TIC, more than a trade show

The Trade and Investment Convention (TIC) is the flagship event of the TT Manufacturers' Association (TTMA). Opening today, TIC 2018 runs from today until July 8 at Centre of Excellence, Macoya.

The event has grown over the years, from 15 booths and just over 200 visitors at the first TIC at Queen's Park Oval, Port of Spain in 1999 to more than 275 booths, 250-plus international visitors and an expected 15,000 visitors this year.

TTMA CEO Ramesh Ramdeen spoke with Business Day about what makes TIC such an important event and how Cuba's participation presents further business opportunities for TT companies.

"This is not a typical trade show, where there are displays under a tent with a table. TIC is about launching new products, securing international contacts. Many of the exhibitors expend significantly to ensure that their booths are very attractive to the visitors. Visitors always leave our show feeling a sense of satisfaction about the level of professionalism displayed, comparable with any international show in the hemisphere. The only real difference is scale."

Looking at the benefits TIC provides, Ramdeen said, "Quite a few of our members were able to get their products into regional and international markets after showcasing at TIC. To name a few, SMAKS Bespoke Teas products are now in Europe, Western Industries Solutions Ltd's products entered the Belize market last year while Kamri glass and Shazam Enterprises products are now available in other Caribbean islands."

Many smaller manufacturers have been able to increase their market share domestically, following their participation in TIC.

Companies also use the trade show to launch products because they have a captive audience. Some local manufacturers were able to make contact with international sellers, thus securing "good opportunities" for sourcing raw material from destinations they previously did not have access to or were having challenges accessing – for example, Latin America.

Ramdeen said a large local distribution company has chosen to launch its services today. "This company will be meeting with over 50 local small and medium enterprises (SMEs) to assist them with distribution in the local and regional market." Ramdeen declined to say more prior to the actual launch.

The TTMA also uses TIC to facilitate business-to-business meetings. "On the business-to-business days, we seek to have major decision makers... in one area at the same time so they can network with their colleagues, friends, associates and competitors as well.

"TIC is the one avenue where most SMEs have an opportunity to meet with international players. This show is in their back yard and they are taking every opportunity to expose themselves. The last two days of the show (July 7-8) are the business-to-consumer days, so we invite the public to come down to the Centre of Excellence. Our doors would be open from 10 am on both days."

Additionally, TIC provides the TTMA with an opportunity to offer training and educational opportunities for members and the public, so they can familiarise themselves with issues pertaining to regional and international trade. Some of the seminars are about dissemination of information, others are about building capacity.

"In short, we use (TIC) to promote, inform and disseminate what we do at the TTMA to our key stakeholders."

About new business generated from TIC, Ramdeen said based on preliminary data for 2015-2017, on average, approximately US$75 million in turnover business was generated each year.

This was a combination of increased exports and increased exposure to local market via the increasing number of TIC visitors in recent years as well as TTMA increasing the number of public days from one to two, effective 2016.

"In terms of areas of gain for our members, the main area would be export markets, increased domestic sales, opportunity to source raw materials and intermediary type goods from outside of TT and the region. It also provides investment opportunities for our members, reflected in some joint venture type operations domestically and regionally."

Based on the level of interest ahead of TIC 2018, Ramdeen expects exhibitors will meet new buyers from the local and international market, thereby increasing sales.

"We are confident of this because it is the first time within the recent past we've seen so much interest by international buyers wanting to come to the show. We have buyers from over 22 countries registered to attend and have set up meetings to engage with exhibitors. exporTT has again partnered with us to bring in specific buyers – sponsored by exporTT – to meet with local SMEs. The main area of interest is food and beverage."

Ramdeen also told Business Day a delegation from Anguilla will be at TIC 2018 to meet local suppliers of construction material, needed for rebuilding of hurricane-affected areas. The television show, Planting Seeds, will be producing their show "on the floor over the four days". They too are bringing in international buyers to meet with TT's SME sector, Ramdeen shared.

CUBA

Cuba has been an active participant at TIC since 2016. In addition to a booth, this year the 25-plus Cuban delegation is comprised mainly of buyers. "They are booked for meetings over the four days."

Asked what type opportunities the TTMA expects to arise from Cuba's participation for TT companies, Ramdeen said with a population of 11 million – more than the English-speaking Caribbean – and with over five million tourists per year, "this is a unique market for us."

"Our manufacturers need to diversify their market destination. Although there are challenges in penetrating this market, we need to persevere and by courting the Cubans, building relationships with them, we firmly believe we can have a foot in the door. When, not if, this market opens up, TT needs to ensure our goods and services are in there to provide to the needs of Cubans (and) tourists wanting to see what this virgin territory has to offer."

Looking at how Cuba may benefit from TIC, Ramdeen said while most of the delegation are buyers, several companies are service-oriented while two are manufacturers.

"Cubans are interested in selling pharmaceuticals to us and there are some other discussion going on with prospective purchasers in TT on a barter arrangement framework, but I cannot disclose too much of this at this point in time," Ramdeen told Business Day.

For more information on TIC, visit http://ttma.com/tic/