Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Trinidad & Tobago We are next Dionne Ligoure 1 Fast facts Trinidad & Tobago Official Name: Republic of Trinidad and Tobago Location: 110 N, 610 W Area: 5,128 sq. km (1,980 sq. miles) Population: 1.3 million Language: English Currency: TT Dollar (€1 = TT$9.08) Economic Activity: Energy, Manufacturing and Tourism Based Political System Democratic Republic Dionne Ligoure 2 Key Economic Indicators Gross Domestic Product (GDP) €16,752 MILLION GDP per capita €12,741 Real GDP growth 3.4% (2008) Core Inflation 5.9% (July 2009) Unemployment 5.9% Net Official Reserves €5.911 million Merchandise Exports €7,113 Mn Merchandise Imports €2,443 Mn Dionne Ligoure 3 Economic Indicators • Moody’s = Baa1 (2009) • Standard & Poor’s = A- (2009) • These investment grade ratings express the issuers positive view about the ability of Trinidad and Tobago to respond to a downturn in the commodity cycle without a significant increase in credit risk relative to its rating peers Dionne Ligoure 4 Fast Facts Trinidad and Tobago Trinidad is heavily industrialized Tobago depends on tourism and agriculture. Trinidad and Tobago is classified as an upper middle income country in the World Development Report of the World Bank. Dionne Ligoure 5 Fast Facts Trinidad and Tobago This year, the Trinidad and Tobago economy will register its seventeenth consecutive year of economic growth The economy has grown at an average rate of 10 percent over the past five years. In 2007, for the first time since 1997, the rate of growth of the non energy sector surpassed the energy sector. The trend continued in 2008. The non-energy sector maintained steady growth with real value added increasing by 6.7% compared to 5.5% for the energy sector. Dionne Ligoure 6 Fast Facts Trinidad and Tobago The Heritage Foundation Index of Economic Freedom Index for 2009 ranks Trinidad & Tobago fourth in the Americas and #41 worldwide out of 179 countries. Trinidad and Tobago is ranked 7th out of 29 countries in the South and Central America/Caribbean region, and its overall score is higher than the world average Dionne Ligoure 7 Political Situation The executive Branch of the Government is made up of the Cabinet Ministers who serve as the political heads of the Ministries. The administrative heads are the Permanent Secretaries. Through the Tobago House of Assembly, the island of Tobago enjoys a certain degree of autonomy, which recognizes its separate history, culture, and identity, and its much longer experience of representative institutions than the island of Trinidad. Dionne Ligoure 8 Trinidad and Tobago’s Economic Development Agenda Build the Competitiveness of the Economy Diversify the Economy via the expansion of the Nonenergy sector Position T&T as the Financial, Manufacturing and Transportation Centre of the Region Enabling Legislation and Trade Agreements Integration into the Latin American Economy Dionne Ligoure 9 Gateway to Latin America and beyond at the heart of trade routes Dionne Ligoure 10 Investing in Trinidad and Tobago The Government of Trinidad & Tobago (GOTT) encourages foreign direct investment in almost all sectors. Foreign ownership of companies is permitted and welcomed under the Foreign Investment Act (1990). Generally, there are no restrictions or disincentives to investment. Dionne Ligoure 11 Competitive Advantages - Trade Agreements CARICOM Single Market & Economy (CSME) ◦ 15 member countries including Trinidad and Tobago ◦ Free movement of goods, services, people and capital throughout CARICOM without tariffs and restrictions World Trade Organisation Dionne Ligoure 12 Bilateral Agreements There are bilateral agreements between CARICOM and: ◦ ◦ ◦ ◦ ◦ ◦ ◦ ◦ European Union/ACP Countries Colombia Cuba Costa Rica Dominican Republic Canada – Caribcan USA-CBI/Caribbean Basin Trade Partnership Venezuela Dionne Ligoure 13 Investor friendly environment Foreign Investment Act ◦ 100% foreign owned private company ◦ 30% cumulative shareholding in a public company Fiscal Incentives Act – Approved Enterprise Customs Act – Customs Duty Exemption Tourism Development Act – Tax Holidays Free Zones Act – Withholding tax exemptions Dionne Ligoure 14 Free Zones & Industrial Parks 19 industrial parks are located throughout Trinidad and Tobago Dionne Ligoure 15 Advanced Infrastructure - Free Zones & Industrial Parks Existing Parks New Parks Ports Dionne Ligoure 16 Tamana Intech Park Dionne Ligoure 17 Tamana InTech Park Science & technology park – 1100 acres, 30% devoted to green space. The largest business and technology park in the region. World class technology infrastructure, environmentally responsible focus Dionne Ligoure 18 Opportunities at Tamana Poised to be a hub for regional & global ICT businesses Renewable energy: solar, wind, biofuels Tenancy: to house global technology players for e.g. ◦ Software developers ◦ Biometrics researchers ◦ Business intelligence incubators Dionne Ligoure 19 Investment Opportunities Trinidad and Tobago offers an investor friendly environment with opportunities for direct investment into any economic sector. Among the key sectors are: ◦ Downstream Energy ◦ Information & Communications Technology ◦ Financial Services ◦ Hotel and Conference Facility Development ◦ Food and Beverage ◦ Music and Entertainment ◦ Film ◦ Yachting ◦ Merchant Marine ◦ Fish & Fish Processing Dionne Ligoure 20 Downstream Energy Building on our expertise in energy production, Trinidad and Tobago has identified a number of petrochemical arenas in which downstream industry will be feasible and successful. Trinidad and Tobago has 116 active plants offering opportunities in upstream, midstream and downstream chemical processing 3 major energy based industrial sites From aluminium to steel to polypropylene to melamine, several projects are underway to leverage Downstream opportunities Dionne Ligoure 21 Downstream Energy T&T is already making headway in this area and has identified several more intermediate products for further Downstream processing. These include: C-2 (ethane) C-3 (propane) Aluminium Polypropylene Steel Melamine In turn these areas will promote additional Downstream industries related to plastics, fabrication, motor vehicle parts and pipe manufacturing Dionne Ligoure 22 Construction of new plants New petrochemical plants are being constructed at the new Union Industrial Estate and at the Point Lisas Industrial Estate in Trinidad These plants will use natural gas to produce melamine, polyethylene and polypropylene Dionne Ligoure 23 Scope for investment Trinidad and Tobago is looking for a few companies to help create the next Downstream Energy hotspot in the Caribbean Opportunities for foreign investment or joint venture arrangements between local and foreign parties are wide ranging. Areas include: UAN/Urea Melamine Aluminium Iron & Steel Polypropylene Dionne Ligoure 24 Downstream manufacturing opportunities from aluminium ◦ ◦ ◦ ◦ ◦ ◦ ◦ ◦ ◦ ◦ ◦ Aircraft parts Wire rods Vehicle body parts Hardware fittings Billets Roofing materials Ingots Levers Castings Containers Door and windows Dionne Ligoure 25 Downstream manufacturing/processing opportunities from melamine, Urea and UAN Urea/UAN: ◦ Liquid fertilisers ◦ Solid fertilisers Melamine ◦ Decorative laminates ◦ Tableware ◦ Surface coastings ◦ Wood adhesives ◦ Resins Dionne Ligoure 26 Downstream manufacturing opportunities from iron and steel Heat resistant grids Galvanized material Tools Stainless steel material Wrought iron Skid and vessel platforms Sheets Pressure vessels, storage tanks Cable Dionne Ligoure 27 Downstream manufacturing opportunities from polypropylene & polyethylene Carpeting Brushes Film sheeting Appliance parts Containers Toys Pipes Bags Rope Dionne Ligoure 28 Downstream manufacturing applications of calcium chloride Antifreeze Agriculture Drying compound Cement Ceramics Drilling mud additive Wastewater treatment Water treatment Dionne Ligoure 29 Downstream manufacturing opportunities & finished products deriving from maleic anhydride Maleic Acid Butyrolactoe Lubricant additives Polysuccinimides Aspartic Acid Agrichemicals/Specialties EVA Copolymers Styrene Copolymers Dionne Ligoure 30 Information & Communications Technology Many opportunities exist for investment in: ◦ Knowledge Based Businesses Business Process Outsourcing Medical Transcriptions Dionne Ligoure 31 Opportunities - ICT Software Based Businesses Software Development (Healthcare and Oil/Gas) Software Related Services (Maintenance and Integration) Product Development Medical / Optical Device Manufacture Electronic Assembly Business Process Outsourcing (BPO)/Healthcare Dionne Ligoure 32 Opportunities - ICT Other business specific areas provide excellent opportunities for investment in the ICT sector. These include ◦ E-commerce ◦ Financial services ◦ Creative industries (multimedia, animation, music production, graphics, gaming) ◦ Security ◦ Traffic monitoring ◦ E-health ◦ Data capture ◦ Call centres ◦ Enterprise portals ◦ Document and knowledge management ◦ E-procurement Dionne Ligoure 33 The Food and Beverage Sector (FBS) The food and beverage industry is currently the largest in the non-energy manufacturing sector in Trinidad and Tobago Exports in the FBS are over €86 million per annum Real GDP growth in the FBS between 2002 and 2006 averaged 8.1% Dionne Ligoure 34 Scope for investment - FBS The FBS offers significant investment opportunities, particularly for manufacturers who utilize unique Caribbean agro-products to develop goods such as: ◦ ◦ ◦ ◦ ◦ ◦ Specialty Rums Rum flavored chocolate cakes Caribbean fruitcakes Sauces and spices Soft drinks and exotic fruit juices Bottled water Dionne Ligoure 35 Scope for investment - FBS Trinidad and Tobago’s FBS offers a unique opportunity to brand and create specialty foods for the overseas gourmet markets, apart from the traditional focus on the diasporic markets. There are also spin-off opportunities in valued added activities such as: market research, advertising, branding, printing and packaging, and the certification of business processes and food quality standards. Dionne Ligoure 36 Scope for investment - FBS Cocoa – Trinidad and Tobago’s cocoa is one of the best in the world. Government is revitalising the industry and there are opportunities for partnership/joint venture As at July 2009, the average daily price of Cocoa was USD2800 per tonne Dionne Ligoure 37 Merchant Marine Growth of this sector began as an offshoot of the energy sector. It has been further driven by the rapid expansion in trade and transhipment activity at the 3 major, non-energy cargo ports in T&T The industry has also developed competitive ancillary sectors in bunkering, marine construction and ship repair. Given the bullish outlook for the energy industry over the next 10 to 15 years, & T&T’s favorable geographical position, there will be a high demand for good quality, reasonably priced merchant marine service Dionne Ligoure 38 Merchant Marine A new Shipping Act is being put in place. It will update the existing Shipping Act of 1987 and establish the Maritime Administration. A Maritime Authority is also being developed to build up key clusters in this sector Dionne Ligoure 39 Opportunities in Merchant Marine Ship Building Ship Maintenance/Repair UTT Marine Institute Marina facilities Marine construction Ship registration Small & large vessel ownership Trans-shipment trade Financial & development services Dionne Ligoure 40 The Yachting Industry Growth in Trinidad and Tobago’s yachting industry accelerated during the early 90’s with the increase in small leisure craft (yacht) visits The yachting product in Trinidad differs greatly from the yachting product in Tobago Trinidad’s current industry is based primarily on two products – repairs and hurricane storage Dionne Ligoure 41 The Yachting Industry Over the years Trinidad has emerged as the largest yacht repair centre in the Caribbean Most competitive fuel and water costs in the Southern Caribbean, combined with a low cost of living and an highly attractive currency conversion rate Dionne Ligoure 42 The Yachting Industry – Trinidad The yachting industry in Trinidad is comprised of three main types of service providers: 1.Facilities such as boatyards and marinas 2.Repair contractors 3.Auxiliary services such as tours and transport providers, marine equipment and supplies, restaurants, hospitality services Dionne Ligoure 43 The Yachting Industry -Tobago The yachting product is primarily leisure and tourism based Tobago provides investment opportunities for sophisticated, environmentally-friendly, sustainable developments which attract the highend pleasure craft markets Dionne Ligoure 44 Incentives and relevant legislation There are various incentives, provided for individuals and businesses, which are designed to facilitate the development of the yachting industry including: ◦ Tax Exemptions (Value added tax and corporate) ◦ Custom Duty exemptions Dionne Ligoure 45 Investment opportunities The major investment opportunities are: ◦ Marina development, particularly in Chaguaramas & Tobago ◦ Ship building and maintenance Dionne Ligoure 46 The Entertainment Industry Global market demand for cultural commodities continues to rise steadily, particularly within the entertainment and media industry. A specialist agency Trinidad and Tobago Entertainment Company has been created to facilitate the development of the music industry Dionne Ligoure 47 The Entertainment Industry Trinidad and Tobago's local music/entertainment sector earned about €34 million in 2006 Carnival accounted for €14 million Carnival has an important export element because out of the carnival masquerade bands, musicians and sundry support services work overseas at various Carnivals worldwide Dionne Ligoure 48 Investment Opportunities Soca music is now a category at the American Music Industry Grammy Awards This provides opportunities to invest in the development of new talent, particularly through joint ventures with international record labels Dionne Ligoure 49 Investment Opportunities Opportunities exist for developing: ◦ World-class performance spaces ◦ Recording studios, ◦ Training and work facilities ◦ Hosting musical festivals and entertainment events The Tobago Jazz festival is now one of the largest music events in the region. It has attracted international acts like: Sting, Elton John, Diana Ross, Whitney Houston, Shakira, Rod Stewart, Stevie Wonder, Earth, Wind and Fire Dionne Ligoure 50 Fish and Fish Processing The largest and most profitable onshore activity is the fish processing business Economic statistics indicate that this industry generates over €9.33 million annually Dionne Ligoure 51 Investment opportunities In the processing side of the industry and the aquaculture sub-sector, particularly tilapia and shrimp farming Fish farming facilities Offshore harvesting Charter of boats/equipment/support services Dionne Ligoure 52 Printing and Packaging T&T’s printing and packaging is a leader in the Caribbean It comprises some 330 firms employing approximately 11,000 persons. Dionne Ligoure 53 Opportunities in Printing & packaging Training and Technology Upgrading of technological and production processes Plastic Packaging Metal Packaging Glass Packaging Stronger market research and product development Dionne Ligoure 54 The Film Industry A prior study of the Film Industry revealed that over 318 regional and international crews visited T&T between 1999-2009, contributing over €3.4 million to the T&T economy Dionne Ligoure 55 The Film Industry Measures have been introduced to give T&T a competitive advantage in film, including: A single T&T Film Festival A Film Incentive and Rebate programme The Production Assistance and Script Development Programme (PASD) Dionne Ligoure 56 Incentives & Rebates T&T is the only Caribbean country offering cash rebates for on location filming. International productions €76,694-€383,476 12.5% €384,000-€766,952 15% Over €767,000 30% Dionne Ligoure 57 Incentives & Rebates Removal of VAT and duties on: Blank DVD’s Blank videotapes Raw film stock used by certified production companies as well as on recorded DVD’s with programme material that has been produced and mastered in T&T by nationals and permanents residents. 150% tax credit on sponsorship of film and television products up to a maximum of € 110,132 Dionne Ligoure 58 Accessing Rebates Applicant (investor) obtains preliminary certification from the Trinidad and Tobago Film Company by submitting a written request. Once the application meets the program criteria, TTFC will certify the project as a “certified infrastructure project.” Visit: www.trinidadandtobagofilm.com Dionne Ligoure 59 Construction Boom Foreign Firms Welcome Trinidad and Tobago’s construction sector has never had it so good €192 Million, 8% of recurrent expenditure for 2008/2009 The construction industry is enjoying an unprecedented level of buoyancy led by major State driven infrastructure projects that run into at least € 4.56 billion Dionne Ligoure 60 Investment opportunities Construction Business opportunities for both local and foreign investors abound Due to the scale of its development Government is looking for: ◦ ◦ ◦ ◦ Speed of construction Quality New technology Cost effectiveness Dionne Ligoure 61 Investment opportunities Construction • Design of new highways to international freeways: first phase est. €1.93 billion and overall programme est. €3.2 billion over the 8-year period of construction • Mass transit system: € 1.6 Billion Trinidad Rapid Rail Transit System – Trinitrain/Bouyges Travaux Publics • Construction of interchange at the intersection of the Uriah Butler and Churchill Roosevelt Highways: phase one completed (North-South overpass) , phases 2 and 3 Dionne Ligoure 62 Investment opportunities Construction • Programme for Upgrading Road Efficiency (PURE): improvement of all primary & secondary roads and expansion into local roads • Construction of new schools, early childhood centres, uni campuses, sporting facilities, performing arts academies etc. • Development of 8 new industrial parks Dionne Ligoure 63 Investment opportunities Construction • € 188 Million Water & Wastewater Plan • Major drainage works: consultancy, urban & rural • Building a new airport in Tobago • Development of four new towns - North, East, Central & South • Establishment of a National Youth Institute Dionne Ligoure 64 Financial Services Sector opportunities • €857 Million, 21% of recurrent expenditure for fiscal year 2008 • An International Financial Centre is being established. Should be operational by December 2010 • Opportunities for Banks and Financial Institutions • Special Purpose Economic Zone: – Commodities trading such as natural gas, manufacturing (food & beverage), real estate etc. – Capital market activities particularly reinsurance & international retail credit operations Dionne Ligoure 65 Financial Services Sector opportunities • Specialised IT services • Legal, Regulatory, Consultancy & Support Services • Training & Development Services • Marketing Services for the IFC Dionne Ligoure 66 Information & Communication Technology Many opportunities exist for investment in: ◦ Knowledge Based Businesses Business Process Outsourcing Medical Transcriptions Dionne Ligoure 67 Investing in Tobago Dionne Ligoure 68 Cove Eco-Industrial Estate Tobago There is a serious thrust to diversify Tobago’s economy away from the established but volatile tourism industry The Cove is a 140 acre Eco-Industrial and Business Park. It will cater to light manufacturing. Dionne Ligoure 69 Cove Eco-Industrial Estate Tobago Cove is looking for tenants in: ◦ Knowledge based industries ◦ Information technology and related industries ◦ Downstream natural gas activities ◦ Paper and plastic packaging ◦ Furniture making and soft furnishings ◦ Agro and food processing. Dionne Ligoure 70 Interested in investing Cove Estate? Business Development Unit Enterprise Development Department Tobago House of Assembly Division of Finance and Enterprise Development Lot# 2 Glen Road, Tobago Tel: 868. 631-3683 (COVE), 868. 635-COVE, 868. 660COVE Email: [email protected] Dionne Ligoure 71 Green Investors Welcome Tobago has won several prestigious eco awards including: ◦ World Travel Awards - Best Eco Destination in the World ◦ The Caribbean Travel Awards Committee - #1 EcoDestination in the Caribbean Dionne Ligoure 72 Green Investors Welcome Tobago is on a drive to develop a world class hotel product and already offers: ◦ Beautiful beaches ◦ Spas ◦ World-class diving ◦ Eco-tourism ◦ Weddings & Honeymoons ◦ Sport-fishing ◦ Golf ◦ Bird watching Dionne Ligoure 73 Investors welcome Serious investors willing to participate in hotel development are invited to partner with the private sector and state to grow Tobago’s accommodation & hospitality sectors Dionne Ligoure 74 Hotel & Resort Development Several sites are marked for hotel development. Culloden Reef Resort Englishman’s Bay Estate Kings Bay Speyside Estate Goat’s Island Bacolet Estate Golden Grove Estate Courland Estate Lowlands Dionne Ligoure 75 Incentives for approved tourism projects Tax holidays of up to seven years Tax exemption on profits from the initial sale of villas, condominiums & sites thereof within an Integrated Resort Development Carry over of losses from tax exemption period Duty concessions on vehicles Dionne Ligoure 76 Incentives for approved tourism projects Duty exemption for building materials and articles of tourism equipment Capital Allowances Accelerated depreciation Dionne Ligoure 77 Medical Tourism A development opportunity perfectly suited to the peaceful and salubrious nature of Tobago is medical tourism Allied to the provision of medical & holistic therapies, the raw materials exist on the island to create a range of therapy products with the Tobago brand Dionne Ligoure 78 Agriculture There is a vital need to produce home-grown fruits, vegetables and culinary herbs to support the hotels and restaurants & to make Tobago self-sufficient in the field of agriculture The nature of the soil is conducive to agriculture but there is no intensive farming on a scale that is sufficient to supply the resident population and the tourism industry Dionne Ligoure 79 Why Invest in Trinidad and Tobago? Trinidad and Tobago possesses clear competitive advantages which makes it a preferred investment destination. ◦ Strategic, Secure Location with Unique, eco-industrial focus ◦ Excellent Trade Partnerships throughout the global marketplace ◦ Competitive cost structure - One of the world’s lowest energy rates ◦ Educated Labour force Dionne Ligoure 80 Why Invest in Trinidad and Tobago? ◦ Bi-lateral investment and taxation treaties ◦ No foreign exchange controls ◦ Ownership of 100% of locally-registered private company ◦ Facilitation of land purchases Dionne Ligoure 81 Why invest in Trinidad and Tobago? ◦ Repatriation of funds ◦ Arbitration ◦ Maximum 10-year tax holiday for special industries ◦ Exemption from Value Added Tax (VAT), customs duty and various other taxes ◦ 15% tax credit for 7 years ◦ Enabling legislation ◦ Special advisory services for investors Dionne Ligoure 82 Why invest in Trinidad and Tobago? First-class physical infrastructure and transportation network Built-to-suit or Ready-to-occupy building options Advanced ICT Infrastructure Broad Network of onsite business-enabling services Clustering, Networking, Business Partnering Developed economy fueled by over 100 years of energy sector success Dionne Ligoure 83 Investing in Tobago Office of The Secretary of Finance and Enterprise Development Tobago House of Assembly Lot#2 Glen Road, Scarborough Tobago, West Indies Tel: (868) 635.1203 Fax: (868) 639.4927 Email:[email protected] Dionne Ligoure 84 Investment Promotion agencies The Ministry Of Trade & Industry Levels 11 to 17 Nicholas Tower 63-65 Independence Square Port of Spain, Trinidad Tel: (868).623.2931-4 Fax: (868).627.8488; (868).627.0002 Website: www.tradeind.gov.tt Email:[email protected] Dionne Ligoure 85 Investment Promotion agencies Evolving Technologies & Enterprise Development Company Limited (eTecK) The Atrium Don Miguel Road Extension El Socorro Trinidad and Tobago Tel: (868).675.1989 Fax: (868).638.7742 Website: www.eteck.co.tt Dionne Ligoure E-Mail: [email protected] 86 Investment Promotion agencies Investment Promotion Department Tourism Development Company Limited Level 1, Maritime Centre, #29 Tenth Avenue, Barataria, Republic of Trinidad and Tobago. Tel: (868).675-7034 / -7 Fax: (868).675-7338 Website: www.tdc.co.tt Email:[email protected] Dionne Ligoure 87 Investment Promotion agencies Head Office 151B Charlotte Street Port of Spain Republic of Trinidad and Tobago. Tel: (868) 623.5507 Fax:(868)624.3919/625.8126 Website: www.bdc.co.tt Email: [email protected] Dionne Ligoure 88