Opportunities for exporters in Trinidad & Tobago

Pundit Maniedeo Persad, T&T’s High Commissioner to India

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Saurabh Gupta | 30 Dec, 2008
Trinidad & Tobago (T&T) is an island of opportunity for Indian exporters and manufacturers for both small and big industries, said Pundit Maniedeo Persad, T&T’s High Commissioner to India.

Persad stated this during an interactive session organized by the Federation of Indian Micro and Small & Medium Enterprises (FISME) on promoting the '2nd trade Investment Mission to Trinidad & Tobago' in the national capital on late Monday.

"This trade mission is being organizing by the High Commission, and the B2B and B2C meets are being hosted by the Federation of Indian Export Organization (FIEO) along with FISME from June 22 to 27, 2009. You may be aware that in June 2008, the largest trade delegation ever from India to Trinidad & Tobago took place," said Persad.

He said that Indian businessmen can take this as an opportunity when other parts of world are under deep recession.

"We have an open economy and at any time you can call a real estate agent in Trinidad & Tobago and buy up to one acre of land for housing and up to 5 acres for a factory or business without any governmental approval being required," said Persad.

"If however you want larger part of the land then only you need the governmental approval," he added.

He also said that his country has a totally open economy so that any one can bring his/ her money to invest in T&T. The Government of the Republic of Trinidad & Tobago (GORTT) encourages Foreign Direct Investment in almost all sectors. Generally speaking, there are no restrictions or disincentives to investment.

The country’s top imports items are pharmaceuticals, engineering goods, transport equipment, chemical products, road vehicles, iron and steel, Textile, scientific apparatus, telecom equipments, vegetables and fruits, etc.

The country’s top export items are beverages, cereal, Misc. manufactured articles, Gas natural & manufactured, Petroleum and Products, Inorganic Chemical, etc.

Meanwhile Secretary General of FISME, Anil Bhardwaj said, "India's major export market are now under the pressure of slowdown, which may last years to come. If you look at the African countries you will again find that there is a challenge of foreign exchange with regards to Indian countries. So India's most efficient export markets are ASIAN, Middle East and Latin America."

"There is another dimension with NAMA negotiation and WTO going neither here nor there and financial crisis countries are again seems protectionists. And focus would again come on tariffs and Latin America is not exception. Trinidad & Tobago should be seen in this extremely strategic context, Indian businessman should seriously explore that how best they could exploit and leverage the three important facts about Trinidad & Tobago.

"These are large Indian diaspora in the region, its strategic location and a stable market economy with excellent trade friendly policies," he added.