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Wednesday 18 October 2017
Local

Investor confidence continues to grow in T&T’s services sector

The Trade and Industry Ministry says investor confidence continues to grow in Trinidad and Tobago's (TT) services sector, as this country is now home to two new professional services operations.

One is located in Port-of-Spain, the other in Scarborough, both are offices of Crowe Horwath International; the eighth biggest accounting firm in the world.

In a statement issued today, the ministry said this development sends "a clear signal of investor confidence in the local economy."

Speaking at the Crowe Horwath International’s ‘Newest Expansion in the Caribbean’ launch this past Tuesday at Hilton Trinidad, PoS, Trade and Industry Minister, Paula Gopee-Scoon, said, "The establishment of a presence in both islands reflects the strength of the domestic business environment, the country’s stable political system and the human resource capabilities residing in this country."

Gopee-Scoon added that "TT's sustained ability to attract companies in the services and other sectors reflects a robust foundation upon which the eighth largest global accounting network will flourish as it promotes its suite of audit, tax and advisory services."

The minister told those in attendance that what makes this country an ideal destination in which to do business includes our easy access to North and South America, our strategic location as a transshipment hub for exports, preferential access to the markets of CARICOM and other regional and international markets; through trade agreements with the United States, Canada and the European Union, as well as low utility costs, a developed communications infrastructure and access to generous fiscal incentives.

Gopee-Scoon noted that the services sector is important to TT’s economy, contributing approximately 56 percent to total Gross Domestic Product.

The ministry said that in "recognising the services sector’s potential, (it) has been working to create opportunities, bolster competitiveness and support trade facilitation to stimulate investment in services through strategic interventions.

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