TT Chamber searches for the most successful exporters

It is imperative to build Trinidad and Tobago’s export capacity. Exports influence economic growth – it is a key source of foreign exchange earnings, and creates employment. Today, internationalisation is becoming increasingly important as a way for manufacturers and service providers to diversify their market base and enhance their earning potential. However, we have also seen protectionist sentiments emerging globally which can result in a damaging increase of barriers to trade for exporters from our small economy.

The TT Chamber established the Internationally Known...T&T Owned Company of the Year award in 2014, as part of its annual signature Champions of Business Awards. Awardees are identified via a public nomination process, with one company being selected to be named the champion – and we are currently searching for the 2020 recipient.

This is the only one of the four award categories (the other three others being entrepreneurship awards, business technology and the business hall of fame) which is reserved for a business.

To qualify for nomination, a business must have more than 75 per cent local (TT) shareholding ownership; have engaged in business development expansion with an established footprint either regionally and/or internationally, whether through an office presence and/or distribution to foreign countries; show its consolidated sales distribution percentage, that is, local vs outside TT; document in detail the company’s evolution towards becoming an “internationally known” organisation and; have worked to improve the community, its staff well-being, the environment or otherwise been engaged in corporate social responsibility initiatives.

The Champions of Business Awards ceremony is scheduled for November 20 and acknowledging the influence of covid19, we have adopted the theme Redesign & Reimagine for 2020. This year, for the first time, the event will be broadcast live via television and also livestreamed. We are confident that this medium will be able to reach a new, expanded audience and provide added exposure to our nominees, award recipients and corporate partners. In another first, it also gives us great pleasure to welcome on board our category sponsor for the Internationally Known...T&T Owned Company of the Year, the Export-Import Bank of TT (Eximbank). Eximbank’s mandate is perfectly aligned to the principle of this award category. As stated in their 2016 Annual Report, “Eximbank’s position remains clear as our investment in the export sector is critical to ensure the country’s economic environment remains agile. Such will reinforce the ability of the export sector to obtain the financial resources needed to maintain and increase operational activity, thereby impacting the long-term growth potential and competitiveness of the export sectors.”

Becoming internationally known is no easy task for TT-based businesses but some home-grown businesses have defied the odds, and made a mark for themselves in the international arena. In some cases, this might have entailed re-engineering processes or changing business models, but ultimately, growing the business consistently.

However, being internationally known is not limited to moving products across borders. Thanks to technology, business transactions are increasingly being conducted virtually, so consultants and service providers are able to engage in cross-border business activities without maintaining a physical presence in foreign countries.

The TT Chamber is sure that there are many businesses that can demonstrate international success and be named a Champion of Business. If you know a company that matches our criteria we want to hear about them! Neither nominees nor the persons nominating them need to be members of the TT Chamber. To see all award categories and criteria, follow these easy steps: (i) go to www.chamber.org.tt, (ii) click on Champions of Business (iii) select the relevant category (iv) read the criteria and complete the requisite fields, then submit! Nominations close at midnight, September 7, 2020.