Contact Magazine: T&T - Land of Unexplored Opportunities Issue

Contents

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Contact • Vol.16 No.1 2016

14 T&T’s Economic Downturn - Positive Through Entrepreneurial Lenses 18 Public/Private Partnerships as a formula for diversification 20 Case study: Villages as Businesses The Lopinot experience 24 La Brea Shipyard Development 26 What every business person should know

6 The time is now

28 Economic and Financial Statistics 30 Economic Outlook 32 Year end 2015 review

8 T&T Enterprise: to boldly invest where no one has invested before

36 Lower oil prices and T&T energy 38 Energy Statistics 48 Member Profile

10 Agriculture - More lies beneath the surface

52 Welcome to New Members 54 Advertisers

Editor: Halima Khan Editorial Board: Communications Committee: Robert Trestrail, Catherine Kumar, Hugh Ferreira, Anthony Agostini, Andrew Johnson, Dalia King, Michele Celestine, Marva Newton

12 Case study: The UpMarket Story

Design & Layout: JG Design Caribbean Published by Eureka Communications Limited Suite #2 No.9 Avenue First, St. James, Trinidad W.I. Tel: (868) 622-2017 • (868) 628-1555 Fax: • (868) 622-4475 E-mail: • contacteureka@yahoo.com • lanny5052@gmail.com • jgdesigns.jason@gmail.com For The Trinidad and Tobago Chamber of Industry and Commerce Columbus Circle, Westmoorings, P.O. Box 499, Port of Spain, Trinidad & Tobago W.I. Tel: (868) 637-6966 Fax: (868) 637-7425 E-mail: chamber@chamber.org.tt • Website: www.chamber.org.tt For this magazine contact: Tel: (868) 637-6966 Tobago Division: 2nd Floor ANSA McAL Building, Milford Road, Scarborough, Tobago Tel: (868) 639-2669 Fax: (868) 639-2669 E-mail: tobagochamber@chamber.org.tt

Information on Trinidad & Tobago Contact • Vol.16 No.1 2016

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rinidad and Tobago (T&T) has a population of approximately 1.3 million people who inhabit 4,827 square kilometers (1,886 miles) in Trinidad and 300 square kilometers (117 miles) in Tobago. Trinidad is located between 10º 2’ and 11º12’ N latitude and 60º 30’ and 61º 56’ W longitude or 11 Kilometers (6.8 miles) of the eastern coast of Venezuela. Tobago is located 32.2 Kilometers (20 miles) to the north-east of Trinidad. There are two international sea ports in Trinidad, Port-of-Spain and in Point Lisas. The International airports are located in Piarco, Trinidad and Crown Point, Tobago. Trinidad’s economy is primarily dependent on the petrochemical sector, while the island of Tobago is mainly dependent on tourism.

Chaguaramas Boardwalk Photo Courtesy InvesTT Trinidad & Tobago

The twin island republic boasts a multi-ethnic people, diverse culture and unique cuisine. As a result of its cosmopolitan population, the country celebrates a significant number of festivals around the year including carnival, Phagwa or Holi, Divali and Eid-Ul-Fitr. Tobago the smaller island, has a population of just over 54,000 and has an interesting history in that, during the colonial period, French, Dutch and British Forces fought for the possession of Tobago and the Island changed hands more than 22 times – more than any other Caribbean Island.

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Trinidad & Tobago Chamber of Industry and Commerce

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Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

VISION STATEMENT We are the Voice of Business.

MISSION STATEMENT To be the champion of business towards the development of a strong and sustainable national economy.

BOARD OF DIRECTORS Robert Trestrail – President Ronald Hinds – Senior Vice President Reyaz Ahamad – Vice President Rakesh Goswami – Vice President Luana Boyack – Director Jean-Pierre Du Coudray – Director Jacqueline Francois – Director David Hadeed – Director Jason Julien – Director Kiran Maharaj – Director Charles Pashley – Director Paula Rajkumarsingh – Director Joseph Rahael – Director Karen Yip Chuck – Director Moonilal Lalchan, Immediate Past President Demi John Cruickshank – Chairman, Tobago Division Catherine Kumar – Chief Executive Officer

COMMITTEES - TRINIDAD • Communications • Facilities Management & • Corporate Social Responsibility Maintenance •Crime & Justice • Nova •E-Business, Information • Trade & Business Technology & Development Telecommunications (EBITT) • Health, Safety & •Employment & Labour Relations Environment COMMITTEES - TOBAGO • Business Development & Tourism• Security • Inter-island Transport • Environment HOW TO CONTACT US Trinidad and Tobago Chamber of Industry and Commerce Columbus Circle, Westmoorings, P.O. Box 499, Port of Spain, Trinidad & Tobago W.I. Tel: (868) 637 6966 Fax: (868) 637 7425 E-mail: chamber@chamber.org.tt • Website: www.chamber.org.tt Tobago Division of the Trinidad and Tobago Chamber of Industry and Commerce 2nd Floor, Ansa McAL Bldg., Milford Rd., Scarborough, Tobago Tel: (868) 639 2669 Fax: (868) 639 3014 E-mail: tobagochamber@chamber.org.tt

An Editorial Note from the President

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Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

The time is now

encouragement or thought was given to other non-energy sectors.

This has inexorably led the country to the point at which we find ourselves today. While the country has faced challenging times before, notably the era of structural adjustment in the 1980s, what presents itself today may be considered unique. Global changes are dictating that we need to urgently prepare ourselves for an era in which the price of our main export commodity may never reach the high of past years. Economic diversification is now essential.

This is not a new position, and certainly it is one which the T&T Chamber has articulated for several years – even in this publication, which, building on previous themes, in 2013 devoted all four issues to non-energy sectors. With this first issue of 2016, we are returning to the topic of seeking out the unexplored potential of the “alternative” sectors, and highlighting some encouraging stories. We have also placed the spotlight on the opportunities of investment and public/private partnerships, while our energy correspondent focuses on the outlook for this critical sector. It is a discussion which we intend to continue in other issues and through our upcoming Conference “Transformation Leading to Diversification” in October.

By Robert Trestrail, President, Trinidad and Tobago Chamber of Industry and Commerce

ost people will agree that Trinidad and Tobago is a country that has never fully explored its potential since oil became the driver of the economy in the last century. That particular discovery and the rather remarkable development which it fuelled have been both boon and bane to our small Republic.

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It might be considered clichéd to say that opportunity lies in crisis, but it is nevertheless a fact. This is especially true for Trinidad and Tobago at this juncture. The International Monetary Fund’s Press Release of March 17 stated that “Despite the great challenges posed by the need to adjust to energy prices, Trinidad and Tobago still has enormous strengths including a well-educated work force and a stable political system.”

Once a “plantation economy” that variously produced a range of tropical cash crops for the benefit of its colonisers, it gradually gave way to the encroaching reach of hydrocarbons. Although T&T has been the beneficiary of three hydrocarbon-fuelled economic booms since Independence, it is an unfortunate fact that the agricultural sector fell into neglect, and not much

The time to make these strengths work for us is now. While oil and gas will continue to play a vital role in our development as a country, we now need to ensure that our Nation’s leadership provides the necessary enabling infrastructure to help us become more widely innovative, productive and competitive.

The time is now.

The impending expansion of the Panama Canal has ushered in a new era of business opportunities in Panama for 2016. The Panamanian economy has the most positive economic growth in the region and it is a dollarized economy, which can serve to help businesspeople with their foreign exchange risk issues.

On June 8-12, 2016, the Trinidad and Tobago of Chamber of Industry and Commerce (T&T Chamber) will be leading a trade mission to Panama, which would benefit all participating companies from Trinidad and Tobago across each sector. The Panamanian Ambassador, Her Excellency Ms. Carmen Gabiela Menéndez and ExporTT CEO, Mr. Adrian Theodore have agreed to work with the T&T Chamber in providing high level support, ensuring maximum value for the Trade Mission. Included in the Mission's package will be flight, hotel and other transportation costs, business and logistical support services for companies to take advantage of B2B Meetings, a business welcome to the Colon Free Zone and attendance at ExpoInvest Panama 2016 – marking the first time a T&T delegation will attend the Expo.

Trade Mission to Panama June 8-12, 2016 Package includes: • Flight/Hotel/Transportation • Colon Free Zone - Introductory Meeting • Business-to-Business meetings • Attendance to ExpoInvest Panama 2016 For further information please contact: Lisa Douglas/Nimret Sandhu Tel: +1(868) 637 6966 ext. 1246/1288.

Email: ldouglas@chamber.org.tt or nsandhu@chamber.org.tt

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Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

T&T Enterprise: to boldly invest where no one has invested before

By Natalie Dookie

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ct, and you shall have dinner; wait, and you shall be dinner." This Klingon proverb - from the successful Star Trek franchise - is a call to lead or suffer the consequences of inaction. The announcement in December 2015 of Trinidad and Tobago having suffered its fourth quarter of negative economic growth, and now officially embarking on a recessionary period, is great cause for concern. Additionally, in January 2016, the Economist listed Trinidad and Tobago among the fastest contracting economies in the world, ranking it 9th, and predicting doom and gloom for all commodity-exporting nations. In this current economic climate filled with slowdowns, cutbacks, layoffs - how should a firm 'act' in order not to 'become dinner?

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the creation of jobs. The incubator has been making a significant impact on the entrepreneurial landscape since its launch on May 16, 2012 because it is uniquely positioned as a melting pot of faculty and business mentors - who are passionate, experienced and qualified - as well as students, alumni and entrepreneurs.

"BizBooster seeks innovative and extraordinary entrepreneurs who are up to the challenge. Each cohort of entrepreneurs participates in a three-year business incubation programme which is designed to provide the financial and non-financial support required during the first three years of a start-up’s business life cycle for it to achieve long-term sustainable success. The support includes mentorship/shepherding, networking, business fundamentals and the facilitation of the access to venture capitalists A March 2010 article in the Harvard Business Review (HBR) by and investors."

Ranjay Gulati, Nitin Nohria and Franz Wohlgezogen examines an empirical study which identifies the strategies companies Recent noteworthy participants of the programme who may benefit deploy during economic downturns and evaluates their from further private sector investment are: effectiveness. The trio proposed that there are four basic business • Josanne Arnold, G.O.T. Greens, www.gotgreensonline.com responses to an economic slowdown: Prevention-focused, her aim is to contribute to Tobago's food security through Promotion-focused, Pragmatic and Progressive. aquaponics; • Scofield Thomas, 800-tech (800-tech.com), heads a modern "During recessions, progressive companies develop new markets virtual organization with the ability to serve the IT support and invest to enlarge their asset bases. They invest in existing needs of any company anywhere in the world; and and new businesses, taking advantage of depressed prices to buy • Marcia Seales-Rodney, TabancaBox, www.tabancabox.com property, plants and equipment. These companies also judiciously can ship a taste of home to any Trinbagonian or visitor missing increase spending on Research, Development and Marketing, T&T, anywhere on the planet. which may produce only modest benefits during the recession, but adds substantially to sales and profits afterward," they stated. These firms and many more like them are graduates of the BizBooster programme. They are new and innovative, with a If you are a Trinidad and Tobago business that wants to be strong R&D foundation, at the beginning of their life cycle where progressive during this recession, where do you begin to find partnership is critical to their development and private sector new enterprising investment opportunities? According to Candace investment will provide a much needed boost.

Brathwaite, Manager - Business Incubator (BizBooster) at Arthur Lok Jack Graduate School of Business (ALJGSB), you can start by Inshan Meahjohn, Assistant Vice President, Entrepreneurship & partnering with their programme. Says Brathwaite, "ALJGSB is Technology Commercialization at the University of Trinidad and one of the leading local incubators of choice and provides assistance Tobago (UTT), states that "UTT also manages a successful business to start-up companies and entrepreneurs which show the potential incubator programme, uSTART, and at the heart of UTT's mission to contribute to the Trinidad and Tobago economy, especially via is entrepreneurial education, developing in its students a set of

Feature Contact • Vol.16 No.1 2016

skills that can be applied across different business environments, providing practical experiences which stimulate the entrepreneurial drive. "Globally, many cutting-edge innovations which create commercial value are driven by research. The challenge to compete with well-funded, powerful universities and research bodies can be overwhelming, especially where our research output has lagged behind expectations. However, we can better meet this challenge by investing more resources in research and developing enabling polices to encourage international collaboration."

As a certified member of the National Business Incubation Association (NBIA), uSTART presents a combination of business development, infrastructure and people. It’s designed to accelerate the successful development of start-up companies by helping them survive the vulnerable early stages of development.

Fourteen businesses comprising over 30 entrepreneurs are currently enrolled in uSTART’s Virtual Incubation Service (VIS), and 29 more have been incorporated.

Here, we highlight three uSTART entrepreneurs who may be open to new investment: • Shawn De Freitas and Deidre Cristal Lee Kin - Dingole ECommerce Services Limited, www.trinipedia.com - a digital agency specialising in user experience research and human centered design, pioneering the development of AR (Augmented Reality) technologies in the Caribbean including the 'Trinipedia' mobile app;

• Ricky Bhowram, Bhowram Atelier - www.facebook.com/ Bhowram-Atelier, offers high-end fashion design and manufacturing. He successfully showcased his 25-piece collection at the Western Canada Fashion Week 2015; • Roy Chen and Jason Joseph, DTECTT - www.dtectt.com, solves unwanted cyber intrusions, hacking incidents, data leaks, corporate espionage and other issues impacting brand image, productivity and finances.

"UTT's focus is on solving the most pressing national and regional challenges in Energy, Food Production, Health & Wellness, and Environmental Sustainability. We also recognize the entrepreneurial value in Fashion & Design, Cultural Studies, and the Performing Arts," Meahjohn said. UTT's Incubation facility therefore presents an opportunity for private sector investment to make a difference in these core sectors which are critical to Trinidad and Tobago's diversification efforts, and its future economic independence.

Star Trek, the science fiction series, ushers us into the future, charting an unknown, yet Captain Kirk encourages his team to, “Hang on tight and survive. Everybody does.” It can be a lesson for us in our current trubulent economic times. Yes, even in a recession, leaders can position their businesses to survive by becoming progressive and investing in new opportunities as presented by entrepreneurial growth programmes such as UTT's and ALJGSB.

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Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

Agriculture - More lies beneath the surface

By Crystal Liverpool

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mong the commitments taken by countries at the 10th Ministerial Conference of the World Trade Organisation, was the pledge by developed countries to eliminate subsidies for farm exports.

This decision is particularly important to developing countries as it would discourage the use of trade-distorting export subsidies from more developed countries, thereby creating a more level playing field for agricultural exporters. Trinidad and Tobago, through its Ministry of Agriculture, Land and Fisheries (MALF) and its supporting institutions provide various incentives and technical assistance to registered domestic farmers.

Among the incentives offered by the MALF are rebates of 20% of the cost of new, used and refurbished tractors, light goods vehicles and trucks and 25% of harvesters, all-terrain vehicles and insulation and refrigeration of light goods vehicles. Moreover, registered farmers can access duty-free concessions on agricultural equipment and machinery, advisory services, demonstration of farming techniques, demonstration of improved irrigation techniques and advice on farm buildings, to name a few.

Additionally, PCS Nitrogen, a division of Canadian-based PotashCorp – the world’s largest producer of crop nutrients, established a model farm primarily to teach farmers, students and the public “how sustainable cultivation practices and the responsible use of fertilizer can not only lead to better crop yields, but better commercial viability and food security.”

Despite these efforts, agriculture still involves significant risk.

Amar Lal, who is engaged in open farming at the Orange Grove Estate, asserts that “Farming is like playing the lotto—you gamble and one day it pays off.” This gamble reflects the range of factors that affect wholesale and retail prices and the unpredictability of revenues. As a farmer who cultivates tomato, melongene and pumpkin, Lal values his on-the-job experience and pays little

attention to the MALF’s crop production guidelines. His main recommendations for increasing agricultural production are that efforts to more effectively control insects and pests, disseminate export market intelligence for the CARICOM and other markets and increase land allotment to productive farmers be boosted.

It is noteworthy that the MALF has developed a National Food Production Action Plan (NFPA) 2012-2015 which is in the process of being revised to reflect the current period. The NFPA identifies targets for increasing domestic production and the necessary work to be completed in order to achieve the enablement of envisioned increases.

Specifically, from the national action plan it is evident that the crops for which there is a large gap (> 500 tonnes) between local consumption and production are rice, citrus, dairy cattle and sweet potato. Other crops for which the difference between production and consumption is relatively small (< 100 tonnes) include breadfruit, cucumber, melongene, ochro, dasheen bush, mangoes, pineapple, paw paw, bodi and sheep and goat. On the other hand, there is an oversupply of some crops such as cassava, hot peppers and pumpkin. Indeed, strides in the agriculture sector may have been achieved.

The Review of the Economy 2015 stated that agriculture was expected to expand in real terms by 4.4% following a growth of 2.9% in 2014. This expected growth was attributed to the anticipated robust performance in the Domestic Agriculture subsector which was projected to expand by 10.4%. Although domestic agriculture has recorded four years of economic expansion according to the report, export agriculture was expected to contract by 13.8%. The risk in agriculture as stated by Mr. Lal is highlighted in the report as domestic agriculture experienced “mixed outcomes” during the period October 2014-March 2015.

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Eddoes, rice, paw paw, broiler meat, pigs, live sheep and live goats were on the positive end of the growth as they benefitted from increased acreages under cultivation, greater efficiencies and measures to address pests, disease and infrastructure in some industries. On the other hand, unfavourable weather conditions, pests and disease, labour shortages and competition from imports adversely affected the production of cassava, ginger, dasheen, sweet potatoes, pineapple, mutton, goat meat, beef and veal, cocoa and dairy milk.

Further, a main challenge in increasing production levels is availability of arable land and labour to productively use this land. Hydroponic farming, a technique of growing crops in the absence of soil, compost and manure, is a method some farmers have employed. Crops that can be grown using this system include lettuce, patchoi, cabbage, chive, celery, parsley, tomato, hot pepper, melongene, cauliflower and broccoli, to name a few.

The advantages of using hydroponics include less use of pesticides, better quality produce, higher yields and a more efficient use of fertilizer.

Jainath Ramdan, a hydroponic and open field farmer explains that several benefits can be derived from hydroponic farming despite an initial high capital investment: “Hydroponics is a

one-time cost and the initial system has paid for itself several times over”, he explained. Through his travels, he became familiar with hydroponic farming and its benefits, and invested in a Nutrient Film Technique (NFT) Hydroponic system. Despite initial failure due to the improper balance of chemicals, he noted that an investment in chemicals of $5,000 would be sufficient for three months of production in the hydroponic system, in which one crop only takes 28 days. On the other hand, open field production can cost approximately $3000 for one crop, which requires a six-week maturing period.

Hydroponic techniques have existed globally for some time and the NFT in particular dates back to the 1960s. Taking into consideration the challenges faced in the agricultural sector there is evidence to show that there exist potential gains in the cultivation, marketing and sale of many crops. Perhaps needless to say, a host of incentives, research, advice and technical assistance is readily available to registered farmers. The PCS Nitrogen initiative alongwith financial assistance from the Agricultural Development Bank and technical assistance from the MALF provide an environment ripe for local investors to engage in farming – open field or hydroponic. Indeed, what is required is market research on prices and margins, an experienced guide and market intelligence on export opportunities.

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Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

Case study: The UpMarket Story

By Nazma Muller

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ver the last five years UpMarket has been combining the fun of a farmers’ market with the infinite creativity of our local artisans and chefs to create a humming, happening hub for micro-businesses that could be the key to helping many of them survive the recession – and perhaps even be a platform for growth.

“I saw that I could create something that would allow the little man and others an opportunity to prosper,” Bloom Fabres explained, “an affordable way to bring their creativity – whether it was through food or craft – directly to the public, on a consistent basis so that they could actually make a living from their craft.

I felt that Trinidad really lacked that.”

She didn’t want the tried-and-true dishes, like roti or corn soup and doubles; she wanted people to think out of the box, to use local items in different ways and get creative with food.

And they certainly have. At UpMarket you will find Choconanas (dried bananas dipped in dark chocolate), mango masala, nachos and eggplant hummus dip, gourmet pumpkin bread with walnuts, curried crab meat with mini dumplings or sweet potato, glutenfree banana bread, black sorrel pepper relish, Paramin homemade seasoning and wine (grapefruit, sorrel, jamoon, ginger, cane, guava, mango, even banana), organic ponche de crème and pepper cheese (there’s rosemary and nutmeg cheese too). Someone is always doing something with a fruit or herb that you never imagined could be done to it.

It’s also the place where you can find “Rep yo hood” hoodies (Sah Wah, Ahh Roo Cah, Mah Rah Val), lucky bamboo plants, mugs with the words “Doh Dig No Horrors – Trini Talk” and scarlet ibis mosaics, as well as raw African black soap, kente cloth, hookahs, glass and wooden beads, hand-carved wooden mortars The story of the market’s creator, is just as intriguing. Bloom- and pestles, spices, herbs, rare orchids, rocking chairs, beautiful Fabres, who had lived abroad for much of her life, first in England wooden bowls, guava brown sugar body butter and “skin as a youngster and then for 25 years in the United States, may smoothies” made from pawpaw. have considered herself down and out when the recent recession hit the family’s construction business and very quickly everything For jewellery designer Johann Mohammed, owner of African Ark was lost. Her will to rebound after this, however, is remarkable. Jewellery, UpMarket was the perfect place to showcase his One of Bloom Fabres’s favourite things is going to local markets. distinctive pieces. He works in silver, brass, copper and gold, Even as a child, she had loved walking among the stalls and using fabric, semi-precious stones and leather to create distinctive, listening to the vendors as they chatted with customers. Having minimalist designs influenced by cultures as far away as Africa, spent much of her childhood in England, she remembers that Bali and Thailand. In addition to the exposure, vendors at UpMarket besides the fresh fruits and veggies, she loved the community are perfectly placed for a spot of networking – both social and feel, the warm friendliness of the Cockney fishmonger asking, business.

“How you doing today, m’luv?”

One Father’s Day two years ago, an indigenous music group from Ecuador, Kayna, performed onstage. “UpMarket is so much more “You can’t get that in a grocery,” she says. than food and craft,” Bloom Fabres says. “It is about community, The idea for upmarket was born out of adversity as told to Angela coming together, networking and helping each other to prosper.

Pidduck in a Newsday article form 2012. Following the loss of It encourages and nurtures creativity and unity.” the family’s construction business abroad during a recession, Bloom Fabres has seen how much senior citizens love the chance Bloom Fabres needed to do something to earn a living. On a visit to bounce up friends and chat for a while over Paramin pastelles to England, she mentioned to her brother that she was thinking or a bit of garlic pork in the midst of the little ‘village’ that UpMarket of starting a food and craft market in Trinidad. He insisted that has become. “I worry about the loneliness of our elderly and have she visit Borough Market in London to experience the dazzling been really thinking of what I can do to change that,” she said. and diverse displays.

The hope is that one day UpMarket will have a home of its own.

“As I entered the market I turned to him and said, ‘This is what Few community centres or schools halls can accommodate the I am going to do in Trinidad. But I am going to include craft as throngs who now turn up for every UpMarket, and parking is always an issue. She would hate to have to hold it in a hotel well because there is so much talent there.’” because she wants it to remain “rootsy” and comfortable enough She had immediately fallen in love with the smorgasbord of fine so everyone feels relaxed and at home. Having its own venue meats, fresh oysters, quiches and gourmet sausages, organic would allow UpMarket to have markets consistently and even pumpkins and sublime cakes – and of course the free samples. promote other ideas and ventures to support artisans and microShe could feel a passion and determination well up inside her. entrepreneurs.

The brainchild of Janet Bloom Fabres, UpMarket is usually held every month at the Woodbrook Youth Facility on Saturdays, with a few Sundays thrown in. Last December, it also made an appearance for Christmas at the Country Club.

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Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

T&T’s Economic Downturn Positive Through Entrepreneurial Lenses

By InvesTT Trinidad & Tobago

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t is no secret that the economic outlook for oil and gas producers like Trinidad and Tobago for 2016/2017 has been better…much better. The aftermath of steep declines in oil and gas prices coupled with the anticipated contraction of the economy is a predicted correlational increase in the country’s unemployment rate which up until December 2015 was as low as 3.2%. Ironically this is good news for investors that desire high quality labour at great value or would be entrepreneurs needing to take the leap. The energy sector, producers of highly skilled globally competitive talent, is already validating this prediction as job losses have occurred in a number of energy companies in Trinidad and Tobago over the last few months. To the untrained observer, the country’s economic indicators signal impending economic uncertainty and difficulty, but as Albert Einstein once said, “In the middle of difficulty lies opportunity.” As it is, the current downturn in the economy may actually be the best time for a burgeoning of entrepreneurial activity within the non-energy sectors.

As a country our efforts have turned to focus sharply on the primary industries for development which are Agribusiness, Aviation, Creative Industries, Fish and Fisheries, Financial Services, ICT- Software Development, Maritime Industries, as viable revenue generating alternatives. These sectors are not only teeming with opportunities for the development of Small and Medium Enterprises (SMEs) but are supported by existing State agencies and programmmes. Depending on the size of the project, the agencies available to provide assistance include National Entrepreneurship Development Company (NEDCO), CreativeTT, FilmTT, ExporTT , Trinidad and Tobago Coalition of Service Industries (TTCSI) and InvesTT Trinidad and Tobago (InvesTT) to name a few. Economic contraction suggests that companies will be looking for ways to operate more efficiently; innovative entrepreneurs can supply that requirement. The Global Services Promotion Programme (GSPP) is one such initiative scheduled for launch in the latter half of 2016. Developed and funded through an initiative by the Inter-American Development Bank (IDB), the

Programme is being executed by the Ministry of Planning and Development along with the Ministry of Trade and Industry and is currently in the early pre-launch stages. The GSPP is designed to advance Trinidad and Tobago’s Information Technology Enabled Services (ITeS) for both the local and global markets and will realise the collaborative efforts on an advisory level by Trinidad and Tobago International Financial Centre (TTIFC), InvesTT, Tourism Development Company (TDC), Animae Caribe, Caribbean Industrial Research Institute (CARIRI), ExporTT, TTCSI, T&T Animation Board and E-Business Roundtable.

To maximize the success of the program its three components will focus on: • Resource building • Policy and regulatory frameworks • Sector branding and promotion Resource building on both an individual and corporate level will be undertaken through the establishment of a Global Services Internationalization Hub which will provide training and support services, IT skills finishing schools, and collaborative physical and technological infrastructure. The services offered by the Hub will be available to export-oriented SMEs and professionals within the ITeS sector as well as to students, unemployed and underemployed persons wishing to work within this sector.

Eligibility to use the Hub will require a background in ITeS and a focus on areas such as application creation and development, mobile technology, programming and coding, website development, animation services, system analysis, software development, hardware manufacturing and repairs.

Entrepreneurs in ITeS with an interest in exporting and expanding their market internationally will benefit from services in quality control and productivity improvements, partnerships, supply chains and joint ventures, technology skills maintenance and upgrading, and export market development. Training in the requisite business skills of negotiation, customer service and foreign languages will also be offered in the mix.

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Another sector teeming with opportunity is the Creative Sector.

It is the most rapidly growing sector worldwide according to Irina Bokova, Director-General of UNESCO in the first global map of cultural and creative industries – Cultural Times, which was published in 2015. Referred to as Creative and Cultural Industries in the report, it includes under its umbrella TV, advertising, newspaper & magazines, visual arts, books, movies, performing arts, gaming, architecture, radio and music – all of which are emerging as big revenue earners in Trinidad and Tobago. To say the sector is primed for exploration is an understatement as in 2013 the CCI accounted for 29.5 million jobs globally. In Latin America and the Caribbean it accounted for US$124 billion in revenue in 2013 and 1.9 million jobs. Of particular focus in Trinidad and Tobago is the advancement of the Film industry. With the support of UTT’s film academy and other specialized agencies such as FilmTT, CreativeTT and Animae Caribe, the opportunities to get involved in this industry are abundant. As testimony to the continued growth of this sector is InvesTT’s current portfolio of investment opportunities in Film which includes five (5) film projects with various levels of investment requirements for interested investors.

We also see tourism as a huge potential boon for entrepreneurs and the country. If the number of investment opportunities received by InvesTT in tourism is to be used as an indicator, the sector is fraught with innovative new ideas. In November 2015

nationals involved in the tourism sector heralded the call to explore opportunities in this sector when they participated in TDC’s Empowering Tourism Entrepreneurs Symposium. The event was held as part of TDC’s Tourism Month and focused on equipping small and micro tourism operators with necessary skills to design, build and grow successful tourism businesses that are globally competitive. In addition to continuous investment in its outreach TDC has established support programmes that target tourism entrepreneurs. The STAR Programme – Service, Training, Attitude, Respect, was launched in 2010 and provides resources to hone the attitude and behaviours of those involved in this serviceoriented sector to increasing international standards. Technical support and training are also provided to small tourism operators through the Small Tourism Enterprise Project (STEP). Opportunity in the Tourism sector exists in many forms and fashions and includes provision of services in accommodation, food and beverage, passenger transport, transport equipment rental, travel agencies and other reservations, cultural activities amongst a host of other country specific tourist attractions. They all have one common element though – they all provide consumption goods and services demanded by visitors. Moving from employee to business owner is no longer a far- fetched goal attainable by only a select few. The environment is ripe for personal business goals to sprout as the groundwork for innovation and entrepreneurship is being laid out. The challenge really is a simple shift in perspective from having a job to – creating one.

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Public/Private Partnerships as a formula for diversification

By Gavin Luke

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egardless of any recessionary period, Public Private Partnerships (PPPs) have become a popular tool for funding new infrastructure projects around the world.

Using PPPs to develop infrastructure gives Governments the opportunity to acquire capital funding from the private sector to promote economic diversification and foreign direct investment. Purely from the starting point of legislation, the United Arab Emirates (UAE) formalized the intention to pursue these relationships by establishing laws that serve economic and social development in the Emirates. In one of its main cities, Dubai, prior to 2010, infrastructural funding for its growing business and travel hub were sourced via grants, loans and debt market borrowing. Legislation now allows for partnering, which is responsible for the rapid growth in hotels, power, transport, etc., as government relinquishes some of its financial burdens.

In Trinidad and Tobago’s present time of economic contraction, PPPs can allow for implementing strategic projects, leveraging the financial, administrative, technical and technological expertise of the private sector and hopefully lead to productive and quality public services. Reflected in the 2016 national budget is the intent to rely on 9% of the revenue for Trinidad and Tobago coming from oil which customarily exceeds at least 35% of intended revenue. With the low oil prices, the make up in non-oil revenue is expected to come from phased reductions in the fuel subsidy, VAT reform, increases in the Business (0.6%) and Green Fund levies (0.3%), the reintroduction of the Property Tax and tighter controls on tax collection via the establishment of a Revenue Authority. With oil prices wallowing on the low end, the recent

budget is already stressed and the planned deficit could well exceed $3 billion. This has triggered a mandate by government to reduce ministerial spend by 7% across all ministries. Even if admirable mention is made in the budget on agro-technology, agricultural production clusters, fish processing and waste management and flood control, the largest part of the budget is dedicated to national security and limited capital projects such as highways, freeways, causeways and Tobago development. This means the impetus to diversification then relies on what has been called a risk-adverse private sector to play its part - as a necessity, rather than a choice.

In referring again to the UAE’s (Dubai) model for PPPs, it is positioned to attract not only local but foreign direct investments (FDI’s) and major multinational companies. As such, it is loaded with incentives to attempt to achieve an efficient bureaucracy with little corruption, trade zones, low taxes for companies and expatriates, high-tech infrastructure and e-government support.

Likewise, Government initiatives in engaging the private sector for both Malaysia and Thailand have seen a remarkable improvement in trading via “mimics” in both clothing and electronics whilst developing their resource-base in palm oil, rubber and fish to create higher value - added products. Within the Caribbean, the Barbados Fertility Centre (BFC) serves as a good example of timing and coordination where the center, specializing in fertility management, has been able to establish recognition within the in vitro fertilization (IVF) market. In T&T success has already been established in the down-stream sector via the Point Lisas Industrial Estate. The opportunities to further partner will come by leveraging the upstream energy sector via government trade missions where skills sets can be exported in expertise ranging from drilling support services, technical support services, surveying, civil engineering works and even including health and safety.

A 2008 study entitled The Road to Economic Diversification done for the Trinidad and Tobago Chamber of Industry and Commerce (T&T Chamber) identified that the main opportunities should come from where distinct comparative advantages could be established. In terms of agriculture, three products were identified as having potential competitive advantage once further cultivated - cocoa, green pineapple, and tilapia. Suggestions spoke to a spectrum of necessary activities, including revisiting the mega farm model to bring in the private sector and expanding the final harvesting, processing, cold storage and even shipping facility elements of this sector to improve export potential. This remains relevant, and the expected upside result could be a reduction in the food import bill, whilst allowing perhaps the integration of the CEPEP model in the equation. By extension, well developed PPPs could be created regionally where there exist surplus land mass suitable for agriculture. Guyana and Belize can serve as examples.

Despite the implication of a falling standard, the academic reputation of T&T is still strong, thanks partly to the achievements of the diaspora. Using the town of St. Augustine as an example of an educational cluster which includes the University of the West Indies (UWI), the School of Accounting and many nearby private sector Business schools, the potential to make this capacity

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more exportable both regionally and globally, even if just on an e-learning level. The United Nations actively promotes Information and Communications Technology (ICT), internationally for Development as a means of bridging the digital divide. This sector is not only transforming businesses but countries, and serves to enhance information wellbeing, lending efficiencies both economically and commercially. ICTs would help in getting to the point where procedures could be faster to reduce public sector delays and hindrances, and could even be an opportunity for PPPs. In general, resurrecting a National ICT Strategy that makes diversification efforts competitive will aid in attracting FDI’s, whilst perhaps improving the perception of a knowledge-based society with quick access and improved transparency. How well the private sector recognizes the value of the Tamana InTech Park as an opportunity to transform the economy can prove to be a key milestone in the diversification strategy.

In keeping with the new trends in Global Tourism, the Tourism Vision 2020 plan previously developed recognizes the need to create a unique and distinctive visitor experience to expand the customer target base. The opportunities for PPPs can focus on providing authentic, culturally diverse offerings. Marketing can extend beyond just festivities to include food, music, dance, architecture and traditional customs. Private sector involvement could come via more heritage and cultural sites. As opposed to

the strategy of “death by dilapidation”, revisiting old heritage sites to recondition them to create revenue generating tour experiences could be a reason to partner. Where improper accessibility to such sites exists, PPPs can be engaged for public roadways to support upkeep and maintenance.

In referring to the substantial opportunities in developing the Sporting Tourism niche, Australia serves as a fine example of the power of sports being used in its tourism efforts, as it harnesses sports to attract global visitors. Supporting any such niche strategy would best be served by how well we research and understand which sports are most suitable to our country and how well we produce the Event Management Plan. Substantial gaps in research across many sectors can even be listed as an opportunity to partner.

The opportunities for diversification via PPPs are endless, but they must be deliberated and executed and even include a CARICOM approach to respond to the global challenges. Where diversification can also serve the purpose of providing more jobs for the youth or even opportunities in challenged communities, this further enhances its importance. The real challenge now is changing the perceptions that diversification is not solely for government to resolve but also the responsibility of a private sector potentially low on risk but high in the expectations of return on investment.

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Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

Case study: Villages as Businesses The Lopinot experience

By Michelle D. Celestine

Photos courtesy Joshua Lu

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river bank. The lush green valley is hugely popular for bird watching, cave exploration and trail walking, which extends all the way north into Brasso Seco and Blanchisseusse and west to the Caura valley.

The village derives its name from the owner of the once-upon-atime La Reconnaissance estate. Legend has it that a very cruel Count Joseph Lopinot rode his horse up the river with his 100 African slaves in tow and settled in the area to develop a cocoa and coffee estate. Later on, some sugar cane was also planted and indentured Indians arrived. Eventually, the estate’s labour force included ‘coco panyols’ from Venezuela, augmented by an influx from the nearby Caura valley, for which plans had been drawn up to construct a dam, leading to the resettlement of some of its villagers in Lopinot. Within the past decade, archaeological digs have revealed that a significant First People’s population inhabited the valley. Numerous artefacts were unearthed and taken abroad for carbon date testing by Dr. Neal Lopinot, archaeological researcher at the Centre for Archaeological Research at Missouri State University in the USA and a direct descendant of the Count.

Professor Lopinot has however, expressed reluctance to return the artefacts to the valley until there is a space properly designed to preserve them.

The village has a festive appeal all year round, but is especially known for its joyful Parang music and tasty Pastelles both during and outside of the Christmas season. During the workshop, young Daniella Fuller, dubbed the “Pastelle Queen” announced her intention to take Pastelles to the world. The labour intensive business of Pastelle making can be a viable niche export product, providing sustainable employment while earning foreign exchange. Parang has developed into a thriving industry both for the musical entertainer and the craftsman who skillfully produces the associated musical instruments. Thriving also, is the historical economic mainstay of the valley. Cocoa innovation has spawned a host of entrepreneurs and there are delicacies and desserts made in Lopinot that have won awards internationally and cannot be sampled anywhere else in Trinidad and Tobago. From chocolate Ponche de Crème to dark chocolate dips, chocolate bread pudding and various meats cooked in a secret cocoa sauce recipe, many families have a resident chocolatier and have created their family brand of eating and drinking chocolate delights.

village as a business? Country-style community tourism as a means of sustainable employment? In July, 2015 the sleepy village of Lopinot, nestled in the valley among the foothills of Arouca, east Trinidad, was completely transformed when these questions were answered in the affirmative. Since the early 1950s, there had been an appeal by the villagers to have the ecologically important valley with its fascinating history declared a “heritage village”. However this declaration was never made until last year when the National Trust listed the 17th Century estate house there, still known as “Count Lopinot’s house”, as a national heritage site, and simultaneously facilitated the five-day “Villages As Businesses” workshop. The training was conducted by regional Countrystyle Community Tourism Consultant, Diana McIntyre-Pike and With all of that on offer, the villagers were taught during the sponsored by TDC (the Tourism Development Company). workshop to collaborate and provide a series of enjoyable and affordable tour packages combining all aspects of their heritage – The village is the beneficiary of a vast array of cultural traditions built, natural and cultural. Apart from the Count Lopinot house derived from its ethnically diverse population, which today stands there is a shrine dedicated to La Divina Pastora further up the at just about 3000 - being mostly comprised of families who have valley which was carved out of the hillside, as well as the old lived there for generations - and an environment that continues Anglican Church, both of which are over 100 years old. Mr. Cyril’s to garner the interest of historians, nature lovers and leisure seekers. cocoa estate is still operational and dancing the cocoa in an authentic No one could believe that the old estate house, with its very basic cocoa drying house to live parang music is an unforgettable museum, rustic cocoa drying house, dirt oven and picturesque, experience. These tours have been accredited by the TDC and are landscaped grounds with its wooden walk-over bridge, is visited now promoted by tour operators locally and abroad, with a by over 100,000 people each year - and that’s just the ones who minimum of six families from within the village benefitting from sign the Guest Book! Lopinot is in fact able to offer the perfect each tour. The verdant valley has already spawned a few guest heritage tourism product. The main natural attraction is the Arouca houses with restaurants that serve local organic fare and, since the river flowing right through the middle of the village and passing workshop, ‘home stays’ are being encouraged for those visitors just beside Count Lopinot’s house. It has huge bathing pools that who want a ‘Trini family’ experience, especially at Christmas time. are flanked by comfortable sheds for cooking and relaxing on the After all, “Trini Christmas is de best”!

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A Calendar of Events within the valley has been established by the interim Lopinot Countrystyle Community Tourism Committee (LCCTC) chaired by Marcia Guerrerro, who holds a Bachelors of Arts in Tourism and Hospitality Management (BBATHM). Its first project, the “Ole Time Christmas Market” was a huge success after being heavily promoted by local media. The village was filled with enticing smells and sounds for that event. It provided the opportunity to experience the tradition of seeing and smelling ham boiling in a biscuit tin/ pitch oil pan over a fireside fed with cinnamon and bay logs. Many visitors remarked that they had only read or heard about this practice. The dirt oven at the side of the historical house was reactivated on the day and generated hundreds of rolls of delicious baked cassava bread. Market produce, traditional sweets, drinks and craft items were all on sale with continuous live Parang music throughout. The second project, an “Easter Market” was being executed in late March, even as this article was being written, with one of the highlights being cocoa pork - an entire pig lathered in chocolate roasted on an outside fireplace! Readers wishing to view pictures of the event or find out more about the project can find “Lopinot Heritage Village – Country style Community Tourism” on Facebook.

The next event will be the “May Fest” scheduled for Sunday May 1st, 2016 and the villagers of Lopinot are waiting to welcome you! A great contributor to the overall success of the initiative has been the free advice provided to the LCCTC by Mrs. Maureen Boneo Thomas, FCCA, MSc., BSc., CA, who is a Senior Audit

Manager with one of the ‘Big 4’ accounting firms. The LCCTC is a registered NGO with an account at Republic Bank and functions in accordance with clear written guidelines for transparency and accountability. Citizens for Conservation also rendered voluntary assistance in assessing the structural condition of Count Lopinot’s house and provided a report that enabled TDC to seek an allocation from Central Government to finance the most urgently required restoration works. The Lopinot experience is a viable model which can be replicated throughout Trinidad and Tobago, especially in our rural communities. In promoting the Countrystyle Community Tourism Network (CCTN) as a concept and brand, regional expert Diana McIntyre-Pike identified that “The assessment, and marketing of natural and cultural community resources can add value to the experience of local and foreign visitors and simultaneously improve the quality of life in communities.”

As this country charts its way through the current economic straits, it is timely that the National Trust should initiate such a venture and encourage the creation of heritage tourism products that will sustain rural communities in a holistic manner. The preservation of our historic sites, cultural traditions and peoples’ ability to earn a livelihood are all imperative for a strong national identity and positive psyche. Let’s support local business. “When our Carnival ends our Community Fun begins” can be one of many slogans to encourage Community Tourism activities. An increase in “staycations” and growth of the local food production industry can only have a positive result.

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Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

La Brea Shipyard Development

by Wilfred de Gannes, CEO, Shipbuilding & Repair Development Co. of T&T Ltd.

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he recent Trinidad and Tobago Parliamentary debate that centred around the Motion, ‘Increase of Loan Ceiling under The Development Loans Act’ and tabled by the Minister of Finance and Member of Parliament the Honourable Colm Imbert, in the 7th Sitting, 11th Parliament in early December, 2015 points in the right direction as it is required for the much needed diversification for the economic survival of Trinidad and Tobago.

One such diversification strategy involves the country’s thrust into the meaningful development and expansion of the maritime sectors, particularly Shipbuilding and Repair, both of which were equally highlighted in the respective September 2015 Election Manifestos of the two major political parties.

the House of Representatives and in the Senate mention that the Motion tabled will assist the current government Administration to honour contractual agreements already entered into. One of these signed agreements was the Design, Build and Finance of a United States Five hundred million dollar (USD500 Million) Shipyard development project at La Brea, South Western Trinidad which had been proposed by the Shipbuilding and Repair Development Company of Trinidad and Tobago Limited (SRDC), the commercial entity of the Cluster, since September, 2010.

This large-scale industrial project, which has already been endorsed by both community residents and environmental activists alike, will permit the country additional opportunities to dry dock large ‘Panamax’ ocean-going ships, in a Graving Dock (A dry dock where the hulls of ships are repaired and maintained). This, together with the creation of a number of alongside repair berths to handle up to Aframax sized tanker ships (80,000-120,000 DWT) which frequent the southernmost regions, including the Caribbean Sea and are mainly utilized in the ocean transportation of crude oil between refineries, located in both The Bolivarian Republic of Venezuela and the United States of America.

The Bolivarian Republic of Venezuela cannot be ignored when we speak of expanding Trinidad and Tobago’s maritime sector, as they presently have one of the larger, more established maritime Universities in the region, located in Vargas State and known as La Universidad Nacional Experimental Marítima del Caribe (UMC) together with a large fleet of Aframax tankers that assist in their crude oil exports. In 2014, The Bolivarian Republic of Venezuela was also the fourth largest supplier of imported crude oil to the United States, behind Canada, Saudi Arabia and Mexico, according to the United States Energy Information Administration (EIA).

In December 2015, the SRDC with the kind assistance of its Stakeholders facilitated an inward visit by a Maritime Graduate from the UMC. This was the first visitor from The Bolivarian Republic of Venezuela and has also followed similarly inward sponsored visits by maritime related personnel from the United Kingdom in 2009 and the People’s Republic of China in 2012.

With the construction and commencement of Shipyard operations at the new La Brea Shipyard site, expected to be completed in 2018

by China Harbor Engineering Company Limited (CHEC) and project financing arranged by the Trinidad and Tobago government and the Export-Import Bank of China, this also represents a tremendous opportunity for Trinidad and Tobago to earn large amounts of much needed foreign exchange. In fact, the SRDC has envisaged that this Shipyard may have to operate twenty-four hours-a-day, seven days a week, similar to the Republic of Singapore, undertaking both scheduled and emergency repairs of ocean-going ships, much in the same manner in which it has become a global maritime leader from its smaller island mass. The Republic of Singapore is calculated to be one-fifth the size of Trinidad and Tobago and where a ship movement (arrivals and departures) occurs at a rate of one ship every three minutes, approximately.

A country cannot realistically hope to achieve a reasonable measured outcome of diversification, if the government does not intend to support this developmental goal without the requisite financial investments. The Trinidad and Tobago Shipbuilding and Repair Cluster has always held this view, as was clearly stated in its ‘VISION’ Booklet, first published by Cluster Stakeholders, when the now Prime Minister was heading the Ministry of Trade & Industry, in 2008. In fact, it is understood the Honourable Prime Minister also took the time to visit the main Shipyards, located in his Diego Martine West constituency and situated along the sheltered North-western coastline of Shipbuilding and Repair is a globally competitive business undertaking, which requires astute management and a dedicated Trinidad. labour force. With this in mind, the La Brea Shipyard intends to The Trinidad and Tobago Shipbuilding and Repair Cluster operate using similar labour practices found in many established Stakeholders were elated to hear the Minister of Finance, in both Shipyards in North America, Europe and in the Middle-East,

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where job opportunities are first advertised locally. Unfilled positions will then be advertised internationally. The Bolivarian Republic of Venezuela can possibly be one closely managed source for qualified employees, many of whom have gained decades of

experience from their petroleum industry, bearing in mind, the close geographical position to Trinidad and their large population of thirty-three million inhabitants. With the recent lifting of the 40-year crude oil ban by the United States Congress, together with the commissioning of the Cheniere Energy Sabine Pass Liquefied Natural Gas (LNG) Terminal, strategically located on the Gulf Coast of the United States of America, the timing of the announcement that our Government will continue with the decision to construct a world class Shipyard project in La Brea, Southwestern Trinidad is welcome. This will help eliminate the frequent protests from the residents of La Brea and environs, who are demanding well-paying jobs.

A recent study undertaken by the United States Government Accountability Office (GAO) and the prediction made by their Department of Energy (DOE) points to the fact that in the next few years, the United States of America is expected to change from a net importer of natural gas to a net exporter, with the completion of Five large-scale United States liquefaction facilities – necessary for the conversion of natural gas to liquid natural gas (LNG). This change will require at least one hundred (100) new LNG carrier ships, once the five LNG liquefaction facilities are fully operationalised by their projected start-up date of 2020.

The La Brea Shipyard project can directly benefit from an increase in ship repairs required by these additional LNG carriers, moving their precious cargoes from the Gulf Coast, including Sabine Pass and Corpus Christi, Texas through the expanded Panama Canal en-route to Asian markets, such as Japan, Taiwan and the People’s Republic of China. It is anticipated that the commissioning of the third lock in Panama in May 2016, will make LNG ship voyages to Asia, some 8,600 kilometres shorter and will be able to accommodate ninety-two percent (92%) of the World’s LNG fleet or some five hundred and thirty-eight (538) LNG carriers.

With the expansion of the much awaited Panama Canal coming into reality in May 2016, and the anticipated hemispheric increase of LNG exports from the United States of America and Point Fortin, Trinidad, both requiring additional LNG shipping capacity, the Shipbuilding and Repair sector looks very promising, and is well Maritime Graduate from La Universidad Nacional Experimental Marítima poised to be the premier diversification strategy for Trinidad and del Caribe (UMC) at Maritime Preservation (Trinidad) Shipyard Tobago, away from the energy sector.

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What every business person should know Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

Trade Shows and Exhibitions PANAMA Trade Mission- June 8-12, 2016 The Trinidad and Tobago of Chamber of Industry and Commerce (T&T Chamber) will be leading a trade mission to Panama from June 8-12, 2016, which would benefit all participating companies from Trinidad and Tobago across each sector. The Panamanian Ambassador, Her Excellency Ms. Carmen Gabiela Menéndez and ExporTT CEO, Mr. Adrian Theodore have agreed to work with the T&T Chamber in providing high level support for the trade mission.

Included in the Mission's package will be flight, hotel and other transportation costs, business and logistical support services for companies to take advantage of B2B Meetings, a business welcome to the Colon Free Zone and attendance at ExpoInvest Panama 2016 – marking the first time a T&T delegation will attend the Expo.

For further information please contact: Lisa Douglas/Nimret SandhuTel: +1(868) 637 6966 ext. 1246/1288.

Email: ldouglas@chamber.org.tt or nsandhu@chamber.org.tt DOMINICAN REPUBLIC The World Cocoa Conference- May 22-25, 2016 The event is has been established as the leading event for the global cocoa sector that brings together the key players from the value chain in cocoa and chocolate production from all over the world. This leading, premier event will be hosted at the Barceló Bávaro Convention Center in The Dominican Republic by the International Cocoa Organization (ICCO). The event sees the gathering of over 1000 attendees ranging the spectrum of the cocoa value chain: government agencies, chocolate manufacturers, trading companies, cocoa processors, companies involved in trade logistics, finance and insurance as well as suppliers of agricultural inputs and processing technology from over 65 countries.

For further information please contact: Argus MediaTel: +44 (0) 20 7780 4340 or Email: info@worldcocoaconference.org or Website: www.worldcocoaconference.org HONG KONG Global Sources Fashion Trade Mission and Event- April 27-30, 2016 Global Sources Fashion in conjunction with Textiles, Clothing, Footwear Leather Resource Center for Western Australia (TCF WA), TCF Global and TCF Australia will be hosting a trade mission and exhibition event.

The Global Sources Fashion will be based at Hong Kong's AsiaWorldExpo, displaying a wide selection of fashion items, including apparel, fashion jewelry, bags, scarves, footwear and fabrics. The trade mission will host some 800 booths from new exhibitors, 230 booths of suppliers manufacturing their own designs & brands and more product selection in high-growth categories including footwear and functional fabrics. This trade mission aims to bring together top suppliers from mainland China, India, Korea, Hong Kong, Taiwan, Vietnam and elsewhere in Asia.

For further information please contact: Global SourcesTel: + (65) 6547-2800 or Email: exhibit@globalsources.com or Website:http://www.globalsources.com/TRADESHOW/HONGKONGFA SHION.HTM?source=TSCHKGSEFA_CSFLOGO_HOME

UNITED STATES OF AMERICA Council of the Americas' 46th Washington Conference on the AmericasMay 3, 2016 This Washington based Conference is the premier event on the western hemisphere. Each year, this conference offers an excellent opportunity to hear from the most senior-level officials and engage with over 250 business and policy leaders, members of the diplomatic community, and media representatives from throughout the hemisphere. The conference would adopt an interview style like presentation that would seek to inform participants of the region’s developments. One change that will be noted at this year’s conference will begin with an exclusive keynote lunch and conclude with a closing reception on the evening of May 3, 2016, which will all be held at the U.S. Department of State.

For further information please contact: Stephanie DavisTel: + 202-659-8989 or Email: sdavis@as-coa.org or Website: http://www.as-coa.org/events/save-date-46th-annual-washingtonconference-americas PERU Peru Moda 2016 International Fashion Show and Exhibition- April 2022, 2016 Peru Moda is the signature event of the Peruvian Fashion Industry attracting some 8000 attendees, 450 exhibitors and high end designers like Marc Jacobs, Zara, Calvin Klein, Victoria’s Secret, JC Penny and many more top end designers. The event showcases raw materials such as Alpaca, an exclusive and versatile fiber that competes in the international market with cashmere and mohair; and Peruvian Cotton, recognized as the best quality cotton worldwide. Furthermore, Peruvian silver work and leather work will be displayed.

For further information please contact: Carolina SuarezTel: +1 868 221-8642/ 2218642 or Email: consular@embassyofperutt.net or Website: http://www.perumoda.com/en/index.html?nav=index BUDGET STATEMENT 2016 Reform of the T&T Tax Administration and the Revenue Authority With the original rendition of the Trinidad and Tobago Revenue Authority Bill lapsing in 2010, the current administration has reintroduced a slightly modified version of this Bill to merge the existing Customs and Excise and Board of Inland Revenue divisions to form a unitary revenue collection agency. The revised Bill seeks to have the new Authority act as the sole revenue collecting agency in the country. One key reform this Revenue Authority seeks to implement is the Property Tax as at the 2009 rates for the first year, i.e., 2016. At present, the current legislation has tiered rates for Residential, Commercial, Industrial and Agricultural Lands at 3%, 5%, 6% and 1% respectively of the Annual Taxable Value (ATV) of the property.

Special exemptions will be given to sporting bodies, religious and charitable institutions whilst exemptions would be granted to the financially vulnerable in the society.

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Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

Economic and Financial Statistics Domestic Indicators The Corruption Perception Index (CPI) measures the perceived level of corruption in the public sector for over one hundred (100) countries around the world. How does Trinidad and Tobago rank?

Table 1: Summary of Trinidad and Tobago’s Corruption Perception Index (CPI) ranking 2012-2015 Corruption Perception Index CPI 2015 (out of 168) CPI 2014 (out of 175) CPI 2013( out of 177) CPI 2012 (out of 176)

Trinidad &Tobago Rank Score 72 39 85 38 83 38 80 39

Rank 119 124 136 133

Guyana Score 29 30 27 28

Barbados Rank Score No data No data 17 74 15 75 15 76

Rank 69 85 83 83

Jamaica Score 41 38 38 38

Rank 88 100 94 88

Suriname Score 36 36 36 37

Source: Transparency International, 2012-2015

Key areas of concern that need addressing in our local domain according to the indigenous arm of Transparency International here in Trinidad and Tobago are as follows 1. Corruption in politics 2. Corruption in public contracting 3. Corruption in the private sector 4. International anti-corruption conventions 5. Poverty and development

Regional Indicators Country

Antigua & Barbuda The Bahamas Barbados Belize Dominica Dominican Republic Grenada Guyana Haiti Jamaica St Kitts & Nevis St Lucia St Vincent & the Grenadines Suriname Trinidad and Tobago

GDP per capita at current prices: (US$) 2015e 2016e 2017e 14,390 14,714 15,194 24,394 24,977 25,649 15,912 16,184 16,556 4,841 4,957 5,098 7,601 7,898 8,156 6,663 6,922 7,191 8,970 9,382 9,808 3,993 4,240 4,465 829 830 858 4,912 4,993 5,172 14,618 14,987 15,380 8,409 8,708 9,039 6,959 7,213 7,508 9,051 9,211 10,112 20,380 20757 21,894

2015e –10.54 –12.93 –4.83 –6.28 –12.82 –2.37 –13.72 –14.90 –4.34 –4.55 –12.55 –6.62 –26.86 –9.42 0.71

Current account balance/GDP: (%) 2016e –10.21 –8.93 –4.60 –7.13 –18.86 –2.54 –13.10 –18.86 –3.41 –2.89 –18.59 –6.98 –25.10 –7.82 –0.78

2017e –11.20 –7.90 –4.56 –7.35 –17.35 –3.27 –15.33 –18.32 –3.77 –2.71 –17.95 –7.33 –24.01 –8.05 –1.04

2015e nd 62.11 75.07 77.24 nd 33.26 nd 58.56 nd nd nd nd 75.17 nd 18.11

Net Government Bebt/GDP: (%) 2016e nd 62.22 77.00 99.91 nd 34.64 nd 59.32 nd nd nd nd 76.07 nd 24.10

2017e nd 61.77 77.88 97.63 nd 36.23 nd 60.37 nd nd nd nd 75.70 nd 30.00

Source: IMF World Economic Outlook Database 2015 e - Estimate

International Indicators Advanced Economics - Annual GDP Growth

Emerging Economics - Annual GDP Growth

Country United States United Kingdom Euro Area3 Japan

Country 2015 2.430 2.410 1.501 0.587

Source: OECD (2015) Annual GDP Growth (Indicator)

2016 2.519 2.390 1.754 0.964

2017 2.389 2.258 1.943 0.534

Brazil China India Russia South Africa

2015 –3.064 6.753 7.206 –4.042 1.501

Source: OECD (2015) Annual GDP Growth (Indicator)

2016 –1.197 6.544 7.330 –0.433 1.512

2017 1.814 6.223 7.373 1.655 1.997

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Finance & Economy Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

Economic Outlook Global economic growth for 2016 and 2017 remain mixed. Both the International Monetary Fund (IMF) and World Bank have projected growth to be between the range of 2-4 percent for 2016 and 2017.

According to the IMF’s October 2015 World Economic Outlook (WEO) Update, global growth for 2016 and 2017 is projected at 3.4 percent and 3.6 percent respectively. This is 0.3 percent better than global growth in 2015 which stood at an estimated at 3.1 percent but both 2016 and 2017 figures represent a 0.2 percent decrease in the forecasts made as at October 2015. The World Bank, in its Global Economic Prospects (GEP) as at January 2016, in a similar vein, has estimated that “global growth is projected to edge up, but at a slower pace than envisioned in the June 2015 forecast, reaching 2.9 percent in 2016 and 3.1 percent in 2017-18”.

These mixed reviews are as a result of 1) an indiscriminate slowdown in emerging market economies, 2) a rebalancing and normalization of the Chinese economy, 3) plummeting commodity prices, and 4) the steady departure from overly accommodative monetary conditions in the United States.

Growth in advanced economies is projected to rise by 0.2 percentage points in 2016 to 2.1 percent, and hold steady in 2017. Economic activity has picked up gradually as compared to that of 2015 but it still remains constrained by geopolitical and economic developments in the emerging economies. The United States has remained resilient in the face of an appreciated dollar weighing on the manufacturing sector and lower oil prices sidelining investment into mining and oil exploration. The Euro zone has been able to demonstrate stronger aggregate demand due to higher private consumption supported on the back of lower oil prices and easy financial conditions which outstripped a deteriorating net exports position. Growth in Japan is also expected to solidify in 2016 stemming from fiscal support, lower oil prices, accommodative financial conditions, and rising incomes. Japan is expected to see an improvement in its growth rates over 2015’s meagre and fragile performance of 0.8 percent; growth is expected to recover moderately to 1.3 percent in 2016.

This is improvement hails from the Bank of Japan’s quantitative easing, past offshore investments and rising female participation in the labour force.

Emerging markets and developing economies are projected to see an increase from 4 percent in 2015—the lowest since the 2008–09 financial crisis—to 4.3 and 4.7 percent in 2016 and 2017 respectively.

This modest increase is comprised of varying level of growths in the region but in effect the general growth rate has been tempered by a series of domestic and external factors: the cooling off China’s economy, the fact that four of the five BRICs are experiencing waning or contracting activity, weaker growth outlooks for commodity exporters, fiscal readjustments, lower productivity levels and political and policy uncertainty.

It must be noted that growth going forward for the region is precariously predicated mostly on peripheral conditions around the region: sustained growth momentum in high-income countries, stabilization of commodity

prices, accommodative monetary policies in major economies, and a balanced course of rebalancing in China.

Aggregate GDP in Latin America and the Caribbean (LAC) has been revised downwards in 2016 as well, albeit at a smaller rate than in 2015, despite positive growth in most countries in the region. After three years of consecutive decline, the LAC region is expected to contract again in 2016. As at the end of the three year period 2012-2015, the region contracted by 0.9 percent as it grappled with the lingering decline of commodity prices on the international markets and domestic challenges burdening the region’s largest economies. Noteworthy to mention is that the states in the sub region have demonstrated heterogeneous levels of growth throughout last year: Brazil (-3.7%), Mexico (2.8%), Colombia (3.1%), St Vincent & the Grenadines (1.0%), Trinidad and Tobago (0.2%) and Dominica (-2.7%). The region, despite its varied outlook, is expected to grow at a rate of 0.2 percent for 2016 in light of currency depreciations, lower revenues from commodities and reduced investment inflows.

Collectively, the region is expected face stagnation in 2016, followed by a meek recovery of about 2.2 percent in 2017-18, as commodity prices are forecasted to stabilize and some of the policy challenges in large economies subside. Brazil’s current recession is expected to extend well into 2016 reflecting unyielding macroeconomic policy and floundering consumer and investor confidence partially due to political uncertainty.

Although bogged down by low oil prices and associated fiscal pressures, growth is expected to pick up in Colombia and Mexico thanks to robust demand from the U.S. market, dividends from implementation of structural reforms (Mexico), and a peace agreement with insurgents (Colombia).

If these developments are to pan out, the region can be on its way to recovery.

The data from various economic 'watch dogs' has confirmed what some have suspected about the current state of the Trinidad and Tobago economy- The recession is here. Moreover, some economists and experts have even gone as far to say that this downturn may persist well into 2016 and even early 2017. With depressed commodity prices, particularly oil and natural gas, the Trinidad and Tobago Finance Minister is pressed to close the fiscal deficit of TT$21bn (US$3.23bn) that was realized in the 2016 reading of the Budget. The current state of affairs seems gloomier given that the budget was predicated on a conservative West Texas Intermediate price of US$45 per barrel but the present price stands US$34.66 (price as at 3rd March 2016). This is expected to further constrain revenue and exacerbate the budget deficit. The government expects that given the fiscal initiatives to reduce waste by 7% in all ministries, anticipated VAT collection of TT$12.4bn and supplementary income of TT$13.4 through the sale of private assets, dividends and the TTNGL IPO, to close this deficit and maintain some degree of normality with respect to living standards. We await the Finance Minister's, Colm Imbert, presentation of the government's mid year review to ascertain where we stand as a nation.

32

Finance & Economy Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

Year end 2015 review Local Market Summary For the Year Ended December 31, 2015 (YE15), the Composite Index increased marginally by 0.99 per cent or 11.39 points to end the year at 1,162.30, the All Trinidad and Tobago Index fell 1.75 per cent or 34.68 points to 1,948.50 and the Cross Listed Index rose a noteworthy 18.67 per cent or 7.79 points to close at 49.51. In the Fourth Quarter (Q415) alone, the Composite Index was up 1.28 per cent, the All Trinidad and Tobago Index was down a minimal 0.08 per cent and the Cross Listed Index climbed 9.37 per cent. Overall the year saw 17 stocks advancing and 10 declining.

Market activity on the First Tier Market for YE15 saw a decline when compared to the previous year. A total of 78,163,210 shares crossed the floor of the exchange for the year under review compared to 91,559,129 shares in 2014. This represented a decrease of 14.63 per cent. Q415 on Q414, trading activity rose 15.16 per cent from 23,590,706 shares (Q414) to 27,166,726 shares (Q415).

When compared to the previous quarter (Q315), volumes traded increased 94.52 per cent. Despite the decline in yearly trading activity, the value of share traded was up 3.34 per cent from $1,115,708,421.05 in YE14 to $1,152,931,323.46 in YE15.

The volume leader for the year under review was Trinidad Cement Limited (TCL) with 13,801,014 shares changing ownership or 17.66 per cent of the market. Next was Trinidad and Tobago NGL Limited (NGL) which saw 12,329,132 shares traded or 15.77 per cent of all trades. This was followed by Jamaica Money Market Brokers Group Limited (JMMBGL) with 9,171,203 shares changing hands or 11.73 per cent of the total volume traded for the year. The fourth volume leader was National Commercial

Bank Jamaica Limited (NCBJ) with 8,418,044 shares traded or 10.77 per cent of market activity. Sagicor Financial Corporation (SFC) rounded the top five with 5,355,896 shares traded or 6.85 per cent of the trade volume. YE15 also saw 61,000 Sagicor Financial Corporation Convertible Redeemable Preference (SFCP) shares traded with a value of US$67,100.00.

The price remained unchanged at US$1.10.

On the TTD Mutual Fund Market, 15,324,908 CLICO Investment Fund (CIF) units traded in YE15 with a value of $346,367,512.90 compared to YE14 which saw 13,153,666 units traded with a value of $290,222,090.60. CIF closed YE15 at $22.75, down 2.43 per cent or $0.56 for the nine month period. Additionally, 62,150 Praetorian Property Mutual Fund (PPMF) units traded with a value of $192,072.50.

PPMF’s price fell 12.57 per cent or $0.44 to end at $3.06.

(OCM) registered the largest loss of 12.00 per cent or $3.00 to end the year at $22.00.

Massy Holdings Limited (MASSY) followed, down 9.96 per cent or $6.80 to close at $61.45. The third major decline was Republic Financial Holdings Limited (RFHL) with a decline of 6.52 per cent or $7.81 to $111.93. Both OCM and MASSY closed YE15 at their 52 week lows.

Fourth Quarter Dividend Payments

National Flour Mills Limited (NFM) was the top performer for YE15, rising an outstanding 134.78 per cent or $1.55 to close the year at $2.70. The second major advance was NCBJ which posted a significant 82.61 per cent gain or $0.95 to end at $2.10. Next was TCL, up 59.60 per cent or $1.49 to close YE15 at $3.99. Highlights for the Fourth Quarter of 2015 December 2015 • Republic Bank Limited (RBL) informed the Trinidad and Tobago Stock Exchange Limited (TTSE) that all regulatory approvals were received to effect a change in the name of the company from “Republic Bank Limited” to “Republic Financial Holdings Limited”. The new company symbol is RFHL. The name change on the TTSE took effect from Thursday 17th December, 2015.

• Guardian Holdings Limited (GHL) was notified by the National Commercial Bank Jamaica Limited (NCBJ) that NCBJ has agreed to purchase a 29.9% stake in GHL. • GraceKennedy Limited announced the completion of the sale of its shares in Hardware & Lumber Limited (“H&L”) to purchaser, Argyle Industries Inc. (“Argyle”). In keeping with the sale agreement, GraceKennedy divested its 58.15% interest in H&L to Argyle for a For YE15, One Caribbean Media Limited price of $18.50 per share.

Finance & Economy Contact • Vol.16 No.1 2016

Key Rates November 2015 • GraceKennedy CEO Don Wehby announced that GraceKennedy Money Services will be expanding operations into the Cayman Islands through GraceKennedy Money Services (Cayman) Limited (GKMS Cayman), a member of the GraceKennedy Group and authorized agent of Western Union.

October 2015 • 116,100,000 Class B Shares of Trinidad and Tobago NGL Limited was listed on the Stock Exchange effective Monday 19th Energy Prices October, 2015. The symbol for Trinidad and Tobago NGL Limited is NGL. Shares in Trinidad and Tobago NGL Limited were listed at a price of $20.00 each and are traded in a new sector titled the Energy Sector on the First Tier Market.

Fixed Income Market Summary for the Fourth Quarter of 2015 According to the January 2016 Monetary Policy Announcement released by the Global Market Indices Central Bank of Trinidad and Tobago (CBTT), headline inflation, on a year-on-year basis, accelerated to 1.50 per cent in December 2015, up from 1.40 per cent in November 2015 but a drop from 3.20 per cent in October 2015. As stated in the report, food inflation, decelerated to 2.70 per cent in December 2015 compared to 6.10 per cent in October 2015. Excess reserves at the CBTT averaged $3.4 billion in December 2015.

In December 2015, the yields on the 3-month, 6-month and 1-year Open Market Operations (OMOs) rose to 1.00 per cent 1.50 per cent and 2.55 per cent respectively from 0.90 per cent, 1.40 per cent and 2.43 per cent in November 2015. The Central Bank has maintained the Repo Rate, the rate at which it lends to commercial banks, at 4.75 per cent.

33

Energy Update

36

Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

Lower oil prices and T&T energy

deflated price of gasolene, diesel and LPG but this budgetary term covers much more than that, including transfers to educational institutions, non-profit organisations and households.

Minister Imbert did make a move to reduce the subsidy on the two transportation fuels by modest increases in their pricing, though this still falls short of what the commercial prices would be based on actual production costs.

The budgetary saving from this measure amounted to around TT$340 million, which only went a modest way towards compensating for the losses in payments from upstream companies which either sell crude to the Petrotrin refinery at the Brent benchmark or, as in the case of bpTT and BHPBilliton, export it.

It’s no secret, of course, why the oil price has fallen: too much oil (about a million and a half barrels of it) chasing too little demand.

The oil price traders say prices should rise slowly towards the end of 2016 but we'll all believe that when we see it.

By David Renwick, Energy Journalist HBM (Gold)

W

ith West Texas Intermediate (WTI) crude trading in the futures market at around US$31 a barrel, Brent at about the same and gas selling at Henry Hub for about US$2.12 per million British thermal units (mmbtu) at the time of writing, it’s clear that the Trinidad and Tobago government will face a shortfall of billions of dollars based on the price (and thus tax) assumptions outlined in the 2015-2016 national budget.

Mind you, major local upstreamers have tended to treat the oil price fall almost with contempt. The independents, such as LGO Energy and Touchstone Exploration, are carrying on with their development drilling programmes as though nothing had happened.

They seem to be working on the basis that they can live with a lower price once they keep costs down, which usually means manpower costs, which is why you have heard of retrenchment in the southern oil belt.

If a rising oil price encourages more development and perhaps even exploratory, activity later this year and into 2017/2018, then many of those let go should be re-hired.

The country's biggest energy producer, bpTT (13,231 b/d of condensate) and 2.1 billion cubic feet a day (bn cfd) of gas in October, 2015, (according to the latest data available at the time of writing), for one, has made plain its intention to proceed with its activities, notwithstanding the level of oil prices.

In fact, according to its Regional President, Trinidad and Tobago, Norman Christie, it intends to “get the most out of this downturn.”The company's “aggressive drilling programme Oil revenue (which covers gas) was to be TT$5.4 billion for the continues,” he says, as well as its “work on the Juniper field fiscal year and non-oil tax income TT$54.8 billion. development, future new field developments and plans for What is clear from those figures is that the government is no longer exploratory drilling.” as dependent on oil and gas-related income to discharge its many functions as it once was, though any significant loss of revenue The last-mentioned is particularly significant because a company will, of course, affect expenditure, unless it is made-up by new doesn't spend money on exploration if it thinks that any oil or gas it may find can not be disposed of in the market at a commercial forms of taxation or by borrowing. price. BpTT's total spend on its capital operations in 2015 was We are only in the second quarter of the financial year so it is US$1.5 billion, a whopping sum in today's conditions. What's probably too early to speculate on how the government will more, it will disburse more or less the same amount in 2016. manoeuvre around its spending adjustments but in these situations The new Juniper platform's production capability will be 590 capital, rather than current spending, is usually the first to be mmcfd and a company does not produce that amount of gas if it can't get payback on it.Giselle Thompson, Vice President, Corporate trimmed.

Operations, gives a rundown on some of the activities planned There has been the usual misinformed talk about cutting transfers for 2016 that demonstrate the company's insouciance in the face and subsidies by people probably fixated with the artificially of sluggish oil and gas pricing: These were US$45 a barrel for crude oil during the one-year life of the annual budgetary estimates and “a mix of gas prices,” according to Finance Minister Colm Imbert, ranging from US$2.75 per mmbtu at Henry Hub in the United States to US$8 per mmbtu in Indonesia, reflecting the wide span of markets to which Trinidad and Tobago's liquefied natural gas (LNG) goes.

Energy Update

37

Contact • Vol.16 No.1 2016

• AMHERSTIA platform: Conclusion of the hydraulic workover programme; new development wells and sidetracks in the second half of the year.

• CASHIMA platform: Multi-zone re-completion activity in the first quarter by the Rowan EXL 2 rig.

• MANGO platform: A 2-4 well development effort by the Rowan EXL 2 in mid year.

• MAHOGANY A platform: West Jaya rig continues its development drilling and an internal review is taking place in relation to an extra well. A 2-well re-completion will begin in the second half of the year.

The good news is that Dr. David Rainey, President of Exploration for BHPBilliton Petroleum, seems confident of a discovery – and of oil, which is the hydrocarbon most needed in the context of Trinidad and Tobago's position at the present time.

As he says: “We have heard from others in the industry that they believe we have a gas play. It may be but we do have some encouraging evidence to suggest otherwise.”

The field development after Jupiter is called Angelin, brought forward because the company's recent ocean bottom cable (OBC) 3D seismic “allowed a better understanding of the structure and improved the definition of the reservoirs and hydrocarbon contacts that were previously impacted by shallow gas effects in the field.”

Angelin will be located in water depths of 65 metres and the wells will be tied back to the Serette platform, making another producing structure unnecessary, thus reducing costs.

Dr. Rainey defines it as “A petroleum system that has generated at least 5 million barrels of oil, the opportunity for BHPBilliton to capture a billion of those barrels and the opportunity to grow a production stream of at least 100,000 b/d.”

Indeed, so confident is BHPBilliton about the outcome of its exploration activities that it has moved its local holdings – which also include blocks 2c and 3a, north east of Trinidad – into the Tier One category, “which makes Trinidad and Tobago one of a small Looking beyond 2016, Ms. Thompson pledges that bpTT “plans number of places on the planet which we see as having that to maintain a 2-rig programme with activity in existing fields, new potential.” And what does the Anglo/Australian multinational field developments and exploration.” mean by Tier One?

Relatively little attention has been paid to another major bpTT initiative – the Trinidad Onshore Compression Project (TROC), designed to partly achieve an ambition bpTT has had for many years, which is to access low-pressure gas and bring it to shore commercially. A few years ago, the company was seriously considering its LPRA project, which stands for Low Pressure Reserve Access, which aimed to recover as much as 1.3 trillion cubic feet (tcf) of left-behind gas.

TROC's goals are somewhat more modest – about 200-300 mmcfd of low-pressure gas is expected to be recovered. Ms. Thompson stresses that this project is still at the sanction stage but, if it is approved by head office, the compressor will be located at the Atlantic LNG facility in Point Fortin.

All this relates to bpTT's mantra that no molecule that can technically and commercially be recovered should be left behind.

If bpTT is treating US$2.31 per mmbtu gas with disdain, BHPBilliton Petroleum is likewise unfazed by US$31 a barrel oil, considering that it is proceeding apace with its very expensive deep water exploration programme in nine blocks – 3,5,6,7,14,23a,23b,28 and 29. This is costing at least US$1 billion but BHPBilliton does not have to bear that tab alone – in blocks 3,5,6 and 7 it has BG as a 35% partner, in blocks 14 and 23a, it is allied to BP, with a 30% holding, in block 23b, Repsol has 40%. Only in blocks 28 and 29, is it on its own, with 100%.

Such a wide spread of blocks, requires extensive seismic coverage – 20,199 sq km was acquired, 3.96 times larger than the area occupied by Trinidad and Tobago itself. If, after all that, it would be a crying shame were no hydrocarbons discovered.

Tier One classification also includes the existence of “multiple large prospects – which for BHPBilliton means multiple prospects greater than 25 million barrels.” Tier One excludes “one off opportunities”, as the vice president for exploration describes it, and instead involves “opportunities we can explore for a decade and produce for half a century.”So BHPBilliton is already setting itself up to be in Trinidad as long as Amoco/BP has been.

Dr. Rainey clearly believes that the geology in BHPBilliton's blocks lends itself to such an outcome. He speaks of “A world class source rock, a large reservoir system and big, simple structures.” But Trinidad and Tobago also scores on other key points too, which include the “opportunity to be an early mover” (which BHPBilliton certainly was in relation to the deep water blocks – it was the only bidder on most of them) and “fiscal terms that allow us to make a reasonable return on our exploration investment” (which the company seems satisfied now apply to the Trinidad and Tobago deep water).

Energy Update

38

Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

Energy Statistics In this FIRST issue of CONTACT for 2016, we here at the T&T Chamber continue to monitor and evaluate the energy sector of Trinidad abd Tobago based on the most available and current data. The data place emphasis on natural gas and crude oil production under both a time-series and cross-sectional analysis.

Table E.1 – Crude Oil Production by Company for September to November 2014 and 2015 respectively (Barrels per day) Company

September

October November September

2014 BG

2014

2014

2015

Table E.4 - Ammonia Production for September to November 2014 and 2015 respectively (tonnes)

October November 2015

Company

2015

Sep

Oct

Nov

Sept

Oct

Nov

2014

2014

2014

2015

2015

2015

598

348

755

920

580

601

YARA

22,538

23,504

23,125

21,844

21,028

0

REPSOL

10,448

13,709

13,049

12,682

12,982

12,458

TRINGEN I

15,465

0

0

34,030

33,371

44,128

BPTT

15,079

13,231

13,136

9,042

9,406

9,531

TRINGEN 2

41,025

18,874

12,953

34,705

42,604

46,644

TRINMAR

21,943

22,574

21,669

21,161

21,464

21,043

PCS NITROGEN

153,899 190,335 166,168

148,581 174,167 Pending

TEPGL

1,143

1,123

1,047

968

946

926

POINT LISAS NITROGEN

50,024

59,184

56,392

52,271

59,135

56,192

EOG

1,279

1,300

1,309

1,534

1,442

1,392

CNC

32,881

50,467

26,672

48,484

52,186

33,407

BHP

8,406

9,000

4,406

7,404

7,524

7,123

NITROGEN 2000

33,264

0

35,106

46,905

55,566

53,303

434

413

531

354

365

378

ALUM–NH3

19,706

6,155

29,140

4,607

7,393

4,251

12,763

12,853

12,623

12,676

12,772

12,923

PRIMERA PETROTRIN TEPL

613

512

508

968

254

221

1,056

734

620

659

325

374

NHETT

100

81

67

72

98

89

NMHERL

110

105

98

104

101

104

PETROTRIN(FO)

768

649

648

884

873

886

BGCB

PETROTRIN (LO)

6,984

6,569

6,303

5,217

5,914

6,047

PETROTRIN(IPSC)

1,371

2,587

1,899

1,539

1,541

1,455

5

5

4

3

3

4

BOLT MORA LAND SUBTOTAL

216

227

18

226

158

115

23,593

23,995

22,793

21,507

21,991

22,260

MARINE SUBTOTAL

59,725

62,026

55,896

54,174

54,757

53,409

TOTAL

83,317

86,020

78,689

75,682

76,748

75,669

TOTAL

368,802 348,519 349,556

391,427 445,450 237,925

Source: Ministry of Energy and Energy Industries, Vol. 51 No.12 & Vol. 52 No.11

Table E.5 - Ammonia Export for September to November 2014 and 2015 respectively (tonnes) Company

Sep

Oct

Nov

Sep

Oct

Nov

2014

2014

2014

2015

2015

2015

YARA

15,351

39,395

14,950

0

24,741

0

TRINGEN I

11,816

6,122

0

41,698

62,652

41,687

23,807

41,509

TRINGEN 2 PCS NITROGEN

52,900

52,372

1,451

61,368

120,395

162,327

149,837

133,169

146,425 Pending

Source: Ministry of Energy and Energy Industries, Vol. 51 No.12 & Vol. 52 No.11

POINT LISAS NITROGEN

33,007

68,024

30,500

57,741

45,588

58,096

Table E.2 – Natural Gas Production by Company for September to November 2014 and 2015 respectively (mmscf/d)

CNC

29,044

40,906

4,308

51,635

26,504

76,287

NITROGEN 2000

61,934

8,975

64,360

61,179

20,999

51,615

0

0

0

0

0

0

324,448

378,120

265,406

406,790

ALUM–NH3 TOTAL

Company

September

BpTT TRINMAR PETROTRIN

October November September

October November

2014

2014

2014

2015

2015

2015

2,201

2,156

2,203

1,919

1760

1957

13

18

16

20

20

16

4

4

4

4

4

4

EOG

522

517

482

581

587

576

BG

945

759

936

869

674

811

BHP

408

397

210

391

398

384

REPSOL TOTAL

33

42

34

30

30

30

4,125

3,893

3,885

3,814

3,474

3,778

Source: Ministry of Energy and Energy Industries, Vol. 51 No12. & Vol 52 No.11 Figures in red are preliminary

Table E.3 – Natural Gas Utilization by Sector for September to November 2014 and 2015 respectively (mmscf/d) Sector Power Generation

September

October November September

Source: Ministry of Energy and Energy Industries, Vol. 51 No.12 & Vol. 52 No.11

Table E.6 - Methanol Production September to November 2014 and 2015 respectively (tonnes) Company

October November September

October November

2014

2014

2015

2015

2015

TTMC I

35,623

28,884

26,833

29,702

32,107

30,034

CMC

20,083

47,531

25,187

39,535

45,185

39,936

TTMC II

34,607

42,371

32,770

13,073

20,122

43,452

4,393

36,275

31,374

40,143

33,843

46,357

TITAN

62,156

65,648

6,172

56,570

62,918

65,454

ATLAS

118,390

142,049

121,766

120,061

133,898

126,252

M5000

148,915

148,426

130,396

139,176

145,650

143,723

TOTAL

424,166

511,183

374,499

438,260

473,723

495,208

MIV

Source: Ministry of Energy and Energy Industries, Vol. 51 No.12 Vol. 52 No.11

October November

2014

2014

2014

2015

2015

2015

300

302

289

315

302

284

Table E.7 - Methanol Exports for September to November 2014 and 2015 respectively (tonnes)

529

487

496

541

580

561

Methanol Manufacture

516

582

465

515

549

585

50

52

61

71

79

79

105

102

97

90

61

43

TTMC I

Iron & Steel Manufacture

September 2014

Ammonia Manufacture Refinery

350,716 269,194

Company

September

October November September

October November

2014

2014

2014

2015

2015

2015

39,471

23,807

28,458

18,558

28,310

16,920

141,917

219,068

135,601

89,146

139,654

105,423

21,824

16,017

30,551

18,905

40,087

101,603

0

0

0

0

0

0

TITAN

34,236

61,746

61,270

40,178

55,559

36,978 132,769

Cement Manufacture

14

12

13

10

13

15

CMC

Ammonia Derivatives

17

8

8

23

18

19

TTMC II

Gas Processing

26

24

24

29

29

30

MIV

9

10

9

8

7

8

ATLAS

141,907

106,046

129,971

109,342

134,149

(LNG)

2,266

2,022

2,223

1,936

1,611

1,898

M5000

93,660

47,916

26,013

67,284

50,708

78,191

TOTAL

3,831

3,601

3,684

3,539

3,248

3,521

TOTAL

473,015

474,600

411,864

343414

448,468

471,882

Small Consumers Liquefied Natural Gas

Source: Ministry of Energy and Energy Industries, Vol. 51 No. 12 & Vol. 52 No.11 *Figures in red are preliminary

Source: Ministry of Energy and Energy Industries, Vol. 51 No.12 & Vol. 52 No.11

Energy Update

40

Trinidad and Tobago Chamber of Industry and Commerce â&#x20AC;˘ www.chamber.org.tt

Energy Statistics

Chart E.5 Ammonia Export (Tonnes)

Chart E.1 - Crude Oil Condensate Production (barrels/d)

Chart E.6 Methanol Production (Tonnes)

Chart E.2 Natural Gas Production (mmscf/d)

Chart E.7 Methanol Exports (Tonnes)

Chart E.3 Natural Gas Utilisation by Sector (mmscf/d)

Chart E.8 (a) Urea Production (Tonnes)

Chart E.4 Ammonia Production (Tonnes)

Chart E.9 Urea Exports (Tonnes)

TDC

42

Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

T&T Convention Bureau Welcomes International Delegates rinidad and Tobago is considered one of the premier meeting destinations in the Caribbean. The duality of the destination, its dynamic culture, and increase in the number of reputable international hotel brands and conference facilities on the islands have earned us the title of “Meetings & Conferences Capital of the Southern Caribbean.” With the establishment of the Trinidad and Tobago Convention Bureau (TTCB) in 2009, Trinidad and Tobago has a dedicated unit which stands ready to assist both local and foreign meeting planners and groups hosting international conferences in Trinidad & Tobago.

T

the TTCB embarked on several successful international missions in 2015, including IMEX America. Representatives from the Tobago House of Assembly, the Hyatt Regency Trinidad and the TTCB represented Trinidad and Tobago at IMEX America. The largest industry tradeshow in North America for incentive travel, meetings and events, IMEX America attracts over 3,000 buyers from 54 countries. The TTCB conducted a number of one-on-one and group presentations, which attracted a large number of meeting planners and buyers.

As a follow up to IMEX America and other lead generation initiatives, the Convention Bureau will be hosting an educational Study Tour for a targeted group of meeting planners later this year. This initiative will allow meeting planners with a specific interest in Trinidad & Tobago to experience the product first-hand and better sell the destination to their clients.

An invaluable resource and one-stop shop for planners, the TTCB provides unbiased advice, professional support and facilitation for hosting events in Trinidad and Tobago. In addition to acting as a liaison between international meeting planners and local suppliers, the TTCB offers meeting planners a number of complimentary services including assistance with official bids, site With Trinidad and Tobago poised to become a major player in the international inspections, conference publicity, airport meet-and-greets, welcome packages meetings market, the TTCB stands ready to welcome regional and international for delegates, and coordination of tours. delegates to our shores. For more information, please contact the Trinidad and Tobago Convention Bureau at conventionbureau@tdc.co.tt or 1-868-675-7034In 2015, the TTCB assisted with over twenty-five conferences which brought 7 or visit our website at www.gotrinidadandtobago.com/trinidad/meetings regional and international delegates to our shores. Since the start of 2016, the TTCB has facilitated eight conferences including the Institute of Electrical & Electronics Engineers (IEEE) Region 9 Regional Conference. IEEE is the world’s largest professional association for the advancement of technology.

As part of the conference, which was held for the first time in the Englishspeaking Caribbean, over 80 foreign delegates were treated to a delightful cultural evening where they learnt to play the steelpan and put their skills to the test in a limbo competition. Guests also had an opportunity to sample local cuisine like bake and shark, corn soup, and doubles. The Bureau also facilitated the Police Complaints Authority’s “Oversight of Law Enforcement” Conference, which included a Port-of-Spain sightseeing tour that allowed the international delegates to sample local culinary delights, visit a pan yard and experience the city’s vibrant nightlife on Ariapita Avenue.

To ensure Trinidad and Tobago increases its visibility as a viable destination for conferences, meetings and events among international meeting planners,

Telecommunications Authority of Trinidad and Tobago

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Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

Number Portability in Trinidad and Tobago

Furthermore, Clause (9) of the Telecommunications (Interconnection) Regulations 2006 states, in reference to facilitation of Number Portability, “A concessionaire shall configure its network to facilitate number portability between similar networks as and when directed by the Authority”.

Clause 2 (1) defines Number Portability as “the ability of a customer to retain the same telephone number on changing telephone service provider.

The rationale for the implementation of NP is also supported by a preliminary assessment of customer demand for this facility, established by a Customer Satisfaction Survey conducted by TATT in 2011. The survey was an attempt to ascertain whether or not there was a demand for the service by consumers.

Individuals using this facility will not need to engage in the onerous activity of informing business contacts, friends and family when a telephone number is changed. They would also experience improved service as operators vie to provide a quality of which would be in the best interest of their customers.

Through NP, consumers who wish to enjoy the benefits of connected devices and biometric offerings will also have the freedom to retain and maintain their he global technology environment is abuzz with new products telephone numbers if they choose to switch providers thereby retaining this and services, increasing communications efficiency and widening critical electronic identifier. entertainment options. Wearable devices are becoming commonplace, making access to data and other information and An agreement amongst mobile and fixed line telephone operators and Porting communication more intimate than ever before. XS, for the provision of service provider NP in Trinidad and Tobago, was formally executed Tuesday February 16th 2016. PortingXS is an independent The Internet of Things, commonly described as a network of physical objects contractor of the Clearinghouse database which would interface with service and devices embedded with electronics, software, sensors and network providers for NP. connectivity, thrives in today’s rapidly advancing technology ecosystem.

According to the Symantec 2015 Internet Security Threat Report published Signing of this agreement has led to mobile NP becoming reality in Trinidad in April 2015, experts estimated that by the end of 2015, there would have and Tobago by mid 2016 and fixed line by the end of the year. been 25 billion connected devices. This number is expected to double by the Trinidad and Tobago’s mobile and fixed line markets are well poised for NP. year 2020.

Growth in the fixed line telephone market in Trinidad and Tobago has been mirroring global patterns and the mobile market has been growing steadily These numbers did not include desktop or laptop computers, smartphones over the last ten years. or tablets Recently we are learning about the Internet of You, involving the use of biometrics related to a person’s activities and their environment, TATT’s third quarter statistics of the country’s telecommunications sector providing analyses in areas such as body temperatures and heart rates so indicate total fixed telephone subscriptions standing at approximately 273,000 that intelligent decisions can be made by individuals in matters related to and mobile telephone subscriptions at 2,055,000. NP will spur greater their health. competition in these markets over the coming years.

T

Interestingly, in many cases the point for receiving and transmitting information for these complex technology systems is the mobile phone.

The mobile phone of approximately fifteen years ago was a device used to make and receive voice calls and text messages. The humble mobile phone has today been transformed into a “command and control center” within complex networks that sustain new technological advancements.

In the move towards implementing NP Trinidad and Tobago, TATT prepared and consulted on a document titled “Implementation Plan on Number Portability for Trinidad and Tobago”. Two rounds of consultation took place on this document and comments received from stakeholders in the sector were taken into consideration. The final document was published in September 2012.

Subsequently, focus was placed on implementation. In the process towards implementation, working groups or sub-committees in the technical and In Trinidad and Tobago and certainly within the wider Caribbean, the mobile operational, finance, legal areas were established in January 2013 comprising phone has become an essential personal device and almost a part of the officials of TATT and the operators. A steering committee comprised of decision personal identity — persons identify you by your number. makers in the operators groups and chaired by TATT’s CEO, oversaw the work of the subcommittees.

Regulators have been ensuring the delivery of mobile telephone services should not only be backed by reliable quality of service but should also be The NP system will be operated by Porting XS of Holland and will include affordable. administration of the porting process, updating of operators mirror databases and act as custodian of the porting database.

Upon opening the mobile market in 2005, the Telecommunications Authority of Trinidad and Tobago’s (TATT) regulatory framework assured providers The primary role in the implementation of NP resides with providers and provide high quality services at affordable prices. responsibilities will include the following: 1. Technical specifications for effective and efficient NP solution for mobile In addition, the Telecommunications Act mandates consumers’ capacity to and fixed line services in Trinidad and Tobago. change their mobile or fixed line service provider and keep their original 2. Administrative procedures for inter-operator working to support established numbers through Number Portability (NP). times for porting.

3. Cost recovery mechanism and The requirement to implement NP is outlined in the Telecommunications Act 4. Contractual arrangements between Porting XS and concessionaires as 2001 at Section 25 (2) (j) which states the Authority shall require a well as inter concessionaire arrangements which need to be negotiated. concessionaire to “…provide, to the extent technically feasible, number portability when required to do so and in accordance with the requirements NP is set to enhance the mobile and fixed line customer experience and further prescribed, by the Authority.” competition in Trinidad and Tobago’s telecommunications landscape.

ACCA

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Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

Creating the right tone at the top can be key to regulating workplace behaviour while monetary reward comes way down the list

By Brenda Lee Tang, head of ACCA Caribbean

A

strong culture can act as an effective regulator of behaviour.

An established culture within an organisation affects the way things get done, how operations and stakeholder relationships are managed and, most importantly, how people behave when no one is looking.

The financial crisis of 2008 revealed just how a failure to oversee behaviour and set the appropriate tone can negatively affect corporate conduct. But setting the right tone through the corporate culture can arguably channel behaviour more effectively than procedures and rules.

Looking at the bigger picture, culture influences behaviour by giving direction and determining priorities, stating and protecting common values and reinforcing a sense of common identity. Corporate leadership can significantly influence behaviour by setting, embedding and promoting organisational values from the top down.

While culture is difficult to define in practical terms, and its direct influence on behaviour is hard to demonstrate, findings from recent ACCA research, published as part of its Culture and Channelling Corporate Behaviour initiative, offer some direction for boards willing to set off on a journey of cultural change.

Leaders vs rulers The results from the survey, which received responses from 2,000 members, confirmed the critical role that leadership plays in channelling functional behaviour. For more than 60% of those who responded, the tone set at the top was the most influential driver of behaviours. Only 20% said incentives were most influential, and as few as 10% thought rules and procedures had most influence.

The positive impact of corporate leadership was particularly emphasised by respondents from East Asia and the Pacific (mainly China, Malaysia and Singapore), although respondents from the rest of Asia (including the Middle East) ranked the influence of rules and procedures more highly.

Many respondents also raised the importance of management practising what it preached or ‘walking the talk’, saying that the actions and values of leaders were a key to maintaining ethics and integrity in an organisation.

The second most influential drivers of behaviour were identified by members as incentives and performance management generally. Half the respondents agreed that performance-related pay schemes help foster best performance, although nearly two-thirds (65%) suggested that such schemes might lead people to exaggerate or falsify their performance measures.

But monetary reward is not the strongest motivator. When asked about what motivates them most, more than half of respondents cited recognition for their work; one-third cited earning more money. In terms of the rationality of management’s judgment, nearly one-third of respondents neither agreed nor disagreed as to whether staff in their organisation were aware of such cognitive bias. Nonetheless, 78% of them recognised that these adversely affect decision-making and 76% suggested that teams, including boards, should be trained in better decision-making skills so that cognitive biases would have less effect.

On average, about 40% of respondents agreed or strongly agreed that senior management in their organisation was sufficiently aware of what was going on lower down in the organisation; almost half (48%) agreed or strongly agreed that senior management was accurately reporting information back to the board.

Where to start Since the financial crisis, there has been fierce debate around the issue of corporate culture; the UK Financial Reporting Council is just one of the organisations exploring its impact. Those willing to engage in cultural change must, however, be aware that there is no one-size-fits-all solution and that change will not happen overnight. Changing culture is a challenge, and organisations should look at the behaviours underlying the culture they seek before embarking on change.

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Member Profile Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

distributed US$441.7 million of its after tax profits to its shareholders in the form of dividends. This has resulted in an overall return to shareholders on their initial investment of over 470%.

As at 2014, the rate of return to its shareholders is 20% per annum and the Company has been fully financially self-sufficient.

Operations TSTT’s deployment of the country’s largest wireless and fibre optic networks to deliver “quintuple play” services positions the company as one of the more advanced providers of telecommunications services within the Caribbean. In 2014 it made Trinidad and Tobago the first country in the English-speaking Caribbean to roll out a Gigabit community and the company's customers include key industry leaders in the finance, energy, government, manufacturing, education, healthcare and tourism sectors.

About TSTT TSTT is the country's largest and most advanced provider of integrated communications solutions to the residential and commercial markets. Its leading edge products are designed around an IP-based core infrastructure and marketed under its BLINK and Bmobile brands. In addition to fixed line and 4G mobile communications, the company has an innovative line of Android and iPhone devices; wireless broadband using best-in- The company’s mobile business operates on a HSPA+ mobile class HSPA+ and LTE technologies; Metro Ethernet; TelePresence network complemented with access to unlimited high-speed data and Video Conferencing; subscription-based IPTV as well as over dozens of Wi Fi mesh locations known as ‘bZones’. business and home alarm monitoring services.

TSTT's development as a world-class communications solutions provider has given state agencies, local enterprises and locallyFormation & Ownership The company was formed in 1991 with the merger of the domestic based multinational corporations a solid foundation for their own carrier, TELCO and the international carrier TEXTEL along with expansion and development strategies. an investment of US$173 million through a joint venture agreement.

TSTT is jointly owned by National Enterprises Limited (NEL) TSTT has a long-standing history of excellence as a corporate which in turn is majority owned by the Government of Trinidad citizen and it remains firm in its commitment to supporting and Tobago, and Cable & Wireless (West Indies) Limited, (C&W). continued business development and economic growth in Trinidad NEL owns 51% of TSTT’s issued share capital and C&W is and Tobago through the delivery of its services. divesting its 49%.

Visit our website at www.tstt.co.tt for more information.

Financial Position As at the end of the fiscal period ending March 31st, 2015 TSTT had total assets of approximately US$821.0 million. It has

Member Profile

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Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

Duncan Campbell - Campbell Patriarch & Second President of the Trinidad & Tobago Chamber of Industry and Commerce

Handing over ceremony of the portrait on behalf of the descendants of Duncan Campbell on December 17, 2015.

From left-right: Dr. Mervyn Duncan Campbell, Danielle Campbell-Smith, Robert Trestrail and Catherine Kumar.

O

n December 17, 2015, the T&T Chamber of Industry and Commerce was pleased to receive a portrait, one of the few existing, of its second President, Duncan Campbell. At the T&T Chamber’s headquarters in Westmoorings, Trinidad, the Duncan Campbell Meeting Room remains testament to the legacy of one of the organisation’s founding fathers.

Duncan Campbell was born on October 14, 1847 to parents Peter and Ellen/Helen Campbell in the little town of Arrochar at the head of Loch Long, north of Glasgow, Scotland. His family was working class, his father Peter was a Railway Platelayer and Signalman; his grandfathers had been a fisherman and crofter, and a blacksmith. He was listed as a Commercial Clerk in 1871 while still in Scotland, and it is believed that he worked at W.F Burnley & Co., a merchant with connections in the Caribbean and Trinidad in particular.

He emigrated to Trinidad and Tobago in 1874 where he worked for A. Cumming & Co., most likely as a Merchant's Clerk. He soon married his young wife Therese Pantin and lived in Cascade, St. Anns.

in Port of Spain”. Around the turn of the century, he served as the Grand Master of the Trinidad Kilwinning Royal Arch Chapter Lodge (no. 126).

He may have been the Campbell in 'Campbell, Hannay & Co.', for whom he travelled to personally secure trading connections throughout the United States and Canada for cocoa and sugar. If he was not THE Campbell, he certainly worked closely with Hannay as a partner of some kind. After 1900 he was listed under "Accountants, Bookkeepers Etc" and that's where we lose track of him. The exact date of his death is unknown, but placed somewhere around 1907.

As a person, evidenced through his journals, he was as serious man, not a lover of folly but able to joke about every now and then.

He wrote poetry, loved his pipe and his whisky, and was described as 'a sweet man who enjoyed the company of women'. He was religious in a Victorian sense, but maintained that Nature and the Conscience of Man to be of the highest religious importance (and he often derided the strict dogmas of the Church), placed there by 'the Architect of the Universe'. He was strict in his personal morals and often chastised himself for his impatience in particular.

To this day, the descendants of Duncan Campbell live and reside in Trinidad, as well as in Barbados, the United States, Canada and other parts of the world.

He worked his way up the social ladder from the son of a Railway Signalman to become the President of the Chamber of Commerce in 1887, being referred to in the papers as a “well known merchant Courtesy Danielle Campbell-Smith, Dr. Mervyn Campbell and Adam Taylor

Member Profile

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Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

S.C.G. (Caribbean) Group Ltd.

representing the parent company in Latin America and the Caribbean to provide design-build/build contractor service, facility maintenance management and integration services to middle/large/ mega projects.

Through its projects, the company aims to present to the regional market high-end technology, sophisticated management skills, integrated development and operational abilities, substantial international resources that will contribute to the regional infrastructure, technology, economy, and social development.

Our Projects SCG has distinguished itself through delivering high quality and innovative building solutions on-time and within-budget, with world-class levels of reliability and a deep commitment to safety.

Our accumulated revenue has reached over US$430 million.

Company Background SCG (Caribbean) Group is a subsidiary of Shanghai Construction Group, one of the world leaders in the construction industry. The parent is a public company with majority shares owned by the State Government of China, and has a history of over 60 years.

It has been listed by Engineering News-Record Magazine as one of the top 50 of the Top 250 Global Contractors for more than 17 consecutive years. In 2014 it was ranked No. 11 with a turnover of US$25 billion. Shanghai Construction Group is able to undertake international mega-projects in high-rise buildings, large bridges, light railways, public cultural and sport facilities, hospitals, large industrial plants, major environment protection projects and more.

Our projects in Trinidad and Tobago include: • Design Build of National Academy for the Performing Arts Port of Spain • Design Build of National Academy for the Performing Arts San Fernando • Construction of Ministry of Education Tower • Renovation of the historical Knowsley Building • Design Build of Prime Minister s Residence & Diplomatic Centre • Renovation of the Police Academy • Marriot International Hotel - Georgetown Guyana • Couva Children’s Hospital • National Velodrome Center and National Aquatic Center in Couva Local Presence • National Tennis Center in Tacarigua Registered in Trinidad and Tobago, SCG operates regionally, • Community Sporting Center in Sande Grande

Welcome to New Members CHOMASPEC LTD Address: 7, Ninth Avenue, Barataria Tel: 674-5228 Email: margaret.bernard@sta.uwi.edu Website: www.chromaspectt.com CONVENTUS CONSLTINC Address: 9-11 Fitt Street, Woodbrook, Port of Spain Tel: 352-0423 Email: cpedro@conventusconsultinc.com Website: www.conventusconsultinc.com EDUCATION FACILITIES CO. LTD Address: 2nd Floor, Long Circular Place 74 Long Circular Road, Maraval Tel: 622-6144; Fax: 628-7419 Email: info@efcl.co.tt Website: www.efcl.co.tt

INTELLIGENT DRONE SOLUTIONS LTD Address: 14 Gilkes Street, Four Roads, Diego Martin Tel: 767-8227 Email: lchestnut@intelligentdronesolutions.com Website: www.intelligentdronesolutions.com LUCENT RESEARCH LTD Address: Unit 2, 21 Valpark Plaza, Valsayn Tel: 663-9200 Website: www.lucentresearchtt.com OPUS LTD Address: 15 Scott Bushe Street, Port of Spain Tel: 221-5526 Email: admin@opuswerx.com Website: www.opuswerx.com

SAT NAAM INDUSTRIES LTD Address: #1A, Boundary Road, San Juan Tel: 675-5618; Fax: 675-5618 THA VENTURE CAPITAL EQUITY FUND CO. LTD Address: Victor E. Bruce Financial Complex 6-10 Post Office Street, Scarborough 900212 Tel: 299-0771 ext. 2700/2704/ 270 Email: tobagoventurecapital@gmail.com Website: www.tobagoventurecapital.com TRICO INDUSTRIES LTD Address: 5 ETeck Mall, Sangster's Hill, Scarborough, Tobago Tel: 639-4457; Fax: 637-4457

UWI SCHOOL OF BUSINESS & APPLIED STUDIES LTD PILOT MANAGEMENT SERVICES LTD Address: 136-138 Henry Street, Port of Spain Address: Cor. St. Lucien Road & Mahabir Gardens, Tel: 225-1299; Fax: 623-7338 EXCELLENT STORES LTD Address: 26-28 Gaston Street, Lange Park Industrial Diego Martin Tel: 633-7517; Fax: 633-7517 TRAVERS SINANAN Estate, Chaguanas Website: www.pilotmanagementservices.com Address: 66 Picton Street, Port of Spain Tel: 225-1010; Fax: 671-2070 Tel: 628-3837 Email: info@excellentstorestt.com REBIT LTD Email: travgeet1@hotmail.com Address: 37 New Street, Port of Spain FERGUSON’S OPTICAL Tel: 625-9891; WEBFX LTD Address: 35 Paporie Road, Barrackpore Fax: 627-2808 Address: Shop #16, Shoppes of Maraval Tel: 760-1976 #3A, Saddle Road, Maraval Email: fergusonoptical@gmail.com ROTOPLASTICS TRINIDAD LTD Tel: 628-5453 Address: Lot C, Don Miguel Road Extension Website: www.webfx.co.tt HOOKED MARINE & FISHING SUPPLIES LTD San Juan Address: Hamilton St., Scarborough, Tobago Tel: 675-8756; Fax: 674-8339 Tel: 639-2328 Website: www.hooked.com.tt

Advertisers

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Trinidad and Tobago Chamber of Industry and Commerce â&#x20AC;˘ www.chamber.org.tt

ACCA

Pg 2

Massy Technologies

Pg 3

ACI (Advanced Cardiovascular Institute)

Pg 11

MRI of Trinidad and Tobago Ltd

Pg 13

ANSA Motors

Pg 27

Optometrists Today

Pg 35

ANSA Motors McEnearney Motors

Pg 53

Oscar Francois Limited

Pg 9

Arthur Lok Jack Graduate School of Business (Facilities)

Pg 51

PMSL

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BEI International Limited

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RBC Royal Bank

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Boss

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Republic Bank

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CarSearch

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Southern Sales & Service Co. Ltd (KIA)

Colfire

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Southern Sales Car Rental Division

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Telecommunications Authority of Trinidad and Tobago

Pg 45 Pg 31

C&W Business

Pg 23&34

Inside front cover

First Citizens

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The National Gas Company of Trinidad and Tobago Limited

Guardian Group

Pg 41

TRINRE Insurance Company Limited

Kex Limited

Pg 21

Trinidad and Tobago Securities & Exchange Commission

Pg 15

London Consulting Group

Pg 5

Tourism Development Company Limited

Pg 43

Massy Motors (Tuscon)

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UWI

Outside back cover

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