Contents Contact • Vol.17 No.2 2017
16 The need to include healthy marine ecosystems in Tobago’s business model 18 A passion for Art comes to fruition 20 Shacon Ltd. and Tobago Housing Resorts Ltd. Cover courtesy, Martin Superville, The Art Gallery Lowlands Tobago.
8 What is required for Tobago to effectively compete in the international travel and tourism market?
24 What every business person should know 26 Economic and Financial Statistics 28 Economic Outlook
10 No Man’s BridgeT&T’s inter-island transport in need of new propellers
30 First Quarter 2017 Review 32 Energy Statistics 39 Welcome to New Members
12 Can Tobago be a Sustainability Model?
40 Advertisers Editor: Halima Khan Editorial Board: Communications Committee: Robert Trestrail, Anthony Agostini, Andrew Johnson, Dalia King, Michele Celestine, Marva Newton
14 Tobago Love... Marketing Island Culture
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: jgdesigns.jason@gmail.com • info@jgeurekatt.com • jgdesigns.janine@gmail.com Website: www.jgeurekatt.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
1
Trinidad & Tobago Chamber of Industry and Commerce
3
Contact • Vol.17 No.2 2017
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 Ronald Hinds – President Robert Trestrail – Immediate Past President Reyaz Ahamad – Vice President Rakesh Goswami – Vice President Jean-Pierre Du Coudray – Director Jacqueline Francois – Director David Hadeed – Director Jason Julien – Director Mark Laquis – 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 Gabriel Faria – Chief Executive Officer
COMMITTEES - TRINIDAD • Communications • Nova • Corporate Social Responsibility • Trade & Business Development • Crime & Justice • Health, Safety & • ICT Pro TT • Employment & Labour Relations Environment • Facilities Management & Maintenance 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
4 Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt
Information on Trinidad & Tobago
Painting courtesy, Martin Superville, The Art Gallery Lowlands Tobago.
T
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 northeast 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. 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.
Chamber
6
Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt
Corporate Social Responsibility
T
he Corporate Social Responsibility (CSR) Committee was established in November 2007 as one of the Chamber’s special focus committees providing support and assistance in areas relevant to its members. The Committee’s mission is to build a platform for learning, advocacy and technical assistance that enables every business to be an active partner in creating a socially and environmentally sustainable Trinidad and Tobago. Corporate Social Responsibility is a commitment by companies to contribute to sustainable development by working with employees, their families, other organisations, communities, government, and the society at large, to improve the quality of life and the environment in ways that are good for both business and social development. The Committee’s mandate is to serve the learning needs of its members, as well as to provide advocacy and technical assistance
using practical, realistic and adapted approaches that enable these organisations and individuals to maximise the efficiency and effectiveness with which they undertake CSR activities. This approach encompasses working not only with members, but engaging other Chambers, civil society, public sector and international organizations. Objectives: • Learning The CSR Committee provides members and other stakeholders with access to relevant CSR related course materials to assist in developing an understanding and appreciation of CSR, both conceptually and in practice. This enables members to better incorporate CSR into their organisations and foster more responsible business practices. • Advocacy The CSR Committee provides a forum for advocacy with key stakeholders to facilitate an enabling environment that encourages private sector investment in CSR related activities. • Technical Assistance The CSR Committee is working with its members through outreach forums, workshops and individual meetings to assist in the implementation of CSR activities and initiatives that are strategic in nature, in line with their core business practices and focused towards sustainable development.
Are you looking for an ideal location to host your Private Meetings, Training Sessions, Product or Media Launches, Christmas Cocktails or even your Wedding Receptions?
Then your Chamber is here to meet your needs! Events have become the hallmark for many Corporate Communications and Marketing Divisions and finding that ideal venue is perhaps one of the most important aspects to the success of all activities. At the Trinidad and Tobago Chamber of Industry and Commerce we pride ourselves in providing rooms for small and medium sized functions. Our venue, at Columbus Circle, Westmoorings, has been rented by many members and non-members.
Duncan Campbell Meeting Room
WM Gordon Gordon Board Room
Leon Agostini Conference Hall
Named after the Chamber’s first President, our Leon Agostini Conference Hall, accommodates Theatre seating up to 200 persons and Banquet seating of 180 (rectangular tables) or 120 (round tables). Our Duncan Campbell Meeting Room can accommodate Theatre seating up to 40 persons and Round table seating up to a maximum of 16 persons. Our special offer to weekend clients is the WM Gordon Gordon Board Room which accommodates up to 14 persons in comfortable executive style.
As a “One Stop Shop” we provide complete services - Wheel-chair access, Parking, High Speed Internet access, Catering, Audio and Video, all in our air- The Chamber’s staff stands ready to assist and will work with you in ensuring the conditioned facility. Our rates are among the lowest, given our secure and scenic success of your event. Upon request we will assist with the coordination at a location. As a member of the Chamber your rental fee is discounted by 10%. reasonable fee.
We invite you to contact Eustace Pierre at 637-6966 ext. 286 or epierre@chamber.org.tt so that a tour of our facilities can be arranged. Thank you for your continued support and we look forward to welcoming you.
Feature
8
Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt
What is required for Tobago to effectively compete in the international travel and tourism market? By Natalie Dookie
T
he US-based Vogue Magazine listed Trinidad and Tobago among its hottest travel destinations for 2017. The only other Caribbean island making the cut was of course Cuba. Yet, the international lifestyle and the fashion publication tried to sway its readers by stating, "rather than join the mad rush to experience Cuba now, head to Trinidad and Tobago." Despite the occasional positive international publicity such as this, in May 2017, in the newly released World Economic Forum (WEF) Travel and Tourism Competitiveness Report, Trinidad and Tobago's ranking fell by four points, from 69 in 2015 to 73 in 2017. This Competitiveness Index measures “the set of factors and policies that enable the sustainable development of the travel and tourism sector, which in turn, contributes to the development and competitiveness of a country�. This year six Caribbean destinations placed among the 136 countries surveyed, with Barbados at the 58th spot, it ranked ahead of all other islands. Jamaica and the Dominican Republic were 69th and 76th, positioning Trinidad and Tobago as third in the region. According to the report, tourism contributes 3.2% or US$842.8 million to Trinidad and Tobago's Gross Domestic Product (GDP) and creates 29,391 jobs or 4.6% of the total jobs available. International tourist arrivals stand at 439,749 resulting in total international tourism inbound receipts of US$471.6 million. The average receipts per arrival of US$1,072 are currently quite low. Perhaps the main challenge which Government needs to address is its prioritisation of the travel and tourism industry, which ranked 110 out of 136 countries. Nationally, with the dominance of the oil and gas sector for the past 100 years, tourism has notoriously taken a backseat. However, since the collapse of oil and gas prices in 2014 which resulted in a severe reduction in Government revenue, there is renewed focus on economic diversification. Tourism therefore can play a major role going forward in ensuring Tobago's economic sustainability. Currently, the Trinidad and Tobago Government only spends 2.1% of its annual national budget on the tourism sector, the median spend by governments is 8.1%, almost three times more. Among the areas which increased expenditure should target is improving Tobago's country brand strategy and the effectiveness
of its overall marketing and branding to attract tourists. In addition, the comprehensiveness and timeliness of monthly, quarterly and annual tourism data for decision-making remains inadequate. Launch of the business data component of the local Tourism Baseline Survey Project, in September 2016, will form a key part in addressing this need and determining the overall performance and monitoring of the sector. When it comes to improving its international price competitiveness, Tobago still has a lot of work to be done with respect to its ticket prices and airport charges, its hotel price index and the purchasing power parity of its' visitors. In addition, expansion of Tobago's internet use for business to consumer transactions and its use of ICT for business to business transactions can also aid its positioning in the international tourism market. Thirty-seven percent of Trinidad and Tobago's international stopover visitors are from the United States and it is predicted that by 2018 US Digital Travel Sales is expected to reach US$198 Billion (eMarketer, 2015). If Tobago is to further penetrate the North American market and supply this digital demand, it must step up its online presence, and build on initiatives such as the GoTrinBago mobile app launched in February by the Ministry of Tourism. Tobago also needs to heighten its global industry visibility by increasing the number of international association meetings which it hosts, with a global average of 27 per year, both islands collectively host only nine meetings over a three-year average. In October 2016, one such initiative was held, with seventeen international online travel operators from North America and the United Kingdom visiting accommodation facilities and local sites and attractions in order to create or enhance their travel packages. Follow on meetings held in May with British Airways Holidays to market Tobago as a Premier Travel Destination are paramount to developing a more strategic marketing approach to tourism. The island's tourism service infrastructure requires critical upgrade, while Tobago's ground transport is fairly efficient, there are clear improvements called for with respect to the quality of its port infrastructure, especially if is to serve a growing cruise ship passenger base, with the latest statistics showing Tobago's cruise arrivals increasing by 213% in 2015. In addition, Tobago
Feature Contact • Vol.17 No.2 2017
should expand the number of operating airlines on the island, with Trinidad recently adding Air Canada in January. Tobago's quality of air transport infrastructure and its international available seat kilometers index should also be improved. Overcrowding in the arrivals lounge, and lack of access to basic facilities such as covered exiting from airplanes are among issues highlighted by international passengers. While its hotel room stock is just below the global average, with hotel occupancy hovering around 40%, the island needs to re-asses its niche products and match hotel stock accordingly. Safety and security continues to remain a concern for visitors, with the reliability of police services, the business costs of crime and violence, and the homicide rate showing downward trends. Although, crime statistics for Tobago remains relatively low as compared to Trinidad, its international image is still often tarnished as both countries are generally measured and marketed collectively. Improvements to reduce the exposure of tourists to security risks can only be a win-win situation for the island. Trinidad and Tobago scored low in the WEF report on environmental sustainability, the enforcement and stringency
of environmental regulations and overall sustainability of the travel and tourism industry development. A recent viral video circulating on social media, of a contractor dumping concrete waste at one of Tobago's beaches, further proves the importance of having strong environmental enforcement as it relates to the tourism sector. Furthermore Tobago needs to take into account, how it packages and promotes it natural and cultural sites including its known species and protected areas as well as its oral and intangible cultural heritage. So, what does it take to become the most competitive travel and tourism country globally? Spain attained its position of first place in the travel and tourism competitiveness index for the second time. Its' success was attributed to its unique offer of both cultural (2nd) and natural (9th) resources, combined with sound tourism service infrastructure (2nd), air transport connectivity (9th) and strong policy support - prioritisation of the tourism and travel industry (5th). If all stakeholders involved in Tobago's tourism sector, work together to replicate this successful model, they will improve the island's travel and tourism competitiveness, and pave the way for a more sustainable and inclusive economic future for the island.
9
Feature
10
Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt
No Man’s BridgeT&T’s inter-island transport system in need of new propellers By Joel Henry
A
t the time of this writing, inter-island transportation between Trinidad and Tobago is in turmoil. In early August the Port Authority of Trinidad and Tobago (PATT) issued a statement announcing that its contract to procure the passenger vessel Ocean Flower 2 had been terminated because the supplier failed to meet the July 26 delivery date. This was a serious blow to the already stressed sea bridge which lost one of its ferries, the MV Superfast Galicia, in April. For months the people of Tobago, its business community and anyone wishing travel or move goods have faced enormous difficulty getting from island to island. Conservative estimates are putting losses due to the failing transportation system in the tens of millions for Tobago business. Mr. Demi John-Cruickshank, Chairman of the Tobago Division of the Trinidad and Tobago Chamber of Industry of Commerce, said in an August 10 news conference that with the cancellation of the contract for the Ocean Flower 2 we have a number of questions and concerns as the private sector as to how we are going to move people between Trinidad and Tobago. The Ocean Flower 2 situation is terrible for Tobago and the nation as a whole but it represents a symptom, not the problem. The inter-island transportation system has faced problems for many years with only pockets of stable service. In December 1938, 79 years ago, the Chamber of Commerce wrote a report to the Colonial Government, and one of the things that they complained about in the report was that travel between Trinidad and Tobago was woefully inadequate, said Mr. Carlos Dillon, Director of the Tobago Hotel and Tourism Association and a senior member of the Chamber's Tobago Division. From 2013 to 2015, the sea and air bridges between the islands had finally achieved a capacity to a level that was convenient for all citizens of T&T and encouraged growth in the business sector, said Mr. David Wong, Former Chairman of the Tobago Division. Since then however, the transportation system has been deteriorating. Problems with malfunctioning aircraft and air crew discontent was having a tremendous effect on flights as recently as July of this year. Likewise, maintenance issues with the ferries have been a major problem for the sea bridge.
As far back as November 2016, players in the Tobago tourism sector said transportation (among other) issues was having a detrimental impact on business, citing a drop in occupancy rates of 40%. This was well before the Galicia had to be replaced. These issues pre-date the Ocean Flower 2 and without a dramatic change in outlook and approach may persist long after. Transportation is essential national infrastructure. In its report, Transformation through Infrastructure, the World Bank states that, without an infrastructure that supports green and inclusive growth, countries will not only find it harder to meet unmet basic needs, they will struggle to improve competitiveness. It is crucial to remember that inter-island transportation is the equivalent of the roads, highways, railways and airways that comprise travel in any nation. If shipping between Trinidad and one of its trading partners was stalled or had its efficiency reduced by 50% it could have a devastating effect on the economy. Imagine the effect stalled and inefficient transportation is having on Tobago, an island with far deeper connections to Trinidad than any trading partner. These effects are already being felt. In June, Mr. JohnCruickshank stated that some Tobago businesses were reporting losses as high as 40-45% due to transportation problems. In addition, because of the long delays or losses (perishables in particular) in cargo shipments, goods were becoming scarce, contributing to a rise in prices. Hardest hit has been tourism, one of the island's main industries and employers. In April, Chris James, President of the Tobago Tourism and Hotelier's Association, stated that hotels were averaging between 30-34% occupancy while the region was at 68%. In August, he estimated their transportation-related losses at $25 million. An ailing Tobago tourism sector hurts Trinidad as well, both as a generator of foreign exchange for the national coffers and through the loss of business for manufacturers and sellers of items such as foods and beverages. So how do we solve the problem? The first and most important step is already underway, focused advocacy, through associations such as the Chamber and others. Key to this is framing inter-island transportation as what it is - national infrastructure vital for the well-being and sustainable growth of the society. Another step is to think big, be creative, look for the opportunity. At present, with new technologies and new imperatives on global concerns such as sustainability and the environment, transportation infrastructure is experiencing and international renaissance of sorts. Both developed and developing nations are focusing on how best to build or upgrade. A report by PwC released in August states that more than US$14 trillion is expected to be invested in transport
Feature Contact • Vol.17 No.2 2017
infrastructure by 2025 and it's clear that if these growing demands are to be met in a sustainable and connected way, a new future-focused and integrated approach is needed. Thirdly, look at other islands' best practices. Trinidad and Tobago is not the only multi-island state in the world. It's not even the only multi-island state in the region. What's happening in the Bahamas? What's happening in the Pacific island states? What about the European islands? We can craft an inter-island transportation regime based on what exists and has proven to be efficient and effective. Finally, consider participation from the private sector. Mr. Dillon says: Just like we travel from Port of Spain to San Fernando, we have the bus. You can also go by taxi. You can even hire a car at the taxi stand if you don't wish to travel with others or have a special destination. Public/private
transportation is in the system already. You can do it with aircraft and boats. This will require clear regulations and standards for operations and it will also have to make economic sense to potential transportation service providers. The first step is a willingness to explore new possibilities to be open to innovative approaches. Earlier this year the MV Cabo Star was leased to fulfill interisland cargo transport duties. It costs reported USD $225,000 a day to lease. On August 10, after 10 day of service, the vessel is reported to have several malfunctions - air conditioning units, washrooms, the cafeteria and cabins. Perhaps in this moment of acute stress, it may be more costeffective to treat the chronic malady.
11
Feature
12
Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt
Can Tobago be a Sustainability Model? By Kelly Ann Phillips
I
n order for an economy to achieve sustainable development, the three pillars of sustainability must be adequately addressed i.e. the economic, social and environmental pillars. Due to their inherent reliance on environmental persistence and social stability, economies which thrive on sustainable forms of tourism such as ecological tourism, are good candidates for achieving sustainability. In the case of Tobago economy, while there is work to be done to optimise the social and environmental pillars, this article will discuss possible strategies which can serve to optimise the economic sustainability of the Tobago tourism product. Organise the Sector Stakeholders A major vessel in the tourism space for capturing value is the group of MSMEs which operate in the various parts of the sector. In particular to the various small scale operators such as taxi drivers, tour guides, transport rental companies and bed and breakfast inns which heavily influence the tourist experience and perception of the destination. Establishing a registry of these actors can provide information on how many operators there are, what services they provide and where gaps lie. Such information can be very useful in formulating policy for the sector, with a view to maximising tourist spend. Beyond this, the registry could be leveraged to commit the tourist dollar to our coffers even before arrival, by making operator profiles publicly accessible online and facilitating online pre-payment for services. Exploit Inter-Sectoral Linkages According to a 2015 FAO report, the CARICOM food import bill is in excess of USD 4 billion annually, representing a 50% increase since 2000. According to the same report, Trinidad and Tobago alone imported just under USD 1 billion of agricultural products. Using data concerning the constitution of the import bill as well as the production capacity of the local farming population, agribusiness associations and other sector organisations which aggregate local agriculture smallholders can play a role in abating this billion dollar haemorrhage. These associations may be well
positioned to connect with large hoteliers, restaurants and other tourism sector actors who default to international supply chains. Effective arrangements in this regard can serve to retain foreign exchange while enhancing the livelihood of our agri-sector actors and sustainably growing the economy. These benefits however can only be realised by first formalising agri-tourism linkages, organising the agriculture sector and preparing all stakeholders appropriately. If procurement agreements are not bolstered by supporting implementation modalities and transparent achievement metrics, our SMEs will be sidestepped and we will have missed the opportunity to capture the value presented. To illustrate this point, consider the case of the Marriott Hotel operating in St. Kitts. In 2007, the St. Kitts Farmers’ Cooperative Society Ltd and the Marriott Resort, signed a Memorandum of Understanding for local farmers to supply fruits and vegetables to the hotel. The MoU marked a signal success for the Kittitian government and was foreseen to improve the livelihood of farmers and decrease the importation of fruits and vegetables. Unfortunately however, the agreement did not yield the benefits anticipated due to breakdowns in arrangements along the supply chain, the effect of which was that Marriott significantly continued to use their former suppliers, notwithstanding the MoU. Leverage Past Experiences Trinidad and Tobago has accumulated veteran experience in leveraging foreign direct investment for economic development, as we have successfully established our energy sector based on this strategy. The current initiative by the Government to stimulate non-energy activity by engaging with the Sandals Hotel, should therefore be viewed as another instance of this strategy and thus, this vast experience should be brought to bear on negotiations and contracting. We are well positioned to foresee and capture the opportunities as well as to anticipate and avoid the pitfalls. For example, one of the promises of the energy sector’s development strategy was that our local human resources would be the beneficiaries of international knowledge transfer; that we would learn the “tricks of the trade” such that we would eventually be able to self-manage the commercialisation of the sector. Although we have several sterling examples of home grown world class energy experts such as Eric Williams, Professor Ken Julien and Anthony Paul, the issue of transfer pricing between multinational parent and local subsidiary companies has also affected our energy sector. As such, building upon the energy experience, we are now better equipped to negotiate an even better deal for the tourism sector in Tobago in terms of effective knowledge transfer arrangements, more transparent booking and reporting of revenue, and the achievement of local procurement intentions. In summary, the posit is that for the Tobago product offer to bring greater economic returns, there could be a greater focus on optimising the value-capture of the sector. We must identify our vessels for value capture – whether they be individual professionals, businesses or the State – and strategise such that those receptacles indeed capture and retain the maximum value created by the tourism economy.
Feature
14
Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt
Tobago Love... Marketing Island Culture By Catherine Da Silva
T
he term "Tobago love" is a colloquialism to reference situations when there is an utter dependency of one individual upon the next; two strong minded forces, in a see-saw relationship - forever disagreeing, yet helplessly together nevertheless. If ever there was a Tobago love story, then the positioning and marketing of Tobago within our Tourism journey could be so branded. The sister isle of Tobago has consistently remained a part of our critical tourism proposition. Geographically though, the near twenty-two miles which divide the island from Trinidad seems to have widened over the past decade in terms of a congruent and consistent tourism marketing plan. Challenges that continue to plague the marketing outreach include budgetary constraints, positioning and priority setting for the valuable 'gem' that Tobago represents within the twin-island tourism treasure trove. At one time in the eighties, a winning tourism campaign successfully promoted the isles as "Just the two of Us" playing on the hit song to market the secluded and serene inlets which offered a private getaway. Until then, Tobago as the paradise isle had perhaps never been overtly marketed on its own significant merits. And since then, very little positive change has taken place. A case of Tobago love if ever there was one.
The challenges abound amidst the significant ecological, cultural, culinary and historically rich palette that Tobago product presents. Tobago is known for its abundant eco attractions - waterfalls and hiking trails, rain forests, the Nylon Pool and Buccoo Reef, and picnic sites, and beaches aplenty. There are organised water activities like scuba diving, snorkelling, surfing and jet skiing to engage in for the adventure and adrenaline addicts. Culturally, Tobago's calendar is punctuated with several unique features annually, well known to its domestic consumers (i.e. Trinidadian and Caribbean visitors) including the Tobago Heritage Festival, the Jazz Festival, Carnival, the Great Race and various parties like Island Crashers. In the area of cuisine Tobago Curried Crab and Dumpling lead the pack as it's national dish. The culinary adventure is part and parcel of almost every festival and village fair, coming together marvelously in the Blue Food Festival. Even the Tobago Division of the Trinidad and Tobago Chamber in the past hosted a Tobago Chamber Can Cook - well reviewed and well attended. These, and the significant confectionery kept in its traditional forms and sold at most points of entry and departure as culinary souvenirs form a major part of the island's colour and charm. The island's history is unique and quite different to Trinidad's. It changed hands several times since its being found by Columbus in 1498. After its native population was decimated over time, it changed hands between several European powers - the Dutch, French, Courlanders and British. Today it carries the historical marks of those changes, whether it is the forts scattered across the island, recalling the ocean battles of the fifteenth century or the Main Ridge, the oldest protected reserve in the world, declared by the Crown in 1776. Eventually, when the storms of war subsided, the descendents of the slaves
Feature Contact • Vol.17 No.2 2017
settled as the main population, keeping their traditional African culture and melding it with the religion and practices of the Europeans. African traditional religion survives alongside more mainstream religion, and its folklore remains embedded in its history. The art and craft of the island forms part of its highly rated charm, displayed in the traditional trade forms of village tents and huts, at major beaches and outdoor locations. Interestingly, Tobago has emerged informally as a wedding destination with the backdrop of sun, and and sea - and more, much more. It also attracts its own clientele as conference destination for many local, regional and international business events. Hotels and guest houses recognise the potential but can be stymied by some of the island's infrastructural and transport issues. The conveniences and amenities for visitor accommodation are still evolving.The pending investment by Sandals Resort has attracted much discourse in terms of the environmental and validity to the destination, but if negotiated properly, could be a positive addition. For businesses, real estate has emerged an issue needing attention. Some have cited the land licensing regime as
being sometimes counter productive, while others see it as a necessary protection for the indigenous Tobagonian population. Transport by way of ferry and air bridge connectivity, which is of paramount importance, especially if the island is to adequately meet the needs of an influx of visitors, have also seen their fair share of challenges. The interdependencies of the two forms of transport between the islands, and the dependence on the "mainland" has been a historical thorn in the side of Tobago, and still continues to be so. It is the very quaint and traditional forms that create the nuance of a unique holiday experience and which fortunately has been preserved. But can we overcome the sustained disconnect between the two islands and establish a relevant and systematic approach to the treasure chest and how it is marketed and accessed? For unless there is a vast improvement in communications between the key sectors that control critical parts of the turning wheels for the islands, we can expect the proverbial Tobago love story to rest in its traditional form of ups and downs. Who knows, perhaps this may be the most fascinating part of a yet unfolding saga.
15
Feature
16
Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt
The need to include healthy marine ecosystems in Tobago’s business model By Anjani Ganase A marine scientist discusses how business can share the wealth of oceans by conserving and managing our islands' resource"
W
e think of the ocean and its resources as vast and endless. Goods and services provided by the ocean for humans have been estimated to be about 24 trillion USD in assets (World Wildlife Fund, 2015) more than the economy of most nations. These goods include fishing, harvesting of materials and procurement of medicine, as well as services through shoreline protection, wave energy extraction, shipping and tourism. This asset value is grossly underestimated, as it doesn’t consider the crucial roles of the ocean in regulating climate, the air we breathe and stabilising temperature, nor does it consider the intrinsic cultural value that we place on the ocean (WWF 2015). But the resources of the ocean have been depleted more in our lifetime than ever. Today, statistics show that humankind’s grasp has overreached the resource capacity of the ocean. Over 90% of all the big fish stocks are gone, and by 2050 there will be more plastic in the ocean than fish, if trends continue. Over the last 40 years, the biodiversity of marine life has dropped by 39%, while marine habitats are declining at alarming rates. Mangrove ecosystems are being removed faster than the forests, and many coral reefs in the Caribbean have been reduced to about 20% of its original cover (WWF 2015). In the Pacific, the Solomon Islands have lost five islands potentially due to climate related rising sea levels; the government of Kiribati has already bought land in Fiji to relocate their citizens, refugees of climate change. The Caribbean is already being negatively impacted by severe weather patterns, more intense hurricanes, and warming ocean waters. Fortunately, some countries have found long-term sustainable solutions to save valuable ocean resources through the use of marine protected areas. The designation of marine sanctuaries, such as coral reefs, mangroves and offshore seamounts, has been shown to increase the abundance of marine life both inside and outside the protected areas. This has boosted the stock in the fishing areas, despite the concern of the local fishers. The tourism industry also benefits from marine sanctuaries, as snorkelling and diving sightseers are attracted to larger fish and marine life within the sanctuaries. Protected mangrove ecosystems buffer coastlines from storms, and act as nurseries for juvenile marine life. With proper enforcement, the recovery of marine areas along with profitable returns has occurred in as little as five years after the establishment of the marine sanctuaries. Communities on island nations worldwide, including Fiji, The Philippines,
Bahamas, St Lucia and the Netherlands Antilles, have reported improved fisheries and tourism with long-term sustainability through the use of marine sanctuaries. Tobago is a hub of marine biodiversity. Tobago’s waters support the development of coral reefs along most of its sheltered coastline, while the nutrients in the water column also provide food for an array of marine life. Located between the Caribbean Sea and the Atlantic Ocean, Tobago is on migration routes for many marine mega fauna, including sharks, whales and dolphins. The exclusive economic zone (EEZ) for Trinidad and Tobago is 16 times greater than the combined landmass of the two islands, most of it around Tobago. The waters and coastal habitats of Tobago can be used to enhance and diversify Tobago’s economy with adventure and educational tourism. However, it is crucial to conserve the product, the natural habitats and the marine life. Tobago has a real chance of benefitting from conservation; and there are small businesses with environmental goals already showing the way. Businesses that explore the coral reefs, such as dive centres – Environmental Research Institute Charlotteville (ERIC) and Frontier Divers at Store Bay - seek to provide educational experiences, where visitors acquire diving skills and learn about coral reef ecology. Visitors become involved in local conservation activities, such as coral health monitoring surveys, garbage removal dives or guided hunts of the invasive lionfish. Tobago has shown entrepreneurship in eco-tourism through the development of low impact accommodation with limited land clearing, sustainable water usage and alternative energy supplies: examples can be found in Man O’ War Bay Cottages in Charlotteville, Footprints at Culloden and especially in Castara where the entire village participates in the Castara Tourism Development Association. These examples ensure sustainability, incorporating the services of local operators in community-run enterprises. Investments in conservation business should include services, such as field research facilities and technical support staff for managing Tobago’s numerous ecosystems. By providing lab and field technical support to visiting groups, we continue to learn about our own ecosystems, adding to the repertoire of Tobago’s natural wonders. However, there must be a mandate for protection and enforcement of marine and terrestrial sanctuaries at all levels – community, business and government. The government’s role includes creating policy that is pro-environment, actively enforcing
Feature Contact • Vol.17 No.2 2017
management of protected area, as well as establishing green infrastructure – proper waste (sewerage) management facilities, recycling centres and renewable energy supplies. Jobs in the public sector can be created through the training of Tobagonians for eco-tourism. The Main Ridge Forest Reserve is a living example. We can do the same for protected areas of the marine EEZ. These jobs regulate tourist traffic, provide information (visitor centres and shops), oversee the use of the areas and continually update regulation as we learn more about our ecosystems. Above all, there is a need for the government to invest in appropriate infrastructure, technology and education. Businesses can be built on skill development in ecosystem research and management. Together, we can all support Tobago’s brand: clean, green, safe and serene.
An overview of pristine paradise, Englishman’s Bay, Tobago. By preserving ecosystems both above and below the water, we can maintain its natural beauty for all to enjoy.
17
Feature
18
Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt
A passion for Art comes to fruition
M
artin Superville the artist featured on the cover of this issue of Contact, plays the role of both artist and art dealer. The Art Gallery located in Lowlands; Tobago, which he runs and owns, was built specifically for the promotion and enjoyment of the art of Trinidad and Tobago and is geared at providing a permanent venue for exhibitions. At the gallery you can find paintings by artists such as Jackie Hinkson, Sundiata, Lisa O Connor, Jason Nedd, Dillon Richards, Kay O Callaghan Marianne Peters: sculptures by Dunieski and many more. Superville who started painting at age eight has explored many media including charcoal, oil, watercolor, pen, ink and airbrushing. From there he has honed his skills and built his repertoire by getting involved in Silk Screen Printing, Sign Designs, Photography, Costume Design, Stage Sets, Package Design, Store Design and Interior Décor.
He is also an exceptional portrait painter and has done many corporate commissions some which include directors of Angostura Ltd, Neil & Massy just to name a few. His ability to deftly capture the essence of his subject has put him at the top of his field. Many know Superville for his beautifully rendered oil paintings of dancers, that captivates the viewer. Some will also be familiar with his well-executed depictions of our local cricketers; another “signature” for Superville is our beautiful women of the twin island sun bathing in rivers and streams. A great effort has been made by Superville to assist young and upcoming talents in the island, by bringing artists and art groups together by means of seminars, classes, and art exhibitions. The Art Gallery is definitely worth a visit when you are in the island of Tobago. Give them a call 631-1424 or email artgal2@hotmail.com.
Feature
19
Contact • Vol.17 No.2 2017
Criteria for student selection - Each student must: • Be unable financially to pursue further education upon graduation, • Demonstrate potential and a willingness to learn, • Attend all scheduled training sessions, and • Complete a data entry form outlining goals, skills & identifing areas requiring development. The Chamber’s NOVA Committee’s Jumpstart Programme was established in 1998 and seeks to assist school-leavers to learn about the working environment and to access opportunities for employment. Selected schools and institutions across the country are invited to nominate graduating students to participate
Participating company requirements - Each company must: • Pay a weekly recommended stipend, • Assign a mentor to the apprentice and • Complete an assessment review at the
Further information is available on the Jumpstart Programme from the Chamber’s Secretariat or Cheryl-Lyn Kurban, Project Assistant at 637-6966 ext 228 or ckurban@chamber.org.tt
Feature
20
Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt
the length of time it took for contractors to deliver -- some people had waited 10 years after paying their down payment for their house to be delivered. “Normally I deliver within months,” Ali stated matter- of-factly. From 2004, he started with small developments. At present his pride and joy, Buccoo Town Homes, has been snapped up by Trinis, returning Tobagonians and a couple of foreigners. He offers three types of two-bedroom apartments, costing TT$1.35million, TT$1.45m and TT$1.55m. The three-bedroom duplex costs TT$2m.
Shazim Ali, owner of Shacon Ltd. and Tobago Housing Resorts Ltd.
A
s more Trinidadians flee the island’s stresses and strains for Tobago, the demand for new housing accommodation there is sky-high. One of the entrepreneurs trying to capitalize on this growth in the population is Shazim Ali, owner of Shacon Ltd and Tobago Housing Resorts Ltd. Originally from Charlieville, Trinidad, Ali is the mastermind behind Buccoo Towne Centre and Buccoo Town Homes. Started in July 2015, the development of 40 units is on schedule to be finished by the end of December. “I am hoping to complete it even before then,” remarked Ali. Even though he would like to uphold his reputation for delivering on time, the ferry problems have made it difficult for him to source raw materials. Recently, he had to go from hardware to hardware to buy tinset because the ferry was down and it was impossible to get it across from Trinidad. Married at an early age, Ali built his own home from scratch. “I always had that passion for construction,” he recalled. Ali did most of the work himself, with help from a carpenter and a mason from time to time. He worked at Texaco Oil Co, while still a student. Surveying, Building Construction, Designs and Industrial Management were among many of the courses that he passed. He left Texaco in 1980 and started his own construction company, Shacon Ltd, building individual homes. In 1989 Shacon Ltd was contracted to build a KFC outlet in Diego Martin. This reinforced concrete structure was completed in an amazing 28 days from start to finish -- a world record that stands to this day. Ali was then asked to build the mosque in Tobago. While there, he saw the need for housing. Everyone would complain about
All the spaces at the Towne Centre have already been taken, and residents will have the convenience of shopping and hanging out just next door. In addition to a pharmacy, a grocery, a beauty salon, an AC parts and pool supply store, the Sahara Lounge and Rouge Sports Bar will liven up the place on evenings. Ali’s next project is Atlantic on the Edge Phase II. His two sons have followed him into the business while his daughter, Sasha Niamat, is a well-known watercolour artist based in England.
24
What every business person should know Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt
Upcoming Trade Shows and Exhibitions TRINIDAD & TOBAGO BizOppsTT 2017: “Disrupting T&T: BizOpps for a Better Future!”BizOppsTT is an annual trade, investment and business to business networking convention that highlights business opportunities for both exhibitors and investors in Trinidad and Tobago, the region and extraregionally. The Trade and Business Development Unit (TBDU) of the Trinidad and Tobago Chamber of Industry and Commerce (T&T Chamber) has committed to creating a space for public and private enterprises of all sizes and expertise to present on the goods and services they require in their operations in the short, medium and long term. This year the T&T Chamber will host BizOppsTT again but with a slight twist. This session will be fused with a thrust towards the reconstruction and diversification of the domestic economy through the utilization of a mix of creative, innovative and even disruptive means, in the form of technology, aid for trade, business support agencies, research and development, existing trade agreements and much more that are available to local businesses. Look out for more information and upcoming dates. For further information please contact: T&T Chamber Secretariat, Columbus Circle Westmoorings, Port of Spain, Trinidad or Email: Exhibitors tlewis@chamber.org.tt/hfarrell@chamber.org.tt; Sponsors tlewis@chamber.org.tt or Website: https://chamber.org.tt/ TRINIDAD & TOBAGO Trinidad and Tobago Restaurant Week 2017: 15th – 24th Sept. 2017 (Trinidad); 25th Aug- 3rd Sept. 2017 (Tobago) The Trinidad and Tobago Restaurant Week returns this year for its fourth installment. This is one of Trinidad and Tobago’s much anticipated culinary highlights of the year. Irrespective of the occasion, birthday, wedding anniversary, family retreat, or simply a culinary expedition, this festival offers a wide gambit of choices, both old and new! This week of “restauranting” offers a wide selection ranging from casual to fine dining; it offers multi-course special lunch and/or dinner menus which generally include an appetizer, entrée and dessert, with a complimentary glass of wine and/or cocktail and cup of coffee. This year Restaurant Week offers its signature description of restaurants that fall into the categories of Scrumptious, Savory, Delectable and Divine. For further information please contact: Trinidad & Tobago Restaurant Week at its Facebook page: https://www.facebook.com/TnT RestaurantWeek Call: 868 320-7045 or Email: ttrestaurantweek@gmail.com or visit their Website: https://www.trinidadtobagorestaurantweek.com/ ARGENTINA BIEL Light + Building, Buenos Aires- 13th -16th Aug. 2017 BIEL Light + Building Buenos Aires is considered one of the most important international event for the electric, electronic and lighting industry of Latin America and the Caribbean region. At present, this international trade show is considered the leader in the Spanish-speaking world. The International Biennial of the Electric, Electronic and Lighting Industry is organized jointly by Messe Frankfurt Argentina and the
Argentine Chamber of Electronic, Electro mechanic and Lighting Industries (CADIEEL). For five days, participants are engaged with the most updated developments in products and services related with automation in installations for houses, buildings and industries; electronics; electric energy; alternative energies; equipment and supplies; lighting; installations and materials, components, equipment and services. The fair offers multiple opportunities for exhibitors, sponsors, matchmaking specialists and much more. For further information please contact either the: Argentine Chamber of Electronic, Electromechanical and Lighting Companies, Córdoba 950 Piso 4º C1054AAV - Ciudad de Buenos Aires Argentina. Tel.: +54 11 4322 0651 or by Fax: +54 11 4322 0651. Email: 227 camara@cadieel.org.ar or via their Website: www.cadieel.org.ar OR Indexport Messe Frankfurt, SA Luis María Campos, 1061 Piso 5º C1426BOI – Ciudad de Buenos Aires Argentina. Tel.: +54 11 4514 1400 Fax: +54 11 4514 1404 Email: biel@argentina.messefrankfurt.com or Website: www.biel.com.ar www.light-building.messefrankfurt.com COLOMBIA Expo Oil & Gas Colombia 2017 – 22nd -24th Nov. 2017 Positioned as the ideal place for both national and international hydrocarbon industry players, Expo Oil & Gas 2017, seeks analyse the new scenario of oil price adjustments and alongside building actions to reactivate the activity, based on the knowledge and new technologies that will boost areas such as offshore, improved recovery and gas exploitation. Likewise, customers and suppliers will converge in an academic, technical, commercial, contact and business scenario, through which they will streamline their business activities. Expo Oil and Gas 2017 is positioned as the most representative international event of the Andean region, being the platform that will bring together representatives of governmental entities, communities and regional and local authorities, around the oil and gas industry. For further information please contact the following persons: Maria Isabel Sá'87nchez International Commercial Coordinator Tel: 3810000 Ext: 5423 Cel: + 57-3007835215 msanchezm@corferias.com Wilton Esteban Rodrí'92guez Commercial Coordinator Tel: 3810000 Ext: 5168 Direct: + 57-3115221296 wrodriguez@corferias.com Carolina Castro Dí'92az Commercial Coordinator Tel: 3810000 Ext: 5141 Direct: + 57-3227912830 ccastro@corferias.com
Finance & Economy
26
Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt
Economic and Financial Statistics 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 & Tobago
Gross Domestic Product, constant prices: (% change) 2017 2018 2019 2.2000 1.7000 1.7000 1.4240 2.1700 2.1150 1.7000 1.8000 1.5000 2.9730 2.2980 2.1030 3.0340 2.1240 2.1130 5.3000 5.0000 5.0000 2.7480 2.6910 2.6850 3.5320 3.5870 3.6870 1.0000 3.0000 3.0000 2.0000 2.4000 2.6500 3.5410 3.4160 2.9740 0.4540 1.4860 1.4960 2.4530 2.8340 2.8970 -1.2400 0.8000 2.0100 0.3120 3.4380 3.2830
Source: IMF World Economic Outlook Database, 2017
The Global Competitiveness Index 2016-2017: Innovation and sophistication factors
Advanced Economics - Unemployment Rate (%) 2017 4.1610 3.0630 17.7040 4.9120 4.6750
2018 4.2340 3.0630 16.6100 5.0520 4.6120
2019 4.2080 3.0630 15.7780 5.2000 4.4390
Source: IMF World Economic Outlook Database, 2017
Country Trinidad and Tobago Barbados Jamaica
Emerging Economics - GDP Growth (%) Country Brazil China Russia South Africa
2017 0.1650 6.5820 1.4000 0.8170
Current Government Primary Net Lending/Borrowing: (% of GDP) 2017 2018 2019 3.0220 3.2190 2.9610 -0.4010 0.6670 1.0630 -0.2080 0.3510 0.8530 2.6440 2.0000 2.0010 1.6150 1.1590 1.3300 -0.7330 -0.4130 -0.2140 4.1390 4.1040 3.8170 -4.3690 -4.0510 -3.7550 -2.0610 -0.5480 -0.6010 7.0200 6.9800 6.9800 0.8780 1.3110 -0.3880 0.0560 0.4060 1.7940 2.1760 2.3330 2.0530 -1.9920 0.2980 0.4890 -10.1250 -8.0030 -8.0270
Innovation and Sophistication Factors
International Indicators Country Germany Japan Spain United Kingdom United States
Current Account Balance: (% change) 2017 2018 2019 -9.7580 -9.6300 -9.6460 -13.0740 -10.7950 -8.4800 -4.0370 -4.0250 -3.7010 -7.4930 -5.9050 -5.0930 -9.5460 -10.2620 -9.5810 -1.8980 -2.4640 -2.4530 -18.7120 -18.5080 -18.8520 -2.6580 -3.4630 -4.2580 -2.5790 -2.4080 -2.2530 -3.1220 -3.2790 -3.2060 -18.3430 -18.0570 -18.4390 -8.7580 -9.3310 -8.9910 -18.3710 -17.5280 -16.9220 2.8210 1.2190 1.2430 -4.0560 -3.7390 -3.1830
Pillars Innovation and Business Sophistication Factors Sophistication Innovation Rank Score Rank Score Rank Score 83.000 51.000
3.470 3.800
67.000 51.000
3.910 4.180
105.000 53.000
3.020 3.430
61.000
3.690
57.000
4.080
70.000
3.310
Source: IMF World Economic Outlook Database, 2017 2018 1.7480 6.1680 1.4440 1.5690
2019 1.9540 6.0000 1.5000 2.1980
Source: IMF World Economic Outlook Database, 2017
Innovation and sophistication factors are sub indexes for the Global Competitiveness Index. This sub index includes the pillars business sophistication and innovation. Business sophistication is measured by indicators including, inter alia, local supplier quantity, value chain breadth, and nature of competitive advantage. Innovation is measured by indicators including, inter alia, quality of scientific research institutions, company spending on research
and development and availability of scientists and engineers. The innovation and sophistication factors ranked nations out of 138 countries. Innovation occurs in an environment where business, governance and social norms act as a catalyst for entrepreneurship, creativity, cohesion and the utilization of modern technologies to bring forth new ideas, products and business models. Innovation enables the production of cutting-edge products which in turn allows for the increase in businesses’ competitiveness. However, in order for this progression to take place, it is critical that there is a facilitative environment supported by both the public and private sectors. Business sophistication on the other hand, concerns the quality of individual firms’ operations and strategies and the quality of a country’s business network as a whole.
The Chamber’s “CONTACT with the Chamber” radio series The Chamber's "CONTACT with the Chamber" radio series is a five minute programme which airs every Tuesday at 7:25 a.m. on the I95.5FM morning show. This programme is voiced by Marva Newton, Manager, Marketing and Communications and is one of the means by which the Chamber communicates with members and the public at large. The series focuses on businessoriented subjects, social responsibility and other issues affecting our country. We also open our doors to all members interested in
coming on board as short-term sponsors of “ with the Chamber”, for packages of one, two or three months. Sponsorship is at a cost of TT $900.00 per programme. Your organization will be credited on I95.5FM and recognized through other communications produced by the T&T Chamber. The T&T Chamber thanks our sponsor for January June 2017 - The Beacon Insurance Company Limited, Alliance Software and Technology Systems Limited, Sital College of Tertiary Education Limited, Jet Express Limited,
Laparkan Limited, UWI-Roytec Limited. For more information on sponsorship and branding opportunities please contact: Halima Khan, Communications Officer, Trinidad and Tobago Chamber of Industry and Commerce Columbus Circle Westmoorings P.O Box 499 Port of Spain. Tel: (868) 637-6966 Ext. 1227 Fax: (868) 637-7425 Email: hkhan@chamber.org.tt Website: www.chamber.org.tt
28
Finance & Economy Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt
Economic Outlook Global Economic Growth According to the latest Global Prospects Report by the World Bank (WB), the global outlook is faced with risks of another stretch of muted growth. Their June 2016 estimate for global growth in 2017 was revised downwards by 0.1% to 2.7% (January 2017 Global Prospects Report). This projection remained unchanged in their June 2017 Report. The International Monetary Fund (IMF) has projected a more optimistic growth level of 3.5% for 2017, indicating a 0.4% improvement from last year's estimate of 3.1%. According to the IMF, the improvement in growth prospects can be accounted for by an uptick in global economic activity and stronger confidence in the global financial markets. Commodity prices showed signs of recovery in early 2017. However, the latest recorded West Texas Intermediate (WTI) crude oil price stood at US$43.24/bbl (June 26th 2017), a decline from the monthly averages recorded for the first five months of the year1. The latest recorded Henry Hub (HH) price stood at US$2.99/mmbtu, remaining within the range of its monthly averages for 2017, thus far. The increase in these commodity prices for the first half of the year provided some relief to hydrocarbon exporters after a lengthy period of depressed prices. Nevertheless, the WB has forecasted that global oil prices will decline further by 4.4% for 2017. Growth in the Advanced Economies The growth in the Advanced Economies is expected to increase by 0.1% to 1.9% for 2017 and another 0.1% in 2018 [IMF World Economic Outlook (WEO)]. In the United States, growth is expected to pick up in the short-term, moderating in the longer-term. There have also been upward projections for both the Euro Area and Japan. The United States growth is recovering and is expected to continue to grow moderately throughout 2017 and into 2018. The projected growth rates for 2017 and 2018 are 2.3% to 1.9% and 1.8% to 2.5%, respectively. Stronger momentum in shortterm growth is reflective of the recovery in inventory accumulation, consumption and anticipation of an expansionary policy stance. Thus far, these sentiments have bolstered business confidence and the financial market. However, the level of unused capacity in the U.S is still above pre-crisis levels and projected growth in the long-run is more subdued. The Euro Area has a projected growth rate of 1.7% to 2.1% in 2017 and 1.6% to 2.1% in 2018. In 2016, there was a rapid decline in unemployment while both expected and
actual inflation has been on the rise since the beginning of the year. Though investment is convalescing, it is still anemic relative to previous upturns. Manufacturing and exporting activities have increased due to strengthening global trade and investment. The United Kingdom remains one of the single largest destinations of extra-Euro Area exports. Uncertainties persist as it pertains to election outcomes, Brexit negotiations, and financial sector performance which affect the economic outlook. Expected growth for Japan in 2017 is 0.8% and 0.5% in 2018 representing a recovery in economic activity. Exports of capital goods and information technology-related products have been increasing. Although business capital spending and profits have picked up, consumption and wage increases still remain truncated. Growth is expected to increase in 2017 due to accommodative policies and moderate throughout 2018. In the longer-term, growth will be compromised due to a shrinking labour force. However, this is not the case for other advanced economies as growth is expected to gain momentum. Emerging Market and Developing Economies The Emerging Market and Developing Economies (EMDEs) are projected to grow by 4.5% in 2017 and 4.8% in 2018, according to the IMF. Of the EMDEs, China, India and South Africa did not experience any changes in their growth projections from the January 2017 WEO Update when compared to the April 2017 WEO Update. Both Russia and Brazil's growth projections have improved. However, Brazil's 2017 estimate remained unchanged and only increased in 2018. Brazil's output growth is projected to improve by 0.2% and 1.7% in 2017 and 2018, respectively. The gradual recovery, emerging out of one of their deepest recessions, is being supported by reduced political uncertainty, easing monetary policy and further progress on the reform agenda (IMF WEO, April 2017). With an expected growth of 1.4% in 2017, Russia is also expected to exit recession. However, their growth is projected to remain muted into 2018. Their growth prospects can be attributed to the firming up of crude oil prices, a recovery in domestic demand, as well as improved confidence. Due to temporary cash shortages and payment disruptions from the recent currency exchange initiative, India's 2017 output growth estimate was revised downwards by 0.4% to 7.2%. However, their growth projections for 2018 are expected to improve, with the IMF anticipating growth of 7.7% in 2018.
Finance & Economy
29
Contact • Vol.17 No.2 2017
China's output is expected to grow by 6.5% in 2017 and 6.3% in 2018. Readjustments have occurred in the domestic market, moving away from industry to services and from investment to consumption. Lastly, it is anticipated that South Africa will have modest recovery, with a growth forecast of 0.8% in 2017 as commodity prices rebound, drought conditions ease, and electricity capacity expands. Latin America and the Caribbean (LAC) After contracting by 1% last year (2016), Latin America and the Caribbean (LAC) is expected to emerge from a regional recession in 2017, expanding by 1.1% (2017) and 2% in 2018. Factors such as a modest recovery in commodity prices, improved near-term outlook for advanced economies (such as China) and the easing of financial conditions, have shaped this development. Major risks facing the Caribbean region is the loss of correspondent banking relationships as well as the appreciation of the U.S dollar, causing a negative impact on
their competitiveness (especially for nations with currencies tied to the U.S dollar). Specifically in Trinidad and Tobago (T&T), growth was been estimated to be -5.1% in 2016 and projected to grow by 0.3% in 2017, emerging out of a lengthy recession. Further, the nation is expected to grow modestly in 2018 by 3.4%. With the recent oil finds and other projects coming on stream in 2017 and 2018, it is expected that economic activity will pick up. However, depressed commodity prices have exposed weaknesses in fiscal policy and caused a further increase to debt levels, leading to downgrades by two major credit agencies internationally. 1 According to the United States Energy Information Administration (EIA), WTI crude oil prices monthly averages for 2017 were: US$52.50/bbl in January; US$53.47/bbl in February; US$49.33/bbl in March; US$51.06/bbl in April; and US$48.48/bbl in May.
30
Finance & Economy Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt
First Quarter 2017 Review Local Market Summary For the First Quarter Ended March 31, 2017 (Q117), both the Composite and Cross Listed Indices closed higher while the All Trinidad and Tobago Index ended in negative territory. The Composite Index closed at 1,233.79, up 2.01 per cent or 24.26 points, the All Trinidad and Tobago Index shed 1.24 per cent or 22.69 points to end at 1,811.54 and the Cross Listed Index rose 12.55 per cent or 9.81 points to close at 87.98. Advances outnumbered declines by a ratio of 16 to 11.
The First Tier Market saw a 31.49 per cent decline in trading activity for Q117 with 19,504,242 shares traded compared to 28,468,094 shares in the corresponding period in 2016. When compared to the previous quarter (Q416), market activity was down 0.69 per cent or 135,307 shares from 19,639,549 shares traded. Q117 on Q116, the value of shares traded fell 19.13 per cent from $234,425,964.12 in Q116 to $184,221,946.50 in Q117. For the period under review, JMMB Group Limited (JMMBGL) was the volume leader with 24.68 per cent of the total volume traded for Q117 or 4,813,136 shares crossing the floor of the Exchange. Trinidad Cement Limited (TCL) followed with 21.06 per cent of the market or 4,107,057 shares traded.
The third volume leader was NCB First Quarter Dividend Payments Financial Group Limited (NCBFG) with 9.87 per cent of all trades or 1,924,522 shares changing hands. Next was Sagicor Financial Corporation (SFC) accounting for 8.33 per cent of the trade volume or 1,625,241 shares traded. Guardian Holdings Limited (GHL) followed capturing 8.00 per cent of market activity or 1,560,924 shares changing ownership. On the TTD Mutual Fund Market, 3,040,161 Highlights for the First Quarter of 2017 CLICO Investment Fund (CIF) units traded in Q117 with a value of $68,508,761.21 March 2017 compared to Q116 which saw 2,610,831 • Readymix (West Indies) Limited (“RML”) units traded with a value of $58,959,667.65. advised that on Friday March 24, 2017 CIF’s price fell 0.53 per cent or $0.12 to (“Offer Date”), the Company was close Q117 at $22.50. In addition, 59,352 presented with an Offer and Take-Over Praetorian Property Mutual Fund (PPMF) Bid Circular of even date, issued by the units traded with a value of $171,120.00 Board of Directors of Trinidad Cement and 1,000 units of Calypso Macro Index Limited (“TCL”). An offer and take-over Fund (CALYP) traded with a value of bid (“the Offer”) was made by TCL to $21,880.00. PPMF’s price rose 9.06 per cent acquire for cash all of the issued and or $0.25 to end the first quarter at $3.01 outstanding Ordinary Shares in RML, while CALYP’s price declined 0.05 per cent not already held by TCL, at a price of or $0.01 to $21.88 TT$11.00, or US$1.62, per Ordinary Share. Shareholders may elect to receive The major advance for Q117 was JMMBGL, payment in either TT$ (based on a price up 33.33 per cent or $0.30 to close the three of TT$11.00 per issued Ordinary Share), month period at $1.20. L.J. Williams ‘B’ or in US$ (based on a price of US$1.62 Limited (LJWB) was next in line, posting per issued Ordinary Share). Unless a 30.30 per cent gain or $0.20 to end at extended, the Offer period is expected $0.86. GHL was the third major advance, to close on Monday, May 1, 2017. rising 26.32 per cent or $3.33 to close Q117 at $15.98. The major decline in Q117 was • 2,466,762,828 NCBJ shares were de-listed One Caribbean Media Limited (OCM), from the Trinidad and Tobago Stock which fell 14.82 per cent or $2.95 to close Exchange Limited effective Thursday at $16.95. This was followed by First March 16, 2017. In addition to the deCitizens Bank Limited (FIRST) which listing of the existing NCBJ shares, the dropped 9.52 per cent or $3.33 to end Q117 Scheme of Arrangement allowed for the at $31.65. Republic Financial Holdings subsequent listing of NCBFG shares to Limited (RFHL) followed, down 5.95 per existing shareholders of NCBJ at a 1:1 cent or $6.45 to end at $101.99. ratio. Accordingly, 2,466,762,828 NCBFG shares were listed on the Exchange effective Thursday March 16, 2017. February 2017 • One Caribbean Media Limited (OCM) finalised the acquisition of a 51% share in Green Dot Limited, having received the necessary regulatory approvals. Green Dot limited is a provider of Digital Cable TV and Broad band internet services.
Finance & Economy Contact • Vol.17 No.2 2017
Key Rates January 2017 • The Board of Directors of Trinidad Cement Limited ("TCL") were advised by Sierra Trading ("Sierra"), an indirect subsidiary of Cemex, S.A.B. de C.V., that as at January 25, 2017, the tally of TCL shares deposited by shareholders in response to its Offer and Take-Over Bid ("the Offer") was approximately 114,313,299 TCL shares, which, together with Sierra's existing shareholding in TCL, represents approximately 70.01% of the outstanding TCL shares. The approximate total Energy Prices consideration to be paid by Sierra for the TCL shares deposited pursuant to the Offer is US$86,878,107.24. Payment to TCL shareholders in Trinidad and Tobago was made on or before February 3, 2017, in the amount of TT$5.07 or US$0.76 per share, depending on the currency option selected by TCL shareholders in Trinidad and Tobago. Global Market Indices Fixed Income Market Summary for the First Quarter of 2017 According to the March 2017 Monetary Policy Announcement released by the Central Bank of Trinidad & Tobago, inflation in January 2017 was 3.60 per cent, an increase from 3.10 per cent in December 2016 and from 2.40 per cent a year earlier. In March 2017, the yields on the 3-month, 6month and 1-year Open Market Operations (OMOs) stood at 1.19 per cent, 1.76 per cent and 2.70 per cent respectively from 1.20 per cent, 1.75 per cent and 2.79 per cent a year earlier. The Central Bank has maintained the Repo Rate, the rate at which it lends to commercial banks, at 4.75 per cent.
31
Energy Update
32
Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt
Energy Statistics In this issue of CONTACT for 2017, 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 January to March 2016 and 2017 respectively (Barrels per day) Company
Jan-16
Shell ECMA BPTT
Feb-16
Mar-16
Jan-17
Feb-17
Table E.4 - Ammonia Production for January to March 2016 and 2017 respectively (tonnes)
Mar-17
520
473
458
414
414
357
11806
12258
9922
15586
13133
10373
Plant YARA TRINGEN I
TMAR
21270
20333
21607
18693
19831
19188
TRINGEN II
PETROTRIN
12542
12481
12495
11865
11846
11935
PCS (01, 02, 03, 04)
Jan-16
Feb-16
Mar-16
Jan-17
Feb-17
Mar-17
0
6130
25954
13922
13295
8085
45752
37961
39279
39265
37866
41959
34917
38798
44205
46682
35719
42418
141387
161383
172401
160565
154507
162436
PETROTRIN (LO)
4999
5981
5535
5899
6042
5963
PLNL
56370
52592
58282
55485
54148
60096
PETROTRIN (IPSC)
1261
1448
1447
2589
3036
3024
CNC
49772
47639
52680
16413
24017
53794
51922
50042
54620
50592
46427
43801
7487
6343
6661
6507
1751
18514
387607
400888
454082
389431
367730
431103
PETROTRIN (FO)
769
834
685
754
721
703
N2000
TEPGL
963
969
1053
955
1001
945
AUM-NH3
PRIM
324
307
304
300
296
313
EOG
1092
1221
940
1413
1254
1203
BOLT
4
3
2
0
4
0
TEPL
268
252
294
242
280
244
Shell CB
404
401
375
241
454
342
89
103
103
101
98
88
MEPR NHETT BHP PERENCO
66
92
80
69
67
61
7219
4663
7484
5076
5729
4829
10830
13377
11665
11203
11740
12115
TOTAL
Source: Ministry of Energy and Energy Industries, Vol. 53 No.12 & Vol. 54 No.3
Table E.5 - Ammonia Export for January to March 2016 and 2017 respectively (tonnes) Plant
LAND SUBTOTAL
20457
21648
21027
21820
22562
22429
YARA
MARINE SUBTOTAL
53967
53545
53423
53583
53384
49251
TRINGEN I
TOTAL
74424
75193
74449
75403
75946
71683
Source: Ministry of Energy and Energy Industries, Vol. 53 No.12 & Vol. 54 No.3
Table E.2 – Natural Gas Production by Company for January to March 2016 to 2017 respectively (mmscf/d) Plant
Jan-16
Feb-16
Mar-16
Jan-17
Feb-17
Mar-17
BPTT
1978
1809
1788
1875
1803
1615
TMAR
18
17
16
5
12
18
4
3
2
2
2
2
EOG
PETROTRIN
552
564
498
522
518
504
SHELL
796
766
731
549
619
602
BHP
429
276
433
338
372
397
26
29
29
56
69
63
3804
3464
3497
3348
3396
3202
PERENCO TOTAL
Source: Ministry of Energy and Energy Industries, Vol. 52 No12. & Vol 54 No.3
Table E.3 – Natural Gas Utilization by Sector for January to March 2016 to 2017 respectively (mmscf/d) Sector Power Generation
Feb-16
Mar-16
Jan-17
Feb-17
Mar-17
0
14923
24708
17600
17817
4400
71243
33350
24704
36428
40072
25269
57068
31831
31946
17507
54455
43346
164014
132799
137853
166425
99912
163965
PLNL
83839
86752
33706
41075
85506
48752
CNC
64719
49344
63491
36791
52081
65421
N2000
37715
57526
78620
22709
29824
34888
0
0
0
0
0
0
478597
406525
395028
338535
379667
386041
AUM-NH3 TOTAL
Source: Ministry of Energy and Energy Industries, Vol. 53 No.12 & Vol. 54 No.3
Table E.6 - Methanol Production January to March 2016 and 2017 respectively (tonnes) Plant
Jan-16
Feb-16
Mar-16
Jan-17
Feb-17
Mar-17
TTMC I
29049
28857
25194
0
0
0
CMC
39868
26770
41997
0
0
0 40464
TTMC II
43176
42310
46581
19679
43358
MIV
42669
35912
47647
37844
8068
0
TITAN
66645
65727
71576
62494
62881
32298
ATLAS
119661
51167
2955
144339
76364
156559
M5000
150596
138089
145611
149704
136142
145316
TOTAL
491664
388832
381562
414060
326813
374637
Source: Ministry of Energy and Energy Industries, Vol. 52 No.12 Vol. 53 No.11
Jan-16
Feb-16
Mar-16
Jan-17
Feb-17
`Mar-17
284
275
279
233
233
250
Ammonia Manufacture
548
576
596
525
582
558
Methanol Manufacture
566
483
444
463
407
409
83
80
79
49
68
72
Refinery
TRINGEN II PCS (01, 02, 03, 04)
Jan-16
Table E.7 - Methanol Exports for January to March 2016 and 2017 respectively (tonnes) Plant
Iron & Steel Manufacture
45
45
46
51
51
49
TTMC I
Cement Manufacture
13
14
14
10
11
11
CMC
Ammonia Derivatives
21
21
22
18
20
18
TTMC II
Gas Processing
27
27
27
24
27
24
MIV
Jan-16
Feb-16
Mar-16
Jan-17
Feb-17
Mar-17
16654
27174
28983
0
0
0
115726
135906
144899
202255
82474
115611
81233
29994
30488
0
15963
0
0
0
0
0
0
0
8
7
7
8
8
8
TITAN
22656
62857
80773
75452
78745
46073
LNG
1937
1741
1733
1784
1736
1566
ATLAS
49017
77466
37305
198795
67133
150088
Total
3533
3269
3246
3166
3143
2966
Small Consumers
Source: Ministry of Energy and Energy Industries, Vol. 53 No. 12 & Vol. 53 No.3
M5000
60211
103443
81165
23588
54555
94545
TOTAL
345497
436840
403613
500090
298870
406317
Source: Ministry of Energy and Energy Industries, Vol. 53 No.12 & Vol. 54 No.3
Energy Update Contact • Vol.17 No.2 2017
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)
33
Telecommunications Authority of Trinidad and Tobago
34
Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt
The Internet of Things
T
he Telecommunications Authority of Trinidad and Tobago (TATT) in conjunction with the International Telecommunications Union (ITU) hosted a Forum on Internet of Things (IoT) titled “Smarter living in the Caribbean” in April this year in Port of Spain.
This Forum highlighted the significance of IoT as a technological revolution that represents the future of computing and communications - its development being dependent on dynamic technical innovation. Amongst the objectives of the Forum was to discuss the impact of IoT in the Caribbean including: • Opportunities and Challenges defining the required eco system and Measuring its Usage and Projecting its Impact on Development • The role IoT plays in relation to converging technologies for building smart sustainable communities with integrated ecosystems and • IoT and development challenges and the paradigm shift in creating a smart world that facilitates sustainable economic development along with a high quality of life. Discussions at the conference were wide ranging and panellists spoke generally on recommended stakeholder actions to be driven through various regional and international bodies to facilitate IoT in the Caribbean space. Emphasis was also placed on the identification of priority sectors in which IoT specific strategic targets could or should be established So what is this phenomena known as the Internet of Things (IoT) and what is its importance to users. In April 2016, Symnatec in its Internet Security Threat Report Volume 1 estimated that by 2020 there will be 20.8 billion connected things that will be in use worldwide. These numbers do not include desktop or laptop computers, smartphones or tablets. The ITU defines IoT as a global infrastructure for the information society, enabling advanced services by interconnecting physical things and virtual things based on existing and evolving interoperable information and communication technologies (ICT). A big statement that means an internet big enough to accommodate every internet enabled ICT device we take for granted to make our lives, jobs, entertainment, security, etc. simpler. The “physical things” relate to hardware in IoT systems. A main component of this hardware are sensors which can be used to measure/control such variables as pressure, humidity, temperature, proximity and light. Another component of hardware would be wearable devices such as helmets, collars, watches, wristbands, eyewear, clothing and shoes. Most of the wearable devices are used to collect data on the user and normally relate to fitness, health and entertainment objectives. Features of wearable devices are high energy efficiency and small size. Standard devices such as mobile phones, desktop and laptop computers and tablets, are important parts of the command center of the IoT system and facilitate remote access. The “virtual things” relate to data collection, device integration, real-time analytics, or things that are capable of being stored, processed and accessed. Multimedia content is an example. According to the International Journal of Engineering Studies and Technical Approach ISSN No 2395-0900 the concept of a network of smart devices was discussed as early as 1982, with a modified Coke machine at Carnegie Mellon University becoming the first internetconnected appliance, able to report its inventory and whether newly loaded drinks were cold. Nearly anything can be made into a ‘thing’ with the power
of data collection and artificial intelligence algorithms on the Internet. Here are some examples of the practical applications of IoT. The Office - An office can be converted into a thing by mounting the relevant sensors. The workers could also be things on the Internet if equipped with the requisite wearable devices. The manager could therefore know exactly where his workers are and vice versa. Also in the work setting, an office would be able to recognise when its occupant enters and therefore would turn on his or her devices and open applications to his or her last working points. A receptionist’s office door could detect and recognise co-workers who would have entered the office before she arrived. Environmental Monitoring - Traditional monitoring and inspection of a water dam would involve some computerisation and lab testing using manual labour. With IoT, the appropriate sensors and networking allows for on-site testing, real time sampling, monitoring, detection and response. Agriculture - There are remote monitoring stations targeted to the agriculture industry that measure atmospheric and ground conditions such as soil moisture. That information could assist a farmer regarding decisions on when to use pesticides, water and fertilizer. Vehicle Safety - There are obvious benefits to using vehicle sensor data to improve weather information and alert systems for drivers. This data may contain information such as barometric pressure or air temperature. Healthcare - Insulin pumps and blood pressure cuffs that connect to a mobile app can enable persons to record, track, and monitor their own vital signs, without having to visit a doctor’s office. Possible risks of IoT – These benefits come with serious disadvantages including privacy risks and security concerns. There is always the larger question of entities with access to massive volumes of granular data, on consumers performing different analyses. We are all familiar with advertisements appearing on our web pages related to purchasing searches we may have made in the recent past. This information is used to profile consumers and to create targeted advertising amongst others. The Federal Trade Commission’s January 2015 report on IoT, noted that “researchers are beginning to show that existing smartphone sensors can be used to infer a user’s mood; stress levels; personality type; bipolar disorder; demographics (e.g., gender, marital status, job status, age); smoking habits; overall well-being; progression of Parkinson’s disease; sleep patterns; happiness; levels of exercise; and types of physical activity or movement amongst others.” While such inferences could be used to provide beneficial services to consumers, it could also be misused in unauthorized ways, or by unauthorized individuals. Privacy advocates insist that data subjects should remain in control of their data and the user should be able to choose whether to be part of an IoT system or not. They fear that personal data could be used for means beyond those stated for the purpose of the application without the user's explicit consent. A remedy for this may be the requirement that companies request users’ consent for each application that collects personal data. However some companies argue that this would obstruct development of the IoT industry and it should be possible to share anonymous data with third parties. The IoT creates a system of continuously connected devices communicating over networks but these devices often lack rigorous security measures as users are exposed to a variety of dangers. In July 2015, Fiat Chrysler issued a safety recall affecting 1.4 million vehicles in the United States, after security researchers Charlie Miller and Chris Valasek demonstrated that it was possible for hackers to control a Jeep Cherokee remotely, using the car's entertainment system, which connected to the mobile data network. Additionally, thousands of common devices, such as routers, webcams, and Internet phones, share the same hard-coded SSH and HTTPS server certificates, leaving millions of devices susceptible to interference and illegal access. Whilst security algorithms precautions by end users should mitigate these threats in the IoT network, security must remain a major concern.
36 Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt
Nestlé: Driven by Purpose, guided by values
Milo Jumpstart Programme in Tobago.
“Here at Nestlé, we are driven by a simple purpose: enhancing quality of life and contributing to a healthier future.” “Our values are rooted in Respect: respect for ourselves, respect for others, respect for diversity, and respect for the future.” Nestlé's purpose is enhancing quality of life and contributing to a healthier future. We want to help shape a better and healthier world. We also want to inspire people to live healthier lives. This is how we contribute to society while ensuring the long-term success of our company. Our values are reflected in the way we do business, always acting legally and honestly with respect both for our own people and those we do business with. How Nestlé lives its values 1. We serve with passion 2. We build for the long term 3. We are inspired to innovate 4. We always strive to do better 5. We grow and succeed together
“We believe a clear purpose defines why the world is a better place with Nestlé. It explains how we make life better for those who enjoy our products and services, and better also for all those with whom we interact — our partners, our communities, our environment,” she says. A Compass for Employees: The new Nestlé Purpose will be the compass for the company’s 328,000 employees around the world, providing them with direction and clarity. It will drive and guide Nestlé at three levels: 1. As Nestlé inspires individuals and families to live healthier and happier lives, through its products, educational programmes and more. 2. As Nestlé helps improve livelihoods and develop thriving communities through education programmes, employment opportunities and commitments to human rights. 3. As Nestlé strives to ensure the wellbeing of the planet by stewarding resources for future generations. “At each of these levels — how we make an impact on individuals and families, the community and the environment — Nestlé has specific and measurable commitments,” says Mrs. d’Abadie. Individuals and Families: At the individual and family level, Nestlé will fulfill its purpose by further improving its products to offer tastier and healthier
I
n May 2017, the employees of Nestlé Trinidad and Tobago came together at a special Open House for the internal launch of the “Nestlé Purpose.” It’s part of a global initiative that will guide Nestlé, the world’s largest food and beverage company, across the 189 countries in which it operates. Grounded in Nestlé’s 150-year tradition of social responsibility, The Nestlé Purpose can be summed up in one simple sentence: “Enhancing quality of life and contributing to a healthier future.” For Nestlé, this is not a communications exercise. “The Nestlé Purpose is the reason we exist,” says Corporate Communications Manager, Denise d’Abadie, “it is what motivates us and gives meaning to what we do - it articulates our desired impact on the world.”
Football Factory Football players.
37 Contact • Vol.17 No.2 2017
Nestlé Employees Celebrating World Environment Day.
Football Factory Sponsorship Signing.
choices. When you consider that Nestlé delivers more than 1 billion servings of foods and beverages every day worldwide, it is clear that the company is uniquely positioned to drive optimal health and improved wellness. In fact, Nestlé was the first company in the world to make a formal pledge to reduce sugar, salt and trans-fat in all of its products. Internationally, in just ten years, Nestlé has reduced the sugar content of its products by more than 30%, and the company continues to reduce the sodium content of its products to help consumers achieve a sodium intake of 2g per day, in line with World Health Organization (WHO) guidelines.
communities. The MILO Jumpstart Programme, for example, promotes healthy living by encouraging physical activity, while the MAGGI Power of a Meal programme teaches families the basics of nutrition on a tight budget and provides them with information and seedlings so that they can grow their own food.
Here in Trinidad and Tobago this focus on product improvement has seen the introduction of innovations like ORCHARD® Calorie Conscious, developed to help consumers seeking to live a healthier lifestyle through weight management, as well as those who are diabetic and need to control their sugar intake. Meanwhile, breakfast cereals sold in Trinidad and Tobago have been improved to include more Whole Grain than any other ingredient, with total sugars reduced to 9g or less per serving, and salt to 135mg or less per serving.
“Aligning ourselves and our operations to the Nestlé Purpose means we can offer many good arguments to convince consumers that when they choose one of our brands they don’t just enjoy a tastier and healthier product, they also help make the world a little better,” says Mrs. d’Abadie, “Nestlé is a large company and because we are large we can make a big positive impact. When we string all our projects, initiatives and activities together it becomes clear what a tremendous difference we can really make.”
The Community: In terms of the community, the Nestlé Purpose will be expressed at several levels, for instance through the company’s commitments to promote decent employment and diversity, and via special community initiatives such as Nestlé’s recent partnership with the Football Factory, a football academy which helps at-risk children learn life skills. Nestlé will also continue its effort to build stronger communities through its Dairy Development Programme which helps farmers improve productivity, save money and create sustainable operations. The Environment: ISO14001-certified in safety and environmental systems, with regular independent third party audits to maintain that certification, Nestlé is already the Caribbean leader in recycling, waste reduction, water stewardship and waste-water management (Nestlé’s internal waste-water treatment plant was the first of its kind in the Caribbean). In line with the Nestlé Purpose, the company will maintain challenging targets in these areas as it demonstrates its care for these resources and its respect for the future. Nestlé’s brands have already embraced the Nestlé purpose through programmes that enhance the quality of life of individuals, families and
Milo Jumpstart Programme in Tobago.
Welcome to New Members Contact • Vol.17 No.2 2017
ATLANTIC TRADING COMPANY LIMITED Address: #7, Eastern Main Road, Curepe Tel: 663-9732 Category: Silver
HUBBOX GROCERY COMPANY LIMITED Address: #95-97, Picton Street, Port of Spain Tel: 622-3176 Category: Bronze
AVT GENERAL SERVICES LIMITED Address: Dutch Fort, Scarborough, Tobago Tel: 660-1288 Category: Silver
KALIEDOSCOPE PAINTS LIMTIED Address: Chanka Trace, El Socorro Extension Road, San Juan Tel: 638-2214 Category: Silver
BRIAN DE FEREIRE Address: #3, Chow Quan Avenue, Diego Martin Tel: 782-9555 Email: bdefereire@gmail.com Category: Bronze
KERRON RAMGANESH Address: LP#20, Madras Road, St. Helena, Piarco Email: kerron.ramganesh@gmail.com Category: Bronze
CARL SEYMOUR Address: #6, Ruby Drive, Diamond Vale, Diego Martin Email: cseymour665@gmail.com Category: Bronze
MECALFAB LIMITED Address: 92 Queen Street, Port of Spain Tel: 625-1303 Email: kentcosta@mecalfab.com Category: Gold
CARIBBEAN BUYING & SELLING CO. LTD Tel: 284-5433 Email: trinibuytrinisell@hotmail.com Category: Bronze
MEDIA INSITE LIMITED Address: 1st Floor, #18 O'Connor Street, Woodbrook Tel: 225-4647 Category: Silver
DAHAB PROPERTY DEVELOPMENT CO. LTD. Address: #17, TLH Building, Milford Road, Scarborough, Tobago Tel: 635-0880 Email: dahabpropertytt.com Category: Bronze
PPS FINANCIAL SERVICES LIMITED Address: #1, Guardian Drive, Westmoorings Tel: 226-5433 Category: Bronze
DIANNA KATHLEEN MC INTYRE Address: P.O. Box 3424, Maraval Tel: 622-4051
SANTAINERS LIMITED Address: Lot #5, Diamond Vale Industrial Estate, Diego Martin Tel: 637-7876 Category: Gold
HUAWEI TECHNOLOGIES (T&T) LTD Address: Level #3, Amera Building, #17-20, Queen's Park West, Port of Spain Tel: 628-7770 Email: tricia.henry1@huawei.com Category: Diamond
SIMPLY INTENSE MEDIA LIMITED Address: #6, Scott Street, St. Clair Tel: 621-5796 Email: info@simplyintense.com Category: Bronze
TERM FINANCE LIMITED Address: Intercontinental Business Park, Freezone, D'Abadie Tel: 646-8376 Category: Silver THE HANDY MAN CLAN Address: 1st Floor, Chamber Building, Columbus Circle, Westmoorings Tel: 277-4581 Category: Bronze THE SPECIALIST AESTHETIC INSTITUTE Address: #2A, Warren Street Woodbrook Tel: 622-1497 Email: krystlekhan@gmail.com Category: Bronze UNLIMITED POWER TOOLS LIMITED Address:LP#56, Bamboo Settlement, Valsayn Tel: 663-7726 Category: Bronze XCEPTIONAL EVENTS LIMITED Address: Apt. 702, Westhills, Morne Coco Road, Diego Martin Tel: 708-0273 Email: lghany@xceptionaleventstt.net Category: Bronze YOURLIFEPURPOSE LIMITED Address: Suite #202, Fitt Court, Fitt Street, Woodbrook Tel: 224-3474 Category: Bronze YUKLIN MARSANG Address: #8, Armon Dale Avenue, Diego Martin Tel: 678-6693 Email: y.marsang@polanc.com Category: Bronze
39
Advertisers
40
Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt
BEI International Limited
Pg 17
Caribbean Estates, Lands & Villas
Pg 9 & 11
PLIPDECO
Pg 4
RBC Royal Bank
Pg 25
Caribbean Airlines
Pg 22
Republic Bank
Pg 2
CarSearch
Pg 38
Samsung
Pg 5
CISCO
Pg 7
Southern Sales & Service Co. Ltd (KIA)
C&W Business
Pg 27
Concepts in Freight Ltd. Crown Point Beach Hotel Guardian Group HP
Inside front cover
Telecommunications Authority of Trinidad and Tobago
Pg 35
Tobago Housing Resorts Ltd
Pg 21
Tropikist Beach Hotel & Resort Ltd
Pg 14
Trinidad & Tobago Securities and Exchange Commission
Pg 29
TSTT (b mobile)
Pg 23
Pg 15 Pg 19 Pg 13 Pg 3 & Inside back cover
Massy Finance (GFC)
Pg 38
Pat & Max Ltd.
Pg 21
TRINRE Insurance Company Limited
Outside back cover