TT moves to forge stronger commercial ties with Saudi Arabia

As the Trinidad-Saudi Chamber of Commerce (TSCC) moves to forge stronger, commercial ties between Trinidad and Tobago and Saudi Arabia, the First Annual Trinidad-Saudi Arabia Business Forum “Supporting Regional Investment Collaboration” was held last Wednesday at the Hyatt Regency.

In addressing the audience, acting Permanent Secretary in the Ministry of Trade and Industry, Frances Seignoret, said, “Trinidad and Tobago and the Kingdom of Saudi Arabia have long histories in the area of hydrocarbon development, and we are both at a cross roads, where there is an urgent need to transform our economies to meet the challenges of tomorrow.

“This requires a major shift in our relationship with technology, with one another and with our environment, and will ultimately shape our future well-being.”

Seignoret affirmed the timeliness of convening such a forum to foster greater understanding of the opportunities to be exploited on both sides resulting in concrete commitments towards a mutually beneficial partnership.

The acting Permanent Secretary also highlighted the attributes of TT as an ideal investment destination and, within the framework of the National Development Strategy 2016-2030 (Vision 2030), outlined some of the initiatives and projects being undertaken to build globally competitive businesses and improve the investment climate.

“As the leading producer of oil and gas in the Caribbean, Trinidad and Tobago maintains the most favorable economic climate in the Caribbean region, marked by relatively low inflation, a stable economy, and a well-organised and robust financial system. As a result, we have earned a reputation as an excellent investment location and a premier destination in which to do business with over 400 multinational companies already established here”.

Shazaad Mohammed, TSCC President outlined the historical ties and similarities of both countries and identified opportunities in tourism and trade which could be of mutual benefit.

Providing further insight into the vision of the Kingdom of Saudi Arabia, keynote speaker, Dr Ebraheem Alabbady, called for greater engagement and more formalised systems to facilitate trade and investment.