Business Trinidad and Tobago 2014 by Prestige Business Publications Ltd.

Editorial Board / 2014

Business Trinidad & Tobago 2014 Editorial Board Richard Lewis

Chairman, Prestige Business Publications Ltd.

Keith Miller

Chief Executive Officer, Caribbean Business Publications Ltd.

Wade George

Tax Managing Partner, Ernst & Young Caribbean

John Gransaull

Director, ASCO Trinidad Ltd.

K. Anthony Hosang

Managing Director, Fine Art Ltd.

Halima Y. Khan

Communications Officer, T&T Chamber of Industry and Commerce

Rikhi Permanand

Executive Director, Council for Competitiveness and Innovation (CCI) and Economic Development Board (EDB)

Nirad Tewarie

CEO, T&T Coalition of Services Industries (TTCSI)

Kristine Thompson

Chairperson, invesTT

Patricia Lewis

Director, Prestige Business Publications Ltd.

Marie Gurley

Director, Prestige Business Publications Ltd.

Lisa Jessamy

Manager, Prestige Business Publications Ltd.

Kay Baldeosingh-Arjune

Editor, Business Trinidad & Tobago

CREDITS Joint Publishers Advertising Sales Editor Design Layout & Artwork Production Cover Design Photography Printed By

Richard Lewis, Keith Miller Patricia Lewis, Marie Gurley, Betti Gillezeau Kay Baldeosingh-Arjune 809 Design Associates Inc. Soraya Gonsalves, Patricia Lewis, Jessica Medina Patricia Lewis, Lisa Jessamy Jessica Medina Christopher Anderson, Edison Boodoosingh, Stephen Broadbridge, Oswin M Browne, CaféMoka Gallery, Sarah Carter, Abraham Diaz, Inken Janning, Joshua Joseph, Kevin Kenny, Elise Jenair Romany ScripJ

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© 2014 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.

2 • Business Trinidad & Tobago

Cover Photo: Stephen Broadbridge

From the Publisher

owerhouse T&T, still punching above its weight, has withstood the financial storm of the last five plus years and successfully held its ground. The economic foundation that kept the economy afloat: rich resources in oil, gas and petrochemicals; reputable local and international energy companies committed for the long-term; strong banking sector; long-established manufacturers; highly skilled and educated workforce; social stability; and strong democratic traditions. Also providing storm cover for the T&T economy were low unemployment and inflation rates, a US$5 billion Heritage & Stabilisation Fund, healthy foreign reserves position, improved levels of food production, and continued high levels of government expenditure and capital investment. Successive governments have made continuous capital investments to expand and improve the country’s physical and information technology infrastructure, diversify the economy, improve food security and secure new export markets. From roads, ports and agricultural and industrial estates to water, electricity and bandwidth, significant expansion and improvements are taking place. Targeted programmes to develop and support specific sectors, small entrepreneurs, established exporters and new investors, as well as initiatives to improve the performance of the Public Service and state agencies, have all begun to make an impact. The Government has also been paying particular attention to making it easier to do business in T&T, with very specific interventions to shorten the time it takes to establish a business, clear a container or get an approval.

4 • Business Trinidad & Tobago

Keith Miller

Richard Lewis

Chief Executive Officer – Caribbean Business Publications

Chairman – Prestige Business Publications Ltd

With interventions and investments on so many fronts; an energy sector once again throttling into high gear; a highly liquid, highly competitive banking sector keen to finance suitable projects; and the International Monetary Fund and international credit rating agencies all with a stable outlook for the T&T economy, the opportunity to invest is now. So sign that deal, get your project started, and leverage T&T’s fortuitous location in the tropics, outside the hurricane belt but yet so close and so accessible to South and Central America as well as the United States. In this edition of Business Trinidad & Tobago, you will find more information about all these developments and we hope the articles will provoke your interest and active participation. We’ve designed the magazine to be easy but authoritative and credible reading, providing enough to stimulate, with an overall view of the T&T economy and the latest developments taking place, as well as important perspectives from both the Private Sector and the Government. This publication would not be possible without the support of our Advertisers, several of whom have been with BT&T for more than a decade. We thank them for their support and for continuing to make it possible for BT&T to present Trinidad and Tobago to the local and international investing community. There are exciting opportunities and great experiences awaiting you in T&T – see you here!

Richard Lewis

Keith Miller

Calendar 2014

Photo: Edison Boodoosingh

April 2014 1st Mar-31st Aug – Leatherback Watching in Tobago 6th-12th – National Volunteer Week

27th-28th – Nova SME Conference Contact: Sharmin Boodoo – 868-637-6966 Ext. 252 Email: sboodoo@chamber.org.tt or events@chamber.org.tt

7th – World Health Day

30th – Indian Arrival Day

18th – Good Friday

June 2014

19th-27th – Tobago Jazz Experience Website: http://www.visittobago.gov.tt/ jazzexperience 20th-26th – Administrative Professional’s Week (Secretary’s Week) 21st – Easter Monday 23rd – Administrative Professional’s Day (Secretary’s Day) 25th-3rd May – Point Fortin Borough Celebrations

May 2014 14th-28th – European Film Festival Contact: Nneka Luke – 868-621-0709 Email: nneka@ttfilmfestival.com Website: http://www.ttfilmfestival.com 16th-18th – Tobago Fashion Weekend Website: http://www.visittobago.gov.tt

6 • Business Trinidad & Tobago

5th – World Environment Day 6th-8th – Caribbean Medical Providers Practicing Abroad (CMPPA) 1st Medical Conference – “Giving Back” 2014, Hyatt Regency Trinidad Contact: The Trinidad and Tobago Medical Association – 868-671-5160 Email: medassoc@tntmedical.com Website: http://tntmedical.com/ 6th-14th – WeBeat Festival 2014, St. James, Port of Spain 9th-11th – SPETT 2014 Energy Resources Conference, Hyatt Regency Trinidad. Contact: Society of Petroleum Engineers – Trinidad & Tobago Section – 868-717-7388 Email: info@spettconf.org Website: www.spettconf.org

20-22nd – Trinidad and Tobago Street Arts Festival - A Celebration of Art Ariapita Avenue, Port of Spain – 868-622-9229 Email: info@ttcsi.org Website: http://ttcsi.org https://www.facebook.com/TTCSI 19th – Labour Day 19th – Corpus Christi 20th-22nd – San Fernando Fashion Week – 868-722-6059; 868-335-4155 Website: http://www. sanfernandofashionweek.webs.com/ 28th-29th – TTCA 6th Annual Coral Cup Classic Golf Tournament, Millennium Lakes Golf & Country Club, Trincity – 868-627-1266 Email: info@ttca.com Website: http://www.ttca.com/events * Public Holidays in blue

Calendar 2014

Photo: Kevin Kenny

July 2014

6th-10th – Santa Rosa Festival, Arima, Trinidad

2nd-5th - Trade & Investment Convention (TIC), Dr. Joao Havelange Centre of Excellence, Macoya Contact: TIC 2014 Secretariat – 868-675-8862; 868-675-9000 Website: http://www.tic-tt.com

23rd – Carib Power Boat Great Race from Pier 1, Chaguaramas to Store Bay, Tobago

11th-1st Aug – Tobago Heritage Festival Website: http://www. tobagoheritagefestival.com

12th-14th – Angostura Rum Festival

30th-3rd Aug – Great Fete Weekend in Tobago To Be Announced – Eid-ul-Fitr

August 2014 1st – Emancipation Day 1st – Arima Borough Day 2nd – Arima Fest

8 • Business Trinidad & Tobago

31st – Independence Day

September 2014 16th-30th – 9th Annual Trinidad + Tobago Film Festival (ttff ) Contact: Nneka Luke – 868-621-0709 Email: nneka@ttfilmfestival.com Website: http://www.ttfilmfestival.com 24th – Republic Day 25th-26th – AmCham T&T’s 18th Annual Health, Safety, Security and Environment (HSSE) Conference & Exhibition Contact: American Chamber of Commerce of Trinidad & Tobago – 868-622-0340 Website: http://www.amchamtt.com/

27th – World Tourism Day 27th – 16th Annual Scotiabank Women Against Breast Cancer 5k Classic 30th – Caribbean Youth Day 30th-5th Oct – Tobago International Cycling Classic To Be Announced (Sep or Oct) – 4th Annual Health and Wellness Expo 2014, HYATT Regency Trinidad. Contact: Eidetic – 868-665-6712; 868-665-5994 Email: register@uhealthdigest.com * Public Holidays in blue

Calendar 2014

Photo: Elise Jenair Romany

October 2014 7th – Chaguanas Borough Day 8th-10th – VIII Americas Competitiveness Forum Trinidad and Tobago Contact: VIII ACF Secretariat – 868-627-9700 Ext. 2070/2044 Website: http://www. competitivenessforum2014.gov.tt/ 14th-15th – ICATT’s Annual International Accounting & Finance Conference, HYATT Regency Trinidad Contact: Institute of Chartered Accountants of T&T – 868-623-8000

24th – United Nations Day To Be Announced – Divali To Be Announced (Sep or Oct) – 4th Annual Health and Wellness Expo 2014, HYATT Regency Trinidad. Contact: Eidetic – 868-665-6712; 868-665-5994 Email: register@uhealthdigest.com

November 2014 3rd – Hosay Festival 5th-8th – Caribbean Dermatology Association (CDA) 23rd Annual Dermatology Conference Website: http://caribbeanderm.org/ Email: secretariat@caribbeanderm.org

11th or 18th – Trinidad and Tobago Chamber of Industry and Commerce’s Business Hall of Fame Induction Ceremony Contact: Sharmin Boodoo – 868-637-6966 Ext. 252 Email: sboodoo@chamber.org.tt or events@chamber.org.tt

6th-12th – Tobago House Assembly Week Celebrations

16th – World Food Day

25th – Christmas Day

19th-26th – National Tourism Week

26th – Boxing Day

10 • Business Trinidad & Tobago

December 2014

January 2015 1st – New Year’s Day

February 2015 3rd-4th – The Energy Chamber’s Energy Conference of Trinidad and Tobago Website: http://www.ttenergyconference. org/ 16th – J’Ouvert 16th & 17th – Carnival Monday & Tuesday – Parade of the Bands (most offices closed) 18th – Ash Wednesday

March 2015 1st-31st Aug – Leatherback Watching in Tobago 30th – Spiritual Baptist Liberation Day * Public Holidays in blue

Contents

Contents 14

Message from The Honourable Prime Minister of Trinidad and Tobago Kamla Persad-Bissessar

Labour Relations in Trinidad and Tobago Employers’ Consultative Association of Trinidad and Tobago (ECA)

Taking T&T Into the Future Interview with Minister Bhoe Tewarie

BT&T Entrepreneur Profile Lagoon Animation George Deyal

Why Choose T&T? Kay Baldeosingh-Arjune Editor – Business T&T

Public Service Transformation as an Investment Initiative Tony Deyal

Kickstarting Growth and Investment Catherine Kumar CEO – T&T Chamber of Industry and Commerce

Oil and Gas 101 Inc - T&T Turns to Energy Training Joel Henry

72 32

Seven New Business Parks To Open In 2015 Raphael John-Lall

Trinidad & Tobago Nationals Shine in the Global Energy Environment American Chamber of Commerce of Trinidad and Tobago (AMCHAM)

The Banking Sector in Trinidad and Tobago The Bankers Association of Trinidad and Tobago (BATT)

Raising Capital Via T&T Stock Market Maria Daniel Partner – Transaction Advisory Services, Ernst & Young Services Ltd

T&T Premier Location for Financial BPO Services The Trinidad and Tobago International Finance Centre

invesTT Aims for World Bank Top 10 Ranking Joel Henry

VIII Americas Competitiveness Forum Trinidad and Tobago 2014

BT&T Entrepreneur Profile Hivesource.me George Deyal

ICT-Ready T&T - Poised, Positioned and Full of Potential Bevil Wooding

Business Outsourcing in Trinidad and Tobago - an attractive option for investors Angela Lee Loy Chairman – Aegis Business Solutions Ltd

12 • Business Trinidad & Tobago

Investment Opportunities in Food Natasha Ramnauth

BT&T Entrepreneur Profile Christian Young Sing George Deyal

Why Choose T&T for Medical Tourism Shyamal Chandradathsingh Manager – Investor Sourcing, invesTT

UWI – Open for Business! Pro Vice-Chancellor - Professor Clement K. Sankat and Mr. Sharan C. Singh

An Aussie Abroad Sheldon Waithe

Tobago Investment Revival Dawn Glaisher Broker – Director AREA, SeaJade Investments

Useful Information - Stock Market - Fast Facts Guide - Trinidad Contact Information - Tobago Contact Information

Message from the Honourable Prime Minister of Trinidad and Tobago Kamla Persad-Bissessar

am indeed honoured to be a contributor to this 2014-2015 edition of Business Trinidad and Tobago, especially at a time when the country is experiencing a recovery in economic growth coupled with low levels of unemployment. In fact, according to the 2013 edition of the Review of the Economy, our twin-island Republic has exhibited encouraging signs since the global economic downturn. The domestic socioeconomic situation has improved significantly, recording a consolidated growth rate of 1.6 percent in 2013, following on an overall growth of 1.2 percent in 2012. These figures are quite encouraging and demonstrate the high level of robustness and resilience that characterise our economy. Due to some significant improvements in specific areas, Trinidad and Tobago, according to the 2014 Doing Business Report, is now ranked at 66th out of 189 economies. The Ministry of Trade, Industry and Investment (MTII) is working closely with the World Bank Group and several other Ministries and Government agencies to improve our business climate, with the mandate of implementing an aggressive package of reforms to improve Trinidad and Tobago’s ranking in the Report. My Government clearly understands that growth in trade, business and investment is fundamental to rebuilding and rebalancing our economy and that, once this occurs, it would create a launch pad for sustainable growth and development that would permeate the entire economy. Currently, we boast a relatively high GDP per capita, which stood at US$17,437 in 2012, based on data from the World Bank. This and other factors have propelled our country to become one of the most industrialised nations in the Caribbean. However, despite these achievements,

14 • Business Trinidad & Tobago

one of my Government’s unwavering objectives is to continue to diversify the economy away from the Energy sector to other viable, non-energy sectors. To realise this objective, we are placing great emphasis on growing trade, business and investment in selected, targeted, nonenergy sectors of interest. While the Government does not actively or directly participate in any form of economic activity, we aggressively pursue the development of an enabling environment for the growth and development of business activity, and create policy to stimulate and determine the direction of commercial activity in the country. As a priority, we are determined to pursue the diversification of the economy away from the helms of oil and gas. In light of this, the Government of Trinidad and Tobago has undertaken several initiatives, as well as created various opportunities, to promote investment and economic growth. Future Outlook for Business Investment Opportunities Trinidad and Tobago Given Trinidad and Tobago’s strong macroeconomic fundamentals and my Government’s commitment to creating an enabling environment, the future investment outlook for Trinidad and Tobago promises to be quite positive. High on the agenda of the Government with respect to investment in Trinidad and Tobago, is the provision of an efficient and friendly investment framework for investors, both local and foreign. Currently, there are also several projects and policies in progress that will transform the way Trinidad and Tobago conducts business locally, regionally and internationally. At present, the investment framework incorporates various pieces of legislation. These include, the Foreign Investment Act,

the Fiscal Incentives Act, Income Tax (in aid of Industry) Act, and the Free Zones Act. These pieces of legislation guide the investment process and offer incentives to attract business and investment. The investment incentives regime is a major influencing factor in the investment climate and, in this regard, the country boasts of a well-developed incentives regime for selected priority sectors. Our lead promotion and investment facilitation agency, invesTT, has prioritised the following sectors for investment attraction: 1. Agribusiness 2. Clean Technology 3. Creative Industries 4. ICT 5. Maritime Industry In fact, significant investment activity is already occurring in knowledge-based activities such as ICT. This will certainly create the platform for further business

Investment opportunities exist for the establishment of marinas, music recording studio and garment factories. and investment opportunities as Trinidad and Tobago transforms itself from a petrochemical-based economy to a more knowledge intensive economy. With regard to the Creative Industries, there is much scope for future investment including the development of a factory to manufacture local designs with a focus on draping, fine tailoring, pattern drafting and construction of high-end, high quality garments for a high income market segment. As well, Trinidad and Tobago currently lacks a state-of-the-art Music Recording Studio that would cater to the needs of the recording artistes of various genres of music. Maritime investments include an opportunity for the establishment of marinas in Trinidad and Tobago, which would encourage greater yacht arrivals. To facilitate these additional yacht arrivals, there must be increased capacity for boat repairs and maintenance services that are both cost effective and reliable. In addition, in the area of Maritime investment, Trinidad and Tobago currently has two main sea ports, but with the expansion of the Panama Canal by 2015, the opportunity exists for capturing a greater portion of the transshipment trade locally, as well as, developing a viable and competitive local maritime cluster. To this end, my Government has commenced negotiations for this countryâ&#x20AC;&#x2122;s third port at La Brea. The Creation of an Enabling Business Environment in Trinidad and Tobago The suite of e-services operationalised in 2012 with the launch of the Single Electronic Window (SEW) system will now be widened to include e-maritime services and an e-goods declaration service. These services are targeted to be implemented by April 2014. With regard to trade, the MTII is also working on integrating the ASYCUDA Customs Border Control System of the Customs and Excise Division of the Ministry of Finance and the Economy with the Single Electronic Window (SEW)

under the TTBizLink System of the MTII. This merger of systems would facilitate the approval process of documentation and positively impact upon trade in terms of cost and time reductions to process import and export declarations. Legislative Reform to Improve the Business Environment Business facilitation is a core ingredient of sustained investment. As such, a number of key reform initiatives with attendant milestones have been identified for implementation to improve the business environment. These comprehensive and far-reaching reforms include the Insolvency Legislation and amendment to the Consumer Protection Act, which are both intended to create an enabling climate for enterprise and growth. Modernising the Insolvency Legislation will also encourage more businesses to restart after failure and ensure that those whose failure was honest, are not stigmatised. The most important provision in this legislation allows for a turnaround of businesses under Court protection, saving jobs and brands. Trinidad and Tobago is Open and Ready for Business In tandem with our economic diversification strategy, the Government of Trinidad and Tobago also continues to engage in market diversification. Within the last year, we have intensified negotiations with Central America for improved investment relations. In particular, we signed an Investment Promotion and Protection Agreement (IPPA) with Guatemala in August 2013 and we are currently in the process of negotiating a similar type of Agreement with El Salvador. The second successful round of negotiations regarding the Trinidad and Tobago and El Salvador Partial Scope Agreement was held in Trinidad on January 20-24th, 2014. These negotiations are expected to forge greater linkages in Market Access, Rules of

Origin, Trade Facilitation, and Legal and Institutional Framework. Additionally, as part of our commitment to improve the regulatory environment, Trinidad and Tobago is reviewing its existing double taxation treaties with a desire to update such Agreements as well as engage new countries where we have vested investment interest. You may also recall that I have led successful Official Visits to India, Canada and, quite recently, China. A key component of these visits has been the active promotion of Trinidad and Tobago as a major investment location. On each occasion I have been accompanied by delegations from our State and Private sectors interested in establishing and/ or expanding trade and investment linkages with companies and agencies in these countries. The opening of our new embassy in Beijing is set to improve and deepen the level of interaction between our two countries, further consolidating 40 years of diplomatic relations between the Peopleâ&#x20AC;&#x2122;s Republic of China and the Republic of Trinidad and Tobago. My Government will continue to identify and engage those countries, with a special focus on South/South Co-operation, in which we anticipate mutually successful investment and business opportunities. The Government of Trinidad and Tobago remains committed to, and focused on, attracting and retaining both foreign and domestic investment. My Government is, therefore, currently in the process of developing a national brand for Trinidad and Tobago that will be representative of all aspects of our country. It will represent our rich cultural heritage, our versatility and highly skilled workforce, our creative nature, and the resilience of our people. It is my belief that our national brand will be our call card to the rest of the world. This will be our distinct and unifying characteristic to the world, moving us from an unknown destination to a renowned trade and investment Regional Hub.

Business Trinidad & Tobago â&#x20AC;˘ 15

Taking T&T Into the Future

r Minister, how do you see T&T five and 10 years from now? What are the major changes? We are focused on sustainable development. In five years, we want to achieve an intelligent balance between economic growth and prosperity with equity, decisionmaking that supports environmental and ecological considerations, as well as cultural authenticity, diversity, and social harmony. The objective is to pursue economic prosperity while building up environmental and ecological assets and strengthening intellectual, cultural and social capital. This will be achieved against the background of a well thought out national spatial development strategy, a decentralisation thrust, and with a focus on seven key areas of diversification. In 10 years, we envision development spreading across the country in the growth poles, in the economic zones and in major city centres and evolving city centres â&#x20AC;&#x201C; Chaguaramas, Port of Spain, St. Augustine, Tunapuna, Arima, Sangre Grande, Chaguanas, Couva, San Fernando, Point Fortin, La Brea and Cedros. The major changes will be: 1. A more prosperous country with a growing economy, thriving growth centres and prosperous communities. 2. A well-educated population buttressed by a 60% tertiary participation rate in good, high paying jobs in a more diversified, knowledge-driven economy. 3. Effectively managed traffic and a functional service-oriented national transportation system. 4. A healthier, more preventively health conscious citizenry

16 â&#x20AC;˘ Business Trinidad & Tobago

5. An end to homelessness and the eradication of poverty. 6. Greater community involvement in decision-making and the strengthening of the democratic culture. 7. Well-planned, integrated development with community strategies aligned to regions and regions aligned to the national vision; and with jobs, goods and services spread throughout the communities and digital services fully accessible to citizens. Why should an investor come here now as opposed to waiting until you realise that vision? The time is now. Foreign direct inflows into Trinidad and Tobago has picked up nicely from a minus 4.4% decline in 2009 to US$2.5 billion investment in 2012, with a 1.6% growth in 2013 and so far US$1.9 billion investment for 2013 (up to September) with a likelihood of at least a repeat performance in 2013, and looking at a 2.5% growth rate in 2014. Trinidad and Tobago is on its way up and this is the time to invest. Besides Energy and related energy services (building on our strengths), we have six clearly defined areas for investment and diversification - Finance and financial services, ICT and related services, Tourism, Maritime, Food Sustainability and Creative Industries. Our participation rate at tertiary level now approximates 57%. Conditions are right for investment and growth. This is the time to invest. What is the role of the EDB in realising this vision? The Economic Development Board was created to do three things - give policy advice to the government, based on scanning and focused research; consult with stakeholders to ground policy advice in reality; and to co-ordinate the development of the five identified growth poles in Port of Spain, South-West Trinidad, North Coast Trinidad, Central Trinidad and North-East Tobago. The EDB has done the necessary studies on which a strategy for each of the five

Dr Bhoendradatt Tewarie Minister of Planning and Sustainable Development

Photo: Stephen Broadbridge

Taking T&T Into the Future

growth poles is being built. This is linked to earlier consultations on diversification which firmly established the seven clusters. Now, the EDB is building the necessary partnerships to develop and execute action plans for these five growth poles. What are the EDBâ&#x20AC;&#x2122;s goals/targets for 2014/2015? The EDBâ&#x20AC;&#x2122;s goals and targets for 2014/15 are as follows: 1. Well co-ordinated development of the South-West peninsula taking in to account commissioned studies and other relevant data, and working on the ground with existing investors to take investment actions of Mitsubishi and other important investments forward. 2. Collaborative strategy with key stakeholders to facilitate orderly development in Chaguanas and central Trinidad, taking into account the seven economic zones being established by invesTT in this region. This includes working with the Chaguanas Chamber and the Chaguanas Regional Corporation to manage the steps required to give Chaguanas city status; to develop a traffic plan for Chaguanas with park and ride facilities; to effectively manage the problem of illegal vending; to establish a Green Park in the centre of Chaguanas at the old Health Centre site, and to facilitate major investments in the Chaguanas city centre and borough. 3. For the North Coast, to complete - in collaboration with Ministry of Food Production, National Self Help, Village Organisations and National Fisheries - facilities now under construction to bring order and system to the villages of Toco and Matelot and to advance work on the other villages of Maracas, Las Cuevas and Blanchicheusse. 4. To continue the work of multiple stakeholders in Port of Spain in order to manage delivery of the Sustainable City of Port of Spain Project. 5. To work with stakeholders governmental and private - to execute a phased action plan for North-East Tobago. 6. To inform decision-making on port development in Trinidad and Tobago by conducting a meaningful consultation on the Port Rationalisation Study (already

18 â&#x20AC;˘ Business Trinidad & Tobago

Photo: Sarah Carter

completed) and making appropriate recommendations to Cabinet. 7. Facilitate investments in Trinidad and Tobago by local investors in collaboration with invesTT and other key players to realise a target of $2 billion linked to growth poles development. 8. Playing a key role with local private sector to strengthen participation in the Americas Competitiveness Forum (ACF) and to ensure the success of that event in October 2014. How important is the CCI in achieving this vision and what are its goals/targets for 2014/2015? The Council for Competitiveness and Innovation (CCI) is important for

facilitating the competitive requirements for economic prosperity and success in Trinidad and Tobago. It has done some important work in identifying the 20 top performing non-energy companies. This work has been handed over to exportTT for action. The CCI also has an important role to play in the successful execution of the Americas Competitiveness Forum (ACF). A private sector committee headed by Chairman Richard Lewis is co-ordinating private sector participation across the hemisphere and has established a working agenda to facilitate a private sector forum and a business to business matching forum to stimulate partnerships,

Taking T&T Into the Future

T&T hosts VIII Americas Competitiveness Forum in October 2014 joint ventures and trade. CCI’s ongoing work with the i2i (idea to innovation) programme to stimulate entrepreneurship and innovation is extremely important. CCI’s main targets and goals are: 1. Effectively contributing to high level private sector participation at the ACF and to the success of the ACF 2014. 2. Improving the competitiveness ranking of Trinidad and Tobago by at least 10 points. 3. Increasing the awareness of competitiveness issues in T&T firms and stimulating action in these companies to improve competitiveness. 4. Strengthening the reach, impact and power of the i2i programme to stimulate entrepreneurship and business growth. 5. Facilitating at least five new business ventures through partnerships at the upcoming ACF involving TT companies and companies from Central and South America. How will hosting the ACF 2014 benefit T&T? Hosting the Americas Competitiveness Forum (ACF) 2014 on October 8th-10th is of great benefit to Trinidad and Tobago. In 2012, we had a fair amount of influence on the ACF in Columbia. They took a cue from the theme of our Medium-Term Policy Framework, which is “Innovation for Lasting Prosperity,” and themed their ACF “Innovation for Prosperity.” Their subtheme was “Prosperity for All,” which is the theme of our 2010 Manifesto. This year, as we host ACF VIII, I think that we have begun to have significant influence on current thinking about competitiveness. Indeed, the theme we have chosen is “The Human Imagination at Work: Driving Competitiveness Powering Innovation” - which locates the source of competitiveness and innovation in the creative, imaginative capability of each individual human being. Again, it is putting people at the centre of the development process - not only in terms of their engagement, involvement, skills,

20 • Business Trinidad & Tobago

education and know-how, but also in the context of their creative power and the reach of the human imagination. So we have begun to change the conversation about competitiveness and innovation in the Inter-American Competitiveness Network (RIAC) sessions that we have had, and hope to intensify this in October at the ACF VIII. The other benefit is that we make our destination known to people from 34 countries in the Western Hemisphere and also from other parts of the world - and the way we will be viewed is not simply in the context of sun, sand and sea, but also against a background of competitiveness, creativity and innovation with the emphasis on the human imagination against a background of ideas about development. T&T will be in the midst of discussion and debate and examples of innovative interventions, practices and breakthroughs across the Americas and around the world. Our speakers and panelists include the founder of Teachers Without Borders; a 26-year old billionaire from Bangalore; the author of two bestselling books on innovation; a local winner of an i2i award who has made the right alliances to market a locally produced item with global reach; a strong business delegation from the US led by the CEO of the US Chamber of Commerce; the President of Guatemala supported by a high powered business delegation; and a prominent global media personality. This will create a certain kind of hype in Trinidad and Tobago and effectively managed hype can work for your country. The other area is business matching leading up to the ACF. This will be facilitated by a direct connection between Connect America - being launched by the Inter-American Development Bank (IDB) at the end of March and the ACF registration process. Once connections are made, these will also be facilitated by a committee of business leaders on the ground led by the CCI Chairman. The final thing is what people generally

come to an ideas forum to do – which is to listen to ideas, to share ideas and to exchange ideas and information and to be part of an intellectually stimulating ideas exchange and of course to get to know people and to build networks. What are the business/investment opportunities that you see being generated from it? There are business opportunities that will be generated on the road to ACF 2014 through Americas Connect, for instance. Then there will be contacts made and initiatives taken during the three days of the Conference and, finally, there will be contacts made which, through follow-up, might lead to business opportunities. One never knows how things are going to work out, but it is important to be on spot. Then there are the investors that might scope the place, check it out, and decide that Trinidad and Tobago has been a pleasant surprise and they just might come back. Overall, what are some of the most exciting business/investment opportunities in T&T already existing or will materialise in 2014-2016? Many of the investments in Trinidad are international investments. For instance, there was US$2 billion worth of investment in the Energy Sector involving locally-based multinationals and new or returning players in the energy sector. Then there was another US$0.5 billion dollars’ worth of investment in the nonenergy sector. This was in 2012. Up to September 2013, the Central Bank records a US$1.9 billion figure for foreign investment. But there are local investments too, involving shopping malls and entertainment centres, construction of high rise buildings for provision of office as well as commercial spaces, private sector-led housing developments, investments in telecommunications, shipping and so on. Completed now are a major investment agreement in Invaders Bay and a range of entertainment and leisure investments in Chaguaramas.

Did You Know...

Trinidad and Tobago enjoys

the second strongest

credit rating

in Latin America and the Caribbean,

after Chile?

22 â&#x20AC;˘ Business Trinidad & Tobago

Photo: Edison Boodoosingh

Why Choose T&T?

Kay BaldeosinghArjune

Why Choose T&T?

part from its stable political climate, social stability, proximity to South America, and lowest energy costs in the region (US$0.09 per kWh for commercial use), T&T is the most industrialised country in the English-speaking Caribbean. It has specialised as well as general sea ports, modern airports, and is making continuous improvements to its road, trade and shipping infrastructure. In addition, T&T’s drive to maintain the standard of living its population is now accustomed to, is pushing significant advances in all spheres – from ICT, eGovernment and Public Service performance to education, entrepreneurship and innovation. World Bank and Inter-American Development Bank funding is helping to drive other initiatives to improve competitiveness, infrastructure and the environment.

Talented Human Resources With internationally credited tertiary education institutions, including universities, business schools, a medical school and law school, as well as so many students who have graduated from recognised universities in the US and UK – T&T has a talent pool that is one of the country’s major assets. See how they have also proven to be assets in BP plc and Repsol in the article by the American Chamber of Commerce of Trinidad & Tobago (Pg 72). Hosting the World A giant on the world stage in comparison to its tiny size, some historic events that have taken place in T&T include: • Signing of Treaty of Chaguaramas, which created the Caribbean Common Market knows as Caricom, took place in Trinidad in 1973

24 • Business Trinidad & Tobago

Photo: Inken Janning

• Inaugural meeting of the Association of Caribbean States attended by former Cuban President Fidel Castro in 1995 • Miss Universe Pageant 1999 • 5th Summit of the Americas in 2009 attended by 34 Presidents and Prime Ministers • 21st Commonwealth Heads of Government Conference and the Commonwealth Business Forum in 2009 • 61st International Press Institute (IPI)’s World Congress in 2012

• 34th Caricom Heads of Government Conference in 2013 Sights and Sounds of T&T While you may be coming in for business, you may want to return for Carnival or to see the West Indies Cricket team in action; take in the beautiful festival of Divali or play golf on some of the prettiest golf courses in the world; hear steelpan and calypso music performed live under a starry, tropical night; or soak up some jazz while eating at one of T&T’s many great

Why Choose T&T?

Global Competitiveness Index 2013/2014 T&T Ranking in Selected Indicators out of 148 countries Legal rights index, 0–10 (best)* Strength of investor protection, 0–10 (best)* Judicial independence. Country capacity to attract talent

9 6.7 4.6 4.1

2 25 43 33

Country credit rating, 0–100 (best)* Prevalence of trade barriers Soundness of banks Effect of taxation on incentives to work

62.6 4.5 5.7 4.3

43 44 37 22

Government budget balance, % GDP* Gross national savings, % GDP*

1.6 25.6

51 43

Quality of overall infrastructure Quality of air transport infrastructure Quality of electricity supply Mobile telephone subscriptions/100 pop.* Fixed telephone lines/100 pop.*

4.7 5.0 5.4 139.4 21.2

57 51 50 28 56

Quality of primary education Quality of the educational system Quality of math and science education Quality of management schools Internet access in schools Availability of research and training services

4.6 4.2 4.6 4.9 4.6 4.5

45 45 36 34 57 49

Production process sophistication Availability of latest technologies Individuals using Internet, %* Fixed broadband Internet subscriptions/100 pop.*

4.1 5.2 59.5 13.6

54 55 50 48

Business impact of malaria N/Appl. Malaria cases/100,000 pop.* (NE)

1 1

restaurants, before returning to your very comfortable hotel – perhaps one from an international chain or one that is T&T-owned, run and certified. Fitting In When you come to Trinidad and Tobago for the first time – don’t expect to stand out. No matter your nationality or ethnicity – you, and your family, will look like natives - and fit right in. That’s because of T&T’s diverse ethnic population that claims ancestors from Africa, India, China, Europe and the Middle East. Over the decades, people from all over the world, including nearby Venezuela and other countries in the Caribbean, have enriched this historical mix. Then there is the large diplomatic circle resident in T&T (30 Embassies and High Commissions and over 35 Honourary Consuls), as well as the thousands of business and leisure visitors that come to T&T every year. The fastest growing segment of the population is of mixed descent and a variety of religions are practised and accepted. Sophisticated Island Paradise But that’s not the only reason you’ll feel at home. If you have never heard of T&T before – you might be surprised when you get here to see the combination of sophisticated roads and buildings and heavy petrochemical and manufacturing industries blending with cultivated and uncultivated green spaces, mountain views, bird sanctuaries, golf courses, and an abundance and diversity of flowering trees, plants and birds – all on two islands with ocean views, easy access to beaches and even coral reefs. That physical balance is echoed in the lifestyle – Trinidadians are clever and industrious, cherish their family and leisure time, and usually create a more relaxed, less stressful work environment than you might find in developed countries. It’s an enviable balance and a desirable lifestyle, Australian High Commissioner Ross Tysoe notes on Pg 88. Why Do Business in T&T? T&T blends both the hard and soft reasons to choose it as your destination – for business, pleasure, health, spiritual rejuvenation or all combined. We tell you more in the pages ahead.

26 • Business Trinidad & Tobago

Did You Know...

T&T is the largest

exporter of

ammonia and the second

largest exporter of

methanol in the world, according to IHS Global Insight (Oct. 2013)?

Photo: Stephen Broadbridge

Business Trinidad & Tobago â&#x20AC;˘ 27

Kickstarting Growth and Investment

Catherine Kumar

Kickstarting Growth and Investment

espite recent challenges, the Chamber has always viewed T&T’s economy as a resilient one. After modest growth of 1.5% in 2013, T&T’s economy is looking to be on track for growth in 2014. Notably, Standard and Poor’s has reaffirmed our stable outlook and the strength of our economy by giving T&T an “A” rating. With the major programmes of maintenance within the upstream and downstream energy sector in 2013 completed, the Central Bank has signalled that energy companies are optimistic for growth and expansion in 2014 alongside the new tax incentives and policies. Unfortunately, however, while consumer loans (up 7.5%) mortgage lending (up 14%) are proving to be the main factor for commercial bank credit increasing, business credit contracted in 2013 falling by just over 4.5 per cent in November 2013 for the 12th consecutive month. The continued decline in business credit shows reluctance by the private sector to lay out significant capital investment and, as such, economic activity has not been what we expected or had hoped to see in the last two years. The Chamber believes that the continued difficult global environment and ongoing competitiveness challenges from low cost markets such as the Far East, together with the lower than expected Government expenditure from the Public Sector Investment Programme (PSIP), are some of the factors contributing to this. In addition, we traditionally have had a risk adverse private sector. However, it is encouraging to see that a few companies have taken the leap and demonstrated confidence in the economy

28 • Business Trinidad & Tobago

CEO, T&T Chamber of Industry and Commerce

with substantial investments in the retail, entertainment and industrial sectors. This is a much needed boost from the private sector. Over the last few years, with few big private sector projects happening, it was generally the PSIP that we looked towards to stimulate the economy and fill the gap. However, delayed public sector projects, and the target of reducing the fiscal deficit announced by the Minister of Finance and the Economy in the 2013 National Budget, have imposed a restraint on government spending which, in turn, will provide little support to overall growth. Therefore, an injection of business capital and stronger exports are needed to realise the projected growth figure of 2.5% for 2014. We also need to adopt a Public Private Partnership approach to get construction and infrastructure projects, in particular, executed. The IMF has signalled that the US and Euro Area are expected to grow by 2% and 1% respectively in 2014, while growth for Latin America and the Caribbean is estimated at 3.1%. To reap the full benefits of an improving global outlook, we must strengthen our competitiveness, tap new markets, and secure and deepen our involvement in global supply chains. Trade has always been a significant factor in our economic growth. However, export growth has somewhat stalled and has yet to recover to pre-recession levels. This is due, in part, to sluggish global demand, competing alternative sources of fuel and competitiveness challenges. Government can play an instrumental role in strengthening competitiveness by: - improving the policy setting - passage of legislation that will provide transparency in the awarding of government contracts - reducing crime, which is a significant deterrent to the expansion of business; and - implementing an employee

Photo: CafĂŠMoka Gallery

Kickstarting Growth and Investment

It is encouraging to see that a few companies have taken the leap and demonstrated confidence in the economy. performance system that would contribute to increased productivity in the Public Sector. At the firm level, focus should be placed on increased investment in R&D and ICT, thereby boosting innovation and operational efficiency, reducing per unit costs, and improving productivity - all contributing to an improvement in the firm’s products and services and building internationally recognisable brands. Efforts at improving the ease of doing business have been well received by the business community. The implementation of the online single electronic window known as “TTBizLink” has contributed to significant reduction in processing times for certain applications. The amendments to the Exchequer and Audit Act are urgently needed to realise the full potential of this online system, as this will have a further positive impact on the ease of doing business.

Managing Director of Amera Caribbean Development Ltd, Joseph Rahael, tells BT&T why his company feels confident investing in the SouthPark shopping mall/cineplex project. Amera Caribbean Development Ltd Project Name: SouthPark Development Project Description: 25-acre retail, lifestyle centre with shops, restaurants, hotel and cineplex Estimated Investment: $300 million Opening Date: late 2014/early 2015

30 • Business Trinidad & Tobago

Additionally, Trinidad and Tobago has recently been negotiating a number of Partial Scope Agreements (PSAs) with countries in Latin America, namely Panama, Guatemala and El Salvador. These PSAs have the potential to offer new opportunities to our private sector to gain entry or expand into already existing markets. However, we are conscious of the fact that trade agreements do not always allow for easier or immediate access to markets due to the existence of issues such as costly market intelligence, costs of exporting and non-tariff barriers of trade. We have used these agreements and our geographic location to market Trinidad and Tobago as a gateway to Latin America. Through our trade mission to Europe in 2012, one local firm has secured a distribution contract to the Latin American market for a European firm and we are certain there are more

opportunities like this for other members. The Chamber is pleased with the efforts undertaken by the national export promotion agency exporTT through their various market survey missions and seminars on doing business in specific markets. We encourage our members to take advantage of these services to maximise the potential opportunities being created. In 2012, the Chamber launched its Strategic Initiatives 2012-2015, identifying areas of importance to both the business community and overall national development. Under this initiative, we sought to address some of the challenges for the private sector such as crime and labour shortage. While crime adds direct costs to business overheads, labour issues in both the skilled and unskilled disciplines continue to stifle business, particularly in the manufacturing and services sectors, as

What are you as a local businessman seeing that makes you confident about investing? We have owned the land for quite some time now and although we have had opportunities to build in the past, we think the current combination of population growth, tenant demand, not too overheated construction conditions and competitive financing is perfect for the project.

in investing in this and other real estate development projects. Having said that, there continues to remain opportunities for improvement in the Government sector agencies that affect development, namely the approvals process at Town & Country Planning and WASA, particularly, and also at the Regional Corporations level.

What are the positive signs and long-term outlook you are banking on in the T&T economy? We are fully committed to T&T and have been for a long time. Relatively stable governments, developing financial markets, industrious private sector, consistent revenue mainly due to energy sector although service and manufacturing continue to contribute among other factors - make us confident

What are some of the specific business/ investment opportunities that you expect your SouthPark project to generate? Besides the short-term construction labour and material procurement benefits that the project will generate, there will be long-term employment in the retail, service and food and beverage sectors as a result of the SouthPark development. We anticipate approximately 600 direct long-term jobs will be created.

Significant Projects in 2014/2015 • $3.2 billion port in La Brea • $1.6 billion on 7 new industrial parks • $300 million SouthPark shopping centre and cineplex in San Fernando • $500 million C3 Shopping and Entertainment Centre and cineplex in San Fernando • $100 million Bristow helicopter facility at Piarco Airport • $112 million Indigo Bay, 79-suite hotel, Tobago • 79-room Financial Complex Suites hotel, Port of Spain • $7.5 billion highway between San Fernando to Point Fortin • $500 million South campus of the University of the West Indies, St Augustine • University of Trinidad & Tobago Aviation Campus in Couva • Phase 2 Boardwalk Extension (3,600 feet) in Chaguaramas

these sectors are competing with government programmes and grappling with low productivity. The Chamber has been seeking ways to address this latter issue. One solution would be to put the full infrastructure in place to allow for Free Movement of Persons under the Caricom Single Market and Economy (CSME) regime in all categories under the approved listing. Such infrastructure must include proper immigration policies to monitor persons entering the country to ensure they do not place an undue burden on the economy. Transparency and Governance is another key area where the Chamber has placed focus and resources because it is crucial to the elimination of the consistent perception of corruption in T&T. Through our Corporate Social Responsibility Committee, and in partnership with the Trinidad and Tobago Stock Exchange and the Caribbean Corporate Governance Institute, the Chamber championed the development of the T&T Corporate Governance Code. The Code was officially launched in November 2013 and is the first of its kind in T&T. The objectives are to enhance business governance and performance, strengthen transparency and efficiency in the market, and improve the overall investment culture in T&T. The Code is applicable to all companies with public accountability. Despite the challenges facing the country, the Chamber remains optimistic that T&T remains an attractive place for business and investment. In 2012, T&T attracted around US$2.5 billion in foreign investment. Most of this was from the oil and gas industries. In recent times, the Chamber has hosted delegates from Guatemala, Argentina and Haiti who were seeking business opportunities in T&T, as well as partners for development projects in their own countries in the areas of Compressed Natural Gas, pharmaceuticals, food and beverage, port and infrastructure development and cultural co-operation. The Chamber remains open to meeting with potential investors and to discussing possibilities for advancement of the national economy.

Christopher Mack

Managing Director J.T. Allum & Company Ltd

J.T. Allum Group of Companies Project Name: C3 Shopping and Entertainment Centre Project Description: 21-acre, family-oriented shopping and entertainment centre anchored by Movietowne cineplex and a JTA Supercentre Estimated Investment: $500 million Opening Date: Second Half of 2015 What are you as a local businessman seeing that makes you confident about investing? While the economy has been sluggish since 2009, we are now seeing signs of growth in the local market especially in the south of the country. There are also significant projects like the creation of the south Universit of the West Indies (UWI) campus and the extension of the highway that will further stimulate economic and population growth in this southern region. There has also been positive news from the energy sector of further oil and gas discoveries and the construction of a new mega port in the La Brea area. The population in the south is, as a result, enjoying increased disposable incomes and this has been reflected in their spending patterns. Our decision to invest was predicated on the pent-up demand in the south for greater amenities, e.g. entertainment, shopping and family-friendly attractions. What are the positive signs and long-term outlook you are banking on in the T&T economy? We look forward to the continued positive news from the oil and gas sector, additional value-added downstream projects and new trade arrangements with other countries in the wider region (Central America). Greater effort to develop our non-core sectors, e.g. tourism, would be a huge uplift for our long-term outlook. What are some of the specific business/investment opportunities that you expect your C3 project to generate? An opportunity for local businesses to create new entertainment and dining options that are family-friendly. C3 will be an exciting destination that will appeal to everyone looking for a world-class facility and will have a wide variety of exciting shopping, dining and entertainment options. Foreign retailers and operators could partner locally and have an opportunity at C3 to enter the local market, which has the highest growth potential in the entire English-speaking Caribbean.

Business Trinidad & Tobago • 31

Raphael John-Lall

Seven New Business Parks To Open In 2015

he creation of new economic spaces for growth this year will see a deepening of Trinidad and Tobago’s industrialisation process in the nonenergy sector. From new roads, new economic zones and construction projects for plants - the country is rapidly industrialising and the economy diversifying. Tamana InTech Park, the jewel of eTecK’s crown, and the largest of its kind in the Caribbean, could see the country positioned as the Silicon Valley of the region in the future. According to eTecK President Kelvin Mahabir, speaking to BT&T in February 2014, the new economic zones being built will support the country’s goal of economic diversification. “We now have 19 industrial parks spread across the country from Point Lisas to Chase Village to Sea Lots to Trincity and, this year, we are building seven more. Many of our clients are into manufacturing, distribution and assembly.” A major focus of eTecK in 2014 will be tenanting Tamana InTech Park, a highvalue industrial park that covers 1,100 acres and focuses on high-tech businesses in sectors such as ICT/Business Process Outsourcing (BPOs), Clean Technology, High Value Manufacturing and AgroProcessing. It is here that the University of Trinidad and Tobago’s (UTT) main campus is situated. The University is targeted for completion in March 2015. Another of eTecK’s first tenants at the Park’s Flagship building will be a medical school, subject to the school’s completion of its corporate reorganisation exercise. The building is to

32 • Business Trinidad & Tobago

be completed at the end of March 2014. Mahabir even suggests that Tamana InTech Park could be the Silicon Valley of the Caribbean in future years. Trinidad and Tobago has good fibre-optic linkages and competitive electricity rates. With electricity being one of the major costs of a data centre, this is a significant plus. In addition, “the technology park is designed and infrastructured to carry huge volumes of data - a plus in the era of big data,” Mahabir said. He wants to tenant 40 per cent of the Park’s Phase 1 land lots in 2014. This phase will be roughly one-third of the area of the Park, excluding the area the university is on. Once they achieve 70 per cent of tenanting of Phase 1 lots, eTecK will move on to Phase 2 of the Park’s development. The tenanting and further development of Tamana InTech Park will itself lead to the development of the surrounding community’s infrastructure, Mahabir said, even speaking of a new city and pointing out that it is the largest park of its kind in the English-speaking Caribbean. “By having an anchor tenant with the ability to attract significant spinoff commercial activity to that location, Tamana will be the nucleus of a budding city. When you move 5,000 or 10,000 people into an area, you are starting to create a demand for goods and services for residential areas, for entertainment, for shopping and food.” Also high on eTecK’s agenda for 2014 is the development of new economic spaces for business and light industrial activity. Mahabir referred to the 2013 visit of Chinese President Xi Jinping, who said China would make US$3 billion available in loans to the region. Trinidad and Tobago is applying for part of this to help finance eTecK’s seven new economic zones and the Government is in the final stages of negotiations.

When you move 5,000 or 10,000 people into an area, you are starting to create a demand for goods and services.

Seven New Business Parks To Open In 2015

These parks, located in south and central Trinidad, will be in Reform Village in Gasparillo, Dow Village in Couva, Preysal (just off the flyover), Frederick Settlement Extension in Caroni and three in Chaguanas at Factory Road, Endeavour Village and Connector Road (Chase Village). “The selected Chinese contractors will be developing the parks in terms of the roads, sewers, drains and other infrastructure. They will do some building works also and 40 per cent of these contracts must be local content. We are ensuring our local consultants, contractors and labourers are involved even though it

34 • Business Trinidad & Tobago

is Chinese funded,” Mahabir said. The industries that will be in the seven parks include agro-processing for the park in south, logistics and light service industry at the Preysal Park, and light manufacturing and alternative energy at the Dow Village Park. The Chaguanas parks will focus more on higher end government and private sector business offices and some retail activity to support those parks. The Factory Road Park will focus on light industry. Mahabir noted: “We want to create a link among the three parks in the Chaguanas area so it allows for the systematic growth of the heartland of the country.”

Mahabir has a strict schedule for the start and completion of the seven parks. They are scheduled to start in March 2014 with the completion date for all infrastructure works being within 12 months, while any building construction should be completed before the end of 2015. There will be tenants on the parks even before construction is completed. For more information on lease options for remaining land lots at Tamana InTech Park check eTecK’s website at: www.tamana. com or call (868) 675-1989 Ext. 2106.

Business Trinidad & Tobago â&#x20AC;˘ 35

Customers Becoming More Satisfied with WASA’s Service

ver the last three years, the Water and Sewerage Authority (WASA) has made tremendous strides along the path toward improving the level of service delivered to its customers. This is in keeping with Government’s mandate to provide a 24/7 service to customers by 2014 and WASA’s vision to be a high quality utility service provider for the people of Trinidad and Tobago. It is, however, important to measure and track the performance of the Authority as we progress towards Government’s dictate and our vision. In this regard, the Authority commissioned the conduct of a Customer Satisfaction Survey, by HHB and Associates Ltd, Media and Market Research Consultants, in November 2013. The survey measured the performance of the organisation in a number of key success areas. The following table highlights the Authority’s scorecard in 2013, relative to the scores obtained in 2008:

Water Supply

Delivery of a consistent 24/7 water supply.

50% of our customers now receive a 24/7 water supply, up from 18% in 2008.

Corporate Image

How customers view WASA as a good corporate citizen.

49.25%, up from 42.5% in 2008.

Overall Quality of Service

Dependability of our water supply.

65%, up from 54% in 2008.

Overall Satisfaction

Satisfaction with all our services.

69% up from 55% in 2008.

Staff & the Enhancement of the Customer Service Customer Service Experience Experience.

67%, up from 61% in 2008.

The above-mentioned survey results have confirmed to WASA that its efforts in several areas meant to improve the service to customers are, in fact, creating the desired effects. The most substantial and significant effect is the 32 percentage point increase in the number of customers receiving a 24/7 water supply to 50%, up from 18%. This result provides empirical proof that the Authority’s vigorous programme of water improvement works, over the last three years in particular, has

36 • Business Trinidad & Tobago

placed the organisation on course to achieving Government’s mandate of a 24/7 supply for all by 2014. Another survey result that supports this position is the 50% of customers who indicated that they observed infrastructural work in their area, of which, 70% saw an improved supply as a result. This is also reflected in the 11 percentage point increase in the overall quality of service delivered by WASA, which was recorded at 65%, up from 54% in 2008. It is important to note that the training provided to staff and improvements made to WASA’s facilities, in order to enhance the customer service experience, have also delivered positive results, with an increase to 67%, up from 61% in 2008. The results of the survey in the areas referenced above, among others, have combined to provide WASA with its highest ever overall customer satisfaction rating of 69%, which represents a 14 percentage point increase above the 55% recorded in 2008. Though these results appear positive, the Authority is cognizant of the results in its entirety, which means accepting the fact that we are only halfway toward the goal of 24/7 and that most of those who rated the Authority poorly, did so because of a poor service. WASA’s Management Team is therefore encouraged, but not satisfied, since there is yet much to be done to accomplish the 24/7 in 2014 goal. In light of this, the Authority has embarked on a programme of works designed specifically to build on the advances made thus far. This continuation of the ongoing infrastructural development programme will see the completion of a number of key projects across Trinidad and Tobago. When completed, these projects are expected to result in the delivery of 24/7 in Tobago by July 2014, in the first instance, and 24/7 in Trinidad, by December 2014. It is anticipated that by the next Customer Satisfaction Survey, the Authority would be able to record further significant improvements in its level of customer satisfaction. This, as we press towards our vision of becoming “a high quality utility service provider for the people of Trinidad and Tobago and thereafter to be the centre of excellence within the water sector in the Caribbean.”

The Banking Sector in Trinidad and Tobago

he Banking sector in Trinidad & Tobago is well developed, primarily due to the countryâ&#x20AC;&#x2122;s wellestablished energy and petrochemical industry and strong manufacturing base. At present, there are eight commercial banks operating in the sector with a wide network of 135 branches. These are Bank of Baroda, Citibank (Trinidad & Tobago), CIBC First Caribbean International Bank, First Citizens Bank, Intercommerical Bank, RBC-Royal Bank, Republic Bank, and Scotiabank. CIBC First Caribbean, Republic Bank, Scotiabank and First Citizens Bank are listed on the local stock exchange. The Finance, Insurance and Real Estate sector represents a significant 15% of Gross Domestic Product (GDP) (average contribution from 2009-2013), the single largest subsector contributor to GDP.

As at September 2013, the total assets of Commercial Banks were $126.6 billion, a 9.7% increase over the previous period, according to figures from the Central Bank of Trinidad and Tobago.

Monetary Conditions in 2013 Liquidity in the financial system remained elevated throughout the year, despite several investment opportunities arising in the market. Credit growth in the financial sector remained fairly weak, particularly that of business lending, but mortgage demand continued its robust trend. Even with the low interest rate environment and anaemic credit growth, the banking system remained resilient and adequately capitalised. Interest Rates Continue to Fall For the first 11 months of 2013, commercial banksâ&#x20AC;&#x2122; excess reserves averaged $6.1 billion monthly, compared to $3.6 billion in the same period in 2012. This highly liquid domestic financial system continues to drive interest rates lower. The Trinidad & Tobago Dollar (TTD) FIGURE 1: GDP Composition and Financial Sector Contribution

Source: Ministry of Finance and the Economy, First Citizens Research & Analytics

38 â&#x20AC;˘ Business Trinidad & Tobago

The Banking Sector in Trinidad and Tobago

“Commercial banks remain well capitalised, profitable and liquid…” – International Monetary Fund, August 2013.

yield curve exhibited a parallel downward shift, as yields on all tenors declined, with an average drop of 50 basis points across the curve.

Private Sector Credit Loans to business firms have not seen positive credit growth since November 2012. One of the suggested reasons for this poor trend is a decreased need for borrowing by businesses, given that capacity utilisation in the manufacturing sector was just around 65.9% as at the end of September 2013, lower than the historical average of 66.5%. This indicates that current production within the sector remains well within capacity. Real estate mortgage loans continued its resilient trend, registering double digit growth for 2013, perhaps as investors sought alternative investment opportunities in the market amid a low interest rate environment. Inflation Continues To Be Low and Stable Prices moderated significantly towards the end of 2013, with headline inflation declining from 7.25% at the start of the year to the year’s low of 2.7% in October, before rising to 4.4% in November 2013. Core inflation remained stable, hovering around 2%. Producer prices were also down, closing the fourth quarter of 2013 at 2.2%, compared to 3.4% registered in the same period of 2012. The major reason for the disinflationary trend was the notable reduction in food inflation, which fell from 12.7% in December 2012, to 7.3% in November 2013. Better weather conditions favourably impacted domestic agriculture supplies as well as lower global food prices contributed to the pullback in local food inflation. The Financial Sector in 2013 and Beyond In 2014, the Foreign Account Tax Compliance Act (FATCA) will take effect, which means that all Foreign Financial Institutions will have to become compliant. The goal of FATCA is to identify US taxpayers to the US

40 • Business Trinidad & Tobago

Internal Revenue Service (IRS) and to ultimately prevent tax evasion. This will affect local banks in the conduct of their business and/or in relationships with other financial institutions. Furthermore, non-compliance will carry significant consequences. While the primary activity of banks is accepting deposits for the purpose of lending and investment, the role of banks and financial institutions has evolved even more. An effective, efficient and disciplined banking system has the

potential to facilitate rapid growth in the various sectors of the economy. However, coming out of the global financial crisis, regulation and compliance are critical, not only to protect investors, but to also provide a buffer for the real economy. In every crisis, opportunities abound – the current global economic stalemate may be the perfect time for the financial sector to play an even larger role in contributing to a more disciplined and sustainable economic recovery.

FIGURE 2: TTD Yield Curve Comparison

Source: First Citizens Research & Analytics

FIGURE 3: Private Sector Credit Components: Year on Year Percentage Change

Source: Central Bank of Trinidad and Tobago

Business Trinidad & Tobago â&#x20AC;˘ 41

Raising Capital Via T&T Stock Market

Maria Daniel

Raising Capital Via T&T Stock Market

f you invested $50,000 in the First Citizens Bank (FCB) July 2013 Initial Public Offering (IPO), your investment six months later would be worth $88,591 (an over 70% return). In any investment climate this is a supernormal gain. This is the value of having capital market activity. It provides an opportunity to turn an average person into a wealthy one. This result is, however, not always guaranteed. There are success stories and there are failures but the important factor is to have the opportunity, the chance, and the probability. A fully developed capital market provides this opportunity with a basket of investments - some good, some bad that creates the platform for the demand for and supply of capital. Ideal Time to Raise Capital Given the significant success story of the First Citizens’ IPO, the anticipated listing of the National Gas Company’s (NGC’s) 39% shareholding in Phoenix Park Gas Processors Ltd (PPGPL), and the much discussed Home Mortgage Bank listing, there is some buzz around Government taking steps to increase capital market activity. I prefer to say it is a step in increasing stock market activity because the IPO of a few stateowned companies is only an avenue for providing investment opportunities to the broader public and to generate cash for the Government. This action, on its own, will not build a meaningful capital market. The positive news for companies and entrepreneurs considering investing in Trinidad and Tobago is that we have a greater demand for deals than the market can supply. Using the stock market as a means of raising capital not only provides an exciting opportunity for alternative investments for investors, but it provides an avenue for foreign investors to raise capital for business expansions in Trinidad.

42 • Business Trinidad & Tobago

Given the current liquidity situation, it is an ideal time for companies to consider refinancing debt or financing their expansions using the stock market. Additionally, we have recently seen the trading multiples increasing, showing that it is a lucrative means to monetise private company investments. Despite this, however, the reality is that even with our new success story, we are way behind the curve of other developing countries. So how do we get there? Why are we not there? The three main players in driving capital market development are Government, Entrepreneurs and Investors. Government provides the infrastructure, regulatory environment and incentives to facilitate capital market activity. Entrepreneurs provide the deals. Investors provide the cash. The First Citizens’ IPO was oversubscribed by $3 billion or 3.12 times, so we have some cash! We have a stock exchange and we have a Securities Exchange Commission (SEC), therefore, two sides of the triangle are covered. The missing side of the three-pronged development is the Entrepreneurs; the deals. None of the planned IPOs in 2014 will be for the purpose of raising capital for growth and development of new businesses. Opportunity for Foreign Venture Capitalists Venture Capital plays an important role in providing deals to the market place. This is an old concept. We can look to Microsoft and Apple as the great success stories of how a developed capital market fuels long-term wealth and industry growth. Both Microsoft and Apple used some form of venture capital money, either in the form of early investors or venture capital firms to build and nurture an idea; a thought. They both went Public through IPOs. The marrying of the right Entrepreneurs and the right risk minded investors resulted

Partner, Transaction Advisory Services, Ernst & Young Services Ltd

Raising Capital Via T&T Stock Market

With a greater demand for deals in T&T than the market can supply, the T&T Stock Exchange provides an exciting opportunity for entrepreneurs and foreign investors. in a new business, instant millionaire employees and early investors, and billionaire Entrepreneurs. This was all possible because the US market also provided the platform for the IPOs to happen. Unfortunately, we have not seen the venture capital model develop successfully in Trinidad and Tobago, although attempts have been made. That being said, there is a huge need for this type of capital for young entrepreneurs. We have talented people wanting to raise money for the Film, Garment and other industries, and we have incentives for investors. What we do not have is the Capital for this type of investment. Therefore, there is an opportunity for a foreign Venture Capitalist (VC) to explore Trinidad and Tobago as a possible market for their funds. We have the Stock Exchange to provide the exit strategy via the IPO route. Attracting the Capital In considering our country as a possible market for a VC or a private equity fund, we have to explore the attributes that will attract this type of capital. The Global Venture Capital and Private Equity Country Attractiveness Index lists the following attributes as indicators of the attractiveness of Venture Capital in a country: • Economic Activity ( ) • Depth of the capital market (we are pretty shallow) • Taxation ( - no long-term capital gains tax, reasonable corporate tax rate) • Entrepreneurial culture ( ) • Deal opportunities (pretty slim) • Investor protection and corporate governance (not yet) • Human and social environment (the main aspects of this attribute is

44 • Business Trinidad & Tobago

education, labour laws and bribery and corruption). Looking at this list objectively, T&T must admit that we do not as yet possess all these attributes. But we do have some that will make the opportunity worthwhile for the right investor. The two most compelling attributes that could attract the right venture capitalists are: 1. Investor Protection and Corporate Governance 2. Entrepreneurial culture and deal opportunities. Attracting Entrepreneurs The former CEO of the Trinidad and Tobago Stock Exchange (now head of the SEC) has been working feverishly over the last five years with all the stakeholders to find ways to convince Entrepreneurs to go public. At Ernst & Young, we have also conducted several seminars and workshops with the leading family businesses to understand why this route to raising capital is so daunting to local Entrepreneurs. In addition to bank debt in the pre-2009/2010 days making it too easy to attain capital without the required rigorous financial reporting, the answer is that Entrepreneurs were not sure that exposing their financials and professionalising their businesses was worth it. So what could make it worthwhile? The junior stock exchange was launched in 2012 and there were no takers. New proposed amendments will make the Small & Medium Enterprise (SME) Market, as it is officially called, even more attractive. These amendments include: • Public distribution can be a minimum of 30% of the new issued capital versus 30% of total issued share capital

• Maximum Capital base was increased from TT$50 million in total capital to TT$50 million of issued share capital. This means that a fairly sizeable SME can raise capital for expansion via the SME market and pay just 10% corporate tax rate for a period of five years. What does this proposal mean to an Entrepreneur? In layman’s terms, an Entrepreneur must have a minimum capital between $5 million and $50 million post IPO. The proceeds from the IPO must be used for the growth and development of the Company (it cannot be used to monetise a shareholder’s investment) and you pay only 10% tax on the profit for five years. This means that your return on investment will be higher because you only lose 10 cents on every dollar to taxes. This gives the business a fighting chance in the early years. Capital market development is a critical enzyme to the organic growth of our country. The incentive is there; the platform is available. Now, we await our true entrepreneurs, the visionaries and the risk taking investors to drive the demand and supply for capital, finance dreamers, build industries - and create wealthy individuals. (EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.)

Did You Know...

Trinidad and Tobago

ranked 37th

out of 148 countries

in the “Soundness

of its Banks” indicator, according to the Global Competitiveness

Index 2013/2014?

Photo: Edison Boodoosingh

Business Trinidad & Tobago • 45

T&T Premier Location for Financial BPO Services

The Trinidad & Tobago International Financial Centre

s the world continues to navigate the residual impacts of the global financial crisis, the Trinidad and Tobago economy remains stable, with signs of positive expansion, owing in great part to the contribution of the Financial Services Sector (FSS). At some 14% of GDP, second only to the Energy Sector, the FSS is growing at almost 3%, faster than any other sector. This consistency offers a range of opportunities for parties interested in being first-movers, encouraged by the Government’s steadfast commitment to supporting a smooth investment process. The Financial Services Sector is recognised as a driver of economic transformation and, in 2012, the Trinidad and Tobago International Financial Centre (IFC) took on the renewed mandate to make Trinidad and Tobago the premier location in the Western Hemisphere for Financial Services. The company (in liaison with other national investment promotion agencies) actively attracts and facilitates foreign direct investment in financial services so as to enhance the growth and diversification of the economy and create sustainable employment. The Trinidad and Tobago IFC has made great strides in the implementation of its two-pronged strategic plan, which focuses on the creation of the new Financial Institution Support Services (FINeSS) industry and Capital Markets Development. Creating a Financial Institution Support Services Industry Trinidad and Tobago is well positioned as a location for financial institutions to establish shared service centres for back office and middle office processing,

46 • Business Trinidad & Tobago

Photo: Edison Boodoosingh

similar to ‘captives’ created by financial firms with a local footprint. For the same reasons (including an available talent pool and the ease and low cost of doing business), Business Process Outsourcing (BPO) service providers have expressed interest in Trinidad and Tobago as an emerging location for Financial Services BPO and Finance and Accounting outsourcing. For financial institutions, the country’s location below the hurricane belt can be an important part of their risk management strategy. Trinidad and Tobago also offers close proximity to North America with an attractive time zone; possesses western cultural affinity; and is a gateway to Latin America. The country’s global competitiveness is enhanced as State grants for tertiary education have resulted in a sizeable, flexible workforce with internationally accredited qualifications. With over

15,000 graduates each year, almost 50% (7,000) of which are in the Finance and Accounting field, Trinidad and Tobago is capable of amplifying the advantage of any local and foreign investment thrust with a competitive labour cost structure, when compared to the US and Canada. Companies will also benefit from developed telecommunications infrastructure, economical real estate and competitive utility costs. With the Trinidad and Tobago IFC’s support, Scotiabank opened a shared services centre (August 2013), with an estimated US$16 million investment, employing over 200 full-time, knowledge workers. This complemented RBC’s (Royal Bank of Canada) own shared services hub (December 2012). Encouraged by this and after a targeted engagement of the market, over five of the top BPO providers visited Trinidad and Tobago, with many more

showing interest, resulting in the signing of a Memorandum of Understanding (MoU) with Quatrro Global Services Ltd – a highly regarded provider– to undertake a pilot project with the assistance of the Trinidad and Tobago IFC. Rajesh Dhuddu, VP Market Development for Quatrro, endorsed the country’s enabling environment: “We found T&T to be a suitable location for back office services, with very well-developed physical and telecom infrastructure, good availability of skilled resources and, most importantly, a conducive government policy to support the growth of back office services in multiple verticals such as financial services and others…. The support that we received from the Trinidad and Tobago IFC and the Government is commendable. I sincerely believe that we are at the forefront of doing something significant in this region.” Capital Markets Development Trinidad and Tobago is on-track to becoming a globally recognised financial

capital. It already offers ‘best-in-class’ investor incentives and facilitation, will soon put in place similarly classified investor protection legislation, and is already a significant source of capital flows to sovereign and private entities in the Caribbean. Internationally, the T&T Composite Index ranked 52 amongst 95 of the world’s equity indexes, ahead of emerging stock markets such as Brazil, Chile and Peru. The Trinidad and Tobago IFC is also positioning the country globally as a Capital Markets powerhouse by: - promoting the growth of the overall economy - creating new avenues for acquiring capital such as venture capital/private equity funding, to complement bank financing - broadening the range of investment opportunities - providing tools for risk management needs of various sectors - improving risk-adjusted returns expectations

- developing a Government bond calendar - developing a price discovery mechanism across and among asset classes - promoting financial disclosure and corporate governance. The plan includes development of an institute to provide training in cutting-edge skills for financial services professionals along with the implementation of a public education campaign regarding investment and financing. By building on its strengths, Trinidad and Tobago’s landscape is poised to undergo a substantial evolution. In the words of Varun Maharaj, TTIFC Chief Executive Officer: “Trinidad and Tobago has all the best ingredients which, when combined, can lead to the nation being recognised as one of the world’s leading financial centres.” All are welcome to join Trinidad and Tobago in bringing to life this challenging but realisable vision.

Business Trinidad & Tobago • 47

invesTT Aims for World Bank Top 10 Ranking

Joel Henry

invesTT Aims for World Bank Top 10 Ranking

48 • Business Trinidad & Tobago

Under the leadership of Racquel Moses, invesTT’s new president, the company has completed a three-pillar strategic plan that, she says, “simplifies how we approach the market.” The pillars are: - Strategic Outbound Sourcing (bringing new investment to Trinidad) - Streamlined Inbound Sourcing (facilitating potential investors seeking opportunities) and - Value-Added Aftercare (supporting existing investors and reinvestment). Value-Added Aftercare, in particular, has enormous potential, Moses says. “Sixty-six per cent of the investment promotion generated by investment agencies comes from reinvestment. The investors are already familiar with the market. They have already made a commitment to the country. We are really just helping them to make that additional investment. This is where we are going to get the biggest bang for our buck.” One size does not fit all One key aspect of invesTT’s new approach is deepening their understanding of the market and acting with precision – targeting investors and tailoring incentives to meet the requirements of the specific sector and its prospective investors. “To get an investor to come here and invest, they really need to know it will work. We are conducting feasibility studies for prospective investors. We will provide the expertise to tell them this is what it will cost and this will be your

Photo: Christopher Anderson

iversification. For upward of two decades now it’s been the Holy Grail of the Trinidad and Tobago economy. Bolstered by an energy sector with phenomenal vibrancy and clout, policymakers, economists and business have been seeking ways to use that prosperity to power other sectors. With its gateway to the Americas location, highly competitive energy rates, infrastructure and industrialised economy, T&T seems well-placed to create and attract fresh business. But though there has been progress, oil and gas are still very much the sun in T&T’s economic sky. Enter invesTT - or rather - re-enter invesTT. Initially the investment promotion division of eTecK, in 2012 invesTT became an independent entity and is now the national investment promotion agency for T&T. It has a new board of directors, new executive team and, most importantly, promises a new streamlined and strategic focus to finding new investment, making investing much easier, and even to giving T&T a shiny new, world-class branding. “We decided we wanted to create a more investment-focused approach,” explains invesTT chairman, Kristine Gibbon-Thompson, who was appointed along with the other members of the board in May 2013.

Photo: Inken Janning

Photo: Sarah Carter

Photo: Christopher Anderson

invesTT Aims for World Bank Top 10 Ranking

return on investment. This will work,” Moses said. That level of focus applies to investor sourcing as well. invesTT is seeking out investors they believe will be the right fit for T&T’s various sectors, paying special attention to the potential investors’ position within the region and their expansion goals. Incentives as well will be sector specific and responsive to the needs of investors and their industries. “It is about understanding our investors and being able to say to them: ‘This is the next frontier for your business. This is how you will make money,’” Moses says. Brand T&T Apart from its work with finding and facilitating investment, invesTT is also in charge of developing a unified brand for Trinidad and Tobago. “We are developing a national brand for Trinidad and Tobago,” says Gibbon-Thompson. “Not only will it foster international awareness of who we are, it will also give the country a consistent look and feel across national agencies and organisations. Whether we are promoting T&T cricket in India or financial service investment opportunities, it will be under the same brand.” The branding is being carried out on behalf of invesTT by a partnership between Saffron (the firm responsible for the city of London branding) and PlanetSur. As part of the exercise, in addition to online surveys and town hall-type events in both Trinidad and Tobago, over 500 hours of interviews have already taken place with people such as Prime Minister Kamla Persad-Bissessar, legendary Carnival artist Peter Minshall, artists, musicians, business people, foreign and local investors, sports figures and ordinary members of the national community. invesTT is aiming for a May 2014 completion date and, when it is done, Moses wants everyone in T&T to embrace the brand and then sell it to the world. “We have to leverage each positive contact that we have so that people can remember us – they provide great exports, they do great manufacturing, they host a fantastic carnival. T&T is a wonderful place to do business.” It all sounds extremely promising, but T&T has created diversification agencies and embarked on such initiatives before. When asked what gives invesTT confidence in its mission, Chairman Gibbon-Thompson points to increased national awareness and urgency for development of the non-oil sector. She also highlights the strong support of Trinidad’s Minister of Trade, Industry and Investment, Vasant Bharath, who has been “aggressive and motivated” in helping invesTT achieve its goals. Moses is similarly confident in invesTT. “By the end of year one I want us to be measuring against the top 10 investment promotion agencies in the world. By year two I would like to see us included in the World Bank’s top 10. By the end of year three, who is to say?” She smiles, “Nicaragua is currently number one in the world. When you look at their figures we are in shooting range. So Nicaragua needs to watch their back.”

50 • Business Trinidad & Tobago

Photo: CaféMoka Gallery

A One-Stop Shop Approach Operating from the perspective that making investment easier, encourages investment, invesTT has set out to provide comprehensive facilitation services for those interested in doing business in T&T. invesTT’s One-Stop Shop creates a single touch point between investors and a host of Government regulatory agencies and services. From immigration and customs, to zoning and construction permits, to environmental and safety certificates, to finding and employing local labour – invesTT works on behalf of investors with all the relevant agencies. “I will personally go down to Immigration with a basket of muffins to make sure every immigration officer is smiling,” invesTT President Racquel Moses says. “We have to make sure the investor experience is positive at every stage. Our mission with the investor is to close.”

ver the past decade, the Latin American and Caribbean (LAC) region has made significant progress in reducing poverty, improving living standards and sustaining economic growth. However, there remain fundamental challenges which continue to constrain increased growth and future development. According to Minister of Planning and Sustainable Development of Trinidad and Tobago, Dr. Bhoendradatt Tewarie: “It is the responsibility of regional governments to be introspective about individual needs, counteractive to correct wrongs, and collaborative in finding solutions and charting a new course for economic development.” Minister Tewarie advocates bringing a Caribbean perspective to the forefront of socio-economic transformation through the exchange of ideas and experiences. He explained that: “In the Caribbean, we have many examples of innovation through our music, fashion, literature and tourism. We recognise that in order to increase our resilience, an innovative approach is fundamental.” Through his efforts, Trinidad and Tobago was unanimously approved as the host country of the VIII Americas Competitiveness Forum (VIII ACF), the first English-speaking Caribbean country to do so. From October 8-10, 2014, over 1,000 regional and international representatives from business, government, civil society and academia will converge at the HYATT Regency Hotel in Port of Spain to participate in the VIII Americas Competitiveness Forum (ACF). The ACF is the pre-eminent economic and commercial event in the Americas that seeks to advance social and

52 • Business Trinidad & Tobago

economic development by providing a platform to facilitate the exchange of knowledge, lessons, experiences and ideas as well as to foster closer collaboration and deepen regional integration. The Forum facilitates government to government, business to government and entrepreneurial meetings and hosts social and cultural events to allow networking among all participants. This event is being hosted by the Government of Trinidad and Tobago through the Ministry of Planning and Sustainable Development, which has selected the theme “The Human Imagination at Work: Driving Competitiveness, Powering Innovation.” Since we live in a global economy driven by ideas and knowledge, this theme positions the imaginative capacity of people at the forefront of the effort to increase regional competitiveness. The intent is to attune the senses of policy makers, business leaders, academics and the general public to the importance of the human imagination and the role it can play in stimulating innovation for solutions to national and regional issues. The ACF will address pertinent issues affecting the region such as sustainable energy, improving the quality and relevance of education in a global and dynamic environment, the socio-economic application of creativity and innovation, and breakthrough innovations being developed by the new generation. Several international and regional speakers - including high powered executives, entrepreneurs and academics - have already confirmed their participation as key speakers. It is expected that discussions should inspire innovative policy making, increased private sector investment in research and development, the implementation of restructured curricula at all levels of education, and increased entrepreneurial activity throughout the Hemisphere in a spirit of collaboration and partnership. Trinidad and Tobago will introduce new and exciting elements to the format

of the ACF. More extensive and deeper engagement with the private sector is a priority. As such, ACF 2014 will include the Forum for Partnership in the Americas – a Forum dedicated to creating networking opportunities, facilitating business to business meetings, and engaging participants in practical issues affecting private sector development. Particular emphasis will be placed on the declining competitiveness of Caribbean economies and the development of cultural products as existing productive assets from which new competitiveness strategies can be derived. In preparation for the VIII ACF, and consistent with the Government’s stated objectives of creating an innovative society, the Ministry of Planning and Sustainable Development has commenced a series of events and activities to engage the national community in the build-up to ACF 2014. Three Human Imagination panel discussions have been successfully conducted, bringing together enterprising individuals who have successfully integrated creativity with industriousness to excel in their fields. More of these panel discussions will be held leading up to the Forum. A Community of Practice (COP), providing a virtual platform to connect the technical and political stakeholders of the ACF, has also been developed to ignite a discourse across the Hemispheric community on how the Latin America and Caribbean region can capitalise on the abundance of underutilised imaginative capacity. This COP successfully hosted its first webinar in early March. Regional participation is vital to the success of the VIII ACF. As such, Trinidad and Tobago extends an open invitation to private sector executives, government leaders, multilateral agencies, nongovernmental agencies, academic institutions and the general public to be part of an exciting programme of activities guaranteed to stimulate the imagination of all in attendance.

BT&T Entrepreneur Profile

Wesley Gervais

Photo: Sarah Carter

Hivesource.me by George Deyal Wesley Gervais wants to get you working. He wants you working on your own time, working on multiple jobs, working from your home, working from the beach, working the way you want from wherever you want. All you have to do is join the hive. Hivesource.me is an online marketplace for skills and jobs where people with the right skills can link up with companies looking for consultants interested in project work. Gervais was studying for his A-Levels when he came up with the idea for Hivesource. He was inspired by the increase in the numbers of people being employed as consultants as opposed to office workers. In the knowledge society that we have become, Gervais decided to build a company that would take advantage of the increase in the project-based approach to work. He would later refine this idea in the first incarnation of Hivesource as his final year university project. When he graduated, Gervais worked as an IT professional and as a freelancer creating websites. The idea of Hivesource crystallised as he started looking for jobs as a consultant. He was careful about getting into personal debt with student loans to pay, and continued to work at his daytime job. After hours, he worked at his second career as an entrepreneur. To make his idea a reality, Gervais saved and invested in himself.

One day, while on Facebook, Gervais saw an advertisement for the ‘Idea 2 Innovation’ competition. He compiled all his notes, put together a formal plan, and entered the competition. “I thought, I’d try this and when I was applying I had that feeling I would have won because I felt my idea was really strong.” He did in fact win a grant for his idea. The award reaffirmed his faith in himself and the money gave him the start-up capital he needed to turn his idea into the Hivesource website that is up and running today. The Hivesource.me site provides individuals with a central place that simplifies the way they find work on projects, discover talent and collaborate online with each other. “I believed in it because that is the trend. A lot of people have jobs where they don’t have to come into work. More businesses will start to realise that Hivesource provides a way for them to lower their operational costs. Who wouldn’t go for that?” The company’s client base is growing steadily as Hivesource.me is utilised by more companies and skilled professionals in the Caribbean, Latin America, Europe and Asia. “We have such brilliant minds in Trinidad & Tobago and around the Caribbean. The fact that it is now possible to work online from anywhere and still earn an income, and the fact that Hivesource has brought this to reality, excites me.” Today, Gervais is the critical node at the centre of a network of highly skilled talent, connecting them with the opportunities to do what they do best. The hive is buzzing.

Business Trinidad & Tobago • 55

ICT-Ready T&T - Poised, Positioned and Full of Potential

Bevil Wooding

ICT-Ready T&T Poised, Positioned and Full of Potential

ith its stable democracy; welleducated, English-speaking workforce; low energy costs; advanced telecommunications infrastructure; and ideal geographic location - this twinisland Caribbean republic presents a compelling environment for ICTbased businesses and technologyenabled innovation. Trinidad and Tobago has long recognised the importance of the sector to development and economic diversification. The local ICT sector has progressively grown, now contributing an estimated 3.5% to national GDP. Investment in People The country has placed a high priority on developing a globally competitive workforce with the skill sets needed for the ICT industry. Locally-based, Higher Education Institutions (HEIs) offer high quality technical courses to students at the Certificate, Diploma, Bachelor’s and Master’s levels. Through a Government Assistance for Tuition Expenses (GATE) programme, the country now boasts one of the highest concentrations of tertiary level graduates in the Latin American & Caribbean (LAC) region, annually producing over 530 HEI graduates per 100,000 people, according to a 2012 Inter-American Development Bank (IDB) Report titled “Exploring Opportunities in the Global IT Services Market.” Effectively translating this human resource potential into economic competitiveness is one of the mandates of invesTT, the country’s investment promotion agency. InvesTT plays an active role in supporting local initiatives to develop Trinidad and Tobago’s ICT capabilities, including sponsorship of industry events such as the National ICT Business & Innovation Symposium; WorldSkills Trinidad and Tobago; and the Teleios Code Jam annual software development competition. Encouraging Innovation The country boasts an impressive mix of technology services players, including major global firms such as Microsoft, FujitsuICL and IBM as well as a growing pool of larger and small local firms, supplying everything from software development and advanced networking to computer support, training and IT consulting. Teleios Systems is a local software development firm that typifies the enterprising spirit of the Trinidad and Tobago technology sector. Teleios has been lauded by global software giant Microsoft for its innovations, winning regional and international awards for its software solutions. According to Chief Executive Officer Ronald Hinds: “Teleios understands that

56 • Business Trinidad & Tobago

its success depends on the development of a robust local technology sector. Initiatives like our Code Jam competition are about strengthening the entire local technology ecosystem and about creating a healthy ICT industry.” But the ecosystem needs more entrepreneurs, and it needs to better support them. Chairman of the Trinidad and Tobago Council for Competitiveness and Innovation (CCI), Richard Lewis, described the pace of innovation and competitiveness in Trinidad and Tobago as slow. In the 2013 World Economic Forum’s competitiveness index, the country was ranked 123 in its capacity for innovation. The CCI is mandated to address this as a national priority. Private Public Sector Collaborations The Government, in 2006, appointed a special e-Business Roundtable, as a think-tank of leaders in the ICT industry, business sector, public sector and academia. The e-Business Roundtable helps inform public policy by distilling inputs from the business community on key ICT initiatives. In addition, the public sector is taking steps to ensure a greater degree of co-ordination within the public sector. A cross-functional Ministerial Steering Committee, chaired by the Minister of Science and Technology, has been established to drive major ICT plans, enterprise-wide projects and e-Services. A 2012-2016 National ICT Plan, dubbed smartTT, seeks “to create a dynamic knowledge-based society driven by the innovative use of ICTs to enhance the social, economic and cultural development of the people of Trinidad and Tobago.” The Government is also investing heavily in strengthening its own capacity to communicate and share information through its GovNeTT initiative. This ongoing project is intended to improve communications and information sharing by inter-connecting all public sector ministries and departments. At the start of 2014, over 500 government sites were already connected. Another major government-led initiative, ttconnect, offers government information and services electronically to the public via websites, self-service kiosks, service centres and even specially outfitted high-tech buses for rural areas. For investors, TTBizLink is another service providing a single electronic window to allow importers/exporters to apply electronically for trade permits and licences. Mind the Digital Gap In spite of all the positive attributes of the local technology landscape, Trinidad and Tobago ranked a lowly 92 out of 148 countries on the World Economic Forum’s Global Competitiveness 2013 Report. The country, like the rest of the Caribbean and Latin America still lags behind the developed world in a number of key development indices. Chronic weaknesses in the political and regulatory environment; poor development of the innovation

ICT-Ready T&T - Poised, Positioned and Full of Potential

Trinidad and Tobago is well-poised to show the world it possesses the capability to realise its great potential as a world-class, technology-enabled environment for investment and economic growth. and intellectual capital system; an outmoded education system; and failure to adequately synchronise technology goals to needed policy and institutional reform; are all factors hindering Trinidad and Tobago’s true technological potential. The lag between policy statements and policy implementation remains of particular concern. Current priorities include: updating outmoded laws and implementing new policies - vital to better facilitate electronic transactions and cyberprotection initiatives; implementing more facilitative regulatory policy; putting in critical domestic Internet infrastructure; development of technology clusters, technology training centres and innovation hubs; and migration of essential government services to online and mobile platforms. Towards the Knowledge Economy These gaps can all be translated into opportunities for innovation and entrepreneurship. Thankfully, innovative businesses, entrepreneurs and even reform-minded government agencies, education institutes and civil society organisations are stepping up to the challenge. The success of their forward march will be greatly aided by more coherent and committed public policy and sound leadership. By its proud track record in industry and manufacturing, the country has long demonstrated its technical strength and human capacity in supporting and servicing local, regional and global business. Now, Trinidad and Tobago is well-poised to demonstrate to the world that it also possesses the capability to realise its great potential as a world-class, technology-enabled environment for investment and economic growth. (Bevil Wooding is an international technology expert advising organisations in the public, private and education sector on technology and development. He serves as Chief Knowledge Officer of Congress WBN, a Trinidad-based international non-profit organisation and is also an Internet strategist with the US-research firm Packet Clearing House.)

58 • Business Trinidad & Tobago

Business/Investment Opportunities In ICT Local Mobile Apps Trinidad and Tobago’s saturated mobile phone environment is a potential gold mine for companies with the savvy to create mobile apps that connect users to local services. From government and bank notifications to restaurant bookings and medical appointments - there ought to be a ‘local app for that.’ Fashion and Festivals Tech For the nation that gave the world the Steelpan and an annual Carnival, considered to be the greatest show on earth, our capacity to innovate is beyond dispute. That capacity can be harnessed to produce new digital innovations where fashion and creative arts integrate with advances in shrinking computers and wearable technology. Opportunities exist to develop niche industries that supply technology tailored for the fashion, fete, and festivals markets globally. Open Government Data Open data promotes innovation, giving companies, individuals, and nonprofit organisations the opportunity to leverage one of government’s greatest assets - public information. Software development firms, marketing and advertising companies, and media houses, for example, can all develop commercially viable products and services that leverage open data. Education Tech Meeting the ever-evolving need to provide relevant technology in the nation’s classrooms is both a challenge and an opportunity. The requirement to design and implement solutions in resource constrained education environments is not unique to Trinidad and Tobago. Innovative companies that can develop solutions in process, training, software and hardware to address these needs will have access to a global market. Animated for Growth We live in a world saturated with multimedia content. The size of the global animation industry in 2013 was estimated at US$222 billion. Multinational companies are constantly on the lookout for new multimedia design and animation talent. And, increasingly, they are on the lookout for content that connects with local and sub-regional audiences. The local multimedia and animation industry is poised to make a mark on the international market.

Did You Know...

• Mobile Penetration in T&T now stands

at over 140% • Proportion of households

with access to the Internet is 44.6% • Percentage of individuals

using the Internet

80.1%? Business Trinidad & Tobago • 59

Business Outsourcing in Trinidad and Tobago

Angela Lee Loy

Business Outsourcing in Trinidad and Tobago - an attractive option for investors

rinidad and Tobago is among ‘the next wave’ of investment destinations. The country’s geographical location provides easy access to regional and international markets and its status as the financial hub in the Caribbean continues to

strengthen. In addition, the country has a welleducated, English-speaking workforce compensated at competitive rates. This pool of human capital, combined with the country’s excellent telecom infrastructure, up-to-date business legislation and attractive tax regime makes Trinidad & Tobago a favourable investment location. It is against this backdrop that existing and potential investors, with even greater frequency, are approaching outsourcing providers who possess indepth knowledge and expertise in local market conditions. Government agencies such as investTT, Trinidad and Tobago International Financial Centre (TTIFC), Trinidad and Tobago Free Zones Company Ltd (TTFZ) and the Tourism Development Company (TDC) provide added support to investors who need insights into the cultural and business landscape, as well as advice on doing business in the country. For decades, firms in Trinidad and Tobago have been providing outsourcing solutions to companies as diverse as international oil and gas majors and niche technical service providers. Consistent with the global trend, we are witnessing in Trinidad and Tobago businesses, large and small, directing their energy and resources toward core activities in pursuit of their unique competitive advantage. This has led to the increasing demand for outsource

60 • Business Trinidad & Tobago

services in “non-core” areas such as accounting, taxation, human resources, payroll and statutory compliance. Investors establishing a market presence for the first time in Trinidad and Tobago often make the same enquiries when deciding to outsource. Accounting professionals in Trinidad and Tobago are affiliated with global bodies such as ACCA, CGA and CIMA, and are governed by the Institute of Chartered Accountants of Trinidad and Tobago (ICATT). They can provide timely, customised reporting in line with International Financial Reporting Standards (IFRS) to meet the needs of global companies. Human resource consultancy services have increased tremendously in recent years. Trinidad and Tobago is home to a highly educated and skilled workforce. There is a keen interest from investors in local top talent particularly those with deep subject matter expertise. Outsourcing providers have the databases and networks to headhunt senior and executive positions. They are better able to identify the top leaders who have the cultural adaptability and skills to work at a global level. Outsourcing providers also take care of the hiring and payroll for temporary, permanent and contract staff. They ensure compliance with local laws and this works particularly well for international companies hired for a local project for a specified period of time. Retrenchment, severance and other industrial relations issues require a sound understanding of Trinidad and Tobago’s robust industrial relations regime. Recruitment is often paired with payroll services and investors must be cognizant of local tax requirements. Companies need to ensure compliance with specific payroll tax laws, as expatriates may not have the local knowledge of the taxes

Chairman, Aegis Business Solutions Ltd

to be calculated. When companies are due to renew their employees’ work permits, they discover the need of a local outsourcing payroll specialist who can address an unexpected issue due to payroll legislation changes. All companies must comply with the Income Tax Act, Corporation Tax Act and Value Added Tax Act (VAT). Companies frequently rely on outsourcing providers to manage timely submissions of their taxation obligations. They also seek tax planning services and advice on complex tax issues, for example, withholding tax and double tax treaties. In Trinidad and Tobago, the Companies Act, 1995 imposes stringent responsibilities on the directors and officers of the company. Some local and foreign investors choose to go to an outsourcing provider to act on their behalf and to maintain their statutory filings and records, as they do not have the expertise or time to manage this. In addition, the recommendations and regulatory requirements of global bodies such as the Financial Action Task Force (FATF) have put increased pressure on organisations to implement good governance practices. With limited presence on the ground for some investors, it is important to ensure appropriate checks and balances so that their head office is aware of and able to control remote locations. Trinidad and Tobago is an attractive investment location and its culture and local laws, coupled with international organisations, enable outsourcing providers to deliver first class service. (Aegis Business Solutions Ltd, Trinidad and Tobago’s leading business outsourcing and advisory provider offering Corporate Secretarial, Accounting Outsourcing & Taxation, Human Resource & Payroll and Internal Auditing services.)

Labour Relations in Trinidad and Tobago

rinidad and Tobago was the first country in the English-speaking Caribbean to establish an Industrial Court. It was created under the Industrial Relations Act of 1972, which replaced the Industrial Stabilisation Act of 1965. The Industrial Stabilisation Act was largely as a consequence of agitation for worker’s rights in the early 1960s and aimed to provide for the compulsory recognition by employers of trade unions and organisations representing a majority or workers, and to establish a system for the expeditious settlement of trade disputes. Local industrial relations jurisprudence has therefore been developing for almost 50 years. This means that there is information and guidance on how employers ought to treat with workers. Further, the Industrial Relations Act Chapter 88:01 established a Registration, Recognition and Certification Board. One of the functions of the Board is to determine recognised majority union status for trade unions seeking same. Potential employers will therefore find that T&T has systems established for dealing with trade unions. Based on our system of recognition of trade unions, it is only those companies where there is a recognised majority union (less than 20% of the registered employers in Trinidad and Tobago) that need to monitor pending strike action. Various public and private sector institutions announced settlements over the first half of 2013 and adjustments to previous agreements were also made. However, some outstanding and upcoming negotiations include companies in the finance, construction and public service sectors. The Occupational Safety and Health Act (OSHA) 3, 2004 as amended in 2006,

62 • Business Trinidad & Tobago

Photo: Abraham Diaz

provides guidelines for the safety, health and welfare of persons at work. The objective of the amendment is to ensure the promotion of high safety and health standards both for the employers and employees. The Occupational Safety and Health Agency is the enforcing body. As of August 2007, the Occupational Safety and Health Agency commenced its general operations, placing emphasis in the areas of Oil and Gas, Ports, Chemical and Petrochemical Industry, General Manufacturing, Construction and Quarries, Agriculture and Public Services, and Occupational Health. Trade unions in Trinidad and Tobago have a strong presence - characteristic of a growing economy - an the approach of trade union leaders appears, at times, to be confrontational rather than conciliatory. There is no secret formulae to dealing with trade unions in Trinidad and Tobago. Employers entering the market must form alliances with employer organisations to ensure the right systems are in place for doing business in this country.

Most employers in Trinidad and Tobago feel that the industrial relations climate is fervent. However, this is not a disincentive to doing business. Rather, it is an incentive to invest in systems that ensure best practice in human resource management and industrial relations. The returns on such investment include high levels of productivity and low rates of staff turnover as many companies in our energy sector currently experience. In the ongoing debate about the costs versus benefits of trade unions, Andreas Hauptmann of the Institute of Employment Research in Germany summarises the pro-union side, saying: “Unions can provide valuable services that increase economic activity and social well-being. When it comes to occupational health and safety standards, neither the government nor a laissez-faire economic system have the means or the incentives to assure optimal production and welfare. Unions can fill this gap which can increase output and safety.” The ECA can certainly attest to the truth of this statement in Trinidad and Tobago.

“A stable industrial climate is a very strong link in the chain of economic growth... ” – President of the Industrial Court, Deborah Thomas-Felix, 2013 Industrial Court Report.

Photo: Abraham Diaz

Added to this, other strengths of the T&T economy are: • Businesses in T&T enjoy highly competitive operating costs, making the country an emerging market for foreign investors. • The strength of the nation’s energy industry allows it to boast some of the lowest energy costs in the world. • The government of T&T encourages foreign direct investment in almost all sectors with specific focus on the nonenergy targeted sectors. • Generally, there are no restrictions or disincentives to investment. Foreign ownership of Companies is permitted and welcomed under the Foreign Investment Act (1990).

There are a number of other significant developments that could make the industrial relations climate more positive. Today, great strides have been made to encourage tripartism, social dialogue, labour management co-operation and improved communication. Some of the specific initiatives include: • the Ministry of Labour is working towards establishing a Social Dialogue process • the data systems at the Industrial Court are to be upgraded to allow for electronic access to court judgements • a Labour Market Information System for Trinidad and Tobago (LAMISTT) is being developed with the assistance

of the ILO Decent Work Team and Office for the Caribbean • A multipartite Standing National Labour Market Council has been established to move this process forward in producing critical labour market information. • A Centre for Workforce Research and Development has been established at the University of the West Indies. (The Employers’ Consultative Association of Trinidad and Tobago (ECA) is a not-for-profit, membership-based organisation. Formed in 1960, the Association primarily assists and supports Employers in industrial relations matters. For more information, please visit http://www.ecatt.org/.)

Business Trinidad & Tobago • 63

BT&T Entrepreneur Profile

Karisa Phillip

Photo: Sarah Carter

Lagoon Animation Studio by George Deyal Lagoon Animation Studio is teaching students the art of animation by throwing them in at the deep end. Lagoon is part school and part studio, offering the full-immersion experience. Karisa Phillip, Founder and Chief Creative Officer of Lagoon Animation Studios, wanted to be a graphic artist since she was 14 years old. She was working in an entry-level customer service job when she started an online course that taught her how to harness her talents. “Where I was working was not fulfilling for me as a creative person. I think seeing a lot of persons my age being trapped in that mode of just earning an income and giving up their dreams... I said to myself, now is the time.” Lagoon Animation Studios is the first of its kind in Trinidad & Tobago. It is a school for graphic artists and it is also a production studio. It is a place where you can learn the trade by working on projects in a team environment in a real studio setting. This is an innovative approach to onthe-job training for young animators and modellers. They are educated and trained in specific core areas while they are also working in a studio environment, seamlessly making the transition from learning to working. “If you look at the end of a movie at the credits you will see there are hundreds of artists that were involved,

that’s why I really know that having this studio school approach where you can keep training artists and feeding artists into such an endeavour will really work out well,” she says. The Idea to Innovation programme believed in Phillip’s vision as well, and it was crucial to getting this studio-school up and running. Besides the monetary grant she received, her liaison from the programme still calls to check up on her progress and is a mentor for this young entrepreneur. “The i2i grant was the answer to my prayers because I had this big idea, and coming by someone who is willing to invest in you is not easy, especially when you’re of a certain age and you’re unproven.” Phillip is adamant about giving something back to the country that invested in her. “I am a staunch patriot. I really wanted to see this happen here, and I know there are other artists like myself who want that.” By training aspiring artists the Lagoon Animation Studios way, the company is not only providing a quality hands-on education, but is instilling the Lagoon work ethic, the Lagoon ambition and the Lagoon culture and methodology in its students and aspiring professionals. The expectation is that within five years the students and the growing team at Lagoon Animation Studios will produce Trinidad’s first animated full-length feature. Phillip’s dream will be on the big screen, made with pride in Trinidad and Tobago by the ever-deepening talent pool at Lagoon Animation Studios.

Business Trinidad & Tobago • 65

Public Service Transformation as an Investment Initiative

Tony Deyal

Public Service Transformation as an Investment Initiative

ntervening Opportunity is almost a law when it comes to investment. Put in very simple and pragmatic terms, an investor will go to the country that offers the best benefits, opportunities and advantages for less. The further the country in a real or even virtual sense, or in terms of what it has to offer, the less the likelihood of attracting investment. Trinidad and Tobago had considerable strategic significance in the days of sailing ships. Perched on the gateway to South America, its corsairs could lurk in the tiny inlets of the North-West Peninsula and plunder the Spanish galleons. As the balance of power in global transport changed, the country lost its advantage to Barbados for air traffic in the region. Investment kept coming because of the cheap fuel and electricity, but as other countries offered more benefits to investors and lower costs, time and frustration in getting things done quickly, Trinidad and Tobago is one ship the rising tide does not lift as high as the others. While this is not the romantic picture painted by the publicists, it is a reality that requires re-evaluation of the country’s investment strategy and attention to a long- forgotten institution in investment and intervening opportunities – the Public Service. It is perhaps because of the ubiquity of the Public Service. Everything - from getting a rum-shop licence to clearing goods entering the country, from any investment concession to paying bills, from being born to being declared dead - requires Public Service intervention. From womb to tomb, cradle to crypt, public servants loom large and in charge, and play a major role in the country’s standing in the global competitiveness, ease of doing business and corruption indices.

66 • Business Trinidad & Tobago

So, if you are Trinidad and Tobago and you want to improve your standing in the world to attract investment, what do you do? Among the list of things that should and can be done is transforming the Public Service into a citizen-centric, stakeholder-supportive organisation. This has begun with “The Journey From Gold To Diamond” reform started under the present Minister of Public Administration, Carolyn SeepersadBachan, and her Ministry. “G2D,” as it is called, built on the 50 years or golden anniversary of the national Public Service (1962-2012) as the golden platform for progress and has developed a plan for transformation that will be effected by the diamond jubilee of the country in 2022. Launching the G2D in December 2012, Prime Minister Kamla Persad-Bissessar acknowledged that transforming the Public Service would require transforming the entire country. In her dream of transformation and the Diamond Standard of excellence in service delivery that is now her Ministry’s flagship for change, Minister SeepersadBachan sees: “A Trinidad and Tobago in which the Public Service has been transformed so that all the services it delivers are of the highest possible quality and meet the most demanding standards of excellence. A Trinidad and Tobago in which citizens can stay at home and use computers or cellular phones or, at worst, will not have to venture far from their homes to access every service the Government has to offer. “A Trinidad and Tobago, where every citizen enjoys the highest possible quality of service, regardless of race, creed, gender or geography. A Public Service that is willing to walk the extra mile to ensure that its clients are satisfied. A Government that is putting the resources in place so that the citizen is the be-all and end-all, the hub and the wheel,

the corona and periphera of the Public Service universe. This is the Diamond Standard of service.” In the meantime, the Minister and her extremely dedicated and hard-working group of present and past public officers, led by Permanent Secretary Gillian Macintyre, have been working with human resources managers in the Public Service and with all the stakeholder groups, including the Public Service Association (PSA) and other unions, the different statutory boards and private sector organisations, to help change the strategies and resultant structure that constitute transformation. From the old pyramid-shaped, bottomheavy structure with lots of people languishing at the bottom, there has emerged a diamond-shaped architecture that allows more room for professional growth, innovation, creativity, flexibility, accountability and risk-taking. At the same time, the Ministry has launched a rigorous certification process called the Diamond Standard that about 22 public service organisations are now going through, to be certified as being excellent in service delivery. It is not a competition but a goal, and more and more organisations, including private sector companies, want to be part of it. There is every reason the present G2D transformation thrust will succeed and make it easier to do business in Trinidad and Tobago. First of all, the public is increasingly demanding value for money and using the media (especially social media) to identify the offices and even officials who fail to deliver or are less than civil with their service or lack of it. The growing application of Information and Communications Technologies (ICTs) to Public Service functions and deliverables allow a 24/7 operation in the entire Service and the co-ordination of many functions. This will enable a one-stop-shop approach to the delivery

Turnaround time, or the time it takes when something comes to your desk or department and how long it takes to add value and send it out, is decreasing.

Photo: Edison Boodoosingh

of goods and services. It is already possible to stay at home and use a computer or smart phone to get some services. This cuts down on opportunity costs, including travel time to Port-ofSpain from rural areas. The third factor is that public servants are seeing opportunities for themselves in the transformation process – flexible work hours, opportunities for promotion on merit rather than on length of service, greater autonomy, scholarships and training programmes, and more control over their products and processes. At the same time, the recruitment and employment processes have been streamlined and the backlog of contracts is being quickly reduced. The fourth key element is the political will that exists to make the transformation happen. Already, services

are being shared and there is a thrust under Finance Minister Larry Howai to end duplication and reduce expenditure. Harder to define is the air of expectation and excitement that is surrounding the process and breathing new life into the Public Service. Service Charters that define the relationship between agencies and their clients now abound. People talk about working smarter and not just harder. Turnaround time, or the time it takes when something comes to your desk or department and how long it takes to add value and send it out, is decreasing. This is really the critical success factor and measurement. Minister Seepersad-Bachan is confident that not only is her Ministry on the right track but that the country will be able to reach the diamond standard before

the diamond anniversary in 2022. She told the Trinidad and Tobago Coalition of Service Industries (TTCSI) in 2012: “My dream and my proof that we have a truly transformed Public Service is the day when a citizen in any part of the country can use a cell phone to access any government service or several services at the same time, provide inputs into public policy, ask to see the up-to-date expenditure on any project, or to perform that most fundamental of democratic functions – to vote!” (Tony Deyal is an international communications and management consultant whose weekly column is published in the major Caribbean newspapers. His professional long-term assignments have included climate change, international health and public sector transformation.)

Business Trinidad & Tobago • 67

Oil and Gas 101 Inc T&T Turns to Energy Training

Joel Henry

Oil and Gas 101 Inc T&T Turns to Energy Training

ontributing more than 40% of GDP, close to 60% of revenues and a whopping 80% of exports, Trinidad and Tobago’s energy sector is a huge part of the economy, with experience and influence far beyond the size of this twoisland state. In its more than 100 years of operations, T&T’s oil and gas business has built up a store of knowledge and expertise that rivals that of the major global players. More importantly, T&T’s approach to the sector has always been knowledge intensive – concentrating on governance, policy and maximising the value of its energy reserves. As markets, particularly in Africa, seek to develop their own energy business, local entrepreneurs and policymakers are asking: “Why not extract value from our knowledge itself?” And they have been answering the question in earnest, taking advantage of a range of opportunities to provide energy training to these developing markets. The possibilities within training and development services are one of the most exciting new areas for not only the local energy sector, but also T&T’s export business. There has already been good progress but ambitions are high, and with the appropriate policy dynamism, industry experts see the potential for a vibrant industry. Wanted: Energy Knowhow “There’s huge potential for energy services generally, and training is one of the prospective markets that we can really take advantage of,” explains Thackwray Driver, President/CEO of the Energy Chamber of Trinidad and Tobago. What kind of training? You name it. The list runs from petroleum engineering, to maintenance, to safety and (most recently) even remote vehicle operations.

One of the strongest selling points for T&T as a centre for training is the incredible depth and diversity of its energy business. “We have a very diverse energy sector in a very small island,” Driver said. “There are a lot of things you can see and do within a small geographical area.” Increasing energy service exports is one of the Chamber’s strategic pillars. The Chamber itself provides assistance and support to oil producing African nations and has a Memorandum of Understanding with the city of SekondiTakoradi in Ghana. At present, Africa is very much the hub of demand for energy training. Established oil and gas players like Nigeria are seeking to expand and refine their industries, while newer markets need help in establishing themselves. With oil and gas reserves estimated to be the third largest in the world, African countries want to make the most of those resources and need help to do it. “My work takes me to Nigeria, Ghana, Liberia, Togo, Senegal, Mozambique, Tanzania, Uganda and Kenya,” says Anthony Paul, Managing Director of the Association of Caribbean Energy Specialists (ACES). “I’ve also consulted remotely for clients in Equatorial Guinea, Angola, Cameroon and Guinea.” Paul is far from the only T&T national conducting energy training business. The Kenson School of Production, which offers a sweeping array of technical training, not only attracts students from Africa, but is currently establishing a training centre in Uganda. The National Energy Skills Centre (NESC), a public/private sector partnership, has trained numerous Nigerian nationals. Headed by a citizen of T&T, Caribbean Atlantic Holdings offers energy services and training in Ghana. State companies like the National Gas Company (NGC) and National Energy Corporation (NEC) provide energy training

Business Trinidad & Tobago • 69

Oil and Gas 101 Inc T&T Turns to Energy Training

services. Many nationals, whether individually or employed by multinational companies, sell their knowledge and expertise throughout the continent. An outstanding value proposition Two of the most attractive T&T-based institutions for energy training services are the University of the West Indies (UWI) and the University of Trinidad and Tobago (UTT). In late 2012, working with the NESC (a public and private sector partnership), UTT created the Energy Institute at its Point Lisas “Energy Campus,” intensifying its already potent combination of academic and practical educational programmes for the oil and gas business. UTT offers several internationally accredited energy and energy-related programmes, top of the line facilities and technology, and opportunities to learn directly from local and international energy professionals with extensive real-world experience. This has attracted the attention of students from Somalia, Uganda, Nigeria and Ghana. “African countries check and see what is happening in Europe first and then they realise that there is a country similar to their own with this wealth of knowledge and experience,” says UTT Provost Dr. Fazal Ali, explaining one of T&T’s most important selling points. As with most extractive industries in developing, post-colonial societies, sovereignty over assets and maximising national benefit are crucial concerns. More than anything else, T&T’s energy sector is an example of how to get oil and gas policy right. “When they come here they don’t only benefit from understanding how to get the oil and gas out of the ground. Photo: CaféMoka Gallery

Why T&T for Energy Training? • Reputation – T&T’s energy industry brand and track record is outstanding. The nation is seen as a success story, particularly in terms of governance. • Language – The only thing in higher demand than energy training, is energy training in English. Sector specialists see this as a niche opportunity. • Sector diversity – With its extensive value chain and small size, T&T combines an incredibly diverse training opportunity with convenient proximity. • Affinity – The cultural and historical similarities between T&T and the developing energy markets help the country stand out from the competition.

70 • Business Trinidad & Tobago

Challenges • Brand – Outside of oil and gas, T&T’s brand does not have the recognition of countries like the US and UK. (see invesTT article on T&T’s current brand building initiative). • Transport – There are no direct flights between Africa and T&T. Travel between the two countries is a long and expensive endeavour. • Trainers – Although T&T has a good supply of skilled trainers, there is space for many more, especially considering the demand. • Strategy – A cohesive policy that aligns all the players – Ministries, state agencies, academia, service providers – is needed to enhance T&T’s offering.

African countries realise that there is a country similar to their own with a wealth of knowledge and experience. They also benefit from seeing our tax regimes, etc, so they are not open to exploitation,” Dr. Ali says. In fact, there is a global demand for energy governance training beyond Africa. Recognising this, UTT is working with the University of Texas in Austin to develop a course of study in energy management. The Guyana/Suriname Basin – A developing market close to home Although T&T’s energy trainers are focused mainly on Africa at present, there is an emerging energy market close to home with enormous potential. Rated by the US Geological Survey as the second most prospective unexplored basin in the world in its World Petroleum Assessment

2000, the area’s proximity makes it a prime candidate for T&T’s energy training providers. And they are paying attention. Currently, the University of Texas at Austin is also in talks with UTT to explore training opportunities in the two countries. “We are the optimum choice for Guyana and Suriname,” says Dr Ali. “We have the proximity, experience, technical ability and manpower development. We train operators at every level of the industry.” Cohesion in a competitive market These are all excellent developments for the energy services subsector but, more importantly, they hint at what

could be achieved if T&T took a more aggressive, policy-driven approach to seeking out energy training opportunities. Developed countries like the UK are actively hunting new business in this area, going so far as to provide monetary and other incentives. What could T&T achieve with a formalised national strategy? “Things are going well and we need to keep pushing forward,” Driver says. “We need alignment with all the agencies that are involved in energy services. The global market is huge and we need to all play a part.”

Business Trinidad & Tobago • 71

Nationals Shine in the Global Energy Environment

Trinidad & Tobago Nationals Shine in the Global Energy Environment

rinidad and Tobago’s globally recognised energy sector is 105 years old with oil first being discovered in 1865, and commercial oil production in 1908. The life force of the economy, energy contributed approximately 43.7 per cent to the country’s GDP, 54.3 per cent of Government revenue and between 80 to 85 per cent of the country’s foreign exchange in 2012. The country is the sixth largest producer of Liquefied Natural Gas (LNG) in the world. T&T is also the largest exporter of ammonia and methanol in the world. In support of this vibrant energy sector, Trinidad and Tobago has two universities providing technical training - the University of the West Indies (UWI) and the University of Trinidad and Tobago (UTT). According to Minister of Tertiary Education and Skills Training Fazal Karim: “UTT’s programmes in energy sector training are sought out and benchmarked worldwide and the University has enjoyed visits from several African delegations (including Nigeria and Uganda) who have expressed interest in training their employees right here.” With such a globally competitive energy sector, Trinidad and Tobago has been able to successfully export its energy sector expertise across regional and international markets. AmCham T&T is pleased to highlight a few of our bright Trinidad and Tobago nationals who work and make a difference in the international energy arena.

72 • Business Trinidad & Tobago

Photo: Stephen Broadbridge

“Trinidad offers a wide range of opportunities to work in every aspect of the oil and gas industry.” – Repsol’s Ryan Ramjit

Michael Daniel is based at the BP America campus in Houston, Texas, USA. He is the Subsea Project Manager responsible for the procurement, planning and installation of subsea infrastructure for the Juniper project. Daniel developed his skill set through work experience at bpTT. “I spent 10 years at bp Trinidad & Tobago developing project management skills through various project roles on five gas delivery projects, working to deliver platforms (Cannonball, Mango, Cashima, Savonette and Serrette). These projects were delivered locally for Trinidad using a standardised platform design model. The scope of this included managing local engineering and fabrication followed by offshore installation and start-up…I feel that with the deep knowledge that I was able to attain, I established a solid foundation upon which I was able to build during my time working abroad. Specifically, I am now able to use my understanding of the local business environment to make more informed decisions with the intention of adding overall value to bp.” He adds: “The Trinidad business is very unique in many aspects such as the type of gas contracts and gas delivery requirements versus other countries where bp operates, as well as how our local context and oil and gas business influences the Trinidad economy. As a T&T national, I am able to bring the experiences, lessons learnt and best practices from bp Trinidad and Tobago project delivery to support similar types of business which exist across the bp world. This includes strategies such as local project management development, local content enablers and contracting strategies for development of local contractors.”

74 • Business Trinidad & Tobago

Michael Shand is the Fluor QHSSE & Risk Manager Technology/Value Assurance Leader – Trinidad. His last assignment was in Qatar, Middle East. “I was the Head of the Operations Expansion All Risk and HSSE teams for all onshore and offshore Mega Projects. Without a doubt, my early career here in Trinidad working for HJ Gransaul, at the time, was formative and influenced by continuing education and growth in the industry. It was really my tenure with bpTT that allowed for an introduction into the true value of local content, discipline and professionalism.” He notes: “People may at times, and justifiably so, complain of the ‘Trini’ nonchalance but Trinidadians and Tobagonians hold themselves to a truly high standard. In my observation, the ‘Trinbagonian’ is hardworking, diligent and observably competent on a global scale. As a travelling professional I’ve come across Trinbagonians in varying disciplines all around the world. From the West to Far East and everything in between - you can randomly come across one of our people leading the charge and leaving a mark. There is carnival in Dubai now after all!’

Rodney Hosein is a T&T national who has worked at bp Houston, Texas, USA for the last four years as the Area Operations Manager (Eastern, North America Gas), looking after operations in Texas and Oklahoma. He received his Chemical Engineering Degree from UWI and started his career working at ammonia plants in Point Lisas for four years. He then worked for 10 years with bpTT, largely in Engineering and Operations Management roles. Hosein says working in Trinidad prepared him for his position in Houston because he had the opportunity to take on leadership roles and get broader exposure across work disciplines early in his career. “bp invested in my development and actively provided opportunity to stretch my development.” According to Hosein, T&T nationals bring a unique skill set to the foreign markets which allow them to succeed. “Trinidad and Tobago nationals are easy to adapt to new cultures and ways of work which creates strong working relationships quickly.”

Renee Romeo is another Trinidadian national working at Repsol in Bogota, Colombia. Renee’s strong background in Business Management and Finance and her experience at the US Department of State, paved the way for this talented Planning & Control Analyst to become one of the 15 Trinidadian expatriates that today wave the red, black and white flag at Repsol. She developed her skills set over many years working in Management Control in Repsol E&P in Trinidad. Romeo says: “I believe Trinidadians understand how to work with diverse people, how to support others in a team, as well as how to display characteristics of loyalty, leadership and respect for others.”

Ryan Ramjit is a well-rounded and experienced HSE professional who has worked in Repsol’s E&P Head Office in Spain since June 2013 as HSE QA/QC Senior Advisor. Ramjit’s skill set is derived from his training in Trinidad. “I developed the skills from working locally, internationally and as a member of OSHA. I acquired a postgraduate academic qualification in Health & Safety Management as well as a number of short certificate and diploma courses. Trinidad offers a wide range of opportunities to work in every aspect of the oil and gas industry. It’s possible to work with large international organisations and small independent contractors, and to gain experience offshore, onshore, shallow water, deepwater and, soon, ultra deepwater. Trinidad nationals bring a work ethic, personality and a pedigree that comes from over 100 years in this business.”

Joseph Gomes joined the Repsol family as a Senior Deepwater Drilling and Completions Engineer over 10 years ago. For the past year, he has been working in Repsol’s offices in Bogota, Colombia as the Drilling and Completions (D&C) Manager for Repsol Exploration Colombia. Previously, he held the positions of D&C Manager for Cardon IV and Repsol Venezuela, D&C Manager for Repsol Trinidad and Tobago, and Drilling Manager for Repsol’s Business Unit in Spain. Gomes developed his skill set from Trintoc, Trinitopec, Amoco, BP and Repsol and credits his work experience in Trinidad & Tobago for his ability to function at a high level in the global energy environment. “It helped me develop the necessary skills to work in different cultural environments, with nationals and multinational companies, with world-class technical and soft skills training. Trinidadians bring to the table Discipline, Tolerance and Productivity” (T&T’s national watchwords).

Annaliese Lee Seyon, a National Scholarship winner, is the youngest of Repsol’s talented Trinidadian expatriates. Starting as a summer intern, she later became one of Repsol’s Masters graduates, representing a new generation of young professionals recruited and developed in Repsol. She has been working for the last four years in Repsol’s offices in Houston, USA as a Geophysicist working in Depth Imaging and Seismic Modelling. Lee Seyon says she developed the fundamental knowledge for the job “while doing my first degree (B.Sc. Petroleum Geoscience) at UWI.” She also has a Repsol Advanced Master’s Degree in Oil & Gas Exploration & Production from Madrid, Spain. Working in Trinidad and Tobago helped her prepare for her job. She says: “Trinidadian professionals in the oil and gas industry are well-respected and we have a reputation for our high standards of education, dedication and professionalism.”

Reynold Ajodhasingh is currently based in BP Azerbaijan with responsibility for the Azerbaijan, Georgia and Turkey (AGT) region. He is the Head of Control and Financial Operations for the region and a member of the AGT Regional Leadership Team. Ajodhasingh indicates that he had his grounding in Trinidad through Amoco and then bp. “The Trinidad Operations has been a significant location in the BP Global operations, and went through a significant growth period in the late 1990s and the early 2000s. During this period, I was the “Business Unit Controller” and then “Head of Control and Financial Operations” in the Trinidad Business. In this period, we had to deal with all the complex issues in the area of Accounting, Financial Reporting and Control that one would face in the global oil and gas industry. The scale and scope of the AGT operations is much bigger, more complex and challenging, but the Trinidad experience has prepared me well for the role I now have.” T&T nationals add value to the foreign markets, says Ajodhasingh. “There are about seven other T&T nationals in the area of Drilling and Operations in AGT and they bring a lot of technical expertise to the operations, drawing on their Trinidad experience.”

Business Trinidad & Tobago • 75

Investment Opportunities in Food

Natasha Ramnauth

Investment Opportunities in Food

&T is revving up its agricultural sector as never before. Investment opportunities range from vegetables and staples to aquaculture and apiculture as the Ministry of Food Production pursues targets that will see production of specific crops and livestock increasing by 100-300 per cent by 2017. The sector has already experienced a 77% increase in Agriculture’s contribution to GDP between 2009-2013, and there has been a two per cent reduction in the estimated $4 billion food import bill from 2010 to 2013, according to Minister of Food Production Devant Maharaj. This news comes at a critical time as Governments worldwide have been expressing alarm over the issue of food security, rising food prices, declining levels of food production and climate change. Countries worldwide are being actively encouraged to be good global citizens and reduce their carbon emissions, while more and more people are embracing healthy eating as a lifestyle choice.

National Food Production Plan In 2012, the Government of Trinidad and Tobago released its National Food Production Action Plan 2012-2015 and a 47-page booklet: Investment Opportunities in Agriculture. The Action Plan identifies the Ministry’s top priorities as: cutting the food import bill, increasing the country’s food security, reducing inflation and creating long-term, sustainable, productive employment. Investors will pick up critical information from the Plan, which focuses on targeted increases in production in six key areas - staples, vegetables, legumes and pulses, fruits, livestock and aquaculture. The Action Plan states

what the increases will be, how much land is targeted to be released for the production of these specific crops and livestock, the strategies being employed to achieve targets, and the extension training and research initiatives that would be available to support increased production. Aquaculture is a major focus in the Plan, with initiatives that include expanding tilapia production and an ongoing programme to restock T&T’s rivers and ponds with cascadura and black river conchs. Caroni Growers One initiative to raise food production over a two-year period, launched by the Ministry of Food Production on June 5th 2013, is the Caroni Growers Responsible for Evolving and Enriching the Environment Initiative (CGI). It involves the cultivation of 5,800 acres of idle agricultural land, mainly consisting of two-acre plots that were leased to former Caroni 1975 Ltd employees as part of their Voluntary Separation of Employment Programme (VSEP) in 2003. In 2014, the initiative is expected to see work commence on 4,000 acres of green vegetables, root crops and legumes that will focus on supplying the demands of the local agro-processing industry. TTABA Another initiative supporting increased food production is the Trinidad and Tobago Agribusiness Association (TTABA), a “For Development Company” established in May 2006 by private sector agri-business stakeholders with government’s support. TTABA’s main focus includes: “organising, contracting and supporting small-scale, rurally-based farmers as well as large farm operators to produce safe, high quality produce at competitive prices…” TTABA’s goal is “to develop exciting, value added products in state-of-the-art facilities and supply retail and institutional market segments globally.”

Business Trinidad & Tobago • 77

Investment Opportunities in Food

TTABA currently buys local hot peppers and produces the “pepper mash” that goes into VEMCO’s brand of hot sauce. TTABA itself produces a line of products under the brand, Flavour Islands, which include cassava, plantain and sweet potato breads; fries; and cut vegetables. They also market frozen coconut water and various vegetable and fruit purees. FBIDC On the investment end, the Ministry of Trade, Industry & Investment has established the Food and Beverage Industry Development Committee (FBIDC) with the intention of making, “the food and beverage industry a sustainable and efficient revenue generating option. The FBIDC is charged with the responsibility to oversee the further development of the domestic food and beverage industry…” The Food and Beverage manufacturing industry currently employs over 11,000 persons with over 300 registered manufacturers and continues to grow. It benefits from attractive incentives designed to promote sustainability in the Agricultural industry and ensure raw materials for downstream agro-processing manufacturing. There are two distinct types of growers

in T&T - those who cultivate on a large scale, mainly for sale to wholesale markets; and niche growers practising permaculture, supplying green and exotic markets. There is room and opportunity for both, as large-scale farmer Joe Pires Jr and small-scale farmer Erle RahamanNoronha can attest. The Onions That Made Us Cry Pires, who is also TTABA president, farms 300 acres and currently produces one-fifteenth of the total sum of onion imports grown on 5-10 acres. He says that it is entirely possible to reduce our dependence on imports and become selfsufficient, and reasons beyond just food security to do it. The proof of the vegetable is in the eating, and for Pires, one of the best reasons for eating locally is the “freshness” and “taste” of the produce. Referencing onions as his example, Pires said: “ Remember the onions we got as a child, they were crisp and made you cry when you cut into them because they were at their peak…..now, not so much.” Advances in storage and refrigeration mean that imported produce is picked well before its peak and stored for longer periods of time; taste can also

be affected by the chemicals used to preserve produce. Erle Rahaman-Noronha grows on a small scale for local consumption. He practises permaculture on his 30-acre farm, Wasamaki Eco Systems, in Freeport. Using the water from his fish farm to grow food, crops are not exposed to pesticides or artificial fertilisers and appeal to the “green buyer.” While he cannot compete on the same scale as the large farmers, Rahaman-Noronha says, “we are able to service more people at a ‘grass roots’ level, enabling them to buy fresh produce at a lower cost.” This allows for greater sustainability and also gives Rahaman-Noronha the opportunity to target a number of smaller, niche markets that would not be serviced by larger growers. There remains ample room for growth in the agribusiness industry and a great deal of opportunity for the savvy investor. Interested investors can find information on investment opportunities, government incentives and the Ministry’s strategic plan on its website at: http://www.agriculture.gov.tt/ main-media.html. Other Useful Links: http://www.ttaba.com/ http://www.exportt.co.tt/

Summary of Production Targets identified for Priority Commodities Commodity Food Group Commodity

For Period 2012 – 2015 Production in Tonnes

Current Consumption

Current Production

2012-2013

2013-2014

2014-2015

Staples Rice 33,636 2,273 3,000 5,000 7,500 Sweet Potato 7,000 3,150 8,727 10,909 13,090 Cassava 4,500 5,454 11,817 15,453 18,182 Breadfruit2 10 10 11 12 13 Vegetables Tomatoes 2,600 2,150 2,444 2,774 3,100 Hot Peppers 423 710 1,100 1,500 1,800 Cucumber 1,050 1,320 1,400 1,500 1,760 Pumpkin 485 1,790 1,840 1,890 1,950 Melongene 436 540 550 565 586 Ochro 921 940 960 980 1,000 Dasheen Bush 328 340 360 380 400 Onion - - 500 1,500 2,000 Fruits Banana (Sucrier) ≤5 ≤5 230 300 400 Citrus1 32,271 1,537 1,614 1,695 1,780 Mangoes1 50 50 50 53 55 Pineapple 462 462 700 700 700 Pawpaw 1,716 1,716 3,432 3,432 3,432 Aquaculture Tilapia

1 2

112

180

270

Livestock

Sheep & Goat3 3,369 355 360 375 425 Dairy Goat - 20* 40 60 80 Dairy Cattle3 75,864 4,300 4,750 5,200 5,650

Pulses

Pigeon Peas Bodi

Tree Crops – Significant Impact will be from 2015 Backyard gardening 3 Livestock – significant impact will be from 2016

78 • Business Trinidad & Tobago

802 130 140 150 160 928 970 1,010 1,050 1,100 *Value

is estimated Source: National Food Production Action Plan 2012-2015

Investment Opportunities in Food Production

by Kay Baldeosingh-Arjune The Ministry of Food Production’s 47-page booklet entitled: Investment Opportunities in Agriculture presents 30 investment profiles that cover a brief industry overview of the specific product, current and expected domestic market demand, opportunities in the export market, production target in the medium-term, and investment opportunities for both producers, processors and suppliers. Staples – Production of rice, cassava, dasheen and sweet potato are all targeted to increase by more than 300 per cent by 2015 over 2012. Currently, there exists a guaranteed market and a guaranteed price for all locally produced paddy through an arrangement, facilitated by the State, with National Flour Mills. The other staples have great potential for use as a substitute for imported wheat and potato and as a key ingredient in processed foods. Cocoa – Demand far exceeds the supply of T&T’s award winning cocoa beans. The Ministry of Food Production estimates that local value added utilisation and foreign marketing opportunities can absorb over 3,000 tonnes of beans compared to local production of about 600 tonnes in 2012. Honey – T&T’s honey has also won awards at the National Honey Show in London and honey production is targeted to increase from 44,000 litres to 200,000 litres per annum by 2015, for local and export markets. Vegetables – Export opportunities exist for Tomatoes, Hot Peppers, Cucumbers, Pumpkins, Ochroes and Dasheen Bush. There is also an attractive domestic market for Sweet Corn, Sweet Peppers, Pak-Choi Lettuce and Melongene, as there exists a substantial gap between levels of consumption and local production. Tilapia – Aquaculture is receiving significant Government support, resulting in eight new commercial aquaculture farms registered and five new hatcheries producing tilapia fingerlings, Food Production Minister Devant Maharaj told Parliament in September 2013. Government support includes: • Sale of tilapia feed at cost • Sale of fingerlings at competitive rates • Training programmes in commercial aquaculture • Investment incentives for aquaculture • New Aquaculture Hatchery, Training and Extension Facility at the Sugarcane Feeds Centre, opened in November 2013 • Cabinet approval given for construction of a Tilapia Processing Plant Investment Opportunities: The huge drive in food production has created a wide array of investment/business opportunities in T&T, including: • Supply of Planting material, fertilisers, machinery, equipment, farm infrastructure, packaging materials • Land preparation • Soil testing • Environmental Certification • Technical Services • Packing house facilities • Peeling centres • Cold storage facilities • Transportation • Waste management

BT&T Entrepreneur Profile

Christian Young Sing

Photo: Sarah Carter

Christian Young Sing by George Deyal Christian Young Sing is not a typical farmer - not in the way we envision farms or the way we think of the average farmer. Young Sing studied aquaculture in Vancouver and, after graduating, went to Ontario to study business. He returned home to build his ideal farm - a place where he could grow pesticide-free produce and offer clients a high quality product and service. His initial idea for a tilapia farm changed when he calculated that the competition and low margins for the retail tilapia market did not make business sense. He switched to goldfish and started his business Epilimnion Aquaculture Ltd. With limited self-funding and a donation of a small piece of family land, Young Sing set about building the racks, cutting and running the pipes, setting up the tanks and installing the water systems himself. Fish farming was only the first part of the project. The second aspect was the hydroponics - growing plants in water instead of soil. While hydroponics is fairly common in Trinidad, Young Sing combined the aquaculture and the hydroponics into an efficient hybrid system known as aquaponics. “This system uses the waste from the fish which the plants take up as nutrients, just like with manure in the soil, and the plants are cleaning the water before it goes back to the fish. So it’s a much more efficient system, using 90 per cent less water,” Young Sing explains. He had a hard time in his first year, barely making $100 a month for all his efforts. “It wasn’t nice,” laughs Young

Sing, not so fondly. “Last year was not easy.” The injection of capital from being selected as one of the winners in the ‘Idea to Innovation’ competition fasttracked the prototyping process and ultimately got the working system up and running in a fraction of the time. He had one rack at that time, now he has five, each of which supports up to 2,000 plants. Thanks to the i2i award, Young Sing was able to devote all his time and attention to his business and to literally grow it. His produce is sold to several top restaurants, and the farm occupies every minute of his day. Unlike other 28-yearolds, Young Sing is in his boots, covered in dirt, and probably spends more time talking to the fish than to his friends. “Right now I do the accounting, I cold call, set up meetings, take samples, secure the clients, drive the delivery van, plant the plants, breed the goldfish, log all the data, everything.” This small farm, with its racks high off the ground, producing high yields of plants and goldfish with very little resource waste, is really the seed of a bigger ambition. “I can grow a lot of different crops. Some of those being imported can be grown here, and this system is a much more controlled environment than traditional farms, and it is not affected by flooding.” Young Sing believes his model can be utilised on a bigger scale to feed the country.

Business Trinidad & Tobago • 81

Why Choose T&T for Medical Tourism

Shyamal Chandradathsingh

Why Choose T&T for Medical Tourism

oasting one of the highest GDPs per capita in the region and a high quality of life, a number of factors have come together to position Trinidad and Tobago an excellent location for medical tourism. While other countries in the Caribbean have taken advantage of this sector, Trinidad and Tobago, with its substantial domestic demand, has now awoken to the compelling case to be made for using these advantages to become one of the main hubs globally for this activity. The medical tourism industry accounted for over US$40 billion in 2010. Medical tourists mainly come from Germany, the USA, the Middle East, Canada and the UK. These tourists generally spend more, and traditionally are accompanied by another person who also contributes to the local economy. Interestingly, the main sources of tourists to Trinidad and Tobago are the UK and Germany, with the USA and Canada third and fourth respectively. They also generally tend to be from an aging demographic. This underlines that for medical tourism, Trinidad and Tobago is already familiar to the target market. Trinidad and Tobago also has existing capacity within its combined public and private healthcare system to accommodate medical tourism. The current capacity of the private healthcare system is 39,000 patients annually and current uptake is 31,000. Furthermore, the Ministry of Health in Trinidad and Tobago has indicated it will add a number of super-specialty hospitals to the public healthcare system in the coming years. A childrenâ&#x20AC;&#x2122;s hospital, an oncology centre and a cardiac hospital are all now underway, with other super-specialty facilities targeted for public private partnerships in the medium term. A cornerstone of this excess capacity has been the consistent supply of high quality medical professionals from the University of the West Indies at St. Augustine (UWI). With

82 â&#x20AC;˘ Business Trinidad & Tobago

over 150 doctors graduating from the UWI system every year, medical education has been a keenly sought after field of study. So much so that many students who are qualified for admission locally are forced to look for seats at the other University of the West Indies campuses in Jamaica and Barbados. Due to this inherent local demand, many international medical schools have started to look at Trinidad and Tobago as an ideal market for the establishment of medical schools that will meet local demand, but also attract medical students from around the world. Given the expansion of medical facilities, Trinidad and Tobago also represents an excellent location for clinical rotations, something not present in many other offshore medical schools. With the United States of America greatly limiting the rotations allowed to foreign students, having a location with the capacity to handle this critical part of a medical education is very important. Furthermore, unlike destinations in the Far East and South East Asia, Trinidad and Tobago is only four hours away from Miami. Additionally, the College of Science, Technology and Applied Arts of Trinidad and Tobago (COSTAATT) has a nursing programme that offers a Bachelor of Science degree in General and Psychiatric Nursing, which is a key component for the holistic establishment of a medical education system. Furthering the education of these nurses emerging from this programme provides another opportunity for private sector medical education. All of these factors combine to position Trinidad and Tobago as an ideal location for the growth of a hub for medical tourism and medical education. Both of these areas are symbiotic and the increase of students emerging from Trinidad and Tobago from target markets for medical tourists will increase the brand awareness in those markets. For further information contact Shyamal Chandradathsingh, Manager, Investor Sourcing at shyamal.chandradathsingh@investt.co.tt or visit www.investt.co.tt.

Manager, Investor Sourcing, invesTT

Celebrating 20 years of Excellence at Maple Leaf International School Maple Leaf International School is a private co-educational, independent day school offering classes from Kindergarten to Grade 12. Established in 1994 and located in Alyce Heights, Petit Valley, Maple Leaf is registered with both the Ministry of Education in Trinidad & Tobago and in Ontario, Canada. On the cusp of celebrating its 20th Anniversary, Maple Leaf International School continues to be committed to excellence as much today as it did when it first opened its doors. At its foundation, Maple Leaf was envisioned by a small group of parents who aspired for an alternative educational experience to that provided by the local system of education. To realize that goal, they turned to the Ontario Educational System. The Ontario Educational system has a defined moral purpose, and that is to ensure that all children are educated to a high level of intellectual, practical and social competence. Maple Leaf’s philosophy

84 • Business Trinidad & Tobago

is grounded on providing an authentic, child-centred, Ontario educational experience. The mission of Maple Leaf International School is to develop selfdirected learners who demonstrate excellence and integrity in becoming leaders and well-balanced contributors to the global community. Some of the qualities that the school cherishes are - personal integrity; honourable conduct and consideration of others both in school and in the broader community; striving for academic excellence; student engagement; and parents as supportive partners. At Maple Leaf, the intention is that: - Every student should be able to read, write, do math and comprehend at a high level. This is the necessary foundation for later educational learning as well as social opportunities. - Every student should have exposure to music and the arts. - Every student should be safe and feel

safe at school. - Every student should be encouraged to reach the highest level of achievement that his or her ability and willingness to work will permit. - Every student should have an engaged, interactive and favourable educational experience at Maple Leaf International School. - Every student should know how to think for himself or herself, appreciate the rights and obligations of good citizenship and learn positive character values. - Every student’s family will be participants in the school’s learning mission and vision. Maple Leaf graduates earn an Ontario High School Diploma, in compliance with the standards-based curriculum requirements of the Ontario Ministry of Education. We value learning and we are dedicated to providing our graduates with the foundation they need to experience success at College, University and beyond.

Did You Know...

Trinidad and Tobago

ranks 48th in the world out of 148

countries, for

the

“Availability of Scientists and Engineers” in the

country, according to the

World Competitiveness

Index 2013/2014? Photo: Sarah Carter

Business Trinidad & Tobago • 85

UWI – Open for Business

UWI – Open for Business!

he University of the West Indies, St. Augustine Campus (UWI), has developed a strong reputation for its academic research, innovation, and impact on Caribbean society across several different areas. It boasts a pool of accomplished graduates that includes heads of state, Nobel laureates, Rhodes scholars, CEOs, leaders of NGOs and many others playing decisive roles in the development of the Caribbean; and it continues to develop and expand, with enrolment at the St. Augustine Campus currently at 19,000 students, of which approximately 6,000 are graduate students (including Masters, MPhils and PhDs). In recent years, the institution has been on a major thrust to internationalise itself in order to sustain its growth and compete more aggressively at the global level. It has continued to engage many of the world’s leading universities for a wide range of collaborations and, most recently, it has established administrative mechanisms to collaborate more closely with the local, regional and international private sectors. By combining its historical accomplishments, regional reach, world-class facilities, its pool of highly specialised expertise and its many outstanding students, UWI presents a desirable partner for collaboration to make a high-value, sustained impact across the Caribbean and, more specifically, in Trinidad and Tobago. It continues to work very closely with the Government of Trinidad and Tobago, various state enterprises, and stakeholders from across all sectors in

86 • Business Trinidad & Tobago

Professor Clement K. Sankat

Mr. Sharan C. Singh

Pro Vice-Chancellor and Campus Principal The University of the West Indies, St. Augustine Campus

Director Office of Institutional Advancement & Internationalisation The University of the West Indies, St. Augustine Campus

order to make strategic interventions in matters of national development. Through its Office of Institutional Advancement and Internationalisation and its Office of Research Development and Knowledge Transfer, UWI, St. Augustine seeks partnerships with the private and public sectors for revenue generation in the following categories: 1. Research and Innovation – collaboratively developing and commercialising unique intellectual property. 2. Capital Development Projects – including commercial infrastructure at its Main Campus in St Augustine and its two new Campuses in Penal/Debe and Orange Grove, Trincity; as well as housing for students, staff and the extended UWI community. 3. Technical Services – drawing on UWI’s unique pool of technical expertise and resources across a wide range of disciplines to collaborate with public and private organisations. 4. Provision of commercial student services. Strategically positioned to establish strong partnerships with the private sector, while engaging with and leveraging the collective expertise of various researchers and subject matter experts, the Office of Research Development and Knowledge Transfer is able to guide, identify and match the needs of interested private sector partners with the results of UWI’s research. UWI’s Research Information Management System (RIMS) supports this function. Current research output for potential commercialisation include: · new varieties of plants · a range of high performance, quality tested lubricants and · software applications

Since its inception in 1948, the University of the West Indies has evolved from a fledgling college in Jamaica with 33 students to a full-fledged, regional University with over 48,000 students, and a presence in 17 Englishspeaking Caribbean countries. Today, UWI is the largest and longest-standing Higher Education Institute (HEI) in the Commonwealth Caribbean, with four campuses in Barbados, Jamaica, Trinidad and Tobago, and the Open Campus. It has faculty and students from more than 40 countries and collaborative links with 160 universities globally. UWI offers undergraduate and postgraduate degree options in Food & Agriculture, Engineering, Humanities & Education, Law, Medical Sciences, Science and Technology, and Social Sciences. A new era has dawned for the St Augustine campus of UWI, where it is strategically expanding its physical and technical reach via collaborations and partnerships, and it is keen to engage interested parties in identifying opportunities for engagement. In the words of Pro Vice-Chancellor and Campus Principal, Professor Clement Sankat: “The University of the West Indies is now Open for Business!”

An Aussie Abroad

Sheldon Waithe

An Aussie Abroad

s you would expect with any High Commissioner, Ross Tysoe is a very busy man. As the Australian representative to Trinidad & Tobago, Mr. Tysoe has his hands full. Throw in the fact that his post covers the entire Caribbean Community (Caricom) region and all the travelling it entails - and you have a workload at odds with the idyllic relaxed Caribbean stereotype. It’s just as well that in relocating to Trinidad & Tobago, he has found the perfect balance of work life and leisure time. Taking up the post in early 2013 after stints in Kuala Lumpur, Bali and Singapore, Tysoe’s T&T placement is his first venture outside of South East Asia, as well as his first visit to the region. “It is very rare to find Australians who have travelled to the Caribbean because the distance is so great. Some now experience it through cruise ships but you won’t get our back packers coming here,” he notes. Like a lot of his countrymen, his first exposure of the islands came from an age-old rivalry. “Of course it all comes down to cricket. I grew up watching the West Indian greats and Australians, through Commonwealth ties and

88 • Business Trinidad & Tobago

Photo: Joshua Joseph

“It’s a smaller community so it’s easier to get around, easier to build relationships. Ministers are very accessible, businesses are very accessible.” – Australian High Commissioner Ross Tysoe.

particularly through cricket, have an ideal vision of the Caribbean.” However, while Tysoe did not have any preconceptions of T&T, Foreign Department colleagues advised that as the industrial, manufacturing hub with its oil and gas production “you were not going to get the typical Caribbean experience; in Port of Spain, itself, you’re not going to get beaches. But of course once I got here and settled in, I found those great experiences just outside of the city.” He continues: “We head to Maracas beach quite a lot, which is great” then confirms his full integration into Trini culture with the popular abbreviation for ‘down de islands’ by stating “we also go DDI a lot; it’s still that wonderful tropical living with the industrial centre.” While his wife resides in Trinidad with him, his two teenaged children are finishing their secondary schooling back in their homeland, though they visit T&T four times a year and, like their parents, have fallen for the place. “They love it here. We head DDI and watch the dolphins; they love the food; I love it too but I’m not sure my waistline likes it! Shark and bake, doubles, the whole lot. Unfortunately, because of the timing of the school year they have not seen a Carnival. Last year, my wife sent them some pictures of our first Carnival and my son said ‘I’m quitting school and moving to Trinidad!’” The warmth of that tropical living extends beyond the weather, as Tysoe has found with the day to day processes of his heavy schedule being

made significantly easier through the closeness of the society, which increases the ease of doing business. Without hesitation he states: “It’s great! I guess that reflects on the size, it’s a smaller community so it’s easier to get around, easier to build relationships. Ministers are very accessible, businesses are very accessible. There is always a willingness to see one another and work closely.” He also points to the parallels of the Trinbagonian and Australian cultures as a major factor in making his relocation a seamless process. “We do share a very warm background, so you do have a bit of an entree. Australians love a lime, are passionate about our sport and there are a lot more similarities.” Staying on the topic of common ground, Tysoe says with great fondness that Trinidad reminds him of his own country 15 years ago before the scales tipped heavily towards the pursuit of economic success at the partial expense of enjoying all the natural wonder that a nation has on offer. T&T, he believes, still has the correct balance between work and relaxation, with far less stringency. “Trinidad has not yet got the pressure that many western societies seem to be facing.” As a sports mad Aussie, Tysoe tries to get onto the greens as often as possible “I’m a very keen golfer. The St. Andrews course is a fantastic facility. Then my wife and I also do a lot of walking, love the outdoor life and we spend a lot of time in the Chaguaramas area. Certainly with the St. Andrews golf course, it’s the whole setting, with the rainforest

coming right down to the course, the bamboo, the birds, the waterfall; it’s just a privilege to play on such courses. A unique experience.” A fifth member of the Tysoe family who also benefits from the relocation is the family Labrador, who is taken for exotic walks up to the Tracking Station through some of the most scenic landscape on offer on the island’s western peninsula. The occasional tennis match adds to the exercise regime for Tysoe along with going to the Queen’s Park Oval to watch his beloved cricket at the worldrenowned Test match ground. “The long dry season is just extraordinary, knowing that you’re going to get up and it’s going to be a perfect day is fantastic,” sums up Tysoe’s love of Trinidad’s outdoor life. As ever, the idyllic Tobago offers the contrast to Trinidad’s more industrialised tempo, but Tysoe’s hectic travelling to other Caricom nations means a limited amount of time on an island he visits so his children can go snorkelling, with the added attraction of the lack of hard sell tourism. As he spearheads a number of projects and initiatives, such as scholarships designed to help his adopted region take great strides forward with the experience and shared knowledge of his native country, Ross Tysoe has fully immersed himself into Trinbagonian society. Given the enthusiasm with which he speaks about his lifestyle, he may just try to find a way to extend his three- year placement. After all, this Aussie has found a home away from home.

Business Trinidad & Tobago • 89

Tobago Investment Revival

Dawn Glaisher

Tobago Investment Revival

s the wise man knows, after one time comes another! For Tobago, another time has arrived as 2014 opens its arms to the fruits of several years of labour by the tourism private sector, in close partnership with the Tobago House of Assembly (THA) and central government. Following years of declining international arrivals and little to no new tourism investment, the THA Secretary for Tourism, Tracy Davidson-Celestine, announced at the November 2013 World Travel Market in London and at the January Caribbean Travel Marketplace in Jamaica, that a major project will be launched in the first quarter of this year with the construction of the Indigo Bay Resort in Lambeau. Indigo Bay Resort is planned as an apartment hotel with 79 units on the beach west of the Magdalena Grand Beach and Golf Resort, and it will feature a central pool, gymnasium, outdoor movie screen, restaurant and bar. The resort will be classified as 4-star quality and the design will be iconic, according to UK investors who have partnered with owner Chris James and his colleague Jim Vaughan. Chris James is a local hotelier and President of the Tobago Hotel & Tourism Association. He began investing in Tobago in 1993 when he built Toucan Inn & Bonkers Restaurant in Crown Point, and later he renovated an hotel at Lambeau which he named Inn on the Bay. James has also invested in a lovely 148-acre estate at Culloden on the Caribbean north coast, and this is planned to become the second major

90 • Business Trinidad & Tobago

Broker, Director AREA SeaJade Investments

new 5-star project he will develop with his UK financial backers. The importance of these two new projects to Tobago is psychological as well as economic. After a period of low confidence and little investment activity, it is never easy to restart the engine, but this has now been achieved with the commencement of Indigo Bay Resort and the promise of Culloden Resort to follow, along with other varied investments of interest to this group. With investment funds flowing once again, and with the government’s attractive investment incentive package recently enhanced by the offer of government guarantees of up to 70% of any major new tourism investment on the island, Tobago is shaking off the dust and preparing for a surge in economic activity, driven by this pivotal new resort development. It is understood that the funding for the two resorts will come in part, at least, from local banks, guaranteed by government for the period of construction and a further 3-year period of operation. Encouraged by this announcement of new rooms to be built on the island, tour operators will renew efforts to market Tobago internationally and they will be supported by the THA’s launch of a new ‘Tobago brand’ planned for later this year. Although international arrival figures have been falling, Tobago has remained a destination of great interest and potential to European travellers, and local stakeholders know that all it takes is commitment and enthusiasm to revive the industry. With its luxuriant forests, encircling top quality reef systems, abundant water supply and prolific game fishing grounds, Tobago can be nothing but attractive to northern visitors escaping those ever-colder winters. The increase in marketing will also impact airlines that presently serve the

Photo: Oswin Browne

Tobago Investment Revival

island and existing airlines will increase their weekly flights while new airlines will commit to fly to Tobago on the promise of additional good quality rooms. Most of these initiatives have been put in place, awaiting the start of new hotel construction, and much work has been done with the internet and social networking apps to ensure that the island is highly visible to the techie traveller. The strategic location of Trinidad & Tobago in the southern Caribbean, close to Central and South America and already well connected to USA and Canadian markets, makes it full of potential for the opening up of new markets for Tobago’s tourism sector. With Trinidad a major supplier of goods and services to Tobago, via air and fast ferry, retention of the tourist dollar spend in Tobago is up to 75 per cent, thanks to the minimisation of imported goods. There is no other Caribbean destination where the retention of profits from tourism is this high and local entrepreneurs should focus on this aspect of what is, for them, a captive market for a wide range of goods from hotel supplies, food and drink, household furnishings, air-conditioning units, staffing and so much more. For government, the focus should be on the remarkable contributions to Gross Domestic Product (GDP) that a vibrant tourism industry provides. Since tourism is an export industry, foreign exchange earnings are an additional bonus provided by this remarkable sector that works so well on a small island, being labour intensive, infinitely varied in its work opportunities, and encouraging the protection and management of natural assets that, in time, ensure sustainability and inheritance by future generations of the full natural integrity of the island.

Tourism Development Incentives The Tourism Development Act, 2000 (TDA) was introduced to support the development of tourism in Trinidad and Tobago. The Act provides for benefits to be granted to the owners/ operators of various types of tourism projects, once these projects have the potential of contributing substantially to the development of the tourism sector. These benefits are administered by the Tourism Development Company (TDC) and include: • Tax holidays up to seven years • Tax exemption on profits from the initial sale of villas, condominiums and sites thereof within an Integrated Resort Development. • Carry-over of losses from tax exemption period • Duty concessions on vehicles • Duty exemption for building materials and articles of tourism equipment • Capital Allowances • Accelerated depreciation In addition to these incentives, the Trinidad and Tobago Tourism Business Development Fund, managed by the ExportImport Bank of Trinidad & Tobago, will provide guarantees to financial institutions in Tobago as they seek to restructure debt relating to tourism and tourism related industries, as well as the upgrade, refurbishment and maintenance of hotels of under 50 rooms, and ancillary facilities. As at March 2014, $16.1 million was granted and it is expected that $43.9 million will be disbursed over the period 20142015.

Photo: Oswin Browne

92 • Business Trinidad & Tobago

Business T&T Useful Information

Business Trinidad & Tobago â&#x20AC;˘ 93

Stock Market Review 2013 Last year was another successful one for the local stock market, making 2013 the fourth consecutive year of growth. The Trinidad & Tobago Composite Index ended the year up 11.3% from 2012. Local listed companies continued to outperform the cross listed securities on the Jamaica, Barbados and T&T exchanges in 2013 as the All T&T Index jumped 17.6% whilst the Cross Listed Index declined 12.2%. The Manufacturing 1 Sector Index outperformed the other sector indices, jumping 34.2% in 2013. The strong performance of The West Indian Tobacco Company Ltd (WITCO) and Angostura Holdings Ltd (AHL) led the growth in this sector index. First Citizens Bank Ltd (FIRST) drove the performance of the Banking Sector Index, which increased 10.3% despite the decline in value of two of the banking securities. The Conglomerate Sector Index grew 7.1% as a result of the strong performance of Neal and Massy Holdings Lt (NML). Major Developments In January, the first of the two listing for 2013 - the CLICO Investment Fund (CIF) - was listed on the Mutual Fund Tier. Entry of this security signaled the commencement of significant trading activity in the mutual fund segment of the market. The value traded moved from $3.6 million in 2012 to $531.9 million in 2013. Overall, CIF was the most traded (by value) on the market last year. The second major listing was (FIRST) in September. The response to this Initial Public Offering (IPO) was tremendous and the post listing trading activity reflected strong investor demand. The performance of FIRST in the last quarter of 2013 was a major contributor to the overall performance of the market and the growth in market capitalisation from $97.35 billion in 2012 to $114 billion in 2013. Trading Activity Traded volume on the First Tier was up 93% with approximately 98 million shares crossing the floor. Trading in cross listed stocks remained steady as these shares represented 39% of the volumes traded, compared to 44% of volume traded in 2012. Growth in the traded value, although not as significant as growth in traded volume, was a commendable 48%, and totalled $1.1 billion. The number of transactions was 11,595, up 32% from 2012. In terms of volume, the most traded stock on the First Tier was Trinidad Cement Limited (TCL) with 28.2 million shares, followed by Jamaica Money Market Brokers Limited (JMMB) with 15.7 million shares and Sagicor Financial Corporation (SFC) with 10.8 million shares. NML was the most heavily traded equity in terms of value with $198.8 million crossing the floor in 2013. Fellow conglomerate, ANSA McAL Limited (AMCL) came in second with $165.75 million, followed by FIRST with $132.6 million.

Advances and Declines Seventeen (17) advances were recorded, compared to ten (10) declines with three (3) stocks trading flat on the First Tier. The best performing stock was FIRST which was up 83% to close the year at $40.25. The next best performing was National Flour Mills Limited (NFM), up 58.3% to $0.95 (see Table 1). Table 1 TOP 5 ADVANCES 2013 Closing Change ($) Price First Citizens Bank Limited National Flour Mills Limited Trinidad Cement Limited The West Indian Tobacco Company Limited Angostura Holdings Limited

$ $ $ $

18.25 0.35 0.71 35.00

$ 40.25 $ 0.95 $ 2.20 $ 120.00

2013 Change (%) 83.0% 58.3% 47.7% 41.2%

$ 3.48 $ 12.47 38.7%

Scotia Investments Jamaica Limited (SIJL) was the worst performing stock in 2013, down 34.8% to $1.50. LJ Williams B followed closely behind, down 27% (see Table 2). Table 2 TOP 5 DECLINES 2013 Closing Change ($) Price Scotia Investments Jamaica Limited LJ Williams B Guardian Holdings Limited National Commercial Bank Jamaica Limited FirstCaribbean International Bank Limited

$ (0.80) $

2013 Change (%)

1.50 -34.8%

$ (0.24) $ 0.65 -27.0% $ (4.50) $ 14.00 -24.3% $ (0.33) $ 1.11 -22.9% $ (1.00) $

6.50 -13.3%

Dividend yields remained attractive when compared to interest rates in the banking sector and yields generated by money market funds. There was one delisting in 2013. All 55,817,101 units in the Fortress Caribbean Property Fund (CPF) were delisted on October 28th 2013. The delisting was made subsequent to the restructuring of CPF, which was approved by its unit holders at a special meeting. The market momentum of 2013 is expected to carry forward into 2014 with the impending listing related to Phoenix Park Gas Processors Ltd.

Business Trinidad & Tobago â&#x20AC;˘ 95

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 TIME ZONE Summer: EST equivalent to GMT – 5 hours Winter: EST + 1 hour, GMT – 4 hours. No daylight savings time in T&T CLIMATE Mean temperatures of 85 degrees Fahrenheit 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 1.3 million of which 55,000 reside 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 18 years or older to be eligible to vote. The next general election is constitutionally due in 2015. 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

96 • Business Trinidad & Tobago

THE ECONOMY Trinidad and Tobago is the most diversified and industrialised economy in the English-speaking Caribbean. Following 14 years of steady growth, the T&T economy slowed down in 2009 as, along with the rest of the world, it felt the impact of the international financial crisis. Recovery is now in sight. The Central Bank of Trinidad & Tobago estimates that real Gross Domestic Product (GDP) grew by 1.5% in 2013 and forecasts growth of 2.5% in 2014. Inflation averaged 5.2% in 2013. Unemployment was about 5% in 2012 and is expected to remain at around this level in 2013/2014. ETHNIC PROFILE 35.4% East Indian descent 34.2% African descent 22.8% Mixed descent 1.4% Other (European, Arab and Chinese) OFFICIAL LANGUAGE 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$6.44 Notes: $1, $5, $10, $20, $50 and $100 Coins: 1, 5, 10, 25 and 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) • CIBC FirstCaribbean International Bank • Citi (Trinidad only) • First Citizens • Intercommercial Bank Ltd (Trinidad only) • RBC Royal Bank • Republic Bank • 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, which enables clients to access accounts from any ABM regardless of agency in the country. LINX can also be used to make purchases 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 A.N.R Robinson International Airport (formerly known as the Crown Point International Airport), Apadoca’s at Crews Inn for boats leaving the country, and selected downtown Port of Spain stores. TAXATION TAX Departure Tax

RATE TT$200 is included in the cost of the airline ticket (local currency only). Citizens over the age of 60 years old are exempted Hotel Tax 10% service charge Hotel Room Tax 10% service charge Value Added 15% on consumer goods Tax (VAT) and services Income Tax 25% Corporation 25% On Chargeable Profits Income Tax 15% on Long-term Insurance Business Insurance 6% Premium Tax Withholding Varies Taxes

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 and T&T Spirit and conventional, slower ferry – the Warrior Spirit transport 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 65 years & over travel free. • Ferry passengers with private cars TT$150 one way and TT$250 return trip.

WATER TAXI SERVICE The Water Taxi sails from San Fernando to Port of Spain & Port of Spain to Chaguaramas and back with scheduled sailing times, Monday to Saturday. The Water Taxi Service is closed on Sundays and Public Holidays. Tickets are TT$15 one way only between Port of Spain and San Fernando & TT$10 one way only between Port of Spain and Chaguaramas and can be purchased at the Water Taxi Terminals located at Lady Hailes Avenue in San Fernando or the Cruise Ship Complex in Port of Spain. Free parking is available at both ports. 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 water taxi services and when purchasing tickets for the ferry, water taxi and airline services. Visit http://www.patnt.com for further information on Fast Ferry Service. For further information on the Water taxi Service visit: www.nidco.co.tt or www. facebook.com/watertaxiservice or call 624-5593, Customer Care Hotline: 8004WTS (4987). EMERGENCY SERVICE PHONE NOS: Ambulance/ Trinidad Emergency Relief 811 Tobago Emergency 211 Relief Coast Guard 634-4440 Crime Stoppers 800-TIPS (8477) Fire 990 Police/Rapid Response 999; 911 The Office of Disaster 800-ODPM (6376) Preparedness and 640-1285 Management, (ODPM) 640-8905 Port of Spain General 623-2951 Hospital San Fernando General 652-3581 Hospital Scarborough General 660-4SGH (4744) Hospital Roxborough Hyperbaric 660-5155 Facility (RHF)

MEDIA Daily Press includes: Trinidad Express, Trinidad Guardian and 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). There are about 36 radio stations operating on the FM band and one on the AM band (730 AM).

AIRPORTS Piarco International Airport (POS) - 17 miles (27 km) from Port of Spain. A.N.R Robinson International Airport (TAB) - 7 miles (10km) from Scarborough. AIRLINES Piarco International Airport is serviced with scheduled flights from: Airlines IATA Code Destination Phone Contact American Airlines Aa Miami (Mia) 1-868-627-7013 1-868- 821-6000 British Airways BA Barbados (BGI) 1-868-669-6556/ St Lucia (UVF) 1-800-452-1201 London Gatwick (LGW) Caribbean Airlines BW The Caribbean, 1-868-625-7200 (National Carrier) North America and the UK Copa Airlines CM Panama (PTY) 1-868-669-5949 Conviasa Airlines VO Margarita (PMV) 1-868-627-8172 LIAT LI The Caribbean 1-868-669-2982/ (Regional Carrier) 1-868-627-6274 Surinam Airways PY Surinam (PBM) 1-868-627-0102/ Curacao (CUR) 1-868-627-4747 United Airlines UA Houston (IAH) 1-868-669-8782/ Newark (EWR) 1-800-864-8331 West Jet Airlines WS Toronto (YYZ) 1-403-444-2586 Jet Blue Airways B6 New York (JFK) 1-801-449-2525 Fort Lauderdale (FL) Hollywood/Los Angeles (LA) Charter Operators include: Airlines IATA Code Miami Country LL Airlines Sun Country Airlines SY

Destination Punta Cana (PUJ)

Phone Contact 1-868-669-4688

New York (JFK)

1-868-669-4688

A.N.R Robinson International Airport, formerly known as the Crown Point International Airport, also sees scheduled flights from: Airlines IATA Code Destination Phone Contact British Airways BA London Gatwick 1-868-639-0595 (LGW) 1-868-639-0588 Caribbean Airlines BW The Caribbean 1-868-660-7200 North America and the UK Condor Airlines DE Frankfurt (FRA) 1-868-639-0484 Monarch Airlines MON London Gatwick (LGW) 1-868-639-0484 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 available at www. caribbean-airlines.com.

Business Trinidad & Tobago • 97

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 of Spain Tel: (868) 624-2817, 625-2940 Fax: (868) 625-5132 mail@attic.org.tt www.attic.org.tt Caribbean Association of Industry and Commerce (CAIC) P.O. Box 6541 TT Post, Maraval Trinidad & Tobago Tel: (868) 628-4478 Fax: (868) 622-8936 caic.admin@gmail.com www.carib-commerce.org 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

98 • Business Trinidad & Tobago

Employers’ Consultative Association of Trinidad and Tobago (ECA) #17 Samaroo Road Aranguez Roundabout North Aranguez Tel: 868-675-9388/0273/5873 Fax: 868-675-4866 info@ecatt.org www.ecatt.org exporTT Ltd Head Office 151B Charlotte Street, Port of Spain Tel: (868) 623-5507; 624-3932 Fax: (868) 625-8126; 624-3919 info@exportt.co.tt www.exportt.co.tt Fashion Association of Trinidad & Tobago Tel: (868) 627-6975 fashionassociationtt@gmail.com Institute of Banking and Finance of Trinidad and Tobago 16 Gray Street, St. Clair PO Box 1259 Port of Spain Trinidad and Tobago Tel: (868) 622-0282/2944 Fax: (868) 628-9718 info@ibaf.org.tt www.ibaf.org.tt invesTT The Investor Sourcing & Facilitation Division The Atrium Don Miguel Road Extension El Socorro Tel: (868) 638-0038 Fax: (868) 675-9125 info@investt.co.tt www.investt.co.tt Ministry of Energy and Energy Affairs 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 and the Economy 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 St Clair Circle, St Clair, Port of Spain Tel: 622-1221-5, 622-5481-7   Fax: (868) 622-8202  http://www.agriculture.gov.tt/ 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 National Security Work Permit Secretariat Temple Court 52-60 Abercromby Street Port of Spain Tel (PBX): (868) 627-1033, (868) 625-2864 or (868) 624-0291 Ext: (1) 3000-3010 Fax: (868) 624-2342 Application Form info@mns.gov.tt www.nationalsecurity.gov.tt Ministry of Public Administration Level 7, National Library Building Corner Hart and Abercromby Street Port of Spain Tel: (868) 625-6724, 623-7122/8578 Fax: (868) 623-6027 www.mpa.gov.tt Ministry of Trade, Industry and Investment 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 Office of Disaster Preparedness & Management (ODPM) 4A Orange Grove Road Trincity, Tacarigua Customer Emergency Call Center: 511 Tel: (868) 640-1285/8905/8653/6493 Fax: (868) 640-8988 info@nema.gov.tt; publicinfo.odpm@ gmail.com www.odpm.gov.tt

Trinidad Contact Information Port Authority of Trinidad & Tobago Administrative Building 1 Dock Road Port of Spain Tel: (868) 623-2901-5 Fax: (868) 627-4945 www.patnt.com Port of Point Lisas Administration Building Atlantic Avenue Point Lisas Industrial Estate Point Lisas Couva Cargo Handling: (868) 636-2202/4388/2137/4006 Port Marine: (868) 636-7678/2132 Fax: (868) 679-2907 plipdeco@plipdeco.com www.plipdeco.com Shipping Association of Trinidad & Tobago 15 Scott Bushe Street, Port of Spain Tel: (868) 625-2388 or (868) 623-3355 Fax: (868) 623-8570 om@shipping.co.tt www.shipping.co.tt The Energy Chamber of Trinidad and Tobago Suite B2.03 Atlantic Plaza, Atlantic Avenue Point Lisas, Couva Tel: (868) 6-ENERGY, 679-6623/1398 Fax: (868) 679-4242 execoffice@energy.tt www.energy.tt The National Information and Communication Technology Company Ltd (iGovTT) Level 1-3, Lord Harris Court #52 Pembroke Street Port of Spain Tel: (868) 627-5600 Fax: (868) 624-8001 igovtt@gov.tt www.igovtt.tt 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 Agri-business Association Unit 13 Freeport Warehouse Complex Eagle Crescent, Mission Road Freeport Tel: (868) 297-8582, 297-8584, 297-8586, 297-8593 Fax:(868) 673-7311 ttabasec@gmail.com www.ttaba.com Trinidad and Tobago Bureau of Standards (TTBS) 1-2 Century Drive Trincity Industrial Estate Macoya Tel: (868) 662-8827 Fax: (868) 663-4335 ttbs@ttbs.org.tt www.ttbs.org.tt Trinidad and Tobago Chamber of Industry and Commerce (TTCIC) Chamber Building, Columbus Circle, Westmoorings or P.O. Box 499, Port of Spain Tel: (868) 637-6965-6 Fax: (868) 637-7425 chamber@chamber.org.tt www.chamber.org.tt

Trinidad & Tobago Stock Exchange 10th Floor, Nicholas Tower 63-65 Independence Square Port of Spain Tel: (868) 625-5107, (868) 625-5109 Fax: (868) 623-0089 ttstockx@tstt.net.tt www.stockex.co.tt The Trinidad Hotels, Restaurants and Tourism Association (THRTA) 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 TTBizLink Ministry of Trade, Industry and Investment Operations Centre Level 9, Nicholas Tower 63-65 Independence Square Port of Spain Tel: (868) 800-4SEW (4739) support.ttbizlink@gov.tt www.ttbizlink.gov.tt

Trinidad and Tobago Coalition of Services Industries Ltd (TTCSI) 45 Cornelio Street Woodbrook, Port of Spain Tel: (868) 622-9229 Fax: (868) 622-8985 info@ttcsi.org www.ttcsi.org Trinidad and Tobago Film Co Ltd Suite 015, Bretton Hall 16 Victoria Avenue Port of Spain Tel: (868) 625-3456 Fax: (868) 624-2683 info@trinidadandtobagofilm.com www.trinidadandtobagofilm.com Trinidad and Tobago Manufacturersâ&#x20AC;&#x2122; Association (TTMA) 42 Tenth Avenue, Barataria Tel: (868) 675-8862 Fax: (868) 675-9000 info@ttma.com www.ttma.com

Business Trinidad & Tobago â&#x20AC;˘ 99

Tobago Contact Information Chamber of Industry and Commerce, Tobago Chapter 2nd Floor ANSA McAL Building Milford Road, P.O. Box 47 Scarborough, Tobago Tel: (868) 639-2669 Fax: (868) 639-3014 tobagochamber@chamber.org.tt www.chamber.org.tt/ Cruise Ship Complex Scarborough Tel: (868) 635 0934 Eco-Industrial Development Company of Tobago (E-IDCOT) Ltd First Floor, Isaac T. McLeod Building Sislyn Thomas-Craig Road Cove Eco-Industrial and Business Park Canoe Bay Road, Lowlands Tobago Tel: (868) 635-COVE (2683), 660-COVE (2683) Fax: (868) 631-COVE (2683), 635-2214 info@e-idcot.co.tt www.e-idcot.co.tt Environment Tobago (NGO) 11 Cuyler Street or P O Box 503 Scarborough Tobago Tel: (868) 660-7462 Fax: (868) 660-7467 envirtob@tstt.net.tt www.environmenttobago.net exporTT Ltd E-Teck Mall, Sangster´s Hill Scarborough Tobago Tel: (868) 639-4067 or 639-2549 Fax: (868) 639-4340 info@exportt.co.tt www.exportt.co.tt 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 Tobago Emergency Management Agency (TEMA) Office of the Chief Secretary Bacolet Street, Fairfield Complex Scarborough Tobago Customer Emergency Call Center: 211 Tel: (868) 631-CERT (2378) or 660-7489 nematobago@tstt.net.tt www.tema365.com

100 • Business Trinidad & Tobago

Tobago Hotel & Tourism Association Apt. 1 Lambeau Credit Union Bldg. Auchenskeoch Road, Carnbee PO Box 295 Scarborough Tobago Tel: (868) 639-9543 Fax: (868) 639-9543 thta@tstt.net.tt www.tobagohoteltourism.com Tobago House of Assembly (THA) Division of Finance and Enterprise Development Victor E. Bruce Financial Complex 14-16 Wilson Road Scarborough Tel: (868) 635-1203, 635-2989 or 635-1254 Fax: (868) 639-4927 thasec@tstt.net.tt www.tha.gov.tt Tobago House of Assembly (THA) Division of Tourism and Transportation 12 Sangster’s Hill Scarborough Tobago Tel: (868) 639-2125 or 639-4636 Fax: (868) 639-3566 contact@visittobago.gov.tt www.tha.gov.tt; www.visittobago.gov.tt Tobago House of Assembly (THA) Office of the Chief Secretary Administrative Complex Calder Hall Tobago Tel: (868) 639-2696 Fax: (868) 639-5374 thasec@tstt.net.tt www.tha.gov.tt Tourist Information Offices Crown Point International Airport Tel: (868) 639-0509