Why Choose Trinidad & Tobago: EmbassyPerspective: Doing Business in T&T
Kay Baldeosingh-Arjune Editor BT&T
Embassy Perspective Doing Business in T&T
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ome 47 countries, interested in strengthening trade, investment and diplomatic ties with Trinidad and Tobago, have established a physical presence in the country by way of embassies and high commissions. They serve as a major conduit of information to their own citizens who want to know about business opportunities and the advantages and challenges of locating a business here. Diplomatic representatives of seven of these countries shared their perspective with Business Trinidad & Tobago, telling us what they see as the investment opportunities here and what they tell their citizens about the business environment. They all highlighted investment opportunities in infrastructural development, especially transportation and highways; carbon capture and storage; renewable energies; information technology (IT); and using T&T as a regional hub to access markets in the Caribbean and Latin America. Positive attributes highlighted included a highly educated workforce, English-speaking population and open investment climate. Two concerns centred around crime and personal security and slow processing of applications for special concessions.
Canadian Perspective Canada sees many interesting business opportunities in Trinidad and Tobago for Canadian firms, says Frédéric Fournier, Counsellor (Commercial) & Senior Trade Commissioner at the High Commission of Canada in Trinidad & Tobago. These include opportunities in oil and gas – both in services and exploration and production; carbon capture and storage, wind and solar energy technologies, CNG cars and highway development. Overall, the High Commission’s message to interested investors is: “Numerous interesting business opportunities exist in Trinidad and Tobago, in different sectors of the industry. The country, as the most industralised in the Caribbean, can be used as a regional hub should you be interested in establishing a regional presence. And there are longstanding relations between Canada and Trinidad and Tobago which make this a friendly environment for Canadians in general. However, there are a few elements to be considered before making the decision to invest in Trinidad, he added. These are: that the high crime situation may impose additional business costs and affect the quality of life for employees, heavy bureaucracy makes all processes slower than Canadian standards, possibility of some payment delays when dealing with government agencies. Business Trinidad & Tobago • 77