Business Trinidad & Tobago 2012 by Prestige Business Publications Ltd.

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Business Trinidad & Tobago 2012 Editorial Board Richard Lewis Keith Miller Patricia Lewis Marie Gurley Carol Bickram Wade George Natalie Walters Kelly Bute-Seaton Natasha Brown Tricia Henry Shurla Henry-Gibson Amjad Ali David Lewis Kay Baldeosingh-Arjune

Chairman, Prestige Business Publications Ltd Chief Executive Officer, Caribbean Business Publications Ltd Director, Prestige Business Publications Ltd Director, Prestige Business Publications Ltd Senior Economist, Ministry of Trade and Industry Tax Managing Partner, Ernst & Young, Trinidad Communications Specialist, Communications Unit, Ministry of Community Development Executive Director, Bankers Association of T&T Communications Officer, Trinidad & Tobago Manufacturers’ Association (TTMA) Marketing and Communications Manager, TT Chamber of Industry and Commerce Manager, Investor Marketing, InvesTT Director, Serta Caribbean Ltd Managing Director, Label House Group Ltd Editor

Credits Joint Publishers Editor Design Layout & Artwork Production Cover Design Photography Printed By

Richard Lewis, Keith Miller Kay Baldeosingh-Arjune (kay.arjune@gmail.com) 809 Design Associates Inc. Desktop Designs & Letters Ltd Patricia Lewis, Jessica Medina Patricia Lewis, Jessica Medina Kelvin Thomas - Precision Design Studio Sarah Carter, Edison Boodoosingh, Marc Aberdeen, Maria Nunes Caribbean Print Technologies

Business Trinidad & Tobago is published and produced by: Prestige Business Publications Ltd 9 Humphrey Street, The Film Centre, St James, Trinidad and Tobago Tel: (868) 622-0738/9 Fax: (868) 622-0426 Email: info@whoswhotnt.com Website: www.whoswhotnt.com

Copyright© 2012 Prestige Business Publications Ltd All information in this publication has been carefully collected and prepared, but it is still subject to change and correction. Use these contents for general guidance only and seek extra assistance from a professional adviser with regard to any specific matters. Copyright reserved. None of the contents in this publication can be reproduced or copied in any form without permission in writing from the publisher.

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Richard Lewis Chairman Prestige Business Publications Ltd

Keith Miller Chief Executive Officer Caribbean Business Publications

From the Publisher The last 50 years have seen incredible growth and development in Trinidad & Tobago. Sugar cane fields in Central Trinidad transformed into a world-recognised, world class petrochemical industrial estate and port. Land reclaimed from the sea to expand the capital city on which now stands landmark buildings such as the Eric Williams Financial Complex, Nicholas Towers and Hyatt Regency. Port of Spain itself sparkles with a host of attractive new buildings – from elegant embassies and imposing banking and international energy company head offices, to the eye-catching National Library and National Academy of the Performing Arts. In deep south, Atlantic LNG and the La Brea Industrial Estate have transformed Pt Fortin while bpTT and other oil companies have woken up sleepy Mayaro. In addition, some 17 industrial estates have grown up across the country – part of a diverse manufacturing and services sector that has put down deep roots, weathered the highs and lows of the cyclical local and international economy, and grown stronger. Across the length and breadth of T&T, at last count in 2010, more than 29,500 business establishments were operating in T&T – in buildings constructed by the largely locally owned and operated construction industry, serviced by local suppliers, digitally connected and supported by local ICT companies, and owned and run by Trinidadian managers and employees recruited from T&T’s highly educated, highly skilled local labour pool, which is fed and reinvigorated yearly by two excellent local universities, and an education system that provides free education from kindergarten to university and has given the country an enviable 98% literacy rate. T&T celebrates its 50th anniversary of Independence on August 31st 2012. The development of its business, financial and industrial sectors over the last five decades led Business Monitor International to describe the T&T economy as the “Caribbean standard-bearer” in a November 2011 report, while The Economist dubbed the country the “Caribbean Tiger” in a 2006 article. Attesting to its unique attraction, T&T also earned the accolade of “Favourite Cultural Destination in 2012” from European tourism organisations.

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Many of the articles in this edition of BT&T tell investors how T&T earned those titles (see our Checklist on Pg vi for a summary). The articles, together with statement from the Honourable Minister of Trade (Pg 1), also point to what T&T will do to retain those titles over the next 50 years. Our ports and public utilities have expansion and upgrade plans. Private-public sector partnerships are tackling infrastructural bottlenecks and brainstorming economic development strategy to take T&T forward into the next decade and beyond. New investment projects will continue to transform the landscape. New initiatives in agriculture promise to lift off export agriculture as well as provide greater food security. Other initiatives being planned for manufacturers aim to double exports, increase competitiveness and stimulate new investment. With the support of our advertisers, Business Trinidad & Tobago will continue to play our role of: - promoting T&T to the world - informing local and foreign investors about developments that enhance TCT’s business environment and - encouraging actions and policies that will facilitate investment. This is a great time to invest in Trinidad & Tobago. The period of accelerated sometimes too frantic pace of development has calmed, enabling both business and government to slow down, regroup, review and refocus. Now, with new strategic plans in place, new goals and a new sense of purpose – we see businesses committed and investing in T&T. We see the private and public sector working together and moving forward on a sustained path of business and economic development. We see 50 more years of great investment opportunities!

Richard Lewis

Keith Miller

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2012-2013 Calendar April 2012

June 2012

August 2012

. 1st Mar-31st Aug – Leatherback Turtle

. 1-9th – WeBeat Festival, St James . 7th – Corpus Christi . 11-13th – 2012 Energy Conference

. 1st – Emancipation Day . 8th - 12th – Santa Rosa Festival, Arima . 14-17th – Stephen Ames Cup, St.

Season

. 6th – Good Friday . 9th – Easter Monday . 21-29th – Tobago Jazz Experience www. tobagojazzexperience.com

May 2012 . 5-6th – Pt. Fortin Borough Day Celebrations

. 14-15th May - Caribbean Investment Forum (CIF), Hilton Hotel, www. investt.co.tt . 16-19th – Trade & Investment Convention (TIC) 2012 – Hyatt Regency Trinidad . 21-25th – The Energy Chamber’s Energy Services Trade Mission to Brazil. Contact: Priya Marajh – 6ENERGY (6363749) . 30th – Indian Arrival Day

Developing Resources for Sustainability http://www.spettconf.org/ . 11th-15th – British High Commission hosts Energy Trade Mission with NOF Energy UK. www. britishhighcommission.gov.tt/ trinidadandtobago . 17th – Pigeon Point Dragon Boat Regatta, Tobago . 19th – Labour Day . 23-26th – IPI Word Congress on Press Freedom, POS

July 2012 . 16-1st Aug – Tobago Heritage Festival . 22-29th – Tobago Underwater Carnival . 25-29th – Great Fete Weekend in Tobago

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Andrew’s Golf Club

. 19th – Eid-ul-Fitr . 25th – Great Race from Pier 1, Chaguaramas to Store Bay, Tobago

. 26th – GHL Independence Day Dragon Boat Regatta

. 31st – Independence Day

September 2012 . 24th – Republic Day . 27th – World Tourism Day . 25th - 30th – Tobago International Cycling Classic

. Trinidad & Tobago Film Festival (TBA)

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Photo: Maria Nunes

2012-2013 Calendar October 2012

December 2012

February 2013

. 6-7th – Orchid Festival . 7th – Chinese Bicentennial Ltd.

. 1st – International World National

. 2nd – Red Cross Kiddies Carnival . 8th – International Soca Monarch –

AIDS Day

Chinese Arrival Dragon Boat Regatta . 8th – AmCham Trade Mission to Florida . 21st – Blue Food Festival @ L’Anse Fourmi Bloody Bay Recreation Grounds . 24th – United Nations Day . 29-30th – Taste T&T International Culinary Festival . Parang Season Opens (TBA) . T&T Steelpan & Jazz Festival (TBA)

. 8th – St. Andrew’s Golf Club Men’s Hamper . 9th – St. Andrew’s Golf Club Ladies Hamper . 25th – Christmas Day . 26th – Boxing Day . 26th – 10th Annual Penta Paints Kite Flying Competition @ Plymouth Recreation Grounds

November 2012

January 2013

. 4th – Invaders Steel Orchestra 9th

. 1st – New Year’s Day . 28-30th – The Energy Chamber’s

Annual Pan, Parang and Pork at Queen’s Park Oval, 5 p.m.-11 p.m. (www.invaders-tt.com) . 13th – Divali . 24th – Hosay . Silver Stars “ Parang & Steel” Tragarete Road, Woodbrook, end Nov-Dec (TBA) . Annual Pan, Parang & Pork, Liz Nansoo, Invaders Steel Orchestra . Scarborough Cup Golf Tournament (TBA)

Energy Conference of T&T 2013, Hyatt Regency Trinidad, www.energy.tt

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Fantastic Friday

. 8th – Senior Queens Semi Finals/Jr King Finals

. 9th – Panorama Steelpan Finals . 9th – Junior Parade of the Bands, POS . 10th – Dimanche Gras - www.tucott.com . 11th – Jouvert . 11-12th – Carnival Monday & Tuesday Parade of the Bands (most offices closed)

. 13th – Ash Wednesday

March 2013 . 1st Mar-31st Aug – Leatherback Turtle Season

. 29th – Good Friday . 30th – Spiritual Baptist Liberation Day . 31st – Easter Sunday . 1st April – Easter Monday . TBA – To Be Announced . For Horse Racing: santarosapark.com . For the St. Andrews Golf Club visit: www.golftrinidad.com

. Dates in bold - Public Holidays

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Contents 1

Message from the Minister of Trade & Industry

50 Years of Independence - Natasha Ramnauth

Business Monitor International Analyses T&T Economy - Kay Baldeosingh-Arjune

Think Tanks Appointed to Achieve Greater Economic Diversification and Higher Exports

Testimonial - Scotiabank

invesTT –Navigating You Through the Business Eco-system - invesTT

Solving Infrastructural Bottlenecks Government Sets Up PPP Unit - Michael Derrick

T&T has a Strong, Progressive Legal and Regulatory Environment

- J.D. Sellier + Co; Bryan Khan

Intellectual Property Law in Trinidad and Tobago - J.D. Sellier + Co; Bryan Khan

New Fiscal Measures Favourable to MNCs and Oil Companies - Wade George

Trinidad & Tobago’s ICT IQ - Damian Narinesingh

Honorary Consuls Promoting Business Opportunities - Natasha Ramnauth

- Dr. Thackwray Driver; Chandricka Seeterram

Testimonial - Columbus Communications

TTMA’s Value Chain Development Project to Increase Industry Competitiveness

- Giselle Roberts

Outlook for Energy Sector 2012-2013

- American Chamber of Commerce of Trinidad & Tobago

T&T’s Deep Water Evolution - Keith R. Lewis

Investment Opportunities in Tourism

- Trinidad & Tobago Tourism Development Company Ltd

Why Choose Tobago - Dawn Glaisher

Testimonial - Arcos Dorados

Testimonial - Karl Pilstl of Blue Haven Hotel

Relocation: Becoming Trini - Desirée Seebaran

Waterfront Transformation Heralds Exciting Business and Investment Opportunities

Confident and Investing

Just Look for the Opportunity … You Will Find It - Kay Baldeosingh-Arjune

Useful Information

- Raphael John-Lall

Enhancing Financial Sector Regulation After Clico - Ewart Williams

T&T’s Banking Sector Weathers the Financial Storm - Kelly Bute-Seaton

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- - - - -

Ports and Public Utilities in T&T TTBizLink The Trinidad and Tobago Stock Exchange Economic Statistics Fast Facts Guide

- Contact Information

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Contents contâ&#x20AC;&#x2122;d

xii â&#x20AC;˘ Business Trinidad & Tobago

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Message from the Honourable Stephen Cadiz, Minister of Trade and Industry rinidad and Tobago continues to be the most advanced and dynamic country in the English-speaking Caribbean. Given our strategic location, stable political system, competitive energy prices, highly skilled workforce and attractive incentives, we have emerged on the international scene as a preferred location for business and investment. This was exemplified in the most recent mission to India in which five Memoranda of Understanding were signed with companies in the areas of ICT, Recycling and Waste Management, Engineering and Manufacturing. More than 50 business to business meetings were also facilitated and an estimated investment of over US$200 million is expected to be received. Furthermore, during our various other trade and investment missions, we have noted a greater level of interest by foreign companies in investing in Trinidad and Tobago. The Government of the Republic of Trinidad and Tobago recognises the need to maintain a level of investment and business activity that will enable the country to continue on its development path towards economic sustainability. It is against this background that the Government has positioned itself as a facilitator of business, and the creator of opportunities for the business sector. We are seeking to create an environment for existing and new businesses, investors and entrepreneurs that is responsive, friendly and less bureaucratic. It is with this in mind that the Government is bringing on stream a Single Electronic Window (SEW), branded TTBizLink. TTBizLink is an ICT-platform that will revolutionise the way business and trade is conducted. Companies or individuals, who wish to import/export goods, apply for permits, licences, or any other trade-related activity can simply submit a single e-document online at the website. The document is then routed to the various government agencies responsible for approvals. The need for multiple forms and repeated trips to several different agencies will therefore become obsolete as transactions are conducted online, simultaneously and smoothly. Application forms are available and can be accessed 24/7. With the proclamation of the Electronic Transaction and Data Protection Acts in January 2012 the following services are

1 • Business Trinidad & Tobago

currently available: • Fiscal Incentives • Import Duty Concessions • Certificate of Origin • Plant Import Permit (MFPLMA- Plant Quarantine Services) and Animal Import Permits (MFPLMA - Animal Production and Health Division) The following modules will also be launched later this year: • Company registration • Work permit applications • Licences (TLU): Import Licences, Export Licences, Duty Relief Licences, Safeguard Certificates, Suspension Certificates and Offshore Licences. In keeping with our drive to create an investor friendly environment, it should be noted that Trinidad and Tobago has improved its ranking in the World Bank International Financial Corporation’s Doing Business 2012 Report. The report highlighted the positive change in our ranking for overall “Ease of Doing Business” from 76 to 68 out of 183 economies. While we are pleased with this improvement, we recognise that there is still much work to be done. The Government is therefore committed to addressing the inefficiencies that exist and TTBizLink is leading the way. The Government also appreciates that we must expand our country’s capability to attract and facilitate investment. As such, we have adopted a multifaceted approach, which includes: the implementation of several policies and strategies aimed at creating a hospitable and transparent environment for investors, the pursuit of targeted trade and investment missions through a strong partnership with the private sector, and the transformation of the regulatory framework. The relevant policies and strategies that are currently being finalised at the national level include an Investment Policy, an Industrial Policy and a National Services Strategy. The aim is to create an environment that protects the interest of investors, while also securing the interest of Trinidad and Tobago. We anticipate that the initiatives outlined will stimulate the creation of a healthy and competitive business environment and facilitate both domestic and foreign investment. Trinidad and Tobago is, therefore, well on its way to making its mark globally.

Choose Trinidad and Tobago Natasha Ramnauth

50 Years of Independence t midnight on August 30th, 1962, the Union Jack of Great Britain was lowered from its flagpole and, in its place, the Trinidad and Tobago flag proudly flew. Later that day, Dr. Eric Williams spoke to the people about their new nation: “It is a great honour to me to address this morning the citizens of the Independent Nation of Trinidad and Tobago as their first Prime Minister. Your National Flag has been hoisted to the strains of your National Anthem, against the background of your National Coat of Arms, and amidst the beauty of your National Flower.” This year, 2012, marks the 50th anniversary of our independence. Prime Minister Kamla Persad-Bissessar, in launching Golden Jubilee celebrations on April 2nd at a gala event at Queen’s Hall, said, “As we celebrate, therefore, we do so with confidence and renewed hope in the future…….With the foundation we have, and the dedication of all our citizens and renewed focus by all our people, our nation now stands ready to lead by example.” As part of the celebrations, there was a competition sponsored by the Ministry of Planning and the Economy and the Ministry of Tourism to design a logo that visually reflected the nation’s journey. The winning logo will be used for all official events, projects, programs and promotions that celebrate the 50th anniversary. The competition ran for four weeks and was open to all citizens of T&T both here and abroad. A panel of art experts adjudicated and compiled a shortlist of four designs. Independent design professional Debbie Boos’ graphic featuring Moko Jumbies emerged as the winner. Ms. Boos has previously won several competitions to design commemorative stamps, including stamps for the 75th Anniversary of the World Scout Movement. When asked why she chose Moko Jumbies, Ms Boos said that when she read the advertisement for the competition, she was inspired by her longstanding fascination with the art form. “When thinking about visually representing the nation’s history and beyond, I immediately thought of the Moko Jumbies and their soaring heights,” she explained.

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My design visually reflects the nation’s journey in the Moko Jumbies whose increasing heights represent growth and progress over 50 years of independence. The Moko Jumbies represent the Trinity hills as well as being an integral part of the culture of the people. Their stilts represent cane-cutting implements used in the sugar cane industry when sugar was King, and the heads represent the lucrative oil industry in the age of advanced technology. The ribbons represent the continued, upward movement towards the nation’s positive future. The red, white and black colours represent the colours of the Trinidad and Tobago flag.

Choose Trinidad and Tobago Kay Baldeosingh-Arjune Editor of Business T&T

Business Monitor International Analyses T&T Economy Business Monitor International projects real growth of 3.8% in 2012 and 4% in 2013. For the period 2012-2015, it forecasts low unemployment levels (avg 5%), inflation low and under control, healthy import cover and a stable exchange rate with minimal risk of devaluation. It sees T&T remaining one of the most attractive business environments and an industrial leader in the region but identifies key challenges constraining growth prospects as: unclear economic policy, expected weak growth in the nonenergy sector, overdependence on energy sector, crime, recouping losses from sale of Clico, and need for more investment in infrastructure. In this article, we highlight BMI’s positive findings and summarise some of the challenges identified for the T&T economy.

usiness Monitor International (BMI) says T&T’s inflationary woes are over and forecasts low, stable levels of unemployment and inflation, a stable exchange rate and continuing healthy import cover to the year 2015. 4 • Business Trinidad & Tobago

While it sees the T&T economy remaining sluggish in 2012/13 and over the longer term, nevertheless it said: “We believe the economy will remain the Caribbean standard-bearer over the next decade.” Both its short-term and long-term economic risk analysis of 11 countries in the region ranks T&T at number one or having the lowest economic risk. In addition, in a comparison of 18 countries in the region, including Chile, Colombia and Brazil, BMI rated T&T’s Market Orientation as 2nd only to Chile. Market orientation speaks to foreign policy, foreign trade regime and tax regime. The Business Forecast Report - Trinidad and Tobago, Q1V, 2011 containing these comments provides an extensive analysis of the T&T economy and country risk profile, highlighting economic and business strengths, weaknesses, opportunities and threats. BMI has also predicted that the Trinidad and Tobago economy will show real growth of 3.8-4% for the 2012/2013 period and an average annual growth of 3.6 percent over 2011-2020.

Business Environment With an open economy, and being one of the most industrialised countries in the Caribbean, “Trinidad and Tobago (T&T) still offers one of the most attractive business environments in the Caribbean,” says BMI. “Trinidad & Tobago’s business environment has several structural advantages, including a well-educated labour force, good transport and communications links, a strong legal system and a soundly regulated financial system,” it said. It also noted that a 2005 tax reform simplified the corporate and personal tax regime in order to improve its efficiency, and that the reform reduced the overall tax burden on the non-energy sector and established a clearer fiscal framework for the energy sector. Another advantage, it said, was the creation of the Caribbean Community Single Market and Economy (CSME), which came into operation on January 1st 2006, allowing the free flow of labour, goods, technology and capital among participating member states, removing long-standing legal and bureaucratic restrictions, and allowing member states to negotiate as a single entity in multilateral trade negotiations. The development of the following announced transportation projects “would be a boost to the nation’s business environment and could prompt us to revise our business environment rating upwards,” BMI said:

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- construction of a new airport in central Trinidad - creation of the regional fast ferry service - improvement of the Public Transport Service Corporation to create an efficient, reliable and affordable public transport network.

Foreign Investment Policy “There are no longer any restrictions on repatriation of capital, profits, dividends, interest, distributions or gains on investment. This is reflected in an impressive showing in the ‘market orientation’ component of our business environment ratings, in which T&T ranks 43rd out of the 167 rated states,” BMI stated. It identified the key remaining obstacles to foreign investment as: - still-burdensome red tape - a lack of transparency in the investment approval process particularly a perceived lack of authority for final investment approvals between the various ministries and agencies that may be involved in a project, particularly with regard to environmental impact assessment approvals, and - public perception of corruption both in public officials and in the police force.

Strengths & Opportunities Democratic stability is well-entrenched, with free and fair elections every five years and routine orderly changes of government. The main parties and coalitions are committed to the rule of law, State reform, regional political and economic integration as well as free market economic policies, BMI said. The natural gas sector and its associated industries, particularly downstream activities, should continue to offer lucrative investment opportunities over the next few years, it noted.

Economic Outlook BMI remain sceptical of the government’s ability to stimulate economic activity in the non-energy sector, expects greater expenditure commitments to drag the fiscal accounts into the red in the medium-term, and notes that the shale gas boom in the US remains a major long-term risk to Trinidad & Tobago’s key energy sector. According to BMI: “It is becoming ever more difficult to identify the non-energy sectors which are likely to support growth in the medium-to long-term. In our view, the government’s plans to revive agriculture, construction and distribution in 2011 BMI Macroeconomic Forecasts – Trinidad & Tobago Real GDP growth GDP/capita US$ Inflation avg Import Cover (months) Exch rate Unemployment % of labour force eop

2011 2.3

2012 3.8

2013 4.0

2014 3.9

2015 3.9

22,069 2.0

23,405 4.0

25,104 4.5

27,070 29,218 4.5 4.8

13.7 6.35

11.9 6.38

10.1 6.43

9.0 6.45

8.2 6.47

5.5

4.8

5.0

5.4

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are weak, and since the three comprise 40% of the non-energy economy, according to government estimates, this does not bode well for growth.” It forecasts growth in foreign reserves to moderate by end-2012 but notes that “our forecast still represents a healthy 11.9 months of import cover, and we see little risk to T&T’s foreign currency reserves as the nation’s energy sector exports continue to provide a steady source of foreign currency.

The Way Forward To ensure sustainable economic growth over the longer term, BMI said T&T needed:- further investment in infrastructure - which is currently in need of modernisation - a successful security drive - to reduce crime rates, which continue to tarnish T&T’s investment appeal - development of stronger economic ties with Latin American neighbours - progress on structural efforts to support the growth of the private sector - additional support for small and medium-sized enterprises in the non-energy sector. Business Monitor International is a wholly independent company, founded in 1984 and headquartered at Blackfriars, London, with foreign offices in Singapore and New York. BMI’s corporate mission is to become the world’s No.1 Independent Information Provider in its field (Country Risk & Industry Research). The company covers the following industries in the Caribbean: Food and Drink, Insurance, Oil and Gas, Telecommunications, and Tourism. It also covers a total of 23 industries globally: • Agribusiness • Autos • Commercial Banking • Consumer Electronics • Defence & Security • Food & Drink • Freight Transport • Information Technology • Infrastructure • Insurance • Metals • Mining • Oil & Gas • Petrochemicals • Pharmaceuticals & • Power Healthcare • Real Estate • Retail • Shipping • Telecoms • Tourism • Water For any enquiries, question or proposals on any country/ industry please contact: Bertrand Ewonkem Business Development Manager UK, Canada, Turkey, Caribbean, Germany Country Risk - Capital Markets - Industry Analysis Business Monitor International T: +44 (0)207 246 5114 M: +44 (0)7545 412 636 http://www.businessmonitor.com

Photo: Edison Boodoosingh

Choose Trinidad and Tobago Dr. Thackwray Driver EDB Chairman (right) Chandricka ‘Chanka’ Seeterram CCI Chairman (far right)

Think Tanks Appointed to Achieve Greater Economic Diversification and Higher Exports To accelerate growth, especially in the non-energy sector, two new public/ private sector advisory bodies are looking at alternative energy, economic diversification, doubling exports, improving T&T’s competitiveness ranking by 20 points, and getting existing competitive companies to make new investments.

he Economic Development Board (EDB) and the Council for Competitiveness and Innovation (CCI) were established in 2011 by the Government of Trinidad and Tobago to develop and implement comprehensive strategies to accelerate sustainable economic growth and prosperity for the nation. 7 • Business Trinidad & Tobago

Both Boards work under the direction of the Minister of Planning and the Economy and report to the Ministerial Council for the Economy, chaired by Prime Minister Kamla PersadBissessar. The role of the EDB is to “reshape our strategies for economic development by facilitating diversification and achieving a diversified economy within the framework of sustainable development.” The role of the CCI is to “take action to make our firms more competitive, expand exports and improve our competitiveness ranking in the world.” The roles of the EDB and CCI will naturally have some areas of commonality given the nature of their mandates. While the EDB is tasked with issues regarding the overall objective of economic development and the CCI with issues of business competitiveness, there will not only be the necessity for collaboration between the two bodies, but they will have instances of mutually reinforcing roles and activities. In practice, both Boards work closely together. Both the EDB and CCI are guided by seven pillars for sustainable development as initially expressed in the Manifesto of the People’s Partnership and further articulated in the Medium Term Policy Framework 2011-2014. These pillars are: (i) People Centred Development (ii) Poverty Eradication and Social Justice (iii) National and Personal Security (iv) Information and Communication Technologies (v) A more Diversified, Knowledge Intensive Economy (vi) Good Governance and (vii) Foreign Policy.

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Photo: Sarah Carter

The Economic Development Board The Board is chaired by Dr. Thackwray Driver – CEO of the Energy Chamber, and has the following membership: Mr. Ian De Souza – General Manager, Corporate Investment Banking, Republic Bank Ltd Mrs. Gail Sooknarine-Ragoo – Operations Manager, Venture Credit Union Co-operative Society Ltd Dr. Patrick Watson – Director, Sir Arthur Lewis Institute of Social and Economic Studies, University of the West Indies, St Augustine Campus Mr. Kazim Boodoo – Executive Director, Lifetime Roofing Ltd Mr. Bruce Mackenzie – Executive Director, Caribbean and South America, ASCO Trinidad Ltd Mr. Aiyegoro Ome – Foundation member of the National Joint Action Committee and CEO, Nigeria/Trinidad and Tobago Chamber of Commerce Mr. Peter Mitchell – Senior Planning Officer- Ministry of Planning and the Economy Mr. Maurice Suite – Permanent Secretary – Ministry of Finance Over the medium term, 2011-2014, the EDB will be focusing on: • Exploring and pursuing selected initiatives in alternative energy • Identifying the technologies and sectors in our national economy that Trinidad and Tobago could exploit over the next 15 to 20 years, in the creation of a sustainable economy • Developing new socio-economic spaces in five regions of

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• • •

Trinidad and Tobago – East Port of Spain, Central Trinidad, South West Peninsular, North Coast and the North East Coast of Tobago Consulting with stakeholders and the wider society on key decisions in the development agenda in consort with the Civil Society Board (CSB) Supporting the Ministry of Planning and the Economy in developing a National Innovation Policy Collaborating with the CCI to improve global competitiveness and support an investment strategy for diversiﬁcation.

The Council for Competitiveness and Innovation The Council is chaired by Mr. Chandricka ‘Chanka’ Seeterram – Managing Partner, Chanka Seeterram & Company, with the following membership: Mr. Richard Lewis – Director/General Manager, Label House Group Ltd Ms. Catherine Kumar – CEO, Trinidad and Tobago Chamber of Industry and Commerce Mr. Richard Escalante – Instructor, UWI, St Augustine Mr. Hayden Charles – Finance Director, Solo Beverages Ltd; Director, Accra Beach Hotel, Barbados Mr. Francis Lewis – Consultant, RES Consulting Ltd Ms. Karen de Montbrun – Director, Marc One Marine Supplies Ltd; Director, Business Development Company

Choose Trinidad and Tobago Dr. Rikhi Permanand

Over the medium term, 2011-2014, the CCI will be focusing on: • Interfacing with private sector industry to explore opportunities to expand and deepen the existing production base • Developing the policy framework to drive innovation through the development of a National Innovation System • Administering the Innovation Financing Facility • Collaborating with the EDB to improve global competitiveness and support an investment strategy for diversification. In addition, the CCI has been asked to focus on four deliverables by the end of its two-year term: • Expansion of exports • Dramatic improvement of the country’s ranking in competitiveness • New investments by existing competitive companies to sustain their competitiveness or develop new ventures • Raising of awareness with regard to competitiveness by mounting a national event on Competitiveness in 2012. Some examples of current activities that the EDB and CCI are working on are: • Consultations with civil society with respect to the establishment of a Civil Society Board • Arrangements to administer an Innovation Financing Facility • Event planning to raise awareness of national competitiveness and innovation • Engaging in discussions with several private sector investors on projects such as plastics, bitumen and steel, to ensure that they maximise their economic impact, contribute to local and national economic development and further the country’s goals of economic diversification.

CCI’s Challenge Confronted with challenging targets over the next two years, interim executive director Dr Rikhi Permanand elaborates on how the Council for Competitiveness and Innovation (CCI) will achieve them. Goal 1: Expand exports Target: Double exports by 2014 from 2011 level Strategy: a) Identify primary obstacles and constraints to exports and export competitiveness. Specific initiatives will be reviewing existing reports and undertaking stakeholder consultations with major exporters, the Ministry of Trade and Industry, Port Authority, and Customs and Excise. This will result in a proposed prioritised list of actions. b) Going beyond this, we plan to develop an export competitiveness index to make quarterly measurements on the implementation of the agreed actions. c) Propose recommendations to increase exports of a number of exporting companies, ranging from large to small, by examining their total performance (sales, types of products sold, markets, etc.) using the export competitiveness index. Trend analysis will be undertaken to identify alternative or supplementary goods, services or markets. d) We will also be analysing and making recommendations for developing Piarco as an air transport hub, particularly to South America. Goal 2: Dramatic Improvement of country’s competitiveness ranking. Target: Improve our position in the Global Competitiveness Index by 20 points by 2014 Strategy: a) We will be sensitising and providing a help-line to the business community, through the various chambers of commerce and TTMA, on the importance and accuracy of filling out the World Economic Forum’s Global Competitiveness questionnaire. b) Undertake an indepth analysis of the results of the 2011 questionnaire to identify areas of weaknesses or bottlenecks, which will be prioritised and then discussed with stakeholders to develop an action plan for implementation. Goal 3: New Investments by existing competitive companies to sustain their competitiveness or develop new ventures Strategy: a) Identify existing government projects and programmes addressing the issues of competitiveness, innovation and export expansion and the businesses that use them, to get an understanding of their experiences and results. b) From this, determine whether these programmes and projects are appropriate for their intended target business and, therefore, make recommendations to improve, stop or propose alternatives. The expansion of exports, as discussed in Goal 1 above will also play an important role in meeting this objective. c) We will also be launching the Innovation Financing Facility to assist smaller companies, in particular, in developing new business ideas and opportunities.

9 • Business Trinidad & Tobago

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Testimonial

Columbus Communications olumbus Communications is a diversified information communications technology company focused on providing both retail and business customers with video services‚ broadband access‚ digital telephone solutions and infrastructural services. The company entered the Trinidad market in June 2005 with the acquisition of Trinidad and Tobago Transcable Company Ltd (‘CCTT’). It operates under its residential brand, ‘Flow,’ and its commercial brand, ‘Columbus Business Solutions.’ Hailing from Ireland, Brian Collins, Managing Director Columbus Communications (Trinidad) Ltd, has been living in Trinidad since 2010, and has this to say:“Trinidad was a strategic investment opportunity for our market expansion given its level of development, economic growth and strong human capital. These are the key factors that drove the decision to invest a billion dollars to expand our infrastructure here, making our services accessible to 90% of the Trinidadian market. We have a strong commitment to Trinidad and developing its ICT landscape. The Trinidadian customer is a sophisticated customer and we have responded to that by expanding our fibre network to enable speeds of 5 Mbps to 100Mbps to the home and

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making real broadband a reality for our residential customers. Our expansion here has enabled us to make ICT services available to enterprise business customers, as well as thousands of SME business customers who need access to technology and communications to transform their businesses. The key success drivers of the business are our people and our ethos of constant evolution that drives us to consistently create products that simply become integral to our customers’ lives. It is also our understanding that we play a tremendous role in connecting people with each other and the things that mean most to them. I have found that Trinidad has a distinctly unique energy to it. Trinidadians’ warm vibrancy and joie de vivre coupled with their creativity and talent make Trinidad a great place to live. This is always reflected in their hospitality, the way they express themselves, the culture, music and the diverse gastronomic experiences available here.”

Choose Trinidad and Tobago Giselle Roberts Project Co-ordinator

TTMA’s Value Chain Development Project to Increase Industry Competitiveness Some 100 SMEs in the Food, Beverage, Printing, Packaging and Plastics sectors could directly benefit from a $5 million project that will systematically create greater value and synergies along the production chain, removing bottlenecks, reducing costs and creating a new industry structure that will provide the platform for more competitive and sustainable businesses. Once this pilot project is successful, the TTMA will seek to help other promising sectors to implement the value chain model.

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he Trinidad and Tobago (T&T) economy presents the Caribbean region’s most dynamic market with the greatest opportunity for sustainable development and economic dynamism. A country of innovation and progress, Trinidad and Tobago’s Food and Beverage (F&B) sector heralds the diversification of our energy– based economy as it demonstrates scope for value chain management, sustainable development, self-sufficiency and the fostering of an entrepreneurial society. The Printing, Packaging and Plastics (PPP) sector offers great opportunity for synergies between the two sectors and recent growth patterns have suggested that it is one of the manufacturing sector’s more aggressive sub-sectors.

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Major Sub-Sectors in the Manufacturing Sector 2009 -2011 (TT$ Millions)

4500 4000 3500 3000 2500 2000 1500 1000 500 0 Food, Beverage & Tobacco

Textile, Garments and Footwear

Printing, Publishing

W00d and Related Products

Chemical and Non-Metallic

Assembly Type and Related

Miscellaneous Manufacturing

Source – Ministry of Finance Review of the Economy 2011 *Figures are recorded as at March 2011

The VCD Project The Trinidad and Tobago Manufacturers’ Association (TTMA), in conjunction with the Multilateral Investment Fund of the Inter-American Development Bank, will finance a Value Chain Development (VCD) project to the sum of US$811,000. Launched in October 2011, over the next three years the VCD project will seek to increase the competitiveness of small and medium-sized enterprises (SMEs) while expanding their market opportunities and contributing to T&T’s sustainable development. The specific objective of the project is to develop strategic clusters that include SMEs in the plastic, packaging and printing (PPP) and food and beverage (FB) sectors. The direct beneficiaries of this project will be 50 SMEs per targeted sector to participate in the value chains of the key clusters.

F&B Sector: Potential for sustainable growth The F&B sector is T&T’s largest manufacturing subsector with estimated growth of 3.4% in 2011. The sector accounts for almost half of all manufacturing output. The F&B sector offers extensive opportunities for integration through both forward and backward linkages. NEXT Corporation estimates that the agro-based sector could develop at least US$250 million in new business built around modern agritech and biotech models with a strong health and wellness focus; suggesting that a more dynamic and visionary approach and outlook to the food and beverage sector could launch the sector to new heights in the global marketplace. Other potential opportunities for the sector may originate as a direct result of increased agricultural production and the resulting lower prices on the local market. Many manufacturers have been forced to import their raw materials due to the poor attention given to agriculture within recent years. Increased agricultural production would ensure that all manufacturers are well supplied and decrease the country’s high importation bill. Additionally, the TTMA is certain that the excess supply of

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agricultural goods would encourage new product innovations. The Trinidad and Tobago Agri-Business Association (TTABA) launched TTABA Cassava Fries and TTABA Sweet Potato Fries in 2008. Formed in 2006, TTABA’s work has been promoting the sustainable development of the F&B processing industry by generating support for farmers and research for new products and niche marketing. TTABA trains farmers in methods to improve the quality and variety of crops required for their distribution projects as well as in business management skills. We believe that such product innovations and process innovations will become more consistent through the work of the VCD project. Major challenges facing the F&B sector are:- outdated food legislation, inadequate local supplies, competition from imported products, poor border control agencies, a changing market environment, high cost of production, transport/ distribution issues, labour, food safety/quality, and economies of scale.

PPP Sector: Determined to prosper The PPP sector has a strong foundation and is a good example of a current raw materials exporter with the potential to upgrade. There are approximately 270 firms in the sector with between 3,000 – 4,000 employees. The mainstay of the industry base comprises Micro, Small and Medium Sized Enterprises (MSMEs) with a small number of Large Enterprises. Boasting a sound production base with a wide product range spanning a diversity of equipment, processes and technologies, the PPP sector already offers examples of clustering and successful returns to all partners. Industry experts have expressed a need to raise industry standards by increasing R&D expenditures and innovation, especially with respect to production processes. They identify the way forward in this industry as:- reverse economies of scale - mainly quick and flexible runs, packaging for tropical climates with longer shelf-

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T&T’s agro-based sector could develop at least US$250 million in new business built around modern agritech and biotech models, according to NEXT Corporation. life, and packaging for indigenous goods. The PPP sector has begun exploring highly sophisticated downstream opportunities in the petrochemical and high-end plastic melding (combining components) segments. This has begun with the government’s investment in melamine projects and the development of melamine downstream in dinnerware, moulding compounds and adhesives. The business plans are completed and investors are presently being sought. TTMA notes that some strengths of the PPP sector are highly competitive energy costs and the willingness of the key players to adapt, as reflected in improving standards and systems in the larger enterprises. Some key challenges facing the sector include high equipment costs, limited pool of labour, economies of scale, unpredictable raw material prices and availability, limited R&D, and a lack of trust among players.

The Power of Value Chain and Cluster Development Value chains are mechanisms that allow producers, processors, buyers, sellers, and consumers to gradually add value to products and services as they pass from one link in the chain to the next. It was this notion of value adding activities, in conjunction with the development and maintenance of competitive advantages for our member firms, that motivated the TTMA to develop a project that would directly speak to the Value Chain/ Cluster Development concept of Michael Porter. Concepts such as supply chain management, enterprise development, logistics, cluster development, market chains or global commodity chains are all related to the value chain concept. With the Value Chain concept, Porter demonstrated that the profitability of a firm depended on how effectively it managed the various activities that created the value added. Only if those activities were performed in a manner that enabled the firm to generate a sufficient margin between the overall costs of the activities and the price the consumer was willing to pay, would the firm be profitable. The value added in each of the activities and overall determines how competitive the company is and whether it will maintain its competitive advantages in the future. According to TTMA Chief Executive Officer Natasha Mustapha-Scott: “The reality of any business and industry is that there is always scope for development and the potential

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for growth. TTMA regards the two sectors targeted as the best opportunities for successful clustering in T&T’s non-energy sector today. The TTMA accepts the challenge with conviction and sheer determination as we believe the VCD project will ensure that a clustered approach will allow the gaps to be plugged and growth to be sustained in both sectors.”

VCD Project 2012 Timeline March 2012 to April 2012 Roundtable business meetings with manufacturing companies in the F&B and PPP sectors Baseline Study of the two targeted sectors Diagnostic Study of the two targeted sectors April 2012 to May 2012 Value Chain Analysis Creation of Value Chain Maps Cluster Development Strategy June 2012 to August 2012 Selection of Anchor firms Selection of SMEs August 2012 to October 2012 Selection of consultants to execute the SME interventions Commencement of SME interventions

SME Interventions Interventions with individual SMEs are likely to focus on: • Supply Chain Management - the management and control of all materials and information in the logistics process from acquisition of raw materials to delivery to the end user • Labour – the implementation of appropriate health, safety and environment (HSE) programmes in the participating SMEs • Quality Standard – the implementation of international standards and codes • The Environment – the introduction of technologies and processes that are aimed at reducing waste and pollution • Information Communication Technology – leveraging ICT to improve/strengthen real time communication and coordination along the value map. For more info on the VCD project kindly visit the website www.ttmaclusters.com or contact Ms Giselle Roberts at info@ttmaclusters.com

Photo: Marc Aberdeen

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Outlook for Energy Sector 2012-2013 The sustainability of the oil and natural gas industry is being impacted by declining production and reserves respectively. AmCham says the Government needs to move swiftly and decisively to ensure that the appropriate mitigating actions are implemented. The global reality is that, daily, more and more oil and gas discoveries are being made in locations which, a decade ago, would have been deemed to be highly unlikely. These new locations pose real threats for the flow of investment dollars that could be destined for Trinidad and Tobago’s Energy Sector. There is literally no time for tarrying given the global competitive forces.

any eminent Trinidad and Tobago economists have written extensively about the ‘Resource Curse’ and the need to diversify the economy given the finite nature of the oil and gas resource. Notwithstanding this reality and the urgency for economic diversification, the Energy Sector is expected to remain the engine of the economy for at least another decade. This article is intended to provide information on the current state of the Energy Sector, the challenges facing the sector and actions that are being taken to meet those challenges. Current State The importance and continuing contribution of the Energy Sector to the economy of Trinidad and Tobago is easily demonstrated. According to the Central Bank’s Economic Bulletin – January 2012, Energy Revenue was $46.97 billion for the period October 2010-September 2011, accounting for 57.5% of government’s total fiscal revenues. This compares to non-energy revenue of $19.66 billion for the same period, representing 41.86% of total fiscal revenue. The Energy Sector’s share of real GDP has been similarly significant, ranging from

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Tables 1 and 2 provide information on the reserves status with respect to both oil and gas. Table 1 Oil Reserves Selected Years (MMBO *) 1995 551 381 2300

Proved Probable Possible

2000 716 460 1924

2004 756 358 1644

2006 605 321 1560

Source: Ministry of Energy and Energy Affairs of Trinidad and Tobago * MMBO- Million Barrels of Oil

Table 2 – Gas Reserves (TCF*) Proved Probable Possible

2001 20,348 8,117 5,857

Source: Ryder Scott – Aug 2011

2002 20,758 8,280 6,062

2003 18,809 8,627 5,890

2004 18,775 9,029 7,066

2006 17,052 7,760 6,225

2007 16,997 7,883 5,888

2008 15,374 8,451 6,286

2009 14,416 7,837 5,893

2010 13,460 7,642 5,995

* TCF – Trillion cubic Feet

47% in 2006 to an estimated 35.7% in 2010. Looking at the data, one easily concludes that diversifying the economy beyond the dependence on the hydrocarbon sector is a mammoth task that could take decades to accomplish. Daily oil production statistics for the period 2004 to 2011 from the Ministry of Energy and Energy Affairs reveal a significant decline from an annualised daily average high of 148,213 bpd down to 91,919 bpd in 2011. This decline is a cause for concern and is the key reason why Government Minister Kevin Ramnarine, in his first public speech as Minister of Energy on July 29th 2011, announced that his number one priority would be to reverse this trend and take necessary measures, including the provision of fiscal incentives, to restore oil production. His stated target is to achieve a base case production of 120,000 bpd by 2014, assuming a decline rate of 6%. With respect to natural gas, the current national consumption rate is close to 1.5 TCF/year. This includes natural gas for the export market in the form of LNG and the domestic market. From a review of the 2010 Ryder Scott report, summarised in Table 2, the reserves are being consumed at a higher rate than they are being discovered. The reserve to production ratio as at 2010, using proved reserves, is 8.9 years. The key concern is that exploration activity is not at the level it needs to be at to reverse the declining trend, particularly given that the discovery to production process can take from 5-7 years. What is clear is that the sustainability of the oil and natural gas industry is being impacted by declining production and reserves respectively. Can this situation be easily turned around and, if so, what are the necessary steps to do so? This question requires a closer look at the challenges facing the industry.

Challenges The oil and gas industry is characterised by high risk of discovery and commercial development and the activity level in this industry is spurred on by the prospect of high economic returns. The industry is very capital intensive with large amounts of capital required during the exploration, appraisal and development phases. Exploration and production costs over the last decade have increased significantly, driven not only by the greater technical challenges of drilling to deeper horizons but also by the tremendous amount of exploration

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and production activity that is occurring globally and which is drawing on limited resources. Arising out of this situation, a key driver for incentivising exploration and production activity would be fiscal incentives and natural gas and oil prices. With oil prices currently hovering at over US$100 West Texas Intermediate (WTI), and with global prices expected to be sustained at this level over the next 5-10 years, there is clearly an incentive to explore for oil. Natural gas prices vary based on geographic location. With the development of the LNG technology, markets and the proliferation of LNG shipping opportunities for higher gas pricing have incentivised exploration and production, particularly in deeper water horizons. From a producer’s perspective in Trinidad and Tobago, the netback value of natural gas sold to the LNG market is higher than that derived from the sale to the downstream petrochemicals (ammonia and methanol), steel and power markets. The prized markets over the last decade for LNG were the US and Western Europe. Within the last few years, the US LNG market structure has changed due to an increase in gas production arising from the exploitation of vast reserves of shale gas. This has resulted in price decline and forecasting agencies are expecting prices to remain close to US$5 MMBTU for the next 5-10 years. However, LNG prices in the Far East markets have remained more closely tied to oil prices with term contract prices in the range of US$8 – U$12 MMBTU. In the case of oil production, the main challenges to spur on more activity in Trinidad and Tobago over the short to medium term are: 1. A large percentage of the oil reserves acreage is held by Petrotrin with small local and international companies holding the remainder of the acreage. Petrotrin has budgeted to expend US$1.3 billion over the period from 2011 to 2014 on exploration and production activity. The challenge is whether Petrotrin can execute the work plans and buck the trend of falling short on delivery. Compounding factors that could impair Petrotrin’s delivery are a heavy debt burden and a trade union that is against further lease out or farmout of existing Petrotrin acreage. 2. Challenges faced by local and small international firms in navigating through the maze of regulatory approvals.

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3. A strong environmental lobby which could impair the development of a bitumen upgrader project that is at the Memorandum of Understanding (MOU) stage between Reliance of India and the National Gas Company (NGC) and the National Energy Corporation (NEC). 4. Failure to continue to provide, where necessary, fiscal incentives to spur on more activity particularly in marginal fields and for enhanced oil recovery. In the case of natural gas, the main challenges to spur on more exploration and production activity over the short to medium term are: 1. Failure to continue to provide, where necessary, more fiscal incentives. The outcome of the 2010 shallow water bid round was relatively successful with five bid awards on the seven blocks that were bid. The outcome of the 2010 deep water bid round was noticeably less successful with three awards from 11 blocks that were bid. In the 2012 bid round, which closes in late July , there are 35 deep water blocks offered for bid. The outcome will determine whether Trinidad and Tobago’s offering is seen as attractive. 2. Failure to address the uncertainty with respect to natural gas pricing. Exploration and production companies will be expecting natural gas pricing that is comparable to LNG net back pricing, which has been higher than prices received from downstream chemical processing (ammonia and methanol) plants and metals production facilities. It is likely that a tweaking of the very successful Point Lisas Model will be required to deal with the new reality of higher gas prices. In 2011, there were challenges in getting agreement on the natural gas volume and price for the new US$1.9 billion ammonia, urea and melamine facility, which is now likely to officially have the green light to start project implementation by the 1st quarter of 2012. The feasibility of announced downstream projects that are at the MOU stage will be very sensitive to the natural gas contract supply term and price. These projects are: Saudi Basic Industries Corporation’s (SABIC) US$5billion investment in methanol to olefins and petrochemicals and a US$670 million investment in a direct reduced iron facility.

Way Forward It is clear that the mitigating actions to address the identified challenges can be substantially effected through Government actions. The global reality is that, daily, more and more oil and gas discoveries are being made in locations which, a decade ago, would have been deemed to be highly unlikely. These new locations pose real threats for the flow of investment dollars that could be destined for Trinidad and Tobago’s Energy Sector. There is literally no time for tarrying given the global competitive forces. The Government needs to move swiftly and decisively to ensure that the appropriate mitigating actions are implemented. Failure to do so could have very dire consequences for the Energy Sector’s sustainability.

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With oil prices currently hovering at over US$100 West Texas Intermediate (WTI), and with global prices expected to be sustained at this level over the next 5-10 years, there is clearly an incentive to explore for oil.

Choose Trinidad and Tobago Keith R. Lewis ROV Supervisor/Manager Offshore Technology Solutions Ltd.

T&T’s Deep Water Evolution The advent of deep water exploration and production in T&T will greatly increase the demand for capable ROV systems that must be operated by competent ROV personnel. T&T has both! rinidad and Tobago, the Caribbean’s oil and gas industry giant, is now poised to break through into a new era of deep water exploration for hydrocarbons. Triggered by the government’s offering of several deep water blocks and confirmed by BPTT securing leases on Blocks 23(A) and TTDAA 14 in water depths in excess of 2,000 meters (6,000 feet), traditional Oil and Gas exploration and production in Trinidad and Tobago will soon be changed dramatically. Historically, T&T’s offshore exploration and production has been limited to a maximum water depth of 350 meters (1050 feet) at locations like BGTT’s Dolphin Deep. The majority of subsea Oil and Gas operations, however, takes place in water depths ranging from 100-400 feet on the East Coast and less than 100 feet in the Gulf of Paria. These depths are considered “shallow water” when compared to the global industry standards and fall well within the reach of traditional exploration, production, and intervention equipment. All offshore exploration and production operations have an inherent need for construction, and intervention, of subsea assets throughout the life of a field and eventually decommissioning. These processes are carried out by commercial divers or Remotely Operated Vehicles (ROVs), or a combination of the two. There are many factors that go into the offshore operator’s decision whether to use diver or ROV intervention when working in shallow water. However, in deep

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water the operator has no choice but to use ROVs as Saturation Diving is limited to depths of 1,000 feet or less. Generally speaking, a diver will almost always be more efficient than an ROV at executing subsea work when the depth and environment permit, especially when the tasks can be done using a hands-on approach. Despite this, there is a growing trend for operators, even in the shallow water environment, to choose ROVs to conduct their work scope based on a greatly reduced risk of incident and injury to humans and in some instances greater productivity. An eventful history of both successful and failed subsea construction and intervention campaigns by both divers and ROVs, undertaken by foreign and local service providers, has proven that T&T has some of the most challenging operating conditions for subsea operations found anywhere in the world. The green-brown waters of the South American Orinoco Flow, combined with consistent currents in excess of two knots and turbulent sea states produced by North-East Trade Winds, create a subsea environment of low visibility and restricted maneuverability for both divers and ROVs. The advent of deep water exploration and production in T&T will greatly increase the demand for capable ROV systems that must be operated by competent ROV personnel. In the same way that the introduction of pipelines to Trinidad has produced world-renowned local welders and the introduction of commercial diving to our waters has produced world class commercial divers, the development of deep water fields will create an opportunity for T&T to produce a work force of highly skilled ROV Pilot/Technicians. The ideal candidate for an ROV Pilot/Technician has an engineering degree or formal training in mechanical or electrical disciplines, with practical work experience under his belt. Trinidad and Tobago now has the largest fleet of ROVs in the Caribbean, with approximately 10 systems owned by four or more local companies, ranging from the Video-Ray Observation Class Micro-ROV to the Seaeye-Saab Panther XT Plus lightwork class ROV system that is owned by OTSL. The Panther System is the only local system that operates using a Tether Management System (TMS), which is critical for successful operations in the high current and sea states, which are the norm in T&T. Additional technology now available from local service providers include High Definition Cameras, Blue View Imaging Sonars, Visual Soft Digital Video and Data Recording Suites, and ROV Pilot Training Simulators, all of which meet or exceed the global industry standards for ROV operations and personnel development. The key to developing a competent local ROV workforce to meet the demands of the Oil and Gas Industry, while making the government’s mandate to increase local content a reality, is to generate exposure opportunities for local ROV Pilot / Technicians using locally owned equipment. It is imperative that local operators be given the opportunity to maximise their involvement in the evolving offshore exploration. All foreign ROV operators that enter T&T to perform work, whether shortterm or long, should be responsible for employing local ROV Personnel and investing in their development during their time here.

Photo: Sarah Carter

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Investment Opportunities in Tourism Government is aggressively marketing Trinidad and Tobago as a sustainable and high-return location, characterised by a profitable investment climate with a dynamic and effective infrastructure for public and private sector partnerships. This article outlines the incentives available in various tourism categories and highlights investment opportunities in a range of niches, including: agrotourism, honeymoons and weddings, ecotourism, health tourism, cruise ship tourism and business tourism.

&T Investment Environment In recent times, this twinisland nation has boosted its reputation as an established location for investment and business in the Caribbean with bright prospects for investors in Trinidad and Tobago’s tourism industry. 23 • Business Trinidad & Tobago

Investment missions undertaken to Brazil, Panama, China and India between 2009 and 2012 have yielded greater exposure for the destination as well as increased interest in investing in Trinidad and Tobago. The missions to India, the last being in January 2012, continue to reap rich rewards with several major Indian firms expressing interest in opportunities for collaboration, partnership and joint ventures in Trinidad and Tobago. Last June, representatives from Fortis Healthcare Ltd, one of the largest private healthcare providers in India, visited Trinidad and Tobago to hold discussions with members of the private and public sector on opportunities for medical tourism. Trinidad and Tobago also closed negotiations of a Partial Scope Trade Agreement with Panama in June 2011, which will result in greater market access for products manufactured in the twin-island state as well as services. As the Caribbean hub for business, energy and manufacturing, Trinidad and Tobago is recognised as a firstrate investment site for international business with consistent Investment Grade credit ratings from Standard and Poor’s and Moody’s. This healthy economic outlook, supported by a stable political climate, offers both the large and small investor a plethora of opportunities, from luxurious all-inclusive resorts to intimate eco-lodges, campsites and zip-line facilities, positioning Trinidad and Tobago as the Caribbean Tourism investment location of choice. Investors can also benefit from the strong branding of Trinidad and Tobago, particularly in Europe, where the destination was voted the World’s Best Tourist Destination 2012 and declared Favourite Cultural Destination in 2012 by nine tourism organisations for 27 European Union member states. This recognition was, in no small measure, the result of the islands’ impressive cultural offerings, featuring festivals such as Hosay, Divali, Tobago Heritage Festival and world famous

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Tourism Investment Incentives Tax Benefits

Customs and Excise Duty Exemptions

Other Tax Benefits

• Tax exemption for a period of 5 to 7 years • Tax exemption in respect of gains or profits from the sale of villas or condominiums that form part of an Integrated Resort Development (IRD) • Tax exemption in respect of any dividend paid to a non-resident shareholder, if the recipient is subject to tax in respect of that dividend in the country in which he is resident.

• Customs and Excise duty exemption on building materials and articles for tourism projects to be used exclusively in connection with construction and equipping of approved tourism projects (these items must not be manufactured in Trinidad and Tobago in desired quality and quantity); • Importation of a vehicle for use in the transportation of guests/visitors at a reduced rate of custom duty (10%) and exemption from motor vehicle tax.

• An accelerated depreciation on depreciable equipment • A capital allowance on approved Capital Expenditure equipment • Free repatriation of capital and dividends • Carry-over of losses incurred by owner and/or operator during the tax exemption period.

Carnival in addition to amazing cuisine and a favourable geographic location that provides easy access to all major air transit hubs. Capitalising on the destination’s strengths, well-known international tourism brands such as Hyatt Regency, Hilton International, Holiday Inn, Crowne Plaza and Marriott Hotels have long established a presence in the destination with other major brands, such as Choice Hotels and Hampton, preparing to enter the market. In an effort to attract increased investment in diverse, worldclass accommodation and complementary clusters of ancillary facilities, the Government of Trinidad and Tobago is aggressively marketing Trinidad and Tobago as a sustainable and high-return location, characterised by a profitable investment climate with a dynamic and effective infrastructure for public and private sector partnerships.

other benefits for tourism related developments including accommodation projects, tourism ancillary facilities, services and infrastructure. The Tourism Development Company (TDC) and the Tobago House of Assembly (THA) are responsible for processing all applications for benefits under the TDA. While the Ministry of Tourism is in the process of improving incentives for investment in the accommodation sector, the TDA currently provides for Tax Benefits, Customs and Excise Duty Exemptions and Other Tax Benefits (see above). To access these generous incentives, tourism projects must adhere to requirements as outlined in the TDA. The Act stipulates that projects must be registered with the TDC and are subject to annual inspections. Where necessary, applicants for incentives must also provide relevant statistical and economic data and, as far as possible, engage Trinidad and Tobago’s human resources and industries.

Investment Climate

Investment Opportunities

Trinidad and Tobago’s visionary investment policies and investor friendly environment is second to none in the southern Caribbean region, with the Government encouraging direct foreign investment in almost all sectors with no restrictions or disincentives to invest. The destination also offers investors: • Government commitment to the promotion of tourism development • Ease of accessibility to the Caribbean, North America, South America and Central America • Competitively priced utilities and a market driven economy with strong infrastructure • A highly skilled, educated and trained labour force • Virtually no exchange control or restrictions on the movement of capital, profits and dividends • Minimum export and import restrictions • International firms or businesses can own 100 per cent of a company • An English speaking population, with Spanish quickly becoming the second business language.

Opportunities for tourism investment include Hotel Sites, Marinas, Canopy Viewing Structures and Ziplines on both islands. Several hotel projects sites have outline planning permission from Town and Country Planning Division. In addition, these seafront hotel sites boast access to necessary infrastructure facilities (electricity, access roads, water etc.) and cover a range of uses, from luxury villas to 300-room resorts and business hotels. Incentives for tourism infrastructure and development works, including access roads and land clearing are also available to investors for these projects. Under the TDA, projects qualifying for incentives fall under four categories - Tourism Accommodation Facilities, Tourism Ancillary Facilities, Tourism Infrastructure and Other Tourism Projects (see next page) - which cover a range of tourism niches, including Meetings, Incentives, Conferences and Exhibitions (MICE), Eco-Tourism, Cruise, Yachting, Dive and Honeymoons and Weddings. One niche set to deliver increased dividends in the short to medium term is the MICE market. The Trinidad and Tobago Convention Bureau is aggressively marketing the twin-island nation to regional and international meeting and event planners as a business tourism destination. Over the last few years, Trinidad and Tobago has developed a

Tourism Development Incentives Currently, Trinidad and Tobago’s Tourism Development Act of 2000 (TDA) provides a range of tax exemptions and

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Investment opportunities include luxurious all-inclusive resorts, intimate eco-lodges, campsites and zip-line facilities. track record for successfully hosting major and very prestigious conferences, including the Summit of the Americas and the Commonwealth Heads of Government Meeting in 2009. In 2012, the destination will host the influential International Press Institute World Congress on Press Freedom in June. The country’s ecological diversity and abundance of natural assets have also made eco tourism a thriving niche. With biodiversity unmatched in the Caribbean, including 97 native mammals, 430 bird species, 55 reptiles, 25 amphibians and more than 600 types of butterflies, as well as more than 2,200 species of flowering plants, the eco and soft adventure niche is ripe for development on both islands. In Tobago, Honeymoons and Weddings are an important and growing market. With its pristine beaches, lush tropical rain forests, intimate resorts and spectacular sunsets, Tobago is one of the most romantic destinations to tie the knot. Recent legislation has also made it easy for non-residents to marry in as little as three days. Cruise tourism is another burgeoning sector with Trinidad and Tobago enjoying steady growth in arrivals. This growth is as a direct result of increased direct investment, along with focused and aggressive marketing to the cruise lines and travel trade. As the destination works towards becoming a major player in the cruise industry, with a view to eventually becoming a home port, the Government continues to pursue key developments and upgrades at both harbours and hold meetings and negotiations with the major cruise lines. For smaller pleasure vessels, Trinidad and Tobago offers a safe haven south of the hurricane belt. With affordable, professional and modern yachting facilities, the destination currently enjoys a distinct competitive advantage and high demand among cruisers. Chaguaramas, located on Trinidad’s western peninsula, houses the most popular marinas and is a multifaceted recreational and commercial hub catering, though not exclusively, to the yachting community. Investment opportunities in this area include the leasing of lands, buildings and joint ventures. Agrotourism also offers a range of investment opportunities for the intrepid investor. Government has aggressively moved to develop the agricultural sector by offering allowances, incentives and training for persons interested in investing in the sector. However, the idea of agrotourism is still relatively new, with many citizens unaware of this product and its potential. In order to address this issue, organisations such as the Business Development Company (BDC), the Agricultural Development Bank (ADB) and National Agricultural Marketing and Development Corporation (NAMDEVCO) continue to work collaboratively to educate the general public and facilitate the development of this niche. For further information please contact: Trinidad & Tobago Tourism Development Company Ltd Level 1 Maritime Centre, 29 Tenth Avenue, Barataria Republic of Trinidad and Tobago Telephone: (868) 675-7034 / 7 | Fax: (868) 675-8851 Email: investmentpromotion@tdc.co.tt Website: www.tdc.co.tt | www.gotrinidadandtobago.com

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Categories of Tourism Projects The Act identifies four categories of tourism activities that qualify for consideration for benefits:

Tourism Accommodation Facilities: • • • •

Hotels Guest houses Campsites, dive and eco-lodge Integrated Resort Development (IRD) - at least 200 rooms, including amenities such as golf.

Tourism Ancillary Facilities: • • • • • • •

Marinas & boatyards Dive operations Water sports Charter boats Tour operations – land, sea and air Recreational space & theme parks Cultural centres, film making and special events • Golf courses that are open for public use • Transportation services • Cruise activities.

Tourism Infrastructure: • • • • • • •

Communications Heliport, sea ports and airports Land clearing and cleaning Roads & irrigation Dive re-compression/hyperbaric chamber Ecological and environmental maintenance Public utilities – water, electricity, sewerage treatment plant.

Other Tourism Projects • • • •

Convention Centres Shopping Facilities Historical Landmarks Heritage Sites.

Choose Trinidad and Tobago Dawn Glaisher Broker, Director AREA SeaJade Investments

Why Choose Tobago Tobago has what it takes to attract world travellers natural beauty, abundant water supply, adequate road and communications infrastructure and relatively cheap electricity. Its sister-isle, only a 20-minute plane ride away, is an established gateway to the region and to the Americas. With Government talking incentives and new marketing approaches, and Tobago in great need of additional first class accommodation â&#x20AC;&#x201C; investors may wish to seize the opportunity to own a piece of the eco paradise.

ecade of Development Twenty years ago, Tobago was in the spotlight as investors began to recognise how strong its potential was compared with the low level of actual investment on the island. With the opening up of investment opportunities via the Foreign Investment Act of 1990, small investors led the way in starting a decade of development that doubled international arrivals and created a new tourism sector - the holiday villa. Hotels renovated during this period were Coco Reef, Blue Haven and Palm Tree Village. New hotels built were the Hilton Tobago, Toucan Inn, Le Grand Courlan and Manta Lodge, along with a host of guesthouses financed by small local investors. Then development slowed, and arrivals dropped, and Tobago was forced to look at

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Another two top quality, green resorts are all it will take to sustain Tobago’s tourism industry. itself closely to rethink its future direction. With little tourism development and even less commercial development beyond the establishment of branches or distribution centres for some of Trinidad’s major suppliers to the island, staying “natural” seemed the best option.

Leisure Market Paradise T&T is the perfect twin island destination…..busy, industrialised Trinidad with its vibrant business tourism sector and, in contrast, the quiet, under-organised Tobago that is the perfect leisure market destination. Tobago’s land mass measures 27 by 7 miles, most of which is forested slopes with a tracery of small rivers and a scattering of villages along the coasts. At the far north-eastern end there are a couple of hotels appealing to the dive niche market, but most tourism development has taken place in the flat, coral-based south-western portion of the island. With only a small construction boom over the past 20 years, the natural assets of this marine/leisure destination are still dominant. Hundreds of species of fish teem in the encircling reefs and wetlands, the forests and gardens are alive with over 200 species of birds and butterflies. The hilly terrain is a perfect challenge for mountain bikers or hikers, and the marine park of Buccoo Reef and Pigeon Point provides the ideal protected yet breezy stretch of shallow water for international quality wind sports.

Investment Opportunities Traditionally, international arrivals to Tobago originate in Europe via direct weekly flights from Gatwick and Frankfurt. Visitors are attracted by world-class diving, birdwatching and other “soft adventure” activities. Nightlife and shopping have never been the focus of investment. However, future development must accept that mass tourism is no longer desirable, nor viable, and with global recession on everyone’s lips, it is the high-end traveller that will guarantee sustainability and who must be catered for. Another two top quality, green resorts are all it will take to sustain Tobago’s tourism industry. With new tourism development in abeyance right now, Tobago has an excellent opportunity to show the positive side of the negative coin. The loss of revenue has resulted in a slowdown in reinvestment in existing accommodation, restaurants, marine and land tour companies etc. Tobago lacks top quality bedrooms and this compromises the ability of tour operators to sell the island and airlines to sell their lucrative front-end seats. Reinvestment and limited new investment must spearhead the next phase of growth in the sector. Construction of new resorts and attractions will encourage operators to market the destination, and redefining the Tobago Product will provide a specific and unique “brand” that can compete with other islands. The Caribbean attracts 3% of world travellers and Tobago has what it takes to increase its share of that 3%. In addition to its natural beauty, it has abundant water

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supply, adequate road and communications infrastructure and relatively cheap electricity. Its sister-isle, only a 20-minute plane ride away, is an established gateway to the region and to the Americas. Today, one active renovation project is the makeover of the former Hilton Tobago into the Magdalena Grand, with its surrounding golf course and private villa development. In 2008, the Government of Trinidad & Tobago bought out Hilton International and other local shareholders, and the hotel became State-owned. Renovation was slow initially, but the Ministry of Trade bit the bullet in early 2011 and began work on the structure while at the same time tendering for an investor/ operator. The new operator was in place by August 1st 2011 and there was a soft opening of the newly-named Magdalena Grand in December 2011. This is the first important step towards the upgrade of all accommodation on the island, and to assist the process the Central Government, in collaboration with the Tobago House of Assembly and the private sector, has agreed on a fiscal rescue package and a development fund that will provide immediate assistance, but also act as a buffer against future fluctuations in the global tourism market.

Hoteliers Look to the Future Despite the difficulties experienced by the tourism sector over the past three years, business owners remain optimistic about the future of the island because it is based on very solid ground. The natural assets and attractions of the destination are not the problem. It is management of the destination that has failed. Rachel McSween, Manager - Coco Reef Resort & Spa, says: “The destination offers many opportunities for investment and private partnership. In hand with Government incentives, these investments will lead to a successful step forward for all industries in Tobago.” Sharon Ferguson, Manager - Crown Point Beach Hotel: “We continue to renovate the property during these challenging times and have experienced an increase in sales over the past couple of years.” Chris James : “We look forward to upgrading Toucan Inn/ Bonkers and re-starting construction of Indigo Bay Resort and our 4 star resort at Culloden Bay. There is so much potential here.”

Government Promises New Approach At a joint private / public sector meeting in February 2012, the Minister of Finance promised a shift to market-driven development that exploits global opportunities and reduces risk in tourism project funding. The Minister of Trade and Industry recognised the lack of foreign investment which, he said, these new government measures would address via guarantees on new funded tourism projects. With this support from Central Government and a serious incentives package, investor confidence can now be rebuilt and the doors thrown open once again to major tourism investment.

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Testimonial

Karl Pilstl of Blue Haven Hotel, Bacolet arl: Actually, I am a country boy from a small village in Austria, studied at Johannes Kepler University in Linz and worked there for 20 years setting up a technology and science park, was involved in start-up companies, and generally sought to ease the transfer of technical knowledge from the “ivory tower” to the commercial world. In 1989, I attended a symposium in Minneapolis and met a girl who said she came from Trinidad and who had done her interior design degree there. Her name was Marilyn and I thought she was special so I visited her later in Trinidad. Together we went over to Tobago, and that trip changed our lives. Marilyn: It was 1991 when we were standing on the hill at Fort King George watching the ruins of historic Blue Haven Hotel. It looked so old-world colonial and really romantic. We went down the hill to the site, entering along a Royal Palm-lined path and walked through the crumbling structure out onto the large terrace. The sun was setting and we stood there, surrounded by ocean, looking out towards the clear purple hills of the Northern Range. We fell in love twice over! We got married in 1992 and we now have two children, Karl V and Celina Maria. Karl: We bought the 16-acre site in 1995. The purchase procedure and obtaining a land licence was quite straightforward and the tourism body TIDCO, now TDC, was quite helpful then. Everyone appeared to want this iconic hotel to re-open. We wanted to build on the history associated with the Blue Haven, which provided an idyllic backdrop for several Golden Movies in the 1950s and THE place to stay in Caribbean. Our goal was not only to renovate and preserve the historical architecture, but also create an environmentally-sound project: a stylish, low-energy boutique hotel. To the east of the beach, we had a residential area which we converted to a villa development

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Karl and Marilyn Pilstl

that could share the facilities of the hotel. Unfortunately, it took a long two and a half years to get planning permission. Finally we opened in 2000 and guests loved the ambience of “yesteryear” combined with modern facilities. The location and history of the hotel, the Hollywood stars glamour, some old staff members we rehired - this all worked well for our marketing efforts and we built a great clientele and quality product. We received several awards like “Caribbean’s Premier Boutique Hotel” and the prestigious “Sustainable Tourism Award” from the Caribbean Tourism Organisation (CTO). In 2005, when I became Honorary Consul for Austria in T&T, we even made plans for further expansion as we do have permission to build another 50 rooms. We had excellent airlift with BA, Virgin Atlantic, Monarch from London, and Martin Air from Amsterdam. I was able to convince Lauda Air to fly from Vienna, which encouraged Condor to put on a second flight from Frankfurt. So we did quite well until 2007/08 when flights started pulling out from Tobago. Since then tourist arrivals have dropped dramatically, but I hope we can reverse the declines of the past few years and build a new and even better tourism sector with the lessons learned from the global economic crisis. Our son Karl says he is going to take our Blue Haven concept up the islands and create a new Caribbean boutique chain that is green, romantic and high-end. Sounds great to me!

Photo: Sarah Carter

Choose Trinidad and Tobago Raphael John-Lall

Waterfront Transformation Heralds Exciting Business and Investment Opportunities In its ongoing commitment to transform the waterfront of the capital city, Government is reviewing three proposals for the development of a 70acre area at Invaders Bay. The first phase of this transformation, the Port of Spain International Waterfront Centre, which was officially opened in 2009, includes the 22-storey, 428-room Hyatt Regency Hotel and two, 26-storey office towers.

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ow will T&Tâ&#x20AC;&#x2122;s waterfront development initiative compare to other successful waterfront developments internationally? Government has taken the first steps toward implementing a dramatic transformation of 70 acres of land at Invaders Bay that offers enormous scope to create a development that will be quintessentially Trinidadian in its personality, energy and charm. That very uniqueness is what will attract millions in high quality investment and thousands of visitors annually.

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Government has taken the first steps toward implementing a dramatic transformation of 70 acres of land at Invaders Bay.

It will also advance Government plans to position Trinidad and Tobago as the centre of business and investment in the region, and Trade & Industry Minister Stephen Cadiz told Business Trinidad & Tobago that he is confident that the country will be the recipient of more foreign and local investment as a result of this project. “Port-of-Spain is changing its face and modernising and the Invaders Bay is part of this change,” he added. In its Request For Proposals (RFP) issued in September 2011, the Ministry of Planning and the Economy said Invaders Bay would be “one of the most significant urban development projects to be undertaken in this period” and would be “a major waterfront transformation along the line of other signature waterfront developments such as Darling Harbour in Sydney, Baltimore Inner Harbour, the Harbour-front in Toronto, London Docklands and Teleport City in Tokyo.” The 70-acre area to be developed is located about 1.6 km from the downtown area of Port-of-Spain, is adjacent to an existing entertainment complex (Movietowne and Fiesta Plaza) and across from the largest sporting facility in the country. The Joint Consultative Council (JCC), an association for contractors and other related professionals in this industry “conservatively” estimated this area of land to be worth around TT$1 billion. In delivering the National Budget in October 2011, Finance Minister Winston Dookeran stated: “This development has great potential for promoting commercial activity in the services sector and will benefit the country greatly. It will assist in making Trinidad and Tobago an attractive destination for new investments.” According to Minister Cadiz, the project is to be financed by private investors. “Any investment here is private capital for this investment, not taxpayers’ money. We welcome any new investment from investors because it brings jobs and foreign exchange to our country and investors can benefit when they make a return on their investments,” Minister Cadiz told BT&T. Deadline for submission of proposals was October 4, 2011. Giving an update to BT&T in January 2012, Minister of Planning and the Economy Bhoe Tewarie, whose Ministry is in charge of leading the project, said that out of eight submissions, three were forwarded to Cabinet for consideration. A Cabinetappointed technical committee has since been reviewing the proposals. The committee is chaired by Dax Driver, who is also Chairman of the Economic Development Board. Minister Tewarie said: “The Board has done a preliminary report and is proceeding. When they complete it they will produce their recommendations.” One business person who is ready to continue investment

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in this area is Derek Chin, owner of the three MovieTowne cineplexes operating in Trinidad and Tobago. Chin has already invested heavily in the MovieTowne at Invader’s Bay, which consists of cinemas, restaurants and retail stores. He estimates the MovieTowne property and assets to be worth around TT$900 million. He wants 30 acres from the Invaders Bay area for his new “Streets of the World” project where different cultures from around the world will be represented in this “city.” Each street will represent a different culture from around the world and there will be a carnival museum, bowling alley, aquariums, restaurants and other forms of entertainment, Chin said: “If you thought MovieTowne was great, this will be greater. We will take the culture of a country and make streets out of them.” Chin has already spent nearly TT$3 million on developing plans for his project. Last year, when the Government issued its RFP, he applied. He believes his idea will add a new dimension not only to entertainment, but to investment in the country. Once the Government gives the approval, Chin estimates that he would need US$400 million to get the first part of the project started. Chin said: “We will have to do the infrastructure works, the drainage, the sewerage, the underground lines, electrical connections and utilities. The infrastructure works could cost a couple hundred million.” He added that there is the possibility that they could partner with the Government where they would stand some of the costs. He also said that there could be possible partnerships with foreign investors and, at the moment, they are in talks with Disney World and MGM Studios in the United States. Noting that Trinidad and Tobago has a base of highly skilled and trained people that is an asset to this country and for investors who are interested in investing here, Chin said: “Once I get the approval for this project it is local skills and talent that I will use. The designers and architects for this project are all local. The designers for the carnival museum are all locals. I will use locals for the construction phase.” He is confident that this project would generate thousands of jobs during the construction period and permanent jobs after. It would also position Trinidad and Tobago as a tourism attraction and woo foreign investors. For Chin, it is a big investment but he is willing to undertake this project because he has faith in the investment climate of the country and the economic benefits that lie ahead. “I invested a lot of money to have MovieTowne opened which is now one of the premiere entertainment centres in the country and region and I am willing to invest even more in this new project. I believe it will benefit the country.”

Photo: Sarah Carter

Choose Trinidad and Tobago Ewart Williams Central Bank Governor

Enhancing Financial Sector Regulation After Clico Throughout its history, the Central Bank of T&T has consistently sought to institute improvements in the country’s financial architecture, always seeking to adopt international best practices. Increased rigour and frequency in monitoring the largest commercial banks and insurers, a regional and country-specific crisis management plan, and new insurance legislation - are just three of a number of initiatives the Central Bank is pursuing vigorously to further enhance the country’s financial regulatory architecture.

he International Financial Crisis in 2008 provided a strong reminder to both developed and developing countries of the need to strengthen their regulatory systems in order to pre-empt similar turmoil and to avoid contagion. Specifically, it underscored, to 35 • Business Trinidad & Tobago

the regulators, the risks inherent in the operation of institutions considered “too big to fail” as well as the links between macro and micro-prudential regulation.

The collapse of the CL Financial empire empire and the impact on its financial subsidiaries (in particular, CIB, CLICO, British America and BAICO) reinforced the dominant message and laid bare the enormous gaps in the regional regulatory frameworks and the implications of insufficient regional regulatory cooperation. In 2002, guided by a White Paper on Financial Reform, the Government of Trinidad and Tobago, in collaboration with the Central Bank of Trinidad and Tobago, embarked on a programme to strengthen financial sector legislation and to upgrade regulatory practices. While implementation of the programme was considerably slower than envisaged, by end 2008 several important milestones were achieved. Among these were: • Amendments to the Insurance Act to allow the transfer of supervision of insurance companies and pension plans to the Central Bank, • The introduction of on-site supervision and requirements for quarterly reporting on the financial performance by insurance companies, and • The enactment of a new Financial Institutions Act (FIA 2008) that, inter alia, formalises consolidated supervision for group risk, addresses related-party lending, upgrades governance structures for licensed institutions, and gives more authority to the Bank to take early corrective and preventive action. The Central Bank has accelerated work on a number of initiatives to further enhance our regulatory architecture to bring

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it more in line with international best practice. The overriding focus of the Bank’s work is to make supervision more effective through early detection. In effect, this approach required that, as regulators, we move away from focusing disproportionately on the financial reports and other statistical information and establish a better balance between the qualitative analysis of the institution’s internal control environment and the quantitative analysis of its financial metrics. The challenge is not to detect insolvencies but to detect when the company begins the initial slide down the slippery slope into insolvency. This crucial, forward-looking analysis requires sound judgment and close attention to the governance and risk management policies of the institution. Some of the more important enhancements to our regulatory architecture that are now being developed include: • Increased rigour and frequency in monitoring the largest commercial banks and insurers; • Implementation of consolidated supervision for those commercial banks that operate both cross sector and cross border; • Development of regional and country-specific crisis management plans; • Increased linkage between the macroeconomic analysis and micro-prudential regulation; • Greater evaluation of system-wide risks through the development of financial stability reports; • Implementation of a stress testing regime for commercial banks; and • Upgrading financial sector legislation. The Bank is paying close attention to intensified regional and international co-operation. This is particularly crucial for systemically important financial institutions and is being facilitated through two Colleges of Regulators: one for banking and another for insurance. On the international front, the Office of the Superintendent of Financial Institutions (OSFI), Canada has formally set up a College of Regulators for each of the major Canadian commercial banks that have significant presence in the region. Caribbean regulators participate in these meetings of the Colleges, which are held annually. The meetings accomplish four important objectives: i. they allow for a useful exchange of views on the effectiveness of the commercial bank’s approach to governance, compliance and risk management; ii. we gain insight into OSFI’s regulatory methodology; iii. we hear first-hand, the views of other regional regulators where the bank operates; and iv. we build relationships with fellow regulators. In collaboration with our counterparts in the region, a crisis management plan is being developed. A key aspect of this plan is a strategy for dealing with systemically-important financial

36 • Business Trinidad & Tobago

institutions. The crisis management plan would provide guidance not only in planning for a crisis but would help define the relative roles of the various jurisdictions if and when a crisis occurs. This approach fosters predictability and co-operation in the resolution of a crisis affecting regional institutions. Outdated legislation invariably leads financial institutions to exploit gaps in the regulatory system with serious consequences. Changing economic and market conditions result in new products and services and when legislation does not stay in step, consumers of these products are left exposed. In order to avoid this potential problem, in many advanced countries periodic reviews of financial legislation are actually enshrined in the law. We are now in the process of finalising new insurance legislation to replace the existing Insurance Act, which dates back to 1980. The new Act will introduce limits on credit exposures, separate the financial institutions and commercial enterprises by means of holding company structures and restrict related party transactions to 10% of capital for insurance companies. This latter provision will correct a critical omission in the current insurance legislation. A similar restriction was incorporated in the FIA 2008 for deposit taking institutions. The new Insurance Act will also introduce a risk-based capital regime for insurers. This will not only increase the quantum of capital required but, more importantly, will tie the amount of capital required to the risk profile of the insurer. This is an important element of policyholder protection as it would help contain excessive risk taking and, at the same time, provide resources to absorb losses whenever they occur. The current legislation requires life insurers to carry a mere $3 million in capital. The new Insurance Act will impose more stringent governance requirements. This is in recognition of the fact that a strong financial system is a function of multidimensional oversight that is exercised by multiple parties, including boards of directors, external and internal auditors and actuaries. Under the proposed legislation, these bodies will be required to provide annual certification on regulatory compliance and the adequacy of internal controls. Finally, we are taking steps to ensure that consumers of financial services play their part in promoting strong institutions and a sound financial system. This is being done through the Bank’s “National Financial Literacy Programme” whose aim is to provide individuals with a basic understanding of banking and finance, including knowledge of the various products they are likely to access. This progamme compliments the minimum product information that banks and insurance companies are required to provide to customers. The emphasis on financial literacy will contribute to improved market discipline, which is another important element of effective supervision.

Photo: Sarah Carter

Choose Trinidad and Tobago Kelly Bute-Seaton Executive Director Bankers Association of T&T

T&T’s Banking Sector Weathers the Financial Storm In 2011, local banks continued to show a strong growth trajectory, remaining stable, profitable and well-capitalised. In addition to maintenance of spreads, their profitability is due to prudent management practices, reduction in operating expenditures and leveraging of new technologies.

n 2011, T&T’s banking sector continued to show a strong growth trajectory. Notwithstanding the challenges, the commercial banking system remained stable, well capitalised and profitable, although close monitoring needs to continue on the quality of the loan portfolio and asset concentration. 39 • Business Trinidad & Tobago

The banks were able to weather the storm due to their prudent management practices which allowed them to be well capitalised and somewhat prepared to take on adverse shocks in the economic system. However, they did not go unscathed as short-term interest rates on deposits were pushed down to an all time low due to a series of related factors starting from the global downturn and its rippling effect on the local and regional markets. This was further compounded by the catastrophe of the CL Financial Group, rising unemployment, decreasing consumer and investor confidence, limited credit expansion and a decrease in demands for loans, all leading to a considerable increase in banks’ liquidity. According to the Central Bank’s Financial Stability Report December 2011, Banks experienced a sizeable build up in liquidity with excess reserves at the Central Bank rising to a daily average of $4.6 billion in September 2011 from $1.6 billion in June 2011. At end-September 2011, the ratio of liquid assets to total assets stood at 26.8 per cent, 4.5 percentage points higher than in September 2010. The ratio of provisions to nonperforming loans (NPLs) declined from 35.6 per cent at the end of 2010 to 30.8 per cent in September 2011. In 2011, interest income declined and, in an attempt to maintain their profit margins, banks took steps to reduce operating expenses. The return on equity ratio slipped to 16.8 per cent in September 2011, from 17.2 per cent in 2010, while return on assets held at 2.3 per cent. While profitability ratios were lower than in previous years, they nevertheless remained quite strong by regional and international standards. At September 2011, the ratio of regulatory capital to risk weighted

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assets was 25.8 per cent, a ratio which is well in excess of the statutory minimum requirements (8 per cent) and among the highest in the Latin American and Caribbean regions. Further, the ratio of core (tier I) capital to risk weighted assets stood at 22.9 per cent at September 2011. Besides maintenance of spreads, the profitability of the banks in Trinidad and Tobago is a direct consequence of their deliberate actions to maintain prudent management practices, improve their operating expenditures and leverage new technologies. Their prudent management practices have allowed banks to contain their risk exposure and loan delinquency is also largely contained. The Banks remain well capitalised to buffer any credit risk, and are actually in excess of the minimum requirement. This, no doubt, influenced the positive results from the stress test by the IMF and Central Bank, as well as the ‘A’ foreign currency and ‘A+’ local currency long-term sovereign ratings of Trinidad and Tobago by international credit rating agency Standard & Poor’s in 2011. The ratings affirmation helps in quantitatively adding to business, economic and investor confidence in the local economy as well as affirms the sector’s credit quality and, in so doing, will attract foreign direct investment and preferential borrowing rates for Government and other statutory bodies. With respect to technology, the banks have invested millions to ensure that different distribution methods and delivery mechanisms are made available to their clients. This huge investment has weighed heavily on the balance sheet giving an appearance of decreased efficiencies when the real issue is one of adoption rates.

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The vast majority of the population still prefers to queue up and wait for tellers rather than use the technology that is available. A well co-ordinated education campaign will help change the habits of the population and, as the youth population ages and the other segments of the population become more comfortable using the different electronic mediums that are available, the banks will begin to see real returns on these investments and even greater efficiencies. Another reason for the limited acceptance of the technology and e-banking services has to do with concerns customers may have about the safety and accuracy of these mechanisms. The banks have spent millions in ensuring these systems are bullet proof - best in class for data security and redundancy. It is also noteworthy that, according to a study conducted in Jamaica, banks in Trinidad and Tobago offer the lowest bank charges in the region and, according to reports of the Financial Services Ombudsman, the numbers of consumer complaints have also declined to minimum levels. The banks would like to think that this is as a consequence of our increased focus on customer service, internal customer resolution mechanism which all banks have, and the increasing efficiencies within the system. The banks within Trinidad and Tobago are regarded as the strongest and most efficient in the region. While we are not yet at the international benchmarks of first world countries, it is a work in progress. Rest assured the banks are progressing. While the banks boast of their resilience to weather economic challenges and to compete ever so fiercely for market share, they are also quite aware that the race continues.

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The Banks within Trinidad and Tobago are regarded as the strongest and most efficient in the region. BT&T asked banks operating in T&T to identify one thing that they did to stay strong and stable despite the challenges of the last three years. Here’s what they said. Bank of Baroda During the year we spent more time on monitoring of the credit portfolio to prevent slippages to the extent possible and only quality loans were canvassed based on the audited financials and security.

CIBC FirstCaribbean “FirstCaribbean International Bank (Trinidad & Tobago) Ltd strengthened our capital base with a subordinated debt issuance to support increased local investments and we maintain significant contingency funding lines with affiliates. Our parent organisation, CIBC, has been rated among the strongest banks in the world in terms of capital adequacy.”

Citi Trinidad & Tobago Citi is much further along in major balance sheet categories such as capital, liquidity and funding as it has very much strengthened these protection measures over the last few years. Locally, and internationally, the company has strong regulatory capital ratios as well as abundant liquidity with its global liquidity reserve of $406 billion representing almost 22% of its total assets.

Intercommercial Bank Ltd At IBL, the combination of our committed and loyal staff, strong customer service thrust, re-initialization of our Values Based Culture and key recruitments contributed to our continued success.

RBC Royal Bank RBC is committed to maintaining a diversified business mix, and one of our basic tenets is to maintain a balance between retail and wholesale businesses. This principle reflects the fact that each of our businesses behaves differently at a given point in the economic cycle but, together, with the right mix, we can better achieve our goals for shareholder returns. We are also well diversified across geographies and clients, which contributes to earnings stability and risk diversification. Our risk management processes have also been well tested in recent years, and we have continued to manage our balance sheet aggressively to reduce complexity and risk.

Republic Bank At Republic Bank, our focus was more on the quality of the balance sheet rather than the income statement. Our belief being that a strong and healthy balance sheet would lead to consistently sound performances into the future. To this end, we did not stray from the fundamentals of sound banking practices.

Scotia Bank

First Citizens Bank (FCB) The Bank was proactive in the early implementation of enhanced Risk Management, specifically Credit Risk strategies, which enabled us to face the recent financial challenges. Some of these strategies are as follows: - Acquisition of a post loan administration software which will greatly improve our current recording and reporting processes by providing a full range of administrative and monitoring services from early delinquency detection to charge offs and abandonment. - The upgrade of the “Risk Module” in our Treasury Management system. This would enhance our current reporting of market risk i.e. interest rate risk, liquidity risk and price risk. - Early identification of potential credit risk exposures and elevation to the Executive level for monitoring.

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We believe that if you have great leaders, you will have a competitive advantage. So we set out over the last several years developing and engaging our people, aspiring to be an Employer of Choice, creating several channels of communications in the Bank, staying close to our people, coaching them to excellence and getting our five core values (Integrity, Respect, Commitment, Insight and Spirit) into our DNA, underpinned by a foundation of teamwork (One Team One Goal). In all this we understand the importance of a Customer. We have a saying “If we do not have customers, we do not have a job!” In the implementation of our “Leadership” strategy, we keep our staff engaged.

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Testimonial

Scotiabank cotiabank Trinidad and Tobago Ltd, formerly the Bank of Nova Scotia, opened its doors locally in 1954. One word sums up why Scotiabank set up business and has persevered in the local financial services sector, that word is “opportunity.” The opportunity arose out of a demand for banking services and products that made the country attractive as a destination for doing business. So began the expansion of the then Bank of Nova Scotia into Trinidad and Tobago. Scotiabank has been on a journey to success on a road that has not been easy. As quoted from our book - “The First 50 Years in Trinidad and Tobago” by Gerard A. Besson – we recognise that: “In 1954 the Bank was not strong in this country, in fact, it was an infant facing up to the challenges of not only the competition but to the general environment. But it overcame these challenges through its vision, the dedication of its employees, innovation, flexibility and not straying from prudent financial practices which have stood the test of time. The Bank is now a financial giant in this country. It has always been proud of its service standards which make it different from its competitors. Its core purpose is to be the best at helping customers become financially better off by providing relevant solutions to their needs.” Scotiabank serves over 200,000 customers in Trinidad and Tobago with a range of products and services including traditional banking services, wealth management and, through our subsidiaries, ScotiaLife and Scotia Investments, we also provide insurance services and investments. This continued investment in building the Group’s portfolio is driven by the fact that as a resource rich country, Trinidad and Tobago offers continuing and evolving opportunities for business, and businesses need sound financial partners. We also see ourselves as contributors to the creation of sustainable

42 • Business Trinidad & Tobago

employment and, with the backing of the global Scotiabank network, we can positively influence the development of the country. With approximately 1,260 employees, Scotiabank Trinidad and Tobago is a public company traded on the local stock exchange and, while birthed from the Canadian parent company, has as a unique definition statement that is our employees. Scotiabank has produced exceptional talent that has been shared throughout the Scotiabank network in the Region. As a people, while we Trinidadians are noted for our skills in the arts and music, we are now also known for our strength in prudent financial management. A key tenet by which we operate is the delivery of our Service Promise; it is a commitment to engage our customers and make them feel welcome. We take the time to understand and anticipate customer needs and provide solutions and advice that align with those needs, following through to ensure we keep our promise. Most importantly, we do not take our customers for granted as we sincerely thank them for their business and the opportunity to serve them. So, after some 58 years, the marriage of the Scotiabank and Trinidad and Tobago cultures endures. Strengths are shared and form the base upon which the Bank’s successes are built on behalf of our stakeholders. Challenges are faced head on and the future is eagerly anticipated. We have survived many peaks and troughs and will continue to do so for decades to come, adding value to create a better Trinidad and Tobago.

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invesTT â&#x20AC;&#x201C;Navigating You Through the Business Eco-system invesTT will assist foreign investors with their business needs by providing information on local industries and market opportunities, linking the investor to the relevant government and private agencies, arranging meetings, and assisting with information requests relating to industry resources, suppliers, real estate, incentives and policy - all to facilitate a seamless transition from business enquiry to actual operational mode.

45 â&#x20AC;˘ Business Trinidad & Tobago

he Trinidad and Tobago business environment is not as complicated to navigate as one might think. invesTT (www. investt.co.tt), an investment promotion agency formed by eTecK, shares an easy roadmap to facilitate a foreign investor through the steps to establishing a business and making the connections to various entities responsible for distinct areas of business set-up. invesTT is positioned to assist foreign investors with their business needs by providing information on local industries and market opportunities - as well as linking the investor to the relevant government and private agencies - to facilitate a seamless transition from business enquiry to actual operational mode.

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Applications for use of state-owned land must be sent through the Land and Surveys Division of the Director of State Lands.

invesTT performs an important liaison role, such as arranging meetings and assisting with information requests, on behalf of the investor, relating to industry resources, suppliers, real estate, incentives and policy. To establish any business, a name search and application must be completed and incorporation of the company conducted. The Registrar General’s department within the Ministry of Legal Affairs is responsible for legally registering and incorporating companies. Companies may be registered as a Sole Proprietor, Partnership, Limited or Unlimited Liability Company, NonProfit Organisation, or as an External company (one having base operations outside of Trinidad and Tobago). Upon registration, each company must apply to the Board of Inland Revenue (BIR) for a BIR tax number and PAYE number, to be able to file corporation tax, business levy and green fund levy and other taxes at the annual and quarterly tax cycles. Trading in Trinidad & Tobago is conducted with the addition of a Value Added Tax (VAT) of 15% on the cost of some goods and services. To trade effectively, individuals and companies are required to have a VAT number if they sell goods or services worth TT$200,000 or more in a 12-month period, and so must register for VAT. Both the BIR and VAT office are departments within the Inland Revenue Division of the Ministry of Finance www.finance.gov.tt. invesTT can provide foreign investors with all the information they need regarding fiscal incentives. In addition, as a responsible employer, companies are required by law to pay National Insurance contributions on behalf of all employees and unpaid apprentices, in accordance with the National Insurance Act. An employer’s National Insurance Registration number is required and is provided by the National Insurance Board (www.nibtt.net). The above outlines the straightforward, mandatory steps of establishing a business, where issues concerning construction permits, environmental certificates, health inspections and equipment installation are not factored in. These additional areas of focus are just as crucial and present unique challenges of their own. Where construction of premises and base of operations is necessary - all plans, blueprints and architectural designs must be approved by the Town and Country Division in the Ministry of Planning, which is responsible for the use and development of all land in Trinidad and Tobago (http://www.pesrga.gov.tt/).

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Applications for use of state-owned land for development of operations must be sent through the Land and Surveys Division of the Director of State Lands and potential tenants must submit a detailed development plan as part of the application process. The application is reviewed by the Commissioner of State Lands and approval is granted on a case by case basis. Additionally, there are instances where, in order to facilitate operational procedures, environmental clearances and general facilities, inspection has to be conducted. The agencies responsible for these activities are the Environmental Management Authority (EMA) (www.ema.co.tt), the Occupational Health and Safety Authority (OSHA) (www. ttosha.com) and the relevant Regional Authorities. These bodies oversee compliance with the environmental and health and safety laws of T&T and issue certifications, allowing the execution of normal operations once standards are met. Utilities connections for new premises are facilitated via the Trinidad and Tobago Electricity Commission (T&TEC) for electricity, the Water and Sewerage Authority (WASA) for water connections and the Telecommunications Services of Trinidad and Tobago (TSTT) for telecom services. Although invesTT is the nation’s foremost investment promotion agency, there are other state agencies to which the foreign investor is guided for more detailed information and assistance with downstream energy and tourism projects, namely the National Energy Corporation (NEC) and the Tourism Development Company (TDC). The Ministry of Trade and Industry (MTI), the line ministry of invesTT, also performs a key role in facilitating applications for trade licenses and permit approvals by importers and exporters. The online business portal, TTbizLink, provides guidance and ease of access to the various services offered by the Ministry of Trade and Industry, its agencies and the Customs and Excise Division. invesTT - positioned to make doing business in Trinidad & Tobago as easy as possible for prospective investors. For further information on conducting business in Trinidad and Tobago visit:http://www.investt.co.tt https://www.ttbizlink.gov.tt http://www.tradeind.gov.tt

Photo: Edison Boodoosingh

Michael Derrick Co-ordinator Public Private Partnerships Unit

Solving Infrastructural Bottlenecks Government Sets Up PPP Unit The Government of Trinidad & Tobago has begun implementing a new programme to use PPPs to resolve infrastructural bottlenecks. In February 2012, a new PPP unit in the Ministry of Finance was in the early stages of reviewing and prioritising an array of projects being considered for this approach. These range from hospitals and highways to recycling and CNG and could even include beach facilities and landfill management.

he term Public-Private Partnership (PPP) can be used to describe a wide variety of arrangements involving the public and private sectors working together with the aim of delivering public sector infrastructure and/or services. A PPP may be defined as a co-operative venture between the public and private sectors, built on the expertise of each partner that best meets clearly defined public needs through the appropriate allocation of resources, risks and rewards. Key features of PPPs include (1) long contract term partnership agreement between public and private sector parties (2) provision of new (greenfield) or development of existing (brownfield) assets (3) arrangements for sharing of risks and (4) focus on deliverables specified by the public sector.

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Government is considering a broad spectrum of PPP arrangements from operation and maintenance models to design-build-own-operate-maintain-transfer models and concessionary models. The Government of the Republic of Trinidad and Tobago (GORTT) recognises the strengths of the private sector in delivering the high-quality, responsive service that Trinidad and Tobago needs and has sought to pursue partnership agreements with the private sector to: • increase the value for money obtained in the delivery of public infrastructure and related services • attract private capital investment, either to supplement public resources or release them for other public needs With the backdrop of lessons learned through the implementation of PPPs locally, particularly the need for capacity building in the areas of risk management and procurement, the Government has embarked on a new initiative – Programme to Promote Public Private Partnerships for Infrastructure in Trinidad and Tobago. This programme aims at strengthening government’s capacity to structure, oversee and implement PPP projects. The goal of the programme is to alleviate infrastructure bottlenecks in Trinidad and Tobago and expand access to effective and efficient infrastructure services delivered through PPPs. The programme will offer strong support to the creation of a PPP framework comprising policy, legal, regulatory and institutional aspects which are essential pillars for a robust PPP programme within Trinidad and Tobago.

What specific actions have been taken to date? In August 2011, GORTT established a dedicated PPP unit within the Investments Division of the Ministry of Finance. The PPP Unit is intended to serve as a point of co-ordination, quality control, and information relating to PPPs. The Unit will support the establishment and promotion of a PPP framework that will ensure a consistent and well co-ordinated approach to the process of identifying, developing and implementing PPPs. The objective here is to enhance the business climate for the private sector/investors. The Unit has initiated the process of consultation with key stakeholders within various ministries. These consultations were geared towards: • sensitising stakeholders to the existence of the Unit and giving an indication of the probable scope of functions; • development of a PPP pipeline of projects.

What business opportunities could arise from this initiative? The opportunities available in Trinidad and Tobago could give rise to a range of contract types involving new and existing assets, various payment arrangements (users pay, government pays or a combination of the two) and optimal

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risk sharing. There is potential for the GORTT to be engaged in a broad spectrum of PPP arrangements from operation and maintenance models to design-build-own-operate-maintaintransfer models and concessionary models. It is within this context that the Government will be seeking to engage in publicprivate partnerships, which will leverage the respective strengths and resources of both the public and private parties. A number of opportunities have been identified in various sectors/areas as follows: • Health – specialised healthcare facilities, hospital facilities and services • Transport – highways, ferries, light rail and airports • Environmental – recycling, landfill management • Energy – CNG distribution systems • Education – school facilities and services • Tourism – development and maintenance of cultural sites and beach facilities • Government accommodation – government offices • Public utilities – national broadband network, water treatment and distribution systems The PPP unit will develop a model that defines the institutional relationships and processes for PPP project identification, development and implementation. A number of benefits can be derived from PPPs. For the private sector, benefits that can be derived from engaging in PPPs within Trinidad and Tobago include the following: • opportunity to receive favourable long-term return on investment; • opportunity to create new alliances with the public sector and strategic alliances/joint ventures with other organisations (local and international) and thereby develop a competitive advantage; • significant incentives for technological innovation. For further information, please contact: Michael Derrick Co-ordinator Public Private Partnerships Unit, Ministry of Finance Eric Williams Financial Complex (Level 16) Independence Square, POS, Trinidad. Phone: 1-868-627-9700 Ext. 2611 Fax: 1-868-625-5352 Mobile: 1-868-685-1543 E-mail: derrickm@gov.tt

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J.D. Sellier + Co. Attorneys-at-Law & Intellectual Property Agents and Bryan Khan Economist BSc, MSc, Econ.

T&T has a Strong, Progressive Legal and Regulatory Environment No restrictions on repatriation of profits, capital and dividends; a number of double taxation treaties; a strong, independent telecommunications regulator; an independent judiciary; new foreign investment and trademark legislation in train, and new financial regulations with respect to money laundering and terrorism financing that meet international standards and provide a safe environment for international investment – these are just some of the reasons investors can feel safe and confident in bringing their capital to T&T.

ll growing economies, including Trinidad and Tobago’s, seek to encourage and support - through fiscal, regulatory and legal means - foreign investment within that economy’s environment. As the most industrialised country in the Caribbean, Trinidad and Tobago has many structural advantages which complement its strong legal and regulatory environment including a well-educated workforce and good communications infrastructure. With the repeal of the Aliens (Landholding) Act and the enactment of the Foreign Investment Act (FIA), restrictions on foreign investors became less onerous in order to foster a more efficient investment environment. A foreign investor may acquire land not exceeding one acre for residential purposes, or not exceeding five acres for the purpose of trade or business, without the need for a licence save for most lands in the Island of Tobago where a foreign investor must obtain a licence regardless of size or intended use. To incorporate or acquire shares in a private company, a

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foreign investor must first supply the Minister of Finance with certain information about himself or the investor company and particulars of the consideration for the investment. The consideration paid for the land or the shares, as the case may be, must be paid in an internationally traded currency. A foreign investor must, however, obtain a licence where he intends to acquire shares in a public company where such shareholding will directly or indirectly result in holding 30% or more of the total outstanding shares. Efforts to simplify the tax system continue. At present, companies - including unincorporated associations - pay corporate taxes at a rate of 25%. However, certain companies mostly in the Oil and Gas industry - are taxed at 35%. Despite the higher tax rate, the country’s strong energy sector provides extremely lucrative investment opportunities in natural gas and associated downstream activities. Tax incentives are available for investors in the Manufacturing and Tourism sectors. There are no restrictions on the repatriation of profit, capital, interest, dividends, distributions or gains on investment; however, in certain cases, withholding taxes may apply. Double Taxation treaties may provide for the reduction of the withholding tax rate. Currently Trinidad & Tobago has Double Taxation Treaties with Canada, China, France, Denmark, Germany, India, Italy, Norway, Switzerland, Luxembourg, the United Kingdom, Venezuela, the United States and CARICOM (Caribbean Community) member countries. Capital market transactions are regulated by the Securities Exchange Commission pursuant to the Securities Industry Act which governs, inter alia, the offering of securities to the public by companies, registration of securities and reporting issuers, ongoing reporting requirements of reporting issuers, market conduct and regulation, and takeover bids with respect to public companies. It also provides for the compulsory registration of self-regulatory organisations such as the Stock Exchange and the Trinidad and Tobago Central Depository Ltd. In his October 2011 Budget speech, the Minister of Finance indicated the government’s intention to provide incentives for access to domestic capital via the creation of a Junior Stock Exchange for listing companies with not less than 25 shareholders having a capital of between TT$5M and TT$50M. These listed companies will be taxed at the reduced rate of 10% on profits. The country’s strategic location within the Caribbean makes it an ideal entry point for Caribbean business expansion, especially since the implementation of the Caribbean Single Market and Economy in 2006, which has reduced cross-border bureaucracy in doing business. Its close proximity to Latin America and South America is also an excellent reason for using Trinidad and Tobago as a strategic market entry point. Government continues to seek investment in the

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telecommunications sector. This is one of the largest service sectors in the country and is regulated by the Telecommunications Act (TA). The TA requires operators to acquire a concession to enter into the market. Operators must also acquire a licence to provide services requiring the use of public electromagnetic spectrum. There are also various regulations under the TA, relating to issues such as fees and interconnection, which provide for a strong competitive environment, and are overseen by an independent state regulator. Investors should also note that under Minimum Wages Act, the Minister with responsibility for labour matters may fix minimum wages and terms of conditions for any class of worker or a national wage applicable to workers generally. At present, the National Minimum Wage is TT$12.50 or USS1.95 per hour. Trinidad and Tobago has also recognised the importance of regulating financial and other monetary transactions in an effort to deter and detect money laundering and combat terrorist financing. Trinidad and Tobago has enacted several new pieces of legislation to ensure that the country conforms to international standards with respect to money laundering and terrorism financing and provides a safe environment for international investment. In the event of a dispute, foreign investors can expect to receive fair treatment via the local judicial process. Judges are appointed by an independent committee and the independence of the judiciary is enshrined within the Constitution. The Supreme Court consists of the High Court and the Court of Appeal. A party, as of right in most instances, can appeal a decision of the Court of Appeal to the Privy Council in London, the final court of appeal applicable to Trinidad and Tobago. New Civil Proceedings Rules (“CPR”) were introduced in September 2005. These rules focus on improving the efficiency of litigation and accelerating dispute resolution by encouraging “out of court” and early settlement of conflicts. The CPR encourage the early exchange of information between parties that, in the best-case scenario, could result in an out of court settlement or, in the alternative, assist the court in the management of its proceedings. Trinidad and Tobago provides an ideal place for foreign investment. It boasts a strong legal and regulatory environment which recognises the importance of investment and seeks to protect private interests. The Ministry of Trade has advised that it is presently involved in the formulation of an “Investment Policy” intended to create a new legal framework to reinvigorate investor security and confidence in the economy. It seems, therefore, that the Government is well aware of its role to create a dynamic and secure environment to attract and retain foreign investment.

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J.D. Sellier + Co. Attorneys-at-Law & Intellectual Property Agents and Bryan Khan Economist BSc, MSc, Econ.

Intellectual Property Law in Trinidad and Tobago rinidad and Tobago has a modern and comprehensive framework of Intellectual Property legislation. A member of the World Trade Organisation (WTO), Trinidad and Tobago’s legislation is in accordance with the Trade Related Aspects of Intellectual Property (TRIPS) Agreement.

Copyright and Related Rights The Copyright Act, 1997 reflects compliance with various international treaties to which Trinidad and Tobago is party, including the WIPO Copyright Treaty, and the WIPO Performances and Phonograms Treaty. Trinidad and Tobago’s copyright legislation provides for a strong and stable environment for the creative industries, a sector which has immense importance to both the country’s economy and cultural fabric The Act provides for both civil and criminal liability, creating an environment in which copyright holders can feel secure about their commercial interests.

Patents Trinidad and Tobago is a member of the Paris Convention and the Patent Co-operation Treaty (PCT), with a modern patent law which introduced a full search and examination system. The term of a patent is 20 years from the date of application and protection commences from publication. The law provides for national exhaustion of rights, so the patent holder retains the right of importation into the country.

Trademarks Trinidad and Tobago is a member of several international conventions on trademarks and is currently considering

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accession to the Madrid Protocol. The current trademark law is based on the 1938 UK Trade Marks Act, as amended in 1997 for compliance with TRIPS. A modern trademark law inspired by the Singapore legislation has been drafted and circulated for comment. Key provisions include a broader definition of “mark” to permit registration of new types of marks such as scents, sounds and taste; the distinction between Parts A and B of the Register has been removed with the new standard “capable of distinguishing;” protection of trademarks on the Internet and the international exhaustion of marks.

Unfair Competition Trinidad & Tobago’s law on unfair competition is reflected in the Protection Against Unfair Competition Act 1996. In addition to a general definition of unfair competition as “any act or practice in industrial or commercial activities that are contrary to honest practices,” several acts and practices are prohibited, such as causing confusion with respect to another’s enterprise or its activities, damaging another’s goodwill or reputation, misleading the public, and discrediting another’s enterprise or its activities. Trade secrets and undisclosed information are also protected.

Other IPRs Trinidad and Tobago also has various other legislative instruments relating to other types of intellectual property, namely; Industrial Designs Act, 1996; Layout-Design (Topographies) of Integrated Circuits Act, 1996; and Geographical Indications Act 1996. Additionally, Trinidad and Tobago is a member of the International Union for the Protection of New Varieties of Plants (UPOV) and provides protection for new varieties of plants under the Protection of New Plant Varieties Act, 1997.

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Regional Fire and Security (RFS) Celebrates 50th Anniversary 2012 marks the 50th anniversary of Regional Fire & Security Limited (RFS) a company that was born out of Safety Supply (Trinidad) Limited which was established in August 1962. Safety Supply has had a long and stable history in spite of several economic challenges over the past half century. In keeping with the companyâ&#x20AC;&#x2122;s expansion strategy within the Caribbean, Regional Fire & Security Ltd was established in Barbados in 2001, as the regional arm of Safety Supply. The new branch had immediate success in both the commercial and residential markets, while Safety Supply continued its focus on the oil and gas and heavy industrial and marine sectors. With the continued support of its key overseas partners, the company expanded further under the RFS brand and has since completed major projects in the fire detection/suppression and electronic security lines, both locally and regionally. Some of the most noteworthy projects RFS has handled are the One Woodbrook

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Place Fire Sprinkler System, Trinidad; Petrotrin Inergen Suppression System, Trinidad; Yara Inergen Suppression System, Trinidad; Guardian Life Integrated Fire Detection and Surveillance Systems, Trinidad; Anguilla Electricity Company Fire Sprinkler System, Anguilla; Barbados Light & Power Company Fire Detection/Suppression System, Barbados; Harlequinn Hotel Fire Detection/Suppression System, St Vincent; and CIBC First Caribbean International Bank Fire Detection/Suppression and Surveillance Systems, Barbados. In 2009, Regional Fire & Security Ltd established operations in St. Lucia as a base for further regional projects and in 2011 amalgamated the operations of Safety Supply (Trinidad) Limited under the RFS brand. To mark its 50th anniversary, the company has launched a number of new product lines to better serve the needs of customers both locally and regionally.

Photo: Sarah Carter

Choose Trinidad and Tobago Wade George Tax Managing Partner Ernst & Young Caribbean Ltd

New Fiscal Measures Favourable to MNCs and Oil Companies Ernst & Young highlights two new fiscal measures that will positively impact certain businesses, particularly MNCs and Energy companies:- zero rating of VAT on the importation of Rigs/Vessels and, for the first time in an English-speaking Caribbean country, the introduction of transfer pricing rules.

n October 10th 2011, the Honourable Minister of Finance (the Minister) proposed two critically important tax measures in his Budget address that are expected to impact positively on the growth and development of the Trinidad & Tobago economy. Transfer Pricing For the first time in an English-speaking Caribbean country, the Minister heralded the introduction of transfer pricing rules based upon the principles embodied in the OECD Transfer Pricing Guidelines. Currently, there are more than 75 countries that have legislated transfer pricing rules and regulations. In the Americas, some of the countries that have adopted rules include: Argentina, Brazil, Canada, Chile, Colombia, Dominican Republic, Ecuador, Mexico, Peru and Uruguay. Under the present legislative framework, pricing manipulation between related parties may be challenged by the Board of Inland Revenue under the provisions of section 67(1) of the Income Tax Act. This Section allows the Board of Inland Revenue to disregard artificial or fictitious transactions. Whilst the current legislation does not contain an express provision

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It is hoped that the introduction of transfer pricing rules would coincide with the repeal of the arbitrary 2% management charges restriction and allow all reasonable charges based on arm’s length principles to be fully tax deductible.

mandating arms-length pricing in related party dealings, the Courts have pronounced that the term “artificial” includes a transaction between related parties that is not carried out on an arms-length basis. As a result, the provision has been used in the past to counteract perceived tax avoidance in related party dealings. Furthermore, the arm’s length principle is applied in the Petroleum Taxes Act for the purposes of crude oil and natural gas sales and transfers. The Trinidad & Tobago Income Tax Act also, currently, arbitrarily restricts the deduction of management charges paid to non-residents to 2% of all outgoings and expenses (exclusive of such management charges and capital allowances). In 2006, the definition of “management charges” was expanded to capture various payments made to non-residents that would not naturally fall within the category of management related services and now includes personal and technical services as well as the allocation of head office costs. The amendment was aimed at curbing abuse arising primarily from transactions between related parties but, as presently worded, the legislation disallows legitimate charges incurred for the purposes of the business. This legislation has had a negative impact on multinational companies engaged in business in Trinidad & Tobago. It is hoped that the introduction of transfer pricing rules would coincide with the repeal of the arbitrary 2% management charges restriction such that unreasonable charges would now be more appropriately disallowed under transfer pricing principles and not the arbitrary formula-based rule. This should, conversely, allow all reasonable charges based on arm’s length principles to be fully tax deductible. Whilst the measure announced by the Minister has not yet been enacted (as at February 2012), the decision to adopt the OECD Transfer Pricing Guidelines is consistent with international best practice, as these guidelines have widespread acceptance among tax authorities and multinational enterprises as a means of taxing intra-group transactions based upon a consistent well-understood methodology.

VAT on the Importation of Rigs/Vessels Significantly, the Minister also indicated that the importation and supply of the following assets that are utilised in the offshore energy development and exploratory business would be zero rated for the purposes of VAT:-

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• • • • • • • •

Drilling Rigs Drill Ships Pipelay Vessels and Barges Anchor Handling Tugs in excess of 35 metres in length Geophysical Survey Vessels Heavy Lift Installation Crane Barges Oil Skimming Vessels Rig and Platform Supply Vessels in excess of 60 metres in length • Vessels used in bunkering in excess of 65,000 barrels (7,500 G.T.W.) • Floating Dry Dock in excess of 1,000 DWT for repair of Anchor Handling Tugs and Platform Supply Vessels. In this regard, drilling rigs and support vessels are routinely imported on a temporary basis for use in the offshore petroleum sector in Trinidad & Tobago and subsequently re-exported. Based on provisions in the Customs Act and the Value Added Tax Act, relief from Customs Duty and VAT is available where such assets are exported within a three-month period (under a Temporary Import Licence). The importer is, however, required to post a bond with the Customs & Excise Department (C&E) as a condition to obtaining relief under the temporary importation provisions. Where the relevant asset is not exported within three months, the C&E demands payment of the full VAT that was due on importation. VAT is generally computed at a rate of 15% on the insured hull value of the asset and values in excess of US$100 million are not uncommon. It is not unusual for the VAT liability, computed on the aforementioned basis, to exceed the commercial value of the work to be executed in Trinidad & Tobago, thereby resulting in a considerable disincentive for service providers wishing to do business in the country. In many cases, the service providers are unwilling to bear such onerous costs and, as a result, the operators (i.e. the energy companies) are left with no option but to agree to act as the importer of record and so assume the VAT burden. While the VAT paid on importation is refundable, delays in the VAT refund process place a great strain on the resources of the importer. In the circumstances, the relief announced by the Minister and enacted into law on October 10th 2011 is a welcome measure that should positively impact on the competitiveness of the Energy Sector in Trinidad & Tobago.

Choose Trinidad and Tobago Damian Narinesingh President Information and Communications Technology Society (ICTS)

Trinidad & Tobago’s ICT IQ President of the ICT Society, Damian Narinesingh, says T&T’s ICT sector has the capability, capacity and products to effectively serve its local customers and export its services regionally and internationally. However, it needs to improve its communications to disseminate a greater awareness of its capability and achieve greater market presence.

ny organisation looking to establish business in a particular economy must review the economy’s ICT IQ. This IQ is comprised of the following components: • Capability • Capacity • Product/ Service Quality • Market and Market Presence 63 • Business Trinidad & Tobago

This article will analyse these components and how well the Trinidad and Tobago economy is doing in each of these areas.

Capability Education:- With the advent of GATE, the government funding programme for tertiary education, there has been a significant increase in the number of qualified ICT graduates. There is evidence that partnerships exist with tertiary institutions and private sector organisations that allow students and early graduates to apply their knowledge and develop into proficient practitioners. Two government programmes that also do this are the On The Job Training (OJT) and the Associate Professionals (AP) programmes. Students who participate in the OJT programme obtain work experience in their respective practice areas. In the AP Programme, some returning scholars are placed in government agencies for two years to gain work experience as well as to contribute to national development before moving on to future careers. Government Investment:- The Government of Trinidad and Tobago has made great strides in building capability with the creation of the National ICT Company. This organisation, doing business as igovTT, is providing the technology leadership in the public sector. The improvement of ICT services in the public sector, such as the implementation of ASYCUDA in the Customs and Excise Division and the single electronic window known as ttbizlink at the Ministry of Trade and Industry, are all steps that improve business processes and efficiency. These are all positive steps that allow Trinidad and Tobago to improve its capability. Foreign Partnerships:- The local ICT product and service providers, have developed partnerships with the major global product and service providers. This allows local providers the

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Trinidad and Tobago is well on the way to attaining an even higher IQ with the investments made in education, as well as the public investments made in technology to improve services.

ability to provide world class products to the local market. The public sector has also made significant strides in developing partnerships that will allow them to improve their processes and the implementation of ICT. A good example of this is the partnership with the Singaporean government to assist the Trinidad and Tobago government in developing the methodologies to improve the adoption of ICT that would, in turn, improve government services. Infrastructure:- The Government has the appropriate legislation in place to allow the proper functioning of online transactions as well as recognition of electronic documents. The next step, which is currently in process, involves setting up the appropriate institutional framework to effect the legislation. Consultations are ongoing with stakeholder groups to ensure that the framework will meet the requirements.

Developing a Quality Product\Service

Capacity

Marketing and Market Presence

Knowledge - GATE has increased the number of skilled graduates that are available on the market. This has widened and deepened the skills base available to the local market and improved and increased the nation’s skilled workforce capacity. Government Leadership - Government is making some steps to lead in implementing ICT systems that drive efficiency and develop the best practice models for ICT in Government. This initiative, combined with the utilisation of the local workforce, is an effective tool in creating the capacity that allows Trinidad and Tobago to provide services at a global standard. Regional Partnership – The new initiatives by the current administration to develop public\private partnerships will assist the local ICT providers. Many local ICT product and service providers already have a regional presence, with operations in other Caribbean nations. Public\Private partnerships with a focus on regional integration will now allow the local providers to reach the critical mass required to service international clients as well as any multinationals with a desire to establish operations locally.

Communicate your success:- This is the one area where the sector needs to place more emphasis. Both private and public sector players need to communicate better about the projects they have done and their success. While the sector may have the Capability and Capacity, and is developing a strong product and service catalogue, it will not be successful unless we develop a campaign to communicate to our regional and international partners. This, again, is an area where public\private partnerships can lead to the development of a successful model to communicate the ICT IQ of Trinidad and Tobago. This article has considered all of the components that make up a nation’s “ICT IQ” and its ability to provide quality ICT services to both the local, regional and international markets. There are some areas where current initiatives are now bearing fruit as well as areas where the nation needs to improve. Overall, the “ICT IQ” of Trinidad and Tobago is strong. The sector will continue to grow and achieve the critical mass required to deliver services on the local, regional and international level. Trinidad and Tobago is well on the way to attaining an even higher IQ with the investments made in education, as well as the public investments made in technology to improve services.

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Develop ICT Services:- One of the positive results that will come from these public and private sector partnerships is the development of a service model. This model can then be used and implemented as a best practice. The initiative by the government to consult with the Singaporean Government on development of the ICT sector is a positive move as the Singaporean government is a well-known example of ICT industry development best practice. Foreign Partnership:- The current initiatives in developing foreign partnerships will assist the sector in development of their service and product portfolio. One area where more emphasis needs to be placed is in packaging ICT services so that they are competitive as an export product. This will allow sector to become a regional leader in the near shore services market.

Choose Trinidad and Tobago Natasha Ramnauth

Honorary Consuls Promoting Business Opportunities ontemplating exporting pimento sauce to Poland? Need stone from Lebanon for your construction project? Thanks to the Internet and improved communication, the global marketplace for goods and services has become seemingly infinite, increasingly more open but also, more competitive. While you can conduct business with a click, pitfalls for the unwary remain in unfamiliar markets. In light of the challenges of reaching the right people, getting the necessary permits or even cultural or societal differences, having a trustworthy contact takes on new importance. With a revitalised agenda, the Corps of Honorary Consuls in Trinidad and Tobago are working to bridge some of these gaps, proactively building linkages and opportunities for business and trade between their respective sending States and this country. In explaining the role that Honorary Consuls intend to take, Dean of the Corps of Honorary Consuls, Mr Amer Haidar pointed to Article 5 (b) and (c) of the United Nations 1963 Vienna Convention on Consular Relations, which defines the role of consuls as including: “Furthering the development of commercial, economic, cultural and scientific relations between the sending state and receiving state and otherwise promoting friendly relations between them in accordance with the permission of their present constitution. Ascertaining, by all lawful means, conditions and developments in the commercial, economic, cultural and scientific life of the receiving state reporting thereon to the Government of the Sending state and giving information to persons interested.” Though these clauses speak to the diplomatic consular corps, the Honorary Consuls are following these guidelines since, according to Mr Haidar: “The days when you can wait for business to come to you are over. You have to go out and make opportunities for investment.” He went on to state, “ Trinidad and Tobago is not only a beautiful place but it is an excellent

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Amer Haidar Dean of Corps of Honorary Consuls

place to do business, there is much opportunity…..as Consuls we want to give back to this country and create bridges…..we also want for the sending State and the receiving State to benefit from our presence.” This is a tall order for people who generally work on their own, receive a stipend and go without the staff or concessions that the Embassies or High Commissions enjoy - hence the need to work together more closely. The consuls have recognised that in numbers they have added strength. The current Corps numbered 35 members in February 2012, with that number expected to grow to include another six or seven countries by the end of the year. Honorary Consuls are selected by the sending States based on an expression of interest by an individual followed by an extensive vetting process to ensure that the person is in good standing. The requisite documentation is then forwarded from the sending State to the Ministry of Foreign Affairs for accreditation. While some Honorary Consuls do perform functions such as renewing passports and other services, they do not receive diplomatic status or immunity.

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The current Corps is made up largely of business persons and captains of industry who have undertaken to facilitate business, cultural and social interchanges between the Sending and Receiving nations and act as intermediaries for states that span the four hemispheres - from the Kingdom of Thailand in the east to Chile in the west and from Russia in the north to the Phillippines in the south. (See Ministry of Foreign Affairs website for full listing and contact information www.foreign.gov.tt/ representatives/foreign/honorary_consuls_in_tt/) Due to geography or cultural differences, T&T might never have envisaged having trading and business relationships with some of these countries 15 or even 10 years ago. Global needs and improvements in technology have changed how countries approach business opportunities. Recently, the members of the Corps of Honorary Consuls have been borrowing from their collective business experience, working more closely to maximise their potential as a group. This consists of regular meetings and consular team building to get to a place where they can more actively further Trinidad and Tobago’s interests, Haidar said. These small but significant moves are leading to meetings with the Trinidad and Tobago Manufacturers’ Association, T&T Chamber of Industry and Commerce and other business entities to explore more tangible ways to partner with them to increase trade and investment flows. In addition, the Consuls actively work with the Ministry of Foreign Affairs to encourage government participation and they continue to encourage government to make it easier for people wishing to conduct business in T&T. Through their existing professional connections and familiarity with business practices, Honorary Consuls are ideally placed to navigate challenges since they are already familiar with the language of business. Their connections in their sending and receiving States help facilitate ease of business through direct contact with business or government agencies. Additionally, in finding new outlets for business opportunities they are helping to bridge the divide and this will benefit everybody. Knowing the Trinbagonian appreciation for good food, one successful new initiative the Consuls have introduced, in seeking common ground and to bring people closer together, was the first-ever International Food Fair hosted by the Honorary Consuls in October 2011. Prime Minister Kamla PersadBissessar and several Government Ministers attended the event whose proceeds went to charity. The Honorary Consuls will be hosting this event again in 2012, and will also be seeking to have as many of their respective sending states participate in the TTMA’s annual Trade and Investment Convention. Their long-term vision includes attracting investors from their sending States to Trinidad and Tobago.

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Trinidad and Tobago is not only a beautiful place but it is an excellent place to do business, there is much opportunity…..as Consuls we want to give back to this country and create bridges….. we also want for the sending State and the receiving State to benefit from our presence.” - Amer Haidar, Consul for Lebanon and Dean of Consuls in T&T.

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Testimonial

Arcos Dorados rcos Dorados is the largest operator of McDonald’s restaurants in Latin America and the Caribbean. The company has more than 86,000 employees at 1,770 restaurants in 20 countries and territories throughout the region. Arcos Dorados opened its first McDonald’s restaurant in Trinidad and Tobago at The Falls at West Mall in September 2011. There are three restaurants operating locally, the others being at Grand Bazaar and Cipriani Boulevard. Milagros Bermúdez, the company’s Trinidad and Tobago Market Manager, explains why the company came to T&T and what it likes about the people. What brought the company to T&T and when? Trinidad and Tobago is a well-developed nation with a strong economy, educated population and energetic marketplace. Its culture and people are vibrant. It was the perfect choice to be Arcos Dorados’ 20th marketplace. Why has the company stayed/decided to expand? Arcos Dorados only recently completed our initial plan of opening three restaurants in T&T in December 2011. We are focused on the operation of our three new restaurants and we firmly believe that we will be successful in this market for the mutual benefit of the company and the people of T&T.

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What has helped the business to succeed? People. Arcos Dorados’ success is based on the relationships we build with people, whether our customers, employees or suppliers. The company works with the governing principles of mutual benefit and mutual respect. This instills the kind of loyalty to our brand that has made Arcos Dorados the regional success it has been. What do you like about living in T&T? T&T is a vibrant country with warm and friendly people, a dynamic and exciting culture that is extremely welcoming, delightful music and exquisite cuisine. What do you find special or unique about T&T? The way the people love life. The accents and special terms like “liming.” As someone from the Spanish Caribbean, I appreciate the many similarities between cultures but also the aspects that make it unique.

Choose Trinidad and Tobago Desirée Seebaran

Relocation Becoming Trini Starting off their married life with a new job and new home in a new country, this Canadian couple has embraced life in T&T.

ewlyweds Cathy Martin and Bill Anthony started off their life together not just in a new place, but in a whole new country. Married in August 2010, the Canadians moved to Trinidad just a month afterward when Cathy was posted here as a Work Stream Lead at the newly merged Royal Bank of Canada/Royal Bank of Trinidad and Tobago (RBC/RBTT). They welcomed the opportunity. Bill had visited his brother in Curacao so many times that he was accustomed to local life on an island. And Cathy was open to getting into island life too. “We just felt that it was a real opportunity at this time in our

70 • Business Trinidad & Tobago

lives to do something entirely different. He was able to retire a year earlier than planned, which was great. So it worked out really well and we were really excited,” Cathy said. Cathy has been with RBC for 35 years, working her way up from branch teller. Here in Trinidad, she works on improving process effectiveness in branch sales across RBC’s new Caribbean acquisitions. “Stuff like how you negotiate a loan from start to end, how does the process for a mortgage work, right from the sales staff to the time that the funds get disbursed. So it’s really looking at things from end to end,” she explained. She was eager to jump into the challenge presented by RBC’s

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Turtle watching, deep sea fishing, visits to the Asa Wright Nature Centre, and popular beaches like Maracas and Macueripe are among their favourite activities.

acquisition of RBTT. In fact, according to Cathy, leaving Canada allowed her to speed up in more ways than one. “We don’t miss the rat race,” she said, shaking her head and smiling. “My commute used to be an hour and 15 minutes, one way. Now, I leave the house anytime between 6:30 and 6:45 am to go into the office and there’s no traffic. You get there in no time, and I love that.” Bill is a former director of sales for a food company in Canada, and has found lots to do in Trinidad while Cathy is at work. In addition to golfing and gardening, he said: “I like cooking, so I do the shopping and the cooking so that when she comes home from work, dinner’s ready,” he said, his arm lovingly around Cathy’s shoulder. “The first thing I made when we got here was green seasoning. Then I made mango chutney - that’s very nice. It’s a lot of work but we jar it up so we have lots, and give it away as gifts.” That’s not all they’ve prepared. Cathy quickly listed stewed pigeon peas, pelau and coconut curried shrimp among some of the Trini cuisine that they’ve tried. The couple spends a lot of their downtime cooking and eating together, trying out local recipes from the Naparima Girls High School Cookbook and Ah’len, a cookbook produced by the Syrian Lebanese Women’s Association of Trinidad and Tobago. They were pleasantly surprised to find that many of the foods they were used to in Canada were available in Trinidad. But the lure of Trini flavours has caught them by the tastebuds. They already have favourite restaurants like Veni Mangé and Chaud Creole. “I go to the RBC branch in Chaguanas about once a week,” Cathy says, “so of course I have to have doubles because they’re the best!” “And the curry,” added Bill with a smile, “with only slight pepper. You have to be very specific.” Cathy and Bill describe their arrival to Trinidad as very positive. Cathy remembers her work colleagues as “really warm and welcoming. They were very good in providing guidance with things like getting your driver’s licence.” And once they had introduced themselves to their Trini neighbours, Bill hit it off with them big time. “My neighbor George took me out in his car, for a couple of weeks, to show me things – seafood shops, fish markets, supermarkets, hardware store and electrical stores and all the

71 • Business Trinidad & Tobago

things I needed to do and find. That was a great help to me, because it saved me so much time going back and forth trying to find these places.” Another neighbor, Paul, introduced him to the St. Andrew’s Golf Club, where he’s been welcomed with open arms, he said. And he’s returned the favour to new expats. “Because we were one of the first couples from my group at work to move down here, Bill’s ended up being sort of the welcoming committee for the other Canadian spouses that have come down,” Cathy said with a laugh. As natives of a colder climate, Cathy and Bill are making the most of Trinidad’s tropical weather. “People say I have a green thumb cause I’ve grown all this,” Bill said, motioning to the lush plants on the patio, “and I say no, it’s the tropics.” Family comes to visit regularly during Canada’s winter months. “We had 13 guests last winter,” Bill said. Turtle watching, deep sea fishing, visits to the Asa Wright Nature Centre and popular beaches like Maracas and Macueripe are among their favourite activities, especially when people come to visit. Exploring is a passion for them, they agreed. Both Cathy and Bill were impressed by Trinidad’s economic standing in the Caribbean and globally, and by the fact that nearly every Trini they speak to has some connection to Canada, relatives that live there or an experience at a Canadian university or business. “It’s almost comforting in a way, you know?” Cathy said, “It made the move easier.” Bill added that although some Internet reports they had read before moving looked negative, they have had a different experience here. “Toronto has a drug problem, Edmonton has a drug problem; it’s not unique to Trinidad. And even though when you read the papers here you feel that it is, it isn’t.” Canada will always be home. Both Cathy and Bill have children and grandchildren back home that they are eager to return to when Cathy’s contract is up. Trinidad, however, holds a special something that will probably keep bringing them back. “We’ve made some good friends here and we’d want to keep that connection,” Cathy said. Bill added, “We like it, we enjoy it here and we’re happy to be here. We hope that our friends would want us to come back.”

Choose Trinidad and Tobago Kay Baldeosingh-Arjune Editor of Business T&T

Confident and Investing Just Look for the Opportunity …You Will Find It Two new entertainment/shopping centres in South Trinidad, a modernised clay block factory in central Trinidad, a new water bottling facility in North Trinidad, and opening of new supermarkets, restaurants and farms across the country – despite a sluggish economy, investors are finding business opportunities right here in the local market, in the non-energy sector – and looking for room to grow.

outhPark Development By Christmas 2013, San Fernando will be home to its first ever cineplex. Amera Caribbean Development Ltd will break ground on its new 25-acre “retail, lifestyle centre” in July 2012. Ahead of the game, Toyota Trinidad & Tobago Ltd had already begun work in March on its new Showroom at the site. 72 • Business Trinidad & Tobago

Located adjacent to the San Fernando Technical Institute, between the highway and the San Fernando Bypass, Amera Managing Director Joseph Rahael told BT&T that the complex would have shopping, casual dining, fine dining, fast food outlets, a fitness centre, an auditorium, office space, and a 10-screen cineplex managed by Caribbean Cinemas – altogether, 200,000 square feet of built space representing an over $300 million investment. Rahael believes now is the right time to invest. In 2007, materials were skyrocketing and it was difficult to construct in that type of economy, he noted. “We believe in our economy long-term,” and SouthPark is an investment for the next 50 years, he said.

New MovieTowne for San Fernando MovieTowne developers will be investing over $300 million to open T&T’s 4th MovieTowne entertainment and shopping complex in 2014 in south Trinidad. Chairman Derek Chin told BT&T he hopes to break ground in July/August 2012 on 18 acres of land in Corinth, located just south of Tarouba Stadium, on the eastern side of the highway. The project is a joint venture with the JT Allum Group of Companies and will see JTA Supermarket “establishing its fifth location, which will be the largest and most modern supermarket in Trinidad,” according to JT Allum Managing Director Christopher Mack.

New Restaurants More than 10 new restaurants opened in 2011 in T&T ranging from a wine and sushi bar in San Fernando, a Steak House in Couva, new Chinese, Indian and fine dining restaurants in Port of Spain and two American burger chains. In addition, Prestige Holdings Ltd announced in December 2011 that it had invested $110 million to purchase the Subway chain in T&T.

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Supermarkets Expanding Arima is now the home of two sparkling new supermarkets with both Food Basket and XTRA Foods opening new branches there in 2011. Hi-Lo Supermarket plans three new outlets for Trinidad and a major expansion of its Maraval store commencing in 2012 while, as mentioned before, JTA will be opening a new branch in MovieTowne, San Fernando.

Coconut Water Project In early 2012, Blue Waters Products Ltd relocated to its brand new, 250,000 square foot water bottling facility in Orange Grove. Speaking to BT&T in March 2012, Managing director Dominic Hadeed said the company would begin bottling coconut water at the new facility in another three years when the 300 acres of 25,000 dwarf coconut trees planted two years ago are ready to be harvested. The coconut water will be solely for the local market. In T&T, there are always opportunities for investment if the investor chooses to set up a world class facility and deliver world class service and a first world product at a fair price, said Hadeed, who is also President of the Trinidad & Tobago Manufacturers’ Association.

Clay Blocks Some other projects taking place around the country include Ansa McAl’s $310 million new clay block plant at Longdenville, Chaguanas, which will produce the equivalent of the company’s three 45-year old kilns. First commercial production from the new plant is expected in August 2012.

Large Farms and Food Security The Commercial Large Farms Programme kicked off in 2011 with the launch of four private/public sector farms which will be specialising in rice production, meat production and a range of produce including cucumber, sweet corn, hot pepper, cantaloupe, plantain, papaya, edamame (edible soybean), purple cabbage, and processing tomatoes for use in ketchup and tomato paste. Five Star Farms is working with the Ministry of Food Production on test-planting several other crops to be grown commercially for the first time in T&T. These are onions, carrots, baby corn, garlic, black pepper and potatoes. Five Stars reaped the first test batch of onions - 3,300 pounds - at the Ministry’s Tucker Valley Farm in Chaguaramas in March 2012. The onions have been sold to several international fast food restaurants operating in T&T.

Couva/Pt Lisas From hotels to agribusiness to office space, President of the Couva/Pt Lisas Chamber of Commerce Lily Heerai says: “There is no limit to opportunities in this region.” Old Mac Agro Supplies Ltd has “recently expanded business in the distribution and supply of more canned food items and also invested in a fully automated rice packaging equipment,” Heerai reported. A bed and breakfast hotel is being constructed in the heart of Couva and, “in anticipation of tremendous economic growth in the Couva/ Point Lisas area, there are several commercial buildings which are being constructed.” There is definitely a need for office and business spaces for rental as the

73 • Business Trinidad & Tobago

region continues to attract local and foreign investors, Heerai said. It is also attracting foreign students and the National Energy Skills Centre (NESC) began construction in January 2012 on a “Hall of Residence,” primarily for Nigerian students, at the corner of Rivulet Road and Old Southern Main Road, Point Lisas, Couva. The Couva/Pt Lisas Chamber has acquired a building for its own headquarters. With a large hall as well as office and business spaces for rental, the Chamber intends to use this building as a hub for facilitating business and community activities in the area. Several existing businesses “have also benefitted from additional Caroni land received from the government for the expansion of their business,” Heerai said. In addition, with the issuance of two-acre plots for agricultural purposes, “there are lots of opportunities in the agribusiness sector.” She sees the expansion in housing settlements in the area opening up new business opportunities as well.

Greater Tunapuna Investment is also happening in the Greater Tunapuna area, which stretches from Mt Hope to D’Abadie, and President of the Greater Tunapuna Chamber of Commerce Peter Kanhai sees investment opportunities for agribusiness, retail businesses, a gas station, new fire station, services catering to the tertiary student population, entertainment centres providing live entertainment by local artistes, and development of new business spaces. It has been tough times since 2008 but “we have seen businesses continue to take steps to grow their businesses” as well as persons calling the Chamber looking for retail premises, he said. Kanhai is also seeing the educational and private health care institutions in the region expanding. In addition, Intercommercial Bank opened its 4th country branch in Tunapuna in March 2012, SuperPharm opened a new store in Trincity in 2011, and Kanhai hopes, under this government, to see Pan Trinbago move ahead with development plans for its 12 acres of land, which will include a steel pan production facility and an amphitheatre. But, with Tunapuna “bursting at the seams,” Kanhai said expansion has to go outward, particularly towards the south. Kanhai has been calling for Tunapuna to be upgraded to borough status and the Chamber is also lobbying government to set up a new industrial estate, ideally in the Orange Grove area, to cater to the demand for additional business spaces as well as to focus on agribusiness opportunities. To tackle congestion in the busy shopping centre that is Eastern Main Road, the Chamber is working on having additional multilevel parking built. Kanhai also sits on the Governmnent-appointed St Augustine Education City committee whose goal is to develop and make the region better known as an integrated centre for academic excellence and to facilitate investment in university-related services such as publications, technology parks, internet cafés and a shopping village plaza specifically geared towards the local and regional student community.

Business T&T Useful Information

Ports and Public Utilities in T&T Airports Authority of Trinidad and Tobago (AATT)

of the Piarco International Airport as a cargo hub.

AATT is responsible for managing and operating the Piarco International Airport in Trinidad and the A.N.R. Robinson International Airport in Tobago. The Piarco International Airport has a runway length of 3,200 metres and a runway width of 45.7 metres. The A.N.R. Robinson International Airport has a runway length of 2,585.2 metres and is 46 metres wide.

• Development of the North Aviation Business Park. This park is situated in close proximity to the cargo hub at the South Terminal and is an excellent location for companies that are seeking to do business in Trinidad and Tobago. • Improvements in the Wi Fi service at both international airports. • Upgrade of the public address system at both international airports. • Creation of a First Class Lounge at the ANR Robinson International Airport in Tobago. • Rehabilitation of the airport runway at the ANR Robinson International Airport.

Services The Authority offers: • commercial space for lease for retail, warehousing or other business • opportunities for airport advertising • concession management • airport management training • airport security • airport management

Recent upgrades relevant to business customers The Authority has been continuously involved in improvements to enhance the experience of passengers. Several initiatives that will be of interest to business customers include: • Launch of the TNT Travel Network – available on FLOW’s basic digital package on channel 868, this channel shows up to the minute information on the status of flights, public service announcements, and information on Trinidad and Tobago’s tourist attractions and activities. This will present an exciting opportunity to businesses that would like to advertise their products and services to visitors to Trinidad and Tobago. • Introduction of self-check in kiosks at the North Terminal of the Piarco International Airport to help reduce time waiting in queues. • Opening of an Executive Jet Centre at the South Terminal. This luxurious, modern facility accommodates corporate jets and is manned with dedicated Customs and Immigration personnel. Thus, users of private jets benefit from faster processing times. • Development of the South Terminal

Planned upgrades for 2012/2013

Best Contact For further information on business opportunities with AATT, please contact: The Marketing Manager Airports Authority Of Trinidad & Tobago AATT Administrative Centre, South Terminal Piarco International Airport, Golden Grove Road, Piarco, Trinidad and Tobago Tel: 868-669-2288 ext 2250 or 2254 Fax:868-669-4705 E-mail: marketing@tntairports.com

Port of Port of Spain The Port of Port of Spain is the cargohandling unit of the Port Authority of Trinidad and Tobago. It is the country’s main port, providing berthing for international container vessels, as well as break-bulk, roll-on/roll-off, dry and liquid/bulk cargo vessels and towage services, container freight services and warehousing, and a one-stop barrel shop for clearance and delivery of personal effects.

Geographical Location The Port of Port of Spain is an ideal hub for distribution in the Caribbean, the Guianas and South America. It is conveniently located alongside the international trade lanes of the Americas and the Atlantic and Pacific Oceans via the nearby Panama Canal.

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Quay Length Total Quay Length: Depth alongside: Transit time from Pilot Station to berths: Available Tugs:

892 metres Ranging from 9.5 to 12 metres 1 – 1 1/2 hours 2 - capable of 2,600 hp each

Lines calling CMA-CGM CSAV HAPAG-LLOYD ZIM MARFRET

MSC BERNUTH MAERSK HAMBURG SUD CHINA SHIPPING

Equipment and Capacity 2010 2011 388,960 TEUs 379,837 (-2% less) Cars 2010 Cars 2011 1,634 18,583 (TEUs - Twenty-Foot Equivalent Units)

Berths (7) Container: 5 – max. draft: 11.0 metres General: 2

Cranes: • STS – 5

· RTG – 15

Reach Stackers – 6 ECHs – 9 ITVs – 40 Trailers – 44 Planned Upgrade Terminal operating system to be replaced by NAVIS SPARCS N4 in 2012. This system is currently in use in the global maritime industry.

Best Contact Colin Lucas – CEO Kelvin Harris – Executive Manager, Port Operations Victor Quintin – Operations Manager Ricardo Gonzales – Asst. Operations Manager Sandra Henry – Head of Marketing Betty Ann Gibbons – Manager, Public Relations Tel: 868-623-2901/5 Website: www.patnt.com

Ports and Public Utilities in T&T

Port Point Lisas Port Point Lisas is one of the major ports in Trinidad and covers a total area of approximately 20 hectares. It has grown over the years into a full, multipurpose 24-hour facility. With its six commercial berths, the port handles a wide range of traffic including dry and liquid bulks, containers, general cargo and breakbulk, servicing both the individual and business sectors alike. The Port also has expertise in handling project cargo. All its processes are constructed, reviewed and implemented under a comprehensive Quality Management System that is ISO 9001:2008 certified. Currently, the Port handles over 45% of the country’s domestic container trade (imports and exports) and 90% of the break-bulk trade.

Infrastructure & Capacity Berths: 6 645 metres in length maximum draft: 11.5 metres 1 – dedicated to container operations 5 – multipurpose Cargo handling equipment includes: 2 post panamax ship-to-shore gantry cranes 6 rubber tyred gantry (RTG) cranes 23 tractor trucks and other back-upequipment Terminal Operating System – utilises state-of-the-art NAVIS terminal operating system for vessel and terminal operations and planning. Storage: Covered storage: 3,100 square metres Open storage: 139,674 square metres Refrigerated container capacity: 192 units.

Recent upgrades relevant to business customers • Refurbishment of roadways on the port • Major equipment refurbishment exercises aimed at restoring their reliability and increasing availability of the overall equipment fleet • Greater use of technology integrated into the operations – 322 Electronic Data Interchange (EDI) messaging

• Utilisation of the Navis TOS for preplanning of export cargo • Finetuning of Teklogix wireless system using hand-held technology to ensure better transfer of data with minimum dropped signals • Reduced average unstuffing time for containers at the LCL Warehouse to 2 days and implementation of the LCL Warehouse Locator System • Annual HSE orientation and recertification for users of the Port. • Implementation of an Equipment Checklist at entry and exit gates and a Traffic Management Plan to ensure a safer port. • Zonal patrols throughout Port. • Tactical Response Unit interaction with National Security Services to maintain surveillance in Port and Marine Areas. • Installation of CCTV cameras for effective monitoring of the Port perimeter and Cargo Handling operational areas. • Use of contract security to complement existing staff for providing added benefits of improving coverage. • Commissioning of a new Workers’ Accommodation with lockers, kitchenette and computer room.

Major capital expansion

Planned Upgrades/Expansion in 20122013

NEC manages and operates six unique multi-user petrochemical and steel terminals as well as ISCOTT Dock. Terminals are effectively maintained through a detailed preventative maintenance programme and are available to users on a 24/7/365 basis. The terminals have been in operation for over 30 years without any major incidents. • Savonetta Pier 1 Used for the export of Ammonia, Methanol, Urea and Import of Base Oil. Dock Length: accommodates vessels up to 115m Annual tonnage is 1.5 million tonnes • Savonetta Pier 2 South Used for the export of Ammonia and Methanol Dock Length: accommodates vessels up to 190m Annual tonnage (2010) – 2 million tonnes • Savonetta Pier 2 North Used for the export of Ammonia and Methanol.

• For 2012-2013, the Port remains focused on productivity, customer service and the pursuit of global excellence. We are positioning ourselves to benefit from the expansion of the Panama Canal, the continued rapid growth of the Brazilian economy, the increased potential for regional trade and the larger vessels being deployed by shipping lines. • Acquisition of additional equipment as part of a phased replacement programme – new Reach Stacker in second quarter 2012, followed by acquisition of one Harbour Mobile Crane in the following year. • Further investment in technology upgrades – acquisition of terminal operating system for general cargo (break-bulk) operations. • Development of a computerised labour allocation system. • Acquisition of Container scanners.

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Within the next decade, the Port plans for major capital expansion works with respect to logistical services. In the medium to long-term, there will be phased development of six additional container berths outfitted with the required equipment and infrastructure. Phase 1 is earmarked to commence in 2015 with the construction of two of the container berths.

Best Contact Mr. Hayden Alleyne Manager, Marketing and Business Development Tel: (868) 636 2201 ext. 3516 Direct: (868) 679-4456 Cell: (868) 681-2297 Email: halleyne@plipdeco.com Mr. Harold Ragbir Vice President, Port Operations Tel: (868) 636 2201 ext. 2224 Direct: (868) 636-4006 Cell: (868) 741-5960 or 350-6073 Email: hragbir@plipdeco.com

National Energy Corporation

Ports and Public Utilities in T&T

Annual Tonnage (2010) – 3 million tonnes • Savonetta Pier 3 Used for the export of methanol and Direct Reduced Iron (DRI) and the import of Iron Ore. Dock Length: accommodates vessels up to 245m Annual Tonnage (2010) 3 million tonnes. • Savonetta Pier 4 Designed to accommodate: - import of grains, iron ore fines and aggregate - export of DRI, Methanol and Ammonia Annual Tonnage – 3 million tonnes • ISCOTT Dock Dedicated to the import of Iron Ore and other associated raw materials and the export of Iron and Steel Products (steel coils). This facility is currently leased to Arcelor Mittal Steel Point Lisas Ltd. Dock length: 405m Annual Tonnage – 2.5 million tonnes

Services NEC offers specialised loading facilities for the export of ammonia, urea, methanol and direct reduced iron, and the import of grains, iron ore fines and aggregate. The petrochemical industry is assured that NEC operates according to industry best practices and strict IMO guidelines as these are classified as hazardous cargo. Terminals are designed to handle the specialised needs of over 25 world scale petrochemical and steel manufacturing plants.

Best Contact Mr. Haydn Jones Operations Manager, Marine Terminal Operations National Energy Corporation Corner Rivulet Road and Brechin Castle Point Lisas, Couva Tel: (868) 636-8471/7368/ 299-0265 ext. 111 Fax: (868) 636-2905 Mr. Ron Traboulay Head, Marine Terminal Operations National Energy Corporation Corner Rivulet Road and Brechin Castle Point Lisas, Couva Tel: (868) 636-8471/7368/ 299-0265 ext. 189 Fax: (868) 636-2906 Website: www.nec.co.tt

T&TEC The Trinidad and Tobago Electricity Commission (T&TEC) is the sole entity for the Transmission and Distribution of electric power throughout Trinidad and Tobago. T&TEC is also responsible for lighting of all highways and public roads throughout the twin-island state. Through its approximately 3,000 employees, T&TEC serves over 423,000 customers spread across five Distribution Areas. T&TEC sees itself contributing to making Trinidad and Tobago the most attractive destination for foreign direct investment in the Caribbean and South Americas, moving upward from its present third ranking, according to the FDI’s Caribbean and Central American Country of the Future 2011/12 report.

Generation Sourced mainly through long term Power Purchase Agreements (PPAs) with Independent Power Producers (IPPs). IPPs supplying T&TEC with bulk power: • Powergen is contracted to supply 819 MW • Trinity Power supplies 210 MW • Trinidad Generation Unlimited (TGU) now supplies 225 MW and is expected to ramp up to 720 MW in mid 2012. T&TEC also owns and operates a 64 MW Power Station at Cove Tobago which is currently diesel-fired, but expected to be fully converted to natural gas by April 30, 2012.

Energy Sales Industrial demand is predominant, representing over 60% of annual energy sales. The 37 largest industrial customers (4 MVA and over) alone account for over 35% of annual energy consumption. Energy sales for 2010 were 8,485 GWh and the corresponding maximum demand was 1,222 MW.

Recent upgrades relevant to business customer: • Construction of eight new substations and associated transmission lines including, for the first time in the English Speaking Caribbean, 220 kV voltage

78 • Business Trinidad & Tobago

systems. These complement T&TEC’s pre-existing 33 kV, 66 kV and 132 kV transmission systems. • An Advanced Metering Infrastructure with outage management capabilities now contributes to 98% of all customer meters being remotely read. • A state-of-the-art Distribution System Control and Data Acquisition (SCADA) System and a country-wide fibre optic network system have been added to complement the transmission SCADA system. •· The Southern Distribution Area achieved ISO 9001 certification status in 2010 and the Quality Management System from this Area along with ISO 14001 environmental management systems are currently being rolled out throughout the Commission.

Regulation & Performance Tariffs and quality of service standards are set by an independent regulatory body, the Regulated Industries Commission (RIC). Standards of performance have been consistently met despite operating with tariffs that are amongst the lowest for Latin American and Caribbean Electric Utilities. An estimated 98% of the population has access to electricity with full deployment of street lights across the national grid.

Speed of installation Commercial and Residential connections/ installations are same day. Industrial connections depend on the scope of the project.

Planned upgrades/expansion for 20122013 • The introduction of several Renewal Energy pilot projects • Expansion of some key substations • Completion of the “Gateway” 132kV system into Port of Spain, which will significantly improve the reliability of supply in the capital. • Establishment of an OHSAS 18001 management system being actively pursued. • Disaster preparedness capabilities being established to facilitate quick

Ports and Public Utilities in T&T

restoration of electricity supply in the event of a disaster event.

Contact Info Tel: (868) 623 - 2611 / 6 E-mail: comments@ttec.co.tt Website: www.ttec.co.tt

WASA

Authority achieves this mainly through its centralised public sewerage systems: • Beetham Wastewater, Port of Spain • San Fernando • Arima Wastewater • Scarborough (1994) The wastewater collection system pipe length in Trinidad is estimated to be 500 km; in Tobago it is estimated to be 200 km.

WASA is responsible for providing the citizens of Trinidad and Tobago with a reliable potable water supply. The water infrastructure to achieve this is comprised of approximately 7,000 km of uPVC, ductile iron and polyethylene (water service connection) pipelines, system wide. The size of the pipelines used for transmission systems generally range from 10 inches in diameter to 54 inches. No individual service connections to customers are made from transmission pipelines.

Services to Businesses and Industry

Sources of Water

2 weeks

• 23 surface water sources (60%) • 53 ground water sources (28%) • 1 desalination plant (12%) Four impounding reservoirs • Hollis (storage capacity 1 billion gallons) • Navet (storage capacity 4.2 billion gallons) · Caroni Arena (storage capacity 10 billion gallons) · Hillsborough (storage capacity 224 million gallons)

Recent upgrades

Water Production Facilities There are currently 77 water production facilities throughout Trinidad and Tobago. Five major facilities account for 70% of the total water production. 1. Caroni Arena Water Treatment Plant - 75 mgd 2. Navet Waterworks - 19 mgd 3. North Oropouche Waterworks - 20 mgd 4. Hollis Waterworks - 8.4 mgd 5. Desalcott (privately owned and operated) - 30 mgd

Wastewater Facilities

• Water and wastewater service • Skilled expertise for water and wastewater infrastructure works • Outline approval, final approval and completion certificates for building developments • Design approval and completion certificates for plumbing inspectorate • Water abstraction licenses

Timeframe for installation of new service connections

WASA has been expanding its water infrastructure to improve service to its customers. Some of these works include: • Upgrading works on the San Fernando and Tabaquite Boosters • Construction of a new Desalination Plant in Point Fortin • Constructing four new water treatment plants each with a capacity of 500,000 gallons per day at Talparo and Matura, La Fortunee in Point Fortin and Clarke Road in Penal • Prior to 2010, 11% of WASA’s customers received less than a two-day supply of water per week. Currently, this has been reduced to one percent and projects are currently underway to address the deficiencies affecting that sector of the population • Completion of a major pipeline replacement project in South Trinidad with the replacement of 28 kilometres of the Navet Trunk Main with 32-, 24- and 20-inch diameter ductile iron pipe.

WASA is responsible for the collection, transmission, treatment and disposal of wastewater in Trinidad and Tobago. The

79 • Business Trinidad & Tobago

Planned upgrades/expansion for 20122013 Some of the projects for 2012 - 2013 include: • Rehabilitation of intakes and water treatment plants including Caroni, Hollis, North Oropouche and Courland in Tobago • Installation of transmission and distribution mains including the dualing of Caroni South Trunk main (15km) and replacement of the Old Hollis pipeline form Valencia to Port-of-Spain • Rehabilitation and construction of booster pumping stations including major facilities at Savonetta and South Oropouche • Rehabilitation and construction of service reservoirs including the Arena and Calvary reservoirs • The establishment of District Metered Areas and pressure control systems countrywide under a network and pressure management programme • Rehabilitation and integration of wastewater treatment plants including Maloney, Mountain View and Southwest Tobago • Commencement of a Universal Metering Programme starting with the installation of 6,000 domestic meters in Tobago • Expansion of the wastewater systems in San Fernando, Tobago and Malabar • WASA is collaborating with the Public Utilities Board of Singapore for water reuse at the Beetham Wastewater Treatment Plant, as well as bank side storage in the Caroni River Basin for security of supply • WASA is pursuing studies for new water sources particularly in the Northern Range.

Contact Information Tel: (868) 662-2302-7 Website: www.wasa.gov.tt

TTBizLink Is Here! It’s finally here! Government’s Business e-Services with the click of a button. With its inaugural brand launch back in 2011 and the proclamation of the Electronic Transaction and Data Protection Acts in 2012, the ICT solution, TTBizLink, is set to revolutionise and modernise the way business and trade is done in Trinidad and Tobago. TTBizLink is a type of ICT-platform known as a Single Electronic Window (SEW), designed to facilitate trade. The process is quite simple. Companies or individuals who wish to import/export goods, apply for permits, licences, or any other trade-related activity must simply submit a single e-document online at the website. The document is then routed to the various government agencies responsible for approvals. No longer will there be a need for multiple forms and repeated trips to several different agencies. Applications are available and can be accessed 24/7. Transactions will be conducted online simultaneously and smoothly.

How will TTBizLink impact business? For business operators and investors, the benefits of this new system include:• Greater operational efficiency • Increase in the speed of trade and business facilitation • Provision of vital, timely information to support more efficient business-to-business transactions and investment decisions • Sharpening the competitive edge of companies and industries.

TTBizLink e-Service includes:e-Permits & Licences – This service allows exporters/importers to apply for trade permits and licences from the Ministry of Trade and Industry’s (MTI) Trade Licence Unit, and from the Ministry of Food Production Land and Marine Affairs’ Chief Veterinary Officer & Plant Quarantine Division.

80 • Business Trinidad & Tobago

e-Import Duty Concession - Clients seeking import duty concessions from the government will be able to complete the necessary application forms and upload supporting documents online utilising this service. e-Company Registration - The Company Registration service will enable online submission and tracking of business registration and company incorporation applications/documents to the Registrar General Department, Ministry of Legal Affairs. This service will also enable an online name search and application for name reservation. e-Certificate of Origin - The Certificate of Origin (CO) service allows exporters/brokers to apply for COs issued by the Business Development Company Ltd or Trinidad and Tobago Chamber of Industry and Commerce (TTCIC) using the online application form. Exporters can also track CO application status and preregister with the BDC or TTCIC. e-Fiscal Incentives - Through this service, companies seeking fiscal incentives will submit the necessary application forms and upload supporting documents online to MTI. The application status can be tracked and approvals printed online. e-Work Permit - The Work Permit Application service enables companies/businesses, institutions and agencies to electronically submit Work Permit applications to the Ministry of National Security (MNS) Work Permit Secretariat. To benefit from the e-services of TTBizLink, simply follow the step by step online instructions at: www.ttbizlink.gov.tt MTI is excited to introduce this dynamic new ICT solution, which will greatly improve the speed at which business is conducted in T&T and enhance our overall global competitiveness. TTBizLink, Business Made Easy! Contact Information:Website:- www.ttbizlink.gov.tt / www.tradeind.gov.tt E-mail:- ttbizlinkinfo@gov.tt Phone:- 800-4739

The Trinidad and Tobago Stock Exchange Introduction The Trinidad and Tobago Stock Exchange (TTSE) was established in 1981 as a limited liability company. It is owned 50% by seven member-brokers and 50% by the listed companies. Presently, there are 35 listed companies and 42 listed securities, excluding government bonds. The TTSE is registered as a Self-Regulatory Organisation (SRO) by the Trinidad and Tobago Securities Exchange Commission (TTSEC) under the Securities Industry Act 1995 (SIA ’95).

Market Infrastructure By March 2005, the TTSE had converted all manual trading and settlement systems to a modern, computerised integrated platform. Trading is now effected using Trayport’s Global Vision (GV) platform, where “buy” orders and “sell” orders are matched electronically, based on price and time of the orders. The highest “bid” or lowest “ask” get priority. Settlement takes place on a T+3 cycle, that is, three business days after the trade date, legal ownership is transferred from seller to buyer, using a book-entry system supplied by Percival.

Market Statistics Trading volumes peaked in 2004 when approximately 312 million shares valued at TT$3.02 billion traded. Since then, the market has retreated substantially, with annual volumes of approximately 80 million shares valued at approximately $1 billion. In 2011, the market performed creditably with the Composite Index ending the year up some 20%, resulting in Business Insider ranking the TTSE as the fifth best performing market in the world in 2011. The top 15 stocks had an annual price appreciation ranging from 19.17% to 223.08%. On the negative end, nine stocks depreciated in value ranging from -0.12% to -36.07%.

Prospects for 2012 The IMF has projected GDP growth of 1.7% for 2012, after three years of negative or no growth. At the TTSE, we are excited by the prospects of new listings from the Government’s

81 • Business Trinidad & Tobago

Wayne Iton General Manager Trinidad & Tobago Stock Exchange

divestment programme, which should begin within the first half of 2012. The market is looking forward with anticipation to the First Citizens Group’s Initial Public Offer (IPO), to be followed by at least two more public offers before the end of 2012. The CLICO Investment Trust Fund, which would be established to assist with the resolution of the CLICO matter, should also be listed during the second half of 2012. CLICO policyholders can choose to exchange years 11-20 bonds for units in this fund, which would be traded on the TTSE. The number of policyholders and the size of the fund would suggest that this could be a very meaningful market development. There is also the establishment of the SME market. Here, small and medium sized enterprises with a capital base ranging from $5 million to $50 million can use an IPO to raise capital, then list on the TTSE and enjoy a 10% corporate tax rate (as opposed to 25%) for the first five years after listing. For more information on this initiative, SMEs are encouraged to contact the TTSE or any of the seven brokers listed below. We are confident that the market will rebound materially over the next couple years. Trinidad & Tobago Stock Exchange 10th Floor, Nicholas Tower 63-65 Independence Square, Port of Spain, Trinidad, West Indies Phone: (868) 625-5107/9 Email: ttstockx@stockex.co.tt Website: www.stockex.co.tt Brokers AIC Securities Ltd Bourse Brokers Ltd Caribbean Stockbrokers Ltd First Citizens Brokerage & Advisory Services Ltd Republic Securities Ltd Scotia Investments Trinidad & Tobago Ltd West Indies Stockbrokers Ltd

Economic Statistics Services was the largest contributor to real Gross Domestic Product (GDP) in 2011, contributing 45.9 per cent or $40.2 billion. The “Finance, Insurance, Real Estate, etc” subsector accounted for the largest portion of Services at 14.7 per cent, followed by “Distribution and Restaurants” (8.6%) and “Transport, Storage and Communication” (8%). The Petroleum industry represented 43.5 per cent of GDP, generating $38.28 billion, with more than half of that coming from the

“Exploration and Production” subsector (23.1% of GDP). Manufacturing contributed nine per cent to GDP or $7.9 billion, led by the “Food, Beverage & Tobacco” subsector (4.4%) with $3.9 billion. Agriculture’s portion of GDP (excluding Sugar) was $314.9 million. Overall, real GDP fell from $89.3 billion to a provisional figure of $88.06 billion in 2011, a decline of 1.37 per cent.

CENTRAL STATISTICAL OFFICE GROSS DOMESTIC PRODUCT OF TRINIDAD AND TOBAGO, 2007 - 2011 AT CONSTANT (2000) PRICES (Millions of TT dollars)

Industry

2007

2008

2009re

PETROLEUM INDUSTRY 36,709.5 36,600.3 37,526.9 Exploration and Production 20,305.4 20,059.2 20,425.3 Refining (Incl Atlantic LNG) 9,524.1 10,012.8 10,639.1 Petrochemicals 4,094.7 3,979.8 4,325.8 Service Contractors 901.4 668.0 266.5 Distribution 1,854.5 1,851.6 1,852.5 Asphalt Production 29.4 28.9 17.7 NON-PETROLEUM INDUSTRY 52,389.2 54,974.2 51,279.8 Agriculture excl. Sugar 344.5 347.2 313.9 Agriculture and Sugar 475.1 511.4 345.9 Export Agriculture 7.5 6.8 4.6 Domestic Agriculture 337.0 340.4 309.3 Sugar: 130.6 164.2 32.0 Sugar refineries (113.6) (113.0) (116.4) Cane farming and cultivation 18.7 1.9 1.9 Distilleries 225.5 275.3 146.5 Manufacturing 2/ 7,326.4 7,626.9 7,734.6 Food, Beverages and Tobacco 3,150.0 3,413.9 3,608.8 Textile, Garments and Footwear 134.2 161.7 169.0 Printing, Publishing etc. 829.8 802.7 717.9 Wood and Related Products 173.3 173.8 184.2 Chemicals and Non-Metallic Minerals 1,314.8 1,244.4 1,211.5 Assembly Type and Related Industries 1,397.7 1,417.5 1,343.4 Miscellaneous Manufacturing 326.6 412.9 499.8 Services 44,587.7 46,835.9 43,199.3 Electricity and Water 1,230.6 1,267.2 1,270.6 Construction and Quarrying 7,068.6 7,386.0 6,863.2 Distribution and Restaurants 3/ 10,828.6 11,889.9 9,370.4 Hotels and Guest Houses 258.3 218.4 213.3 Transport, Storage and Communication 6,502.6 7,051.7 6,948.4 Finance, Insurance, Real Estate, etc 11,669.5 12,032.6 11,491.7 Government 4,099.3 4,168.0 4,097.3 Education and Cultural Services 1,786.7 1,717.3 1,785.7 Personal Services 1,143.5 1,104.8 1,158.7 FISIM4 (3,163.3) (3,072.2) (3,079.3) Add: VALUE ADDED TAX (VAT) 3,938.9 3,831.7 3,578.9 GROSS DOMESTIC PRODUCT 89,874.3 92,334.0 89,306.3

2010e

2011p

38,268.5

38,281.4

20,795.9 11,079.6 4,289.7 198.4 1,877.1 27.8

20,322.1 11,548.7 4,252.1 232.4 1,886.2 39.9

49,354.7

48,884.3

308.8 554.1 4.5 304.3 245.3

314.9 531.6 4.4 310.5 216.7

0.0 1.9 243.4

0.0 0.0 216.7

7,856.0 3,751.1 182.0 669.5 176.7 1,245.2 1,299.4 532.1

7,933.5 3,877.0 192.9 631.7 273.7 1,254.7 1,153.0 550.5

40,944.6 1,271.7 4,913.1 8,281.2 188.0 6,858.0 12,421.1 4,005.0 1,802.0 1,204.5

40,419.2 1,239.2 4,523.7 7,575.0 176.6 7,043.0 12,950.9 3,945.4 1,800.7 1,164.7

(2,847.7) 4,509.6

(2,804.8) 3,699.9

89,285.1

88,060.8

2/ Excludes oil refining and petrochemical industries. (See ‘PETROLEUM SECTOR’). 3/ Excludes distribution of petroleum products. (See ‘PETROLEUM SECTOR’.) 4/ Financial Intemediation Services Indirectly Measured

82 • Business Trinidad & Tobago

Fast Facts Guide OFFICIAL NAME Republic of Trinidad and Tobago.

LOCATION The southern end of the Caribbean archipelago: · Latitude 10.5° North · Longitude 60.5° West

GDP at constant prices Year GDP(US$M) 2009 14,175.6 2010e 14,060.6 2011p 13,759.5

in millions of US$ and % contribution in 2011 Energy Manufacturing Services Agriculture 43.5% 9% 45.9% 0.6% 5,956.7 1,259.3 6,415.7 84.4 6,026.5 1,237.2 6,448.0 87.3 5,981.5 1,208.5 6,749.9 54.0

Source: Central Statistical Office

TIME ZONE Summer: EST equivalent to GMT – 5 hours Winter: EST + 1 hour, GMT – 4 hours. No daylight savings time in T & T.

ETHNIC PROFILE

CLIMATE

OFFICIAL LANGUAGE

Mean temperatures of 85 degrees with 60% humidity in the dry season of January to May, and 90 degrees with 75% humidity June to December. Night-time temperatures can drop to around 70 degrees in the cooler months.

CAPITAL CITY Port of Spain, Trinidad, seat of the national democratic government; Scarborough, Tobago, seat of the local government body, the Tobago House of Assembly (THA).

POPULATION Estimated population 1.3m of which 55,000 resident in Tobago.

THE GOVERNMENT Trinidad and Tobago’s government is a parliamentary democracy. The head of state is the President, who is elected by an Electoral College of members of the Senate and House of Representatives for a five-year term. Executive power, however, is vested in the Prime Minister and Government following elections every five years. Citizens of Trinidad and Tobago must be 18years or older to be eligible to vote.

LEGAL SYSTEM The legal system is based on common law and statutes. The judicial system comprises Magistrates Courts and the Supreme Court, which comprises the High Court and the Court of Appeal. There is a separate Industrial Court that deals with most labour matters. The Judicial and Legal Service Commission appoints judges to the Supreme Court. Final appeal is to the Privy Council in England, but consideration is being given to replacing the Privy Council with the Caribbean Court of Justice, inaugurated in April 2005 with headquarters in Port of Spain. · www.ag.gov.tt · www.legalaffairs.gov.tt · www.moj.gov.tt

THE ECONOMY Trinidad and Tobago is the most diversified and industrialised economy in the English-speaking Caribbean, and has earned a reputation as a good investment site for international businesses. More than 40% of the country’s Gross Domestic Product comes from the Services sector followed by the Energy sector with Services actually showing a small increase in 2011 over the previous two years. Table 1 gives a sector breakdown of GDP contributions by percentage and US dollar contributions for the period 2009 to 2011. · www.finance.gov.tt · www.central-bank.org.tt · www.mphe.gov.tt

83 • Business Trinidad & Tobago

· 40.3% East Indian descent · 39.6% African descent · 18.9% mixed descent · 1.2% European, Arab and Chinese English (Spanish is being promoted as Trinidad and Tobago’s first foreign language)

CURRENCY Trinidad and Tobago dollar tied to the US$ and floating at · US$1 = TT$6.3 · Notes: $1, $5, $10, $20 and $100 · Coins: 1, 5, 10, 25, 50 For daily Foreign Exchange Rates: www.central-bank.org.tt/

BUSINESS DRESS CODE Trinidad is more formal with lightweight suits worn, but in Tobago jackets are optional except on formal occasions.

BUSINESS HOURS Generally 0800 to 1600 Monday to Friday, retail outlets 0800 to 1600 except at Malls where opening time is 1000 and closing is 1900.

MAJOR BANKS The major banks have their main corporate offices in Port of Spain with branches in strategic locations throughout Trinidad and Tobago. They maintain international links through their affiliates in North America and Europe. · Bank of Baroda (Trinidad only) · Citi (Trinidad only) · CIBC FirstCaribbean International Bank · First Citizens · Intercommercial Bank Limited (Trinidad only) · RBC Royal Bank · Republic Bank Limited · Scotiabank Banking hours are 0800 to 1400 Monday to Thursday, 0800 to 1200 and 1500 to 1700 Friday. Mall branches: usually 1000 – 1700. All banks have Automatic Banking Machines (ABMs) and major shopping malls contain either full service branches or ABMs. The ABM banking system features LINX that enables clients to access accounts from any ABM regardless of agency in the country. LINX can also be used to make purchase at retail outlets throughout the country. ABMs also offer access to advance cash withdrawals for VISA, MasterCard and VISA Plus clients.

TRAVELLER’S CHEQUES AND CREDIT CARDS Accepted in most establishments. Customs & Excise Division accepts cash only. Other Government agencies may accept cash or LINX only.

DUTY FREE SHOPPING Available at the Cruise Ship Complex, Piarco and ANR Robinson International Airport formerly known as the Crown Point International Airports, Apadoca’s at Crews Inn for boats

Fast Facts Guide leaving the country and selected downtown Port of Spain stores.

TAXATION Tax Departure Tax Hotel Tax Hotel Room Tax Value Added Tax (VAT) Income Tax Corporation Income Tax Insurance Premium Tax Withholding Taxes

Rate TT$200.00 is included in the cost of the airline ticket (local currency only). Citizens over the age of 60 years old are exempted. 10% service charge 10% service charge 15% on consumer goods and services 25% 25% on Chargeable Profits 15% on Long Term Insurance Business 6% Varies

TELEPHONE 1 (868) + seven digit number.

ELECTRICITY 115 volts / 230 volts (+/- 6%) and 60Hz.

ROAD SYSTEMS Driving is on the left side of the road.

DOMESTIC FERRY SERVICE Domestic Fast Ferry Service: T & T Express, T & T Spirit and Conventional, slower ferry – the Warrior Spirit that transports passengers and cargo between the two islands. Ticket can be purchased on the same day or in advance at various Travel Agencies and Internet Cafes in Trinidad or Tobago. Adult passengers on the Fast Ferry service TT$50 one-way and return TT$100. Children: TT$25 one-way and return TT$50 Minors 3 years & under and senior citizens of T&T 65years & over travel free. Ferry passengers with private cars costs TT$150 one way and TT$250 return trip. (Where there is no charge applied, a ticket is still required for every passenger. Senior citizens are still required to present a photo ID to verify age and nationality. Personal photo identification is needed when traveling between isles and when purchasing tickets for the ferry and airline services.) http://www.patnt.com for further info. The Water Taxi sails from San Fernando to Port of Spain and back with scheduled sailing times, Monday to Friday. Tickets are TT$15 one way and can be purchased at the Water Taxi Terminals located at Flat Rock, Lady Hailes Avenue, San Fernando or the Cruise Ship Complex, Port of Spain. Free parking is available at both ports. Passengers on arrival at the Port of Spain port can use PTSC’s shuttle service which cost TT$3 through the city. For further information visit: www.nidco.co.tt or call 624-5593

AIRPORTS Piarco International Airport (POS) - 17 miles (27 km) from Port of Spain. ANR Robinson International Airport (TAB) - 7 miles (10km) from Scarborough.

AIRLINES Piarco International Airport is serviced with scheduled flights from American Airlines, Aeropostal, British Airways, Caribbean Airlines, Continental Airlines, CONVIASA, COPA Airlines, LIAT,

84 • Business Trinidad & Tobago

Redjet, Surinam Airways, in addition to charter operators like AERO TUY, Sunwing, ESTELAR, PERLA and DYNAMIC. ANR Robinson International Airport formerly known as the Crown Point International Airport also sees scheduled flights from British Airways, Caribbean Airlines, Condor Airlines, LIAT, Monarch Airlines and Virgin Atlantic. For more information on scheduled dates and times log on to www.tntairports.com The domestic “airbridge” is operated by Caribbean Airlines based in Trinidad, flying regular daily flights between 6am and 10pm to Tobago. The domestic fare for an adult is TT$150 single and TT$300 return. Internet bookings are now available at www. caribbean-airlines.com.

EMERGENCY SERVICES Port of Spain General Hospital, San Fernando General Hospital and the new Scaborough General scheduled to be opened in April of 2012. Roxborough Hyperbaric Facility (RHF), the Dive Chamber is the only recompression chamber available at the Roxborough Medical Clinic in Tobago. For more information about the facility you can call 660-5155. Emergency Service Ambulance/ Trinidad Emergency Relief Tobago Emergency Relief Coast Guard: Crime Stoppers Fire Police/Rapid Response The Office of Disaster Preparedness and Management (ODPM): Trinidad: Tobago:

Telephone Nos: 811 211 634-4440 800-TIPS (8477) 990 999 800-ODPM (6376); 640-1285; 640-8905; 640-8653; 640-6493 660-7489

MEDIA Daily Press includes: Trinidad Express, Trinidad Guardian & Newsday. Bi-weekly: TnT Mirror. Weeklies: Tobago News, Catholic News, Bomb, Blast, Metro, Showtime, The Independent, The weekend Heat, The Probe, Sunday Punch and Newspaper Direct Trinidad and Tobago. Monthly: Trinidad and Tobago Review, Easterly and Westerly. Local television stations: CCN TV-6 (channels 6 & 18 in Trinidad and channel 19 in Tobago), Cable News Channel CNC3 (channels 12 & 14), CNMG (channels 9 and 13), Gayelle Television (channels 23 & 27), National Carnival Commission (NCC TV4 (channels 4 &16), Synergy TV (channel 33), WINTV (channels 37 & 39) and Tobago Channel (channel 5 Tobago only). Local television programming via cable television: Acts (channel 9 Flow & 112 Blink) CCN TV-6 (channel 5 Flow & 100 Blink), Cable News Channel CNC3 (channel 3 Flow & 104 Blink), CNMG (channel 6), Gayelle Television (channel 7 Flow & 106 Blink), Islamic Broadcast Network - IBN (channel 8), ieTV (channel 1 Flow & 116 Blink), NCC TV4 (channel 4 Flow & 103 Blink), The Parliament Channel (channel 11), Synergy TV (channel 15 Flow, 108 Blink), WINTV (channel 12 Flow & 110 Blink), WI Sport (channel 14). There are about 36 radio stations operating on the FM band and two on the AM band (530 AM and 730 AM).

Trinidad Contact Information The American Chamber of Commerce of Trinidad and Tobago (AmCham) 62A Maraval Road, Newtown, Port-of-Spain Tel: (868) 622-4466; 622-0340 Fax: (868) 628-9428 inbox@amchamtt.com www.amchamtt.com

Association of Caribbean States Ernst & Young Building 5-7 Sweet Briar Road, St. Clair, Port-of-Spain Tel: (868) 622-9575 Fax: (868) 622-1653 mail@acs-aec.org www.acs-aec.org

Association of Real Estate Agents (AREA) Suite A4, Kencita Court 76 Picton Street, Newtown, Port-of-Spain Tel: (868) 628-9048 Fax: (868) 628-9049 area-tt@tstt.net.tt www.areatt.com

Association of Trinidad and Tobago Insurance Companies (ATTIC) 9 Stanmore Avenue, Port-ofSpain Tel: (868) 624-2817, 625-2940 Fax: (868) 625-5132 mail@attic.org.tt www.attic.org.tt

Bankers Association of Trinidad & Tobago 16 Gray Street St. Clair Tel: (868) 622-0282, (868) 628-2944 Fax: (868) 628-9718 Email: secretariat@batt.org.tt Website: www.batt.org.tt

Business Development Company Ltd 151B Charlotte Street, Port-of-Spain Tel: (868) 623-5507; 624-3932 Fax: (868) 625-8126; 624-3919 info@bdc.co.tt www.bdc.co.tt

Caribbean Association of Industry & Commerce (CAIC) P.O. Box 6541 TT Post, Maraval Trinidad & Tobago Fax:1 (868) 622-8936 Tel: 1 (868) 774-1849a Email: caic.admin@gmail.com Website: www.caic.org.tt

Central Bank of Trinidad and Tobago Eric Williams Financial Plaza, Independence Square P.O. Box 1250, Port of Spain Tel: (868) 625-2601/4921/ 4835/0121 Fax: (868) 627-4023 info@central-bank.org.tt www.central-bank.org.tt

Central Statistical Office (CSO) National Statistics Building 80 Independence Square, Port of Spain Tel: (868) 623-6495/7069 Fax: (868) 625-3802 info@cso.gov.tt www.cso.gov.tt

Employers’ Consultative Association of Trinidad and Tobago (ECA) 17 Samaroo Road Aranguez Roundabout North Aranguez, P.O. Box 911, Port of Spain, Trinidad Tel: (868) 675-5873/9388 Fax: (868) 675-4866 ecatt@tstt.net.tt www.ecatt.org

The Energy Chamber of Trinidad and Tobago Suite B2.03 Atlantic Plaza, Atlantic Avenue Point Lisas, Couva Tel: (868) 6-ENERGY, 679-6623,679-1398 Fax: (868) 679-4242 execoffice@energy.tt www.energy.tt

85 • Business Trinidad & Tobago

Fashion Association of Trinidad & Tobago Tel: (868) 627-6975 fashionassociationtt@gmail. com

invesTT The Atrium, Don Miguel Road Extension, El Socorro Tel: (868) 675-1989 Fax: (868) 675-9125 info@eteck.co.tt www.investtnt.com; www.eteck.co.tt

Ministry of Energy and Energy Industries Tower C - Energy Trinidad and Tobago International Waterfront Centre #1 Wrightson Road, Port of Spain Tel: (868) 623-6708 or (868) 62-MOEEI Fax: (868) 625-0306 info@energy.gov.tt www.energy.gov.tt

Ministry of Finance Level 8, Eric Williams Finance Building Port of Spain Tel: (868) 627-9700/ 9703/9695 Fax: (868) 627-5882 comm.finance@gov.tt www.finance.gov.tt

Ministry of Food Production, Land & Marine Resources St Clair Circle, St Clair, Port of Spain Tel: 622-1221-5, 622-5481-7 Fax: (868) 622-8202 www.agriculture.gov.tt/ foodproduction/

Ministry of Foreign Affairs Level 10-14 Tower C Waterfront Complex 1A Wrightson Road, Port of Spain Tel: (868) 623-4116 Fax: (868) 624-4220 website@foreign.gov.tt www.foreign.gov.tt

Ministry of Health #63 Park Street, Port of Spain Tel: (868) 627-0010-17 Fax: (868) 623-9528 suggestions@health.gov.tt www.health.gov.tt

Ministry of Public Administration Level 7, National Library Building Corner Hart and Abercromby Street Port of Spain Tele: (868) 625-6724, 623-7122/8578 Fax: (868) 623-6027 www.mpa.gov.tt

Ministry of Trade and Industry Nicholas Towers, Level 11-17 63-65 Independence Square Port of Spain Tel: (868) 623-2931-4, Fax: (868) 627-8488; 627-0002 info@tradeind.gov.tt www.tradeind.gov.tt

The National Information and Communication Technology Company Ltd (iGovTT) Level 1-3, Lord Harris Court #52 Pembroke Street Port of Spain Trinidad Tel: (868) 627-5600 Fax: (868) 624-8001 igovtt@gov.tt www.igovtt.tt

Office of Disaster Preparedness & Management (ODPM) Trinidad Office 4A Orange Grove Road Trincity, Tacarigua Tel: (868) 6401285/8905/8653/6493 Fax: (868) 640-8988 info@nema.gov.tt www.odpm.gov.tt

Trinidad Contact Information Tourism Development Company Ltd (TDC) Level 1, Maritime Centre No. 29 Tenth Avenue, Barataria Tel: (868) 675-7034-7 Fax: (868) 638-7962 info@tdc.co.tt www.tdc.co.tt

Trinidad and Tobago Agribusiness Association 11 Eastern Main Road, Tunapuna Tel: (868) 645-9204 / 645-6511 ttabasec@yahoo.com www.ttaba.com

Trinidad and Tobago Chamber of Industry and Commerce

The Trinidad Hotels, Restaurants and Tourism Association (TTHTI)

Chamber Building, Columbus Circle, Westmoorings Mailing address: P.O. Box 499, Port-of-Spain Tel: (868) 637-6965-6 Fax: (868) 637-7425 chamber@chamber.org.tt www.chamber.org.tt

c/o Trinidad and Tobago Hospitality and Tourism Institute Airway Road, Chaguaramas Tel: (868) 634-1174/5 Fax: (868) 634-1176 info@tnthotels.com www.tnthotels.com

Trinidad and Tobago Coalition of Services Industries Ltd 45 Cornelio Street, Woodbrook, Port of Spain Tel.: (868) 622-9229 Fax: (868) 622-8985 info@ttcsi.org www.ttcsi.org

Trinidad and Tobago Manufacturers’ Association (TTMA) 42 Tenth Avenue, Barataria Tel: (868) 675-8862 Fax: (868) 675-9000 info@ttma.com www.ttma.com

TTBizLink Import/Export Permits and Licences Ministry of Trade and Industry Trade Licence Unit Ground Floor, TTMA Building 42 Tenth Avenue, Barataria Tel: (868) 675-8242 or (868) 674-3545 Fax: (868) 675-5465 Website: www.ttbizlink.gov.tt www.tradeind.gov.tt

Work Permit Secretariat Ministry of National Security Temple Court II 52-60 Abercromby Street Port of Spain, Trinidad Tel: (868) 623-2154/44 exts. 2250 or 2251 info@mns.gov.tt www.nationalsecurity.gov.tt

Tobago Contact Information Business Development Company Ltd eTeck Mall, Sangster’s Hill, Scarborough Tel: (868) 639-4067 / 639-2549 Fax: (868) 639-4340 Contact: Mr Dedan Daniel ddaniel@bdc.co.tt info@bdc. co.tt www.bdc.co.tt/

Chamber of Industry and Commerce, Tobago Chapter T.E.A.L. Building The Waterfront Scarborough Tel: (868) 639-2669 Fax: (868) 639-2669 tobagochamber@tstt.net.tt www.chamber.org.tt/

Eco-industrial Development Company of Tobago Limited (E-IDCOT) Gulf City Mall, Lowlands Tel: (868) 635-2683, 631-COVE; 635-COVE; 660-COVE Fax: (868) 631-COVE, 635-2214 administration@e-idcot.co.tt www.e-idcot.co.tt

Environment Tobago (NGO)

Tobago Hotel & Tourism Association

Tobago House of Assembly (THA)

P O Box 503 Scarborough Tel: (868) 660-7462 Fax: (868) 660-7467 envirtob@tstt.net.tt www.environmenttobago.net

P O Box 295, Scarborough, Tobago Tel: (868) 639-9543 Fax: (868) 639-9543 thta@tstt.net.tt Marketing: itstobagotime@ gmail.com www.tobagohoteltourism. com

Division of Tourism and Transportation 12 Sangster’s Hill Scarborough Tele (868) 639-2125 or 639-4636 Fax: (868) 639-3566 contact@visittobago.gov.tt www.tha.gov.tt; www. visittobago.gov.tt

The National Emergency Management Agency (Tobago) (TEMA) Fairfield Complex Bacolet Street Scarborough Tel: (868) 631-CERT (2378) or 660-7489 nematobago@tstt.net.tt www.tema365.com

The Travel Foundation L.P. 159, Black Rock Tobago Tel: (868) 635-0032 Contact: Ms. Rosemary Thomas, Project Co-ordinator tftobago@tstt.net.tt www.thetravelfoundation. org.uk

86 • Business Trinidad & Tobago

Tobago House of Assembly (THA) Division of Finance and Enterprise Development Lot 2 Glen Road Scarborough, Tobago Tel: (868) 635-1203, 635-2989 or 635-1254 Fax: (868) 639-4927 thasec@tstt.net.tt www.tha.gov.tt

Tourist Information Offices ANR Robinson International Airport Tel: (868) 639-0509

Cruise Ship Complex Scarborough. Tel: (868) 635-0934