TRINIDAD & TOBAGO BUDGET REVIEW
JewelR.Greene|President
The Tobago Writers Guild (TWG) is a pioneering literary organization dedicated to cultivating the literary and creative arts in Trinidad and Tobago, with a focus on empowering TrinBagonian voices. Established to provide a platform for local writers and literary enthusiasts, the Guild has become an essential institution for creative expression, cultural preservation, and the professional development of writers in the region.
...an essential institution for creative expression, cultural preservation, and the professional development of writers in the region.
TWG’s mission is to foster a vibrant literary community in Trinidad and Tobago that encourages creativity, enhances literary skills, and preserves the island’s unique cultural narratives. Its vision extends to a thriving publishing and literature sector within Trinidad and Tobago’s creative arts industry, emphasizing the global visibility of local talent. Some of its notable achievements include:
·The publication of Tobago in Print Volume 1, a celebrated anthology showcasing local literary voices, 1.
2.
·Strategic partnerships with the Empowerment Foundation of Tobago (EFOT) and Bocas Lit Fest for an annual Word Festival, drawing attention to local literary talents and icons
3.
Collaboration with the Tobago Library to host an insightful and ongoing Lecture Series and First Mic, and a series for World Book and Copyright Day
·Publication of a weekly column in the Trinidad and Tobago Guardian and 4.
·The only Caribbean member of the International Authors Forum. 5.
TWG stands out as a champion of Caribbean literary representation on the global stage. Through these initiatives, TWG strengthens Trinidad and Tobago’s literary landscape and advances its mission to support the growth of the publishing and literature sectors.
Budget Statement Overview
The 2025 budget of Trinidad and Tobago, highlights key revenue and expenditure allocations, reflecting the Government's financial priorities for the year ahead.
Total projected revenue = $54.224 billion ($14.174 billion from oil, $35.039 billion from non- oil sources, and $4.011 billion from capital revenue).
“The Trinidad and Tobago economy is forecasted to register real GDP growth of 1.9% in 2024 following moderate growth of 1.3% in 2023. In a challenging global landscape this growth whilst modest is indicative of the Economy’s resilience and continued public and private sector efforts with respect to diversification.” Grant Thornton
The 2025 budget presented under the theme “Steadfast and Resolute,” emphasizes strategic growth within the creative industry, particularly in the publishing and literature sector. Allocations aim to foster economic diversification beyond traditional sectors, providing substantial funding to support local authors, publishers, and literary initiatives. Significant increases in subventions and grants signal a government commitment to bolstering cultural industries and enhancing the country’s intellectual property. Compared to previous years, the 2025 budget introduces new tax incentives and a streamlined funding model, supporting both established and emerging literary contributors.
BudgetAllocationHighlights:
- Increased allocations for the creative industry, focusing on publishing and literature, estimated at TTD 20 million, a 10% increase from the previous fiscal year.
- Expanded funding for literary festivals, author grants, and international publishing support.
RevenueSourcesandSubventions:
- Government-sponsored grants targeting publishing projects, with allocations for regional writers' workshops and digital publishing platforms.
- Introduction of tax incentives for companies investing in local publishing.
ExpendituresandInvestmentPriorities:
- Funds earmarked for enhancing library services and expanding educational publishing.
- Additional support for digital transformation in the literature sector, including e-book production and online literary marketplaces.
StrategicInsightsandTrends:
- The budget highlights an emphasis on digital literacy and global competitiveness for Trinidad and Tobago’s creative sector.
- Establishment of partnerships between government and private entities to foster local literary talent and increase exports of local publications.
CreativeIndustryOverview
The creative industry, including publishing and literature, plays a vital role in Trinidad and Tobago’s economic diversification strategy. With global growth in digital content, the government recognizes the potential of the local publishing sector to generate both cultural and economic value. The creative sector also contributes to national identity, education, and global cultural exchange, making it a strategic focus in the 2025 budget.
BudgetAllocations
In the 2025 budget, the 10% increase from the previous years’ allocation includes funds for supporting authors, sponsoring literary events, and improving access to local publications in schools and libraries. The increase reflects the government’s commitment to fostering a robust literary community and making local literary works more accessible. Additional budget provisions include TTD 5 million in competitive grants to support emerging writers and small publishers, an increase aimed at nurturing the growth of new voices in the publishing industry.
RevenueSources
New sources of revenue are outlined through tax incentives designed to attract investment into the publishing sector. Companies that invest in local publishing initiatives or collaborate with local authors can receive tax deductions, providing a financial boost to local publishing projects. Additionally, grants are available to support projects that promote Trinidad and Tobago’s literary talent internationally. This year, TTD 3 million has been set aside for regional writers’ workshops and digital publishing initiatives, encouraging authors to explore innovative publishing formats and reach global audiences.
The 2025 budgetary increases are expected to drive significant growth in the publishing and literature sector, with impacts projected across various levels:
1.Local Content Creation: Increased funding will allow local writers and publishers to produce a greater volume of culturally relevant content. This funding prioritizes works that capture the unique narratives of Trinidad and Tobago, enhancing cultural pride and storytelling diversity.
2.Economic Diversification: By strengthening the creative industry, Trinidad and Tobago is taking tangible steps towards a more diversified economy that relies less on oil and gas. The tax incentives and expanded funding should stimulate investments in publishing, creating jobs, and promoting long-term industry sustainability.
3.Digital Transformation: Support for digital publishing is aligned with global trends in literature consumption. Investments in e-books and online literary platforms are expected to broaden the reach of local authors, enhancing the global accessibility of Trinidad and Tobago’s literature. This digital focus also supports the government’s overarching goal of digital transformation within the national economy.
4.Educational and Cultural Enrichment: Funding for educational publishing and library enhancement aims to make more resources available for students and young readers. This initiative reflects the government's commitment to fostering a reading culture, improving literacy rates, and supporting educational development across the country.
KEY STATISTICS
Key Statistics for The Publishing and Literature Sector
Expressed in millions - Trinidad and Tobago Currency
This table outlines notable budget figures, emphasizing both increased allocations and new fiscal initiatives designed to support the publishing and literature sector
A Message
As the Caribbean’s Orange Economy steadily recovers in the post-COVID era, our literature and publishing sectors are regaining momentum, symbolizing hope and resilience. These sectorsholdtransformativepotentialfortheregion’seconomic recovery,notonlyasculturalcornerstonesbutalsoasviable contributorstosustainablegrowth.
The road forward, however, requires deeper support from regionalandinternationalcommunities Iurgepolicymakersto reviewcustomsandexciseregulationsonbooksandpublishing equipment,allowingforeasieraccesstoessentialresourcesand toregulatethecostofshipping.Thiscanaccelerategrowth, makingliteraturemoreaccessibleandboostinglocaltalent.
I urge writers to commit to being knowledgeable about their CopyrightsandIntellectualPropertyTreatiessuchastheBerne ConventionfortheProtectionofLiteraryandArtisticWorksand thereleasednotificationsandtoregistertheirworkswiththe TrinidadandTobagoReprographicRightsOrganisation(TTRRO).
Additionally, I appeal to investors especially financial institutions toexploreauthor-focusedfinancialinstruments andfundingfacilities.Supportingauthorswithflexible financingoptionscanempowerourwriterstobringtheir storiestoaglobalstage,enrichingtheCaribbean’seconomic tapestry.
Together,wecanunlocktheCaribbean’sliterarypotential, fosteringanenvironmentwhereourstoriescontribute activelytoeconomicrecoveryandculturalpride.Let’s rallyaroundthesevibrantsectors,soour region’svoicescanbeheard worldwideandfullycontribute totheglobalOrangeEconomy
About UsThe Team
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