at Saddle Road in San Juan, Trinidad •• Opened its first retail store in 2014, The Solution Store, designed to be the nexus between the SCL Group and its ever-growing retail client base •• SCL (Guyana) Inc. was established in February 2016 to safeguard existing business and to meet the demands of the growing oil and gas sector • Retail outlets opened in Jamaica 2017 and Tobago in 2019.

SCL intends to continue its 40-year journey by innovating and diversifying across its Trinidad, Guyana, Jamaica and St Lucia operations, always on the lookout for new products and market opportunities

Dalgliesh believes Trinidad and Tobago should do more to support local firms.

“While our companies are fighting to open doors in international markets, it is very easy for foreign firms to set up shop here. There is a need for a strong local content policy, and for legislation which advocates the development of skills, technology transfer, and the use of local manpower and manufacturing.

One that would not stifle foreign investment but would allow for a mutually beneficial exchange.”

Dalgliesh goes on to point out that: “Our engineers are among the best in the Caribbean. Our architects are among the best in the Caribbean. Our contractors are among the best in the Caribbean. But these services are not being exported, and in the local construction industry the foreign content is often given priority over local Trinidadian content. The result is that Trinidad and Tobago is being relegated to becoming a nation of house-builders, and this is not a good trend.”

The future Four years ago, Trinidad and Tobago faced an economic slump, and SCL had to adapt when the local market contracted by 40%. As a result, its economic outlook remains guarded but optimistic.

“Our growth outlook is to acquire companies with business synergies that we can add value to through manufacturing efficiencies, cost savings and access to new markets. SCL intends to continue its 40-year journey by innovating and diversifying across its Trinidad, Guyana, Jamaica and St Lucia operations, always on the lookout for new products and market opportunities.”

Dalgliesh advice to Caribbean entrepreneurs Dalgliesh is excited about the junior stock exchange and sees a possible listing in the future.

One of his proudest moments in business was when within a single year he was approached by three of the world’s leading competitors to distribute their products. This was a humbling experience, just to be recognised by the world’s greats. He has learned many lessons since, and offers the following to businesspeople in Trinidad and the Caribbean.

“We must continue to take calculated risks in order to grow. One example is the junior stock exchange – rather than borrowing money and having difficulty paying it back, there are new alternatives to obtain equity locally,” he notes.

He also warns new entrepreneurs to document agreements properly. “Do not trust verbal contracts, promises and handshakes. That was the root of practically all my problems early on at SCL. A lesson I quickly learned and corrected.” He advises young businesspeople to get this right from the outset, which will boost their chances of financial success.

And in any new venture, he continues, always negotiate the divorce whilst discussing the marriage. This is crucial, as many friends, family and business partners part ways in animosity over money.

For Dalgliesh himself, the road ahead leads to semi-retirement, but he says he wants to leave with the lights on. He sees a bright future for the company, with continued investment in the research and development of environmentally safe products.

He has always relied on innovation, a little luck and a lot of hard work. It is this impulse to reinvent itself, no matter how comfortable it may have been in the market, that drove SCL during its 40-year journey – and will continue to inspire the company to go forward.

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29

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Growth and learning corner

The Chamber's growth and learnING corner

What have you read, watched or listened to lately that has contributed to your growth and development as a businessperson?

Jason Julien Deputy Chief Executive Officer – Business Generation, First Citizens Bank Limited

For the past three years, I have set a personal goal of reading at least one book per quarter. I actively seek out thought-provoking books, mostly biographies and non-fiction. One of my favourites is the memoir Educated, by Tara Westover.

Home-schooled in rural Idaho, she did not step into a classroom till she was 17. Through a Bill and Melinda Gates Foundation scholarship she eventually attended Cambridge University, and in 2014 earned a PhD in History.

Despite not receiving a formal education early in life, she became successful because of the way she looked at the world. She brought a fresh perspective to education, especially the way we interpret history.

The history we are taught is determined by the person writing their interpretation of events. History is not simply accepting the facts presented to us: how we distil, analyse and critically examine those facts is essential to understanding and interpreting the world around us.

What this has taught me as a leader is that we need to critically examine information presented to us by scrutinising the context, and dissecting and analysing. It is very easy to accept what is considered to be common knowledge without using common sense or critical thought. We should not be afraid to challenge accepted “truths” in the world – we need to be bold enough to critically analyse, assess and debate as independent thinkers Allison Demas Chief Executive Officer, Media InSite Limited; Chair, Nova Committee, Trinidad and Tobago Chamber of Industry and Commerce

One of the most interesting books I have read was Michael E. Gerber’s The E-Myth Revisited: Why Most Small Businesses Don’t Work, and What To Do About It. Given that Media InSite is a small to medium-sized enterprise (SME) and I am Chair of the Chamber’s NOVA Committee, I particularly recommend this book for SMEs. The main idea of the book is that entrepreneurs start businesses because they are passionate about something. They have a vision, and can see the big picture.

But a lot of business owners tend to lose sight of this, and work in their business instead of on their business.

Successful businesses need three elements: technical, which means operations; managerial (order and systems); and the outlook of the entrepreneur (the vision). So it is important for entrepreneurs to put processes and systems in place so that their team can pick up the manual and run the business.

Reading this book made me realise that I have a vision for my company – to be the global leader in monitoring and measuring Caribbean media content – and that I need to take a step back and let others focus on operations, while I ensure that my vision is realised.

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Growth and learning corner

The Chamber's growth and learning corner

What have you read, watched or listened to lately that has contributed to your growth and development as a businessperson?

Diane Hadad Managing Director, Jade Distributors Limited; Chair, Tobago Division, Trinidad and Tobago Chamber of Industry and Commerce

I have always been interested in human behaviour, especially when I consider how business is conducted today. I find that people are often not concerned about their reputations, and delivering work to a high standard.

The link between human behaviour and how this impacts business fascinates me.

I am also a strong advocate for gender equality, and I am always pursuing new knowledge in this area. As a woman in the workplace, I have observed many instances of the way we are conditioned to give men a certain amount of respect because of their gender. I believe that respect should be given based on a person’s ability to deliver to the standard required.

This insight into gender relations in the workplace has allowed me to grow to another level where I now have more confidence in myself and my abilities.

Climate change

Pushing back against climate change

Extreme weather events are a solemn warning that business as usual is not an option for Trinidad and Tobago. Despite institutional inroads, there is a lot of work to be done if the risks to come are to be properly mitigated

by Gerard Rajkumar Manager and Lead Consultant, Sygma Environmental

“Over the last three decades, there has been an upward trend in temperatures” as measured by the Trinidad and Tobago Meteorological Service

We are constantly being told that the climate of our world is changing.

In 2018, the Intergovernmental Panel on Climate Change (IPCC) warned that the costs of global warming are going to be far worse than expected, and that the impact on ecosystems, communities and economies will affect every single country and person on planet earth. We are already used to hearing of the devastating effects of extreme weather in our own region, not only at home but in other Caribbean territories (Figure 1).

Frequency and average annual effects of natural disasters, 1990-2014 2.5

2.0

1.5

1.0

0.5

0.0 Damage (% of GDP) Other States

Disaster frequency

Affected population (% of total)

Small States

Caribbean

Source: EM-DAT; IMF (2016), "Small States' Resilience to Natural Disasters and Climate Change—Role for the IMF," IMF World Economic Outlook; World Bank, World Development Indicators; and authors' computations. *Disaster frequency: Average annual disasters per 1,000km2

Fig. 1: The Caribbean is highly exposed to natural disasters

Why is it, then, that climate change has not received greater recognition on the local landscape?

The University of the West Indies is leading a group of ten universities (two from each continent) working on the UN’s Sustainable Development Goal 13: Climate Action

Rather than alarm, there is even scepticism about the very existence of climate change, attributing extreme weather events to a naturally occurring global cycle, rather like the “El Nino” phenomenon.

But science relies on data, and the story being told by the data is not a happy one.

The mean economic damage expected for tropical storms in Trinidad and Tobago, considering different scenarios of climatic (regional sea level

ALL Photography courtesy MINISTRY OF TRANSPORT AND WORKS

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Climate change

rise and changes in the frequency of storm events) and vulnerability conditions, is shown in the table below. Scenarios S0 and S1 are those in which 2014’s vulnerability scenario is maintained, while in S2 and S3 the future vulnerability scenario is considered.

Fig 2: Expected annual damage for different scenarios due to tropical storms in Trinidad and Tobago

Scenario

Mean damage (million US$/year)

SO

19.59

S1

26.35

S2

29.34

S4

36.86

Local developments

Source: “Understanding the Economics of Climate Adaptation in Trinidad and Tobago”. Study coordinator: Gerard Alleng. Inter-American Development Bank, 2014. https://publications.iadb.org/en/publication/16851/ understanding-economics-climate-adaptation-trinidad-and-tobago

Impact of climate change The Trinidad and Tobago government’s Strategy for Reduction of Carbon Emissions in Trinidad and Tobago states that “there are several studies that found evidence of recent changes in the climate of T&T”. It goes on to say: “Over the last three decades, there has been an upward trend in temperatures” as measured by the Trinidad and Tobago Meteorological Service (TTMS).

The National Climate Change Policy of 2011 spelled out our vulnerability by sector, each with its own imminent problems such as decreased crop yields and more vectorborne diseases and flooding.

The floods experienced in the last couple of years,

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increased coastal erosion, a blurring of the start and end of our rainy and dry seasons, and this year’s declaration of drought, all indicate that climate change is more than academic hyperbole. The data explain why some of the school classrooms we once occupied are now enclosed and air-conditioned.

Visually, anecdotally and mathematically, the evidence confronts us: climate change is here.

chamber.org.tt

In the face of this reality, the reaction has been mostly institutional.

The Ministry of Planning and Development (MPD) has a Multilateral Environmental Agreements Unit. Its work has resulted in Trinidad and Tobago being the first country in the Caribbean to launch a monitoring, reporting and verification (MRV) system. The ministry has also launched a Knowledge Management System (KMS), along with a pilot project for the National Climate Mitigation MRV system.

The academic community is also involved. The University of the West Indies (UWI) is leading a group of ten universities (two from each continent) working on the UN’s Sustainable Development Goal 13: Climate Action, mobilising research and advocacy for the achievement of a climate-smart world. UWI experts Dr Michael Taylor, Dr Leonard Nurse, and Professor John Agard are members of the IPCC itself. The University of Trinidad and Tobago (UTT) is also active in this area through staff and student research across several departments.

Climate change

Trinidad and Tobago, as a signatory to the Paris Agreement on climate change, has committed to reducing its greenhouse gas emissions by 15% by 2030

Is climate change in the Caribbean real?

•• Mean surface temperatures in the Caribbean have increased by ~1.0 degree Celsius over pre-industrial times. Warming is occurring at ~0.2 degrees Celsius per decade. 1.5 degrees C of warming may occur by 2030 (IPCC, 2018)

Trinidad and Tobago is a signatory to several multilateral environmental agreements, including the United Nations Framework Convention on Climate Change (UNFCCC), the Kyoto Protocol and Paris Agreement, the Vienna Convention and the Montreal Protocol.

Several local energy companies make their own assessments of climate change, to determine the likely impact on their operations or to minimise their contribution to greenhouse gas emissions. The non-energy private sector too is starting to shoulder its environmental responsibility: Massy Stores, for example, the largest supermarket chain in the country, is promoting the use of reusable shopping bags by placing a disincentive cost on single-use plastic bags.

Environmental action is beginning to build in pockets throughout the public and private sector, ranging from the Trinidad and Tobago Solid Waste Management Company Limited’s (SWMCOL’s) iCare Recycling Programme to car dealers offering vehicles not fuelled by gasoline.

Championing mitigation

•• Sea levels are rising at ~3 mm/ year, and the rate of sea level rise is increasing (IPCC, 2013)

As a signatory to the Paris Agreement on climate change, Trinidad and Tobago has committed to reducing its greenhouse gas emissions by 15% by 2030. How can a business contribute to this process? Here are a few steps which firms can take.

•• The Caribbean Sea and the Atlantic Ocean are becoming more acidic (SCOR, 2009)

•• Determine where you stand by measuring your carbon footprint. Results should be voluntarily reported to the MPD, to be included in the KMS and MRV.

•• Rainfall patterns are changing (Climate Studies Group UWI Mona) – more storms in the northern Caribbean and more droughts in the southern Caribbean •• Migration and breeding habits of vectors (e.g. Aedes aegypti) are changing (Chadee, D. & Martinez, R., 2016) •• Two Category 5 hurricanes hit the Caribbean in 2017 (unprecedented) •• Dominica’s total damage and losses from Hurricane Maria in 2017 have been estimated at US$1.3 billion – about 226% of the country’s GDP. Losses for Anguilla, Bahamas, British Virgin Islands, St Maarten, and Turks & Caicos, following hurricanes Irma and Maria, have been estimated at US$5.4 billion (UNCTAD, 2018).

Source: “Caribbean Perspectives of the Impact of Climate Change on Environmental Determinants of Health”, Hugh Sealy Ph.D., M.Sc., B.Eng., Windward Islands Research and Education Foundation (Windref) Research Fellow & Special Envoy, Government of Barbados, at the III Global Conference on Health and Climate Change, October 16 & 17, 2018, Grenada

•• Review your energy consumption behaviour. Servus Limited works with clients to manage their buildings with greater energy efficiency.

•• Implement recycling programmes at work, involving plastics, glass, tetrapaks (deposited in SWMCOL’s iCare bins), cans, and paper. Ace Recycling Limited offers a free paper/cardboard recycling service.

•• Reassess vehicle usage and incentivise car-pooling, employee group transport, and investment in hybrid or CNG-fuelled vehicles.

•• Use technology such as teleconferencing, virtual offices, and predictive modelling.

•• Get involved in a carbon-offsetting project such as tree-planting.

As a nation, we should be guided by an overarching climate change framework.

This should inform policy as it pertains to planning (building climate resilience), energy consumption (incorporating renewable energy, with the option to sell electricity back to the grid), transport and industry. Perhaps then our voice will be heard globally, setting the standard for other small-island developing nations to follow in resisting the intensification of climate change.

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Advertorial

EXPORTING 101 What is exporting?

Exporting occurs when local manufacturers send their goods/services to a foreign country for trade or sale.

Selling your products globally is a great way to expand your business. To be a successful exporter you first need to be fully prepared. This article will give new exporters and non-exporters who have intentions of becoming exporters, an overview of how this can be accomplished.

Preparing for the world of exporting 4 tips on how you, the new or non-exporter, can better prepare: 1. A comprehensive export strategy is needed

a. Identify what product/s you are going to sell. b. Identify where your products should be sold; proper research should be done regarding tariffs c. Choose your selling strategy: i. You can sell your products directly to the customer (you will solely be responsible for shipping, payments and servicing). OR ii. You can sell your products directly to a distributor and in turn, they will sell your products for a profit.

OR iii. You can partner with a company in the country you’re exporting to, who may already have a distribution system in place. This can make your business affairs much easier. d. Necessary support for your products is needed, which will include service for products, warranties and returns. A good way to work around all the costs that may be incurred, will be to service your product locally, by creating an office providing service in the foreign country. e. Next step is protecting your Intellectual Property (Brand Name, Patents etc.). This is necessary to minimize risks. You can research this topic extensively on The Ministry of the Attorney General and Legal Affairs website (www.ag.gov.tt). There you will find all the required information on this topic and how to proceed. f. The last export strategy should be pricing of your products, which can be the most challenging. There are a few questions you should ask yourself before deciding: i. What price should your product sell for in the foreign market? ii. What would the customer’s perception be regarding the pricing structure? iii. Does the price reflect the quality of the product? iv. Is the price competitive? v. What options are available if your company’s costs increase or decrease?

Other aspects of pricing can include market demand, competition, tariffs, currency fluctuation, transaction costs and taxes. Additionally, a request for quotation and pro forma invoices can do some damage as well.

2. Review export and import regulations a. Due diligence should be exercised; do your research to determine if there are any restrictions with regard to exporting your goods from Trinidad and Tobago. There are two websites where you can obtain a consolidated list and guidance; www.finance.gov.tt (services » customs and excise) and https://tradeind.gov.tt (services » trade license unit).

3. The next step – shipping your goods and the preparations involved a. First you need to find an appropriate freight forwarder to transport your goods. To do so, you need to answer some questions. Here are a few to get you started: i. What type of products are being exported? ii. Do the freight forwarder/s have a good reputation? iii. Is there anything you need to worry about concerning the company? b. You must be able to understand incoterms. Incoterms are codes used when shipping products overseas.

You can access a complete list of incoterms online.

4. Finally, don’t forget your finances. We at eximbank can fulfill your needs with the products we offer.

These products include: a. Raw material financing b. Asset financing c. Factoring and discounting d. Export credit e. We also offer a forex facility.

It is important to note that it is in your best interest to do all the preparations needed and gather all information necessary beforehand, to ensure a smooth process and subsequently, for you to have less to worry about.

Export-Import Bank of Trinidad and Tobago Limited (Eximbank) Exim House #30 Queen’s Park West Port of Spain (868) 628-2762/1382 eximbank@eximbanktt.com www.eximbanktt.com

Innovation in business

A well-oiled success: the CGA brand With a central mill in Laventille, CGA was established in 1937. Today it is the largest and most modern manufacturer of soaps, oils and margarines in the Caribbean. How does an 80-year old firm stay relevant? By embracing technology and innovation

by Jeanette G. Awai Freelance writer

CGA is the only indigenous manufacturer of soaps, edible oils, margarines and shortenings in Trinidad and Tobago

CGA (Coconut Growers Association) Limited is the only indigenous manufacturer of soaps, edible oils, margarines and shortenings in Trinidad and Tobago.

Any company should be satisfied with that achievement, but it wasn’t enough for Product Development Manager Gabrielle Agostini. She and her team have been working on the rebranding of CGA’s existing food and beauty product lines. Through the use of e-commerce, social media and customer feedback, CGA is moving from regional stalwart to competitive global brand. CGA’s initial objective was to assist coconut farmers to export copra (dried coconut meat) in the late 1940s. In the following decade, CGA went on to manufacture edible oils and margarines for use in cooking. After developing partnerships with Johnson & Johnson and Lever Brothers (Unilever), they started to produce soaps in the 1960s.

The company has also focused heavily on its industrial food products such as its Masterline margarines and shortenings, which are used by 60% of local bakeries. Its industrial cooking oils are used by leading fast-food chains such as KFC, McDonald’s and Popeyes.

Meeting global demand CGA’s ability to evolve has been the secret to its success from the start.

The quest for expansion, however, has not been without challenges.

In the past decade, the “coconut oil craze” stretched capacity in a bid to meet burgeoning demand. Maximising its longstanding relationships with farmers, the private sector and consumers, Agostini believes it is the right time to pivot resources in a manner which will meet the still swelling market demand.

The 2017 coconut oil product investment profile by the Caribbean Agricultural Research and Development Institute (CARDI) states that “the North America Region, of which the Caribbean is a part, accounts for US$130 million in terms of export value for coconut oil, that is, 2% of the global coconut oil industry value”.

This same region represents an import value for coconut oil of US$1.3 billion. Agostini cites this importation of competing extra-regional products into Caricom markets, at exceptionally low prices, as one reason why CGA has

ALL Photography courtesy CGA CARIBBEAN LTD.

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 CGA's Product Development Manager, Gabrielle Agostini (left)

not yet fully penetrated the global market. At the same time, meeting consumer demand for more sustainable, natural products and packaging is what Agostini believes sets them apart.

Building a sustainable future

A primary goal of the company is to reduce the environmental footprint of its products. All CGA’s raw materials and 98% of its packaging materials are recyclable

“I worked on quite a few projects at CGA,” Agostini says, “including assisting with the rebranding of three soaps – Duet, d’OR and Every. I’ve also worked with my team on three margarines, Marigold, French Maid and Prize, known internationally as vegan butters due to the change in our formulations to match international vegan butter standards.

“I was also part of the launch of the Constance Estate Infused Coconut Oils, available in garlic, lemon and chilli, as well as our latest brand, the Cedros Bay line of bath and body products. This is Trinidad and Tobago’s first all-natural, vegan, cruelty-free brand, made with 100% organic coconut oil from the Caribbean. We have About CGA made the product even more sustainable by using •• Started in 1937 by an association recyclable packaging, including biodegradable of coconut farmers caps.”

A primary goal of the company is to reduce •• Today, CGA has about 150 the environmental footprint of its products. employees All CGA’s raw materials and 98% of their •• Its headquarters are on Eastern packaging materials are recyclable. This is Main Road in Laventille, Trinidad achieved through collaboration with local companies such as ACE Recycling Limited and •• There CGA manufactures copra, SWMCOL (the Trinidad and Tobago Solid Waste coconut oil, margarine and soaps Management Company Limited).

•• CGA has more than 40 retail and Through social media, CGA encourages customers industrial brands, and recently to reuse their bottles and jars. “We hope one day introduced a skincare line to have a retail store where customers can upcycle our packaging materials by refilling the bottles and •• In 1996, CGA was recognised as jars to reduce waste.” Agostini stresses that CGA the exporter of the year by the Trinidad & Tobago Manufacturers’ is committed to ensuring that all its packaging Association materials are recyclable by 2020.

Creating 100% vegan and cruelty-free products •• CGA products can be found on ensures that there is zero animal exploitation at the the shelves of most Caricom manufacturing and testing stages of production. countries, and in the USA and Canada According to Agostini, this is a key consideration for today’s consumers, and a market-conscious move •• You can “Shop CGA” directly for CGA operations.

E-commerce drives sales

Through the use of e-commerce, social media and customer feedback, CGA is moving from regional stalwart to competitive global brand

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on the CGA website, https:// cgacaribbean.com/. Products are also available on https://www. amazon.com/.

Real-time engagement with customers and listening to feedback through social media have been central to the revitalisation of CGA’s brand.

The company has not only ventured into the digital world’s existing platforms, such as Facebook, Instagram, Pinterest and YouTube: its own website includes an active blog and a shopping option. Agostini explains: “E-commerce has really helped us to increase sales. At the beginning of this year sales were moving slowly, but with the launch of Cedros Bay, they are starting to take off again.”

What can other businesses learn from a leader of industry that’s branching off into new territory? Agostini advises: “You must know your audience. Customers are becoming more conscious of their environmental and ethical values, and are loyal to brands which reflect these.”

Caring for the customer, the country and the environment – a well-oiled CGA is ready to take on the evolving future of business.

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Your choice in ICT solutions and services across the Caribbean, Central & South America.

Group PBS Unit 23, Fernandes Industrial Centre, Eastern Main Road, Laventille Trinidad & Tobago Tel: +1 (868) 624-4776 / 299-0070 Ext. 288 Cel: +1 (868) 763-5560 www.grouppbs.com ww Facebook: Group PBS

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Top 5 facts

top 5 facts

Taxation in Trinidad & Tobago

by Rianna E. Paul Manager, Trade and Business Development Unit, Trinidad and Tobago Chamber of Industry and Commerce In 2011 tax revenue contributed 76% of total revenue; while in 2018, according to the Revenue Estimates published by the Ministry of Finance, it contributed an estimated 60% of total revenue

1. What was the shortfall in tax revenue between 2011 and 2018?

Revenue from taxes is the largest contributor to government revenue. It comprises tax on income and profits, goods and services, international trade, and other taxes such as property taxes.

In 2011 tax revenue contributed 76% of total revenue, while in 2018, according to the Revenue Estimates published by the Ministry of Finance, it contributed an estimated 60% of total revenue.

Tax from income and profits usually accounts for the largest share of total revenue from taxation. This sub-component comprises payments from oil and other companies, individuals, withholding tax, insurance surrender tax, business levy and health surcharge.

Revenue from taxes on property continue to be minimal as the new property tax regime has yet to be implemented.

2. What has been the impact of the fall in energy prices on T&T’s tax revenue?

The early 2000s were characterised by rising oil prices. Between 2011 and mid2014 oil prices danced around US$105 per barrel. However, the collapse of global oil prices saw this halved as prices dropped to around US$50 per barrel1.

Up to 2015, taxes collected from oil companies accounted for the largest share of taxes from income and profits. For comparison, in 2009 taxes collected from oil companies were TT$11.8 billion, while in 2016 taxes collected from oil companies amounted to TT$1.03 billion2.

In 2015, VAT amounted to TT$7 billion, while in 2017 it totalled TT$5 billion

3. What is the largest contributor to taxes on goods and services?

Value Added Tax (VAT) is the most significant contributor to taxes on the goods and services component of overall tax revenue. In 2015, VAT amounted to TT$7 billion, while in 2017 it totalled TT$5 billion.

However, VAT refunds to businesses have been a contentious issue. Many businesses state that they wait over 24 months for refunds. According to the Ministry of Finance, VAT refunds of TT$4.2 billion were paid in 2017.

4. What are the contributions of tax amnesties in T&T? Tax amnesties are tools used by governments to collect outstanding taxes. Taxpayers are given a window to pay outstanding taxes in exchange for forgiveness of tax liabilities, such as interest and penalties.

The most recent tax amnesty was announced in the mid-year budget review on 13 May 2019. Through this, the government expects to collect TT$500 million in outstanding taxes.

Prior to this, according to the Ministry of Finance in 2016, TT$750 million in outstanding taxes was collected.

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Top 5 facts

top 5 facts Table 1: Tax structures of countries with high share of income taxes, 2015 (%) Country

Personal income tax

Corporate income tax

Social security Value added contribution tax

Other goods & services

Other taxes

Tax-to-GDP ratio

Denmark

55.2

5.6

0.1

11.6

7.5

45.9

20.0

United States

40.5

8.5

23.7

0.0

17.0

10.3

26.2

Canada

36.9

9.9

15.1

13.2

9.9

15.1

32.0

South Africa

33.4

16.4

1.4

23.8

16.5

8.5

29.0

Finland

30.2

4.9

28.9

20.6

11.8

3.5

43.9

Sweden

29.1

6.9

22.4

20.9

7.2

13.6

43.3

Norway

27.9

11.5

27.3

21.4

9.0

2.9

38.3

United Kingdom

27.7

7.5

18.7

21.2

11.7

13.1

32.5

Mexico

20.6

20.1

13.9

23.9

14.7

6.8

16.2

Trinidad and Tobago

16.9

44.0

9.3

15.7

10.2

3.9

30.6

Singapore

16.6

25.6

0.0

18.6

13.1

26.1

13.6

Malaysia

14.8

42.5

1.6

15.2

16.5

9.3

15.3

Phillipines

13.7

25.2

14.0

13.1

26.0

8.1

17.0

Source: Domestic Revenue Mobilisation: A New Database on Tax Levels and Structures in 80 Countries. OECD Taxation Working Papers 2018

Up to 2015, taxes collected from oil companies accounted for the largest share of taxes from income and profits

➤

Taxes are a critical domestic revenue source, and fluctuations can have a significant impact on social and economic conditions. A 2018 paper published by the Organisation for Economic Cooperation and Development (OECD) compares the domestic tax structures of 80 countries.

For the majority of the selected countries in Table 1, personal income tax (PIT) accounts for the major share, with the exception of Trinidad and Tobago, Singapore, Malaysia and the Philippines. For these three countries corporate income tax (CIT), which includes oil tax revenue, generates two to three times as much revenue as PIT. The second largest contributor is tax revenue from goods and services, of which value added tax is the major component, the exceptions being Malaysia and the Philippines.

5. Have there been any changes to the tax landscape in T&T over the last 5 years?

In 2017, T&T moved away from a flat tax rate of 25% for individuals, by introducing a new tax bracket of 30% for those whose chargeable income exceeds TT$1 million per annum and for companies with chargeable profits also in excess of TT$1 million per annum.

In Trinidad and Tobago, the 7% Online Purchase Tax (OPT) has been in effect since 20 October 2016. When the OPT was introduced, it was estimated that it would generate TT$70 million in revenue for fiscal year 2017. However, the Ministry of Finance reported that it only collected an estimated TT$22 million. As a result, the estimates for 2018 and 2019 have been revised to TT$28 million3.

References Review of the Economy 2015, Ministry of Finance, http://finance.gov.tt/wp-content/uploads/2015/10/ROE-2015.pdf 2 Estimates of Revenue, various years, Ministry of Finance, www.finance.gov.tt 3 Estimates of Revenue, various years, Ministry of Finance, www.finance.gov.tt 1

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Energy update

Energy update

by Reagan Stroude Research Officer, Trade and Business Development Unit, Trinidad and Tobago Chamber of Industry and Commerce

Local crude oil and natural gas production and usage ➤ Comparing the first two months of 2018 and 2019, it can be seen in Figure 1 that HPCL (land) has slipped to the 3rd spot as a result of a decrease in average output of the period. It is important to note that during Q4 of 2018, the domestic oil refinery was closed, leading to oil imports being halted for that time period; this is shown in Figure 2.

Fig. 1: Top oil producers (avg. bopd) 19,587

14,116 10,071

11,788

10,073

9,743

Perenco

HPCL (land)

Jan-Feb

Jan-Feb

2019

2018

HPCL (offshore) HPCL (land)

Perenco

HPCL (offshore)

Fig. 2: Imports vs exports of crude oil (barrels) N/A

5,008,666

3,662,078

1,641,759 Jan-Feb

Jan-Feb

2018

2019

Imports ➤ As can be seen in Figure 1, when comparing Jan - Feb data from 2018 and 2019, between the top three producers there was an average decline in oil production of approximately 18%.

Over the same time period there was a modest decrease in natural gas output of approximately -0.008% (Figure 4); which can be considered negligible. Figure 3 also shows that the LNG sector continues to be the major user of natural gas locally, accounting for an average 58% of total production.

Imports

Exports

Fig. 3: Natural gas utilisation by sector Jan-Feb 2019 (avg. mmscf/d)

Fig. 4: Top local natural gas producers Jan-Feb (avg. mmscf/d)

LNG 2111 Ammonia 607

3,614

2,173

BPTT

Power 244

2,026

Other 61

552

527

Shell

EOG

729

471

Shell

EOG

2018

Methanol 541

Iron & Steel 50

Exports

2019 BPTT

Source: MEEI Consolidated Reports 2018 & 2019

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Energy update

Comparing the first two months of 2018 and 2019's production and export levels for energy and downstream products

➤ Crude oil condensate production over the first two months of 2019 remained deflated when compared with 2018 figures.

Natural gas production (mmscf/d)

2019

Crude oil condensate production (bopd) 70

4.0

68

3.9

64 Thousands

➤ A comparison between 2018 and 2019 shows that monthly natural gas production levels improved drastically in February of 2019, when compared with both January 2019 and February 2018.

2018

3.8

62 60

3.7

58

3.6

56 3.5

54

3.4

January

➤ With the exception of urea downstream products showed improvements over their 2018 values for the periods shown.

February

52

Thousands

500 450 400 350 300

200 150 100 50 0

January

February

250 200 150 100 50 0

Thousands

January

490 480 470

600

460

400

450 440 430

300

420 410 400 390

100

500

200

January

February

0

January

70

70

60

60

50

50

40

40

30

30

20

20

10

10

January

February

February

Urea exports (mega tonnes)

Urea production (mega tonnes)

Thousands

February

Methanol exports (mega tonnes)

Methanol production (mega tonnes)

0

February

Ammonia exports (mega tonnes)

Ammonia production (mega tonnes) 500 450 400 350 300 250

January

0

January

February

Source: MEEI Consolidated Report 2018 & 2019

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Economic outlook

Economic outlook

by Kimberly Browne Project Assistant, Trade and Business Development Unit, Trinidad and Tobago Chamber of Industry and Commerce

Although the crisis in Venezuela continues to present risks for Latin American countries, growth predictions for the Caribbean remain positive. In light of this, how is Trinidad and Tobago’s economy performing? What has been the Petrotrin impact?

Latin America

1

Latin America continues to face a challenging external environment and a level of political uncertainty which seems to weigh on its economic outlook. Growth is expected to be driven by slightly stronger growth in Brazil, with a smaller drag from Argentina. On the other hand, the crisis in Venezuela presents risks to Latin American countries and the Caribbean (LAC).

In Brazil, improved accommodative monetary policy should help fuel the country’s acceleration, while reform uncertainty, and low external demand for Brazil’s goods and services, will limit the potential for high economic growth.

Argentina continues to experience macroeconomic rebalancing as it is projected to revert to positive growth in 2020. The effects of financial market pressures fade whilst stubbornly elevated inflation and political risk persist. Additionally, Argentina experienced slowing economic activity in January and February, though the government reported a primary surplus of 0.1% of GDP in the first quarter, reversing last year’s deficit and beating its target of a primary balance of 0.0% of GDP. 2 There is evidence that trade diversion, following the imposition of bilateral tariffs by the United States and China, has benefited some LAC countries, mainly Brazil and Mexico. However, export orders in some large economies have moderated in recent months, consistent with weakening global trade growth.

The Caribbean Trade in the region continues to expand. Goods export volumes have grown steadily since early 2018, recently overtaking import growth.

4 The Caribbean Development Bank (CDB), notwithstanding the prediction of deceleration in global economic activity, describes the 2019 economic outlook for its borrowing member countries (BMCs) as positive, forecasting economic growth of over 2%.

The CDB has stressed that the Caribbean’s susceptibility 3

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to multiple conditions, such as Britain’s continued attempts to leave the European Union and the economic retardation in China, along with its vulnerability to weather-related events, needs to be discussed to enhance the delivery of significant social and economic projects.

As we move through 2019’s hurricane season, countries such as Barbuda, Dominica and St Martin are examples of the devastation that natural disasters can cause. Any regional assessment must factor in that a strong economy today can quickly become embattled because circumstances can change suddenly. Beyond the environment, there are other hurdles which can obstruct the Caribbean’s family economic growth as a whole.

The CDB also announced that Barbados is the sole BMC in which economic activity is not anticipated to improve in 2019, and that continuous fiscal retrenchment is foreseen to erode its well-known tourism reputation.

World Bank (WB) analysts expect growth in Latin America and the Caribbean to be subdued in 2019, at 1.7%, reflecting challenging conditions in several of the largest economies. Gradually, building momentum in Brazil and recovery in Argentina are projected to contribute to a pickup in regional growth to 2.5% in 2020 and 2.7% in 20215 (see table 1 below).

Table 1: Latin America and the Caribbean — real GDP growth at market prices (%)

Year-end Latin America & the Caribbean

Projected

2017

2018

2019

2020

2021

0.8%

0.6%

1.7%

2.5%

2.7%

Source: "Global Economic Prospects, Latin America and The Caribbean.” The World Bank, World Bank Group Flagship Report, June 2019.

The domestic landscape (Trinidad and Tobago) Crime continues to stifle growth, with 118 murders reported in the first three months of 2019. While down 13% y/y, this brought the 12-month rolling total to 500 in March 2019 from March 2018.

An exchange offer for Petrotrin 2019 and 2022 bonds was announced, rolling the debt out to 2026 and removing guarantees. It is unclear where the cash will come from to pay bondholders opting not to accept the offer.

The petroleum sector directly accounted for 26.1% of GDP in 2018, up from 22.5% in 2017. Meanwhile, the index of economic activity has posted 12 consecutive quarters of decline. International reserves were down 8% y/y in March 2019, at US$7.35 billion or 8.3 months of imports.

The Minister of Finance stated in the mid-year budget review that the decision to expand fiscal expenditure by TT$300 million drove the deficit to TT$7.6 billion or 4.8% 6

Economic outlook Growth has weakened in most advanced economies, especially those where trade and manufacturing play an important role, such as Germany and Japan, with GDP growth projected to be below 1% in both countries this year

of GDP, while gross public sector debt already stood at 78.3% of GDP in 20187.

The Central Bank’s 2018 Annual Economic Survey stated: “According to initial projections from the Central Statistical Office (CSO), real GDP grew by 1.9% in 2018 after declining by 1.9% in 2017.”8 The IMF is projecting growth at 0.01% for 2019 (revised downward in April 2019 from the previous forecast of 0.9%), then averaging 1.8% through to 2023. Trinidad and Tobago maintains its projection of average growth of 1% in 2019 to 2020.

9

The Caribbean Development Bank, notwithstanding the prediction of deceleration in global economic activity, describes the 2019 economic outlook for its borrowing member countries (BMCs) as positive, forecasting economic growth of over 2%

The IMF is projecting growth at 0.01% for 2019, then averaging 1.8% through to 2023. Trinidad and Tobago maintains its projection of average growth of 1% in 2019 to 2020

Global outlook

According to the Organisation for Economic Co-operation and Development (OECD), trade and investment have slowed sharply, especially in Europe and Asia. Business and consumer confidence have faltered, with manufacturing production contracting.

In response, financial conditions have eased as central banks have moved towards more accommodative monetary stances, while fiscal policy has been providing stimulus in a handful of countries.

Trade tensions are taking a toll, and global growth is projected to slow to only 3.2% this year before edging up to 3.4% in 2020, well below the growth rates seen over the past three decades, or even in 2017-2018.

Growth has weakened in most advanced economies, especially those where trade and manufacturing play an important role, such as Germany and Japan, with GDP growth projected to be below 1% in both countries this year. In contrast, the United States has maintained its momentum thanks to sizeable, albeit waning, fiscal support.

Divergence is also visible among emerging-market economies, with Turkey struggling to recover from recession, while India and others are benefitting from easier financial conditions and in some instances fiscal or quasi-fiscal support.

The global economy remains largely dependent on persistent policy support.

With a few exceptions, emerging-market economies have kept large reserve buffers. In short, central banks have barely normalised the monetary policy stance and their support remains essential.

The outlook remains weak, and there are many downside risks that cast a dark shadow over the global economy and people’s well-being.

Finally, private sector debt is growing fast in major economies. The global stock of non-financial corporate bonds has almost doubled in real terms compared with 2008, at close to US$13 trillion, and the quality of debt has been deteriorating, including a heightened stock of leveraged loans. A new bout of financial stress could erupt.

References FocusEconomics. “Latin America Economic Outlook | Data, Statistics & Forecasts | Focus Economics.” Focus Economics | Economic Forecasts from the World's Leading Economists, 15 May 2019, www.focus-economics.com/regions/latin-america 2 “Global Economic Prospects, Latin America and The Caribbean.” The World Bank, World Bank Group Flagship Report, June 2019.

3 “Global Economic Prospects, Latin America and The Caribbean.” The World Bank, World Bank Group Flagship Report, June 2019.

4 “CDB Predicts Economic Growth for the Caribbean.” Caribbean Development Bank, 12 June 2019, www.caribbeannewsnow.com/2019/06/12/cdb-predicts-economic-growth-forthe-caribbean/.

5 “Global Economic Prospects, Latin America and The Caribbean.” The World Bank, World Bank Group Flagship Report, June 2019.

6 Dukharan, Marla. “Marla Dukharan Caribbean Economist: May 2019.” Marla Dukharan Caribbean Economist, Marla Dukharan and GNM Group, LLC, May 2019, marladukharan.com/ wp-content/uploads/2019/05/2019-05-Caribbean-Monthly-Report.pdf.

7 Imbert, Colm. Government of the Republic of Trinidad and Tobago 2019 MID YEAR BUDGET REVIEW. 13 May 2019, Government of the Republic of Trinidad and Tobago.

8 “Central Bank of Trinidad and Tobago Annual Economic Survey.” Central Bank of Trinidad and Tobago, 2019, www.central-bank.org.tt/sites/default/files/page-file-uploads/annualeconomic-survey-2018_2.pdf.

9 Boone, Laurence. “Editorial: A Fragile Global Economy Needs Urgent Cooperative Action.” OECD Instance, 21 May 2019, www.oecd-ilibrary.org/sites/b2e897b0-en/index.html?ite mId=%2Fcontent%2Fpublication%2Fb2e897b0-en.

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The Chamber and its members

Welcome, new members!

The Chamber extends a warm welcome to companies and individuals who have become members in recent months Allison George 639-5263 (Tobago) Bayshore Finance T&T Limited 235-5626 natalieb@bayshorefinancett.com Exeqtech Limited Civil engineering and specialised construction 624-1140 mcontant@exeqtech.com Furness Trinidad Limited Financial, manufacturing and services sectors 627-4959 furness@furnessgroup.com

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Genesis Insurance Brokers & Benefit Consultants Limited Insurance brokerage and consultancy 235-4067 businessdev@genesistt.com Hugh Ferreira Publishing 633-3916 lanny5052@gmail.com iCreate Events Limited Event management 623-9578 roxanne@icreateeventstt.com Keystone Designs Limited Marketing consultancy, corporate training 270-2803 keystonedesignsltd@gmail.com

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800 Tech Limited Technology services provider 223-8324 scofield@800-tech.com TRICON Building maintenance and cleaning services 226-1991 johan.grosberg@tricon-tt.com

ASSOCIATE MEMBERS Nicole Rostant a3farmslimted@gmail.com

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